Buying a House

Johnwg · 05-10-2008, 20:14

Right after selling and sitting on the equity for the past 6 months I'm ready to buy again as I want a long term family home...

Got 2 houses that I really like (would be happy with either TBH) and a mortgage approved

Both houses are in a very desirable area in the Southern part of the Lake District...

House A is priced at £165k (needs about £10k spending on it, a new kitchen, combi boiler and work on the front garden to make room for 2 cars)

House B is priced at £195k (mint, needs nothing doing to it)....

Given the current climate, what would your opening offers be ???????

nokiauk · 05-10-2008, 20:25

House A I would offer £155k thats gives you the cash free to do the work that is required.

House B prob start at about £180k.

It's a buyers market out there and as you have nothing to sell can move quickly and are in a good position esp with mortgage arranged etc.

How long has the properties been on the market and has the prices recently changed at all?

Johnwg · 05-10-2008, 20:28

House A, I wouldn't want to pay more than £155k so was thinking of opening at £149k with the view of going upto £155k to get an offer accepted (house been on the market for 6 months). Make sense ???

House B - not sure how long it's been on the market... Wouldn't want to go any higher than £185k TBH

nokiauk · 05-10-2008, 20:49

In that case I'd prob go for house A and try to get for £155, you can spend the 10k and it will be done to your taste.

Although house B needs nothing done, bet there's still stuff you'd want to change.

What makes B cost more than A? Is it just that A needs some work doing?

cheezemonkhai · 05-10-2008, 20:53

I'd try house A with an offer 10% below the asking price.

House prices are predicted to fall at least another 10% anyway, so I think that's a fair price and maybe even be cheeky and pop in a 145k offer.

Johnwg · 05-10-2008, 20:58

Quote:

Originally Posted by nokiauk

What makes B cost more than A? Is it just that A needs some work doing?

House B is detatched, and has character features spread over 3 floors -including 2 bathrooms, meaning that me and SWMBO would have our own en suite and daughter would have her own 'personal bathroom'

Tom_vRS · 05-10-2008, 20:59

I'd be cheeky too, but more around the £140k mark.

My best mate just put an offer of £87k in on a £120k flat and it got accepted first time, no hassle

Johnwg · 05-10-2008, 21:00

Quote:

Originally Posted by cheezemonkhai

I'd try house A with an offer 10% below the asking price.

House prices are predicted to fall at least another 10% anyway, so I think that's a fair price and maybe even be cheeky and pop in a 145k offer.

I was thinking the same, I accepted/and got at 9.5% below asking value on my old house and that was back in Feb, when the outlook was just gloomy

nokiauk · 05-10-2008, 21:02

Quote:

Originally Posted by Johnwg

House B is detatched, and has character features spread over 3 floors -including 2 bathrooms, meaning that me and SWMBO would have our own en suite and daughter would have her own 'personal bathroom'

I like the sound of House B now, but depends on how much you want/can afford to spend.

Johnwg · 05-10-2008, 21:02

Quote:

Originally Posted by Tom_vRS

I'd be cheeky too, but more around the £140k mark.

My best mate just put an offer of £87k in on a £120k flat and it got accepted first time, no hassle

Cheers for that Tom

This is what I want real life examples of what people are accepting vs asking price

Johnwg · 05-10-2008, 21:05

Quote:

Originally Posted by nokiauk

I like the sound of House B now, but depends on how much you want/can afford to spend.

£185k would be pushing it to the max.. however, I would be looking to make this my home (at least 10 years+) so not looking at things as I would a pure investment

Feel as stressed as I was when selling, thought it would be easier now the boot is on the other foot

cheezemonkhai · 05-10-2008, 21:53

I certainly wouldn't pay any more than 90% of the asking price for a house these days and I have to say the second house sounds quite nice.

I have a feeling the next month or two are going to see some pretty big falls as people find it nearly impossible to get a mortgage.

cheezemonkhai · 05-10-2008, 22:32

This and similar sites are always useful

property snake -- search -- find falling house prices in your area

Gizmo68 · 05-10-2008, 22:45

I agree with most, i would be looking for a minimum of 10% off,
actually i personally would wait another at least another 6 months before buying a house, you can then hopefully pay around 20% less than the asking price today.
I can't see anything stabilizing in the housing market for at least 6 - 12 months, virtually nothing is selling at the moment.

If you bought today it could take around 5 years to get the equity in the home back up to todays level.

Johnwg · 05-10-2008, 22:57

Quote:

Originally Posted by Gizmo68

I agree with most, i would be looking for a minimum of 10% off,
actually i personally would wait another at least another 6 months before buying a house, you can then hopefully pay around 20% less than the asking price today.
If you bought today it could take around 5 years to get the equity in the home back up to todays level.

I understand what your saying but I start a new job in 3 months time 250 miles from where I rent a property now (in an area I know well)....

(Well rent again I hear you say)

Would consider it, however in the area where we're going there are about 3 houses to rent, none of which are suitable....

Like I said this purchase would be for a minimum of 10 years - I want a home not an investment !!!!!

Bigw2069 · 05-10-2008, 23:06

Scuse my ignorance but is the buying system in England "Offers in the region of"?

We have Fixed Price or Offers Over, you can try a near offer on both but OO usually go to 15% over in this area. So if you want 145 for your house you would tend to stick it in about O/O 129.

apd007 · 05-10-2008, 23:13

Quote:

Originally Posted by Bigw2069

Scuse my ignorance but is the buying system in England "Offers in the region of"?

We have Fixed Price or Offers Over, you can try a near offer on both but OO usually go to 15% over in this area. So if you want 145 for your house you would tend to stick it in about O/O 129.

Yes, in short, offers in the region of.

I remember seeing a program on house buying years ago and they mentioned the difference between the Scottish system and the English system because it made the house prices in Scotland look cheap and some people were getting caught out.

Hannibal · 07-10-2008, 18:34

How long has "A" been on the market, and what are the vendors circumstances. Both of these could have a significant impact on the price that you could buy for.

KenONeill · 07-10-2008, 18:54

I've been seeing/hearing views in the last few days that the housing market readjustment has a ways to go; they're talking in terms of bottoming out at about half the peak in maybe a year or 18 months, which sounds about right since it will bring prices back to about 3 to 3.5 x average salary.

anewman · 07-10-2008, 19:42

Depending on your ethical principles you might want to try this... United First Home Buyers - Gazundering is your friend My opinion is they're selling and getting what they want, and the price drop may well reflect the market.

Johnwg · 07-10-2008, 20:19

Well an offer has been accepted on House A at well below the marketed price

Just got to wait for the survey to be done now

devonutopia · 07-10-2008, 20:24

Start at 175k on the 195k house as this is the last point when you'll pay zero stamp duty.

Even if they accept at 175,001, you'll be handing over £1750 to the government!

This is kind of irrelevant for house A as it's under the threshold anyway, but gives you food for thought.

gadgetman · 07-10-2008, 22:40

Quote:

Originally Posted by Johnwg

Well an offer has been accepted on House A at well below the marketed price

Just got to wait for the survey to be done now

What was the offer?

cheezemonkhai · 08-10-2008, 11:40

From what I saw and the data available I'd think it was a very good price. All the best with it John

Johnwg · 08-10-2008, 18:12

Quote:

Originally Posted by gadgetman

What was the offer?

Lets just say it was a double % figure below the marketed price

05-10-2008, 20:14	#1
Johnwg Briskodian Join Date: Jun 2005 Location: South Lakes (Grange Over Sands) Posts: 2,075 Members Car: Octavia II VRS Thanks: 66 Thanked 57 Times in 56 Posts	Buying a House Right after selling and sitting on the equity for the past 6 months I'm ready to buy again as I want a long term family home... Got 2 houses that I really like (would be happy with either TBH) and a mortgage approved Both houses are in a very desirable area in the Southern part of the Lake District... House A is priced at £165k (needs about £10k spending on it, a new kitchen, combi boiler and work on the front garden to make room for 2 cars) House B is priced at £195k (mint, needs nothing doing to it).... Given the current climate, what would your opening offers be ??????? __________________ 2007: Octavia II VRS TDI in Black

05-10-2008, 20:25	#2
nokiauk Briskodian Join Date: Jul 2004 Posts: 249 Members Car: Saab 93 Vector Sport TDI Thanks: 10 Thanked 3 Times in 3 Posts	Re: Buying a House House A I would offer £155k thats gives you the cash free to do the work that is required. House B prob start at about £180k. It's a buyers market out there and as you have nothing to sell can move quickly and are in a good position esp with mortgage arranged etc. How long has the properties been on the market and has the prices recently changed at all?

05-10-2008, 20:28	#3
Johnwg Briskodian Join Date: Jun 2005 Location: South Lakes (Grange Over Sands) Posts: 2,075 Members Car: Octavia II VRS Thanks: 66 Thanked 57 Times in 56 Posts	Re: Buying a House House A, I wouldn't want to pay more than £155k so was thinking of opening at £149k with the view of going upto £155k to get an offer accepted (house been on the market for 6 months). Make sense ??? House B - not sure how long it's been on the market... Wouldn't want to go any higher than £185k TBH __________________ 2007: Octavia II VRS TDI in Black

05-10-2008, 20:49	#4
nokiauk Briskodian Join Date: Jul 2004 Posts: 249 Members Car: Saab 93 Vector Sport TDI Thanks: 10 Thanked 3 Times in 3 Posts	Re: Buying a House In that case I'd prob go for house A and try to get for £155, you can spend the 10k and it will be done to your taste. Although house B needs nothing done, bet there's still stuff you'd want to change. What makes B cost more than A? Is it just that A needs some work doing?

05-10-2008, 20:53	#5
cheezemonkhai Briskodian Join Date: Jan 2006 Posts: 15,665 Members Car: Thanks: 123 Thanked 527 Times in 488 Posts	Re: Buying a House I'd try house A with an offer 10% below the asking price. House prices are predicted to fall at least another 10% anyway, so I think that's a fair price and maybe even be cheeky and pop in a 145k offer. __________________ Cars make CO2 and trees absorb CO2. By driving your car you're feeding a tree and helping the environment.

05-10-2008, 20:59	#7
Tom_vRS Briskodaholic Join Date: Dec 2004 Location: Fenland, Cambridgeshire Posts: 11,559 Members Car: '97R BMW 328i Saloon Thanks: 679 Thanked 436 Times in 313 Posts	Re: Buying a House I'd be cheeky too, but more around the £140k mark. My best mate just put an offer of £87k in on a £120k flat and it got accepted first time, no hassle __________________ 97/R BMW 328i in Boston Green.

05-10-2008, 21:53	#12
cheezemonkhai Briskodian Join Date: Jan 2006 Posts: 15,665 Members Car: Thanks: 123 Thanked 527 Times in 488 Posts	Re: Buying a House I certainly wouldn't pay any more than 90% of the asking price for a house these days and I have to say the second house sounds quite nice. I have a feeling the next month or two are going to see some pretty big falls as people find it nearly impossible to get a mortgage. __________________ Cars make CO2 and trees absorb CO2. By driving your car you're feeding a tree and helping the environment.

05-10-2008, 22:32	#13
cheezemonkhai Briskodian Join Date: Jan 2006 Posts: 15,665 Members Car: Thanks: 123 Thanked 527 Times in 488 Posts	Re: Buying a House This and similar sites are always useful property snake -- search -- find falling house prices in your area __________________ Cars make CO2 and trees absorb CO2. By driving your car you're feeding a tree and helping the environment.

05-10-2008, 22:45	#14
Gizmo68 Briskodian Join Date: Dec 2004 Location: Hawkinge Kent Posts: 1,276 Members Car: Superb Comfort 1.9 TDi 130 Thanks: 16 Thanked 78 Times in 75 Posts	Re: Buying a House I agree with most, i would be looking for a minimum of 10% off, actually i personally would wait another at least another 6 months before buying a house, you can then hopefully pay around 20% less than the asking price today. I can't see anything stabilizing in the housing market for at least 6 - 12 months, virtually nothing is selling at the moment. If you bought today it could take around 5 years to get the equity in the home back up to todays level.

05-10-2008, 23:06	#16
Bigw2069 Moderator Join Date: Jan 2004 Location: Rosyth,Scotland Posts: 5,685 Members Car: Noddy Car Thanks: 211 Thanked 234 Times in 195 Posts	Re: Buying a House Scuse my ignorance but is the buying system in England "Offers in the region of"? We have Fixed Price or Offers Over, you can try a near offer on both but OO usually go to 15% over in this area. So if you want 145 for your house you would tend to stick it in about O/O 129. __________________

07-10-2008, 18:34	#18
Hannibal Briskodian Join Date: May 2007 Location: Cardiff Posts: 167 Members Car: Black Fabia vRS. Standard as the day it was born. Thanks: 4 Thanked 5 Times in 4 Posts	Re: Buying a House How long has "A" been on the market, and what are the vendors circumstances. Both of these could have a significant impact on the price that you could buy for.

07-10-2008, 18:54	#19
KenONeill Briskodian Join Date: May 2006 Location: Normally in Scotland! Posts: 11,250 Members Car: Octavia TDi110 Thanks: 65 Thanked 562 Times in 550 Posts	Re: Buying a House I've been seeing/hearing views in the last few days that the housing market readjustment has a ways to go; they're talking in terms of bottoming out at about half the peak in maybe a year or 18 months, which sounds about right since it will bring prices back to about 3 to 3.5 x average salary.

07-10-2008, 19:42	#20
anewman Briskodian Join Date: Jan 2007 Location: Leeds Posts: 2,998 Members Car: 1994 Skoda Favorit GLXIe Estate Images: 1 Thanks: 1,121 Thanked 263 Times in 237 Posts	Re: Buying a House Depending on your ethical principles you might want to try this... United First Home Buyers - Gazundering is your friend My opinion is they're selling and getting what they want, and the price drop may well reflect the market. __________________ 94 Favorit GLXIe Estate Briskoda "Banger" social group

07-10-2008, 20:19	#21
Johnwg Briskodian Join Date: Jun 2005 Location: South Lakes (Grange Over Sands) Posts: 2,075 Members Car: Octavia II VRS Thanks: 66 Thanked 57 Times in 56 Posts	Re: Buying a House Well an offer has been accepted on House A at well below the marketed price Just got to wait for the survey to be done now __________________ 2007: Octavia II VRS TDI in Black

07-10-2008, 20:24	#22
devonutopia Mongreller Join Date: Apr 2003 Location: Exeter / Devon Posts: 30,109 Members Car: Skoda Fabia Mongrel Images: 5 Thanks: 75 Thanked 353 Times in 296 Posts	Re: Buying a House Start at 175k on the 195k house as this is the last point when you'll pay zero stamp duty. Even if they accept at 175,001, you'll be handing over £1750 to the government! This is kind of irrelevant for house A as it's under the threshold anyway, but gives you food for thought. __________________ Jason - Only a Skoda. Custom Fabia Bonnet Lifter Kits - £45! Click Me. Cheesy bonnet lifter video to "raise me up" http://www.youtube.com/watch?v=hMnGECEi5Oc See the mongrel's 260bhp Dyno Video!

08-10-2008, 11:40	#24
cheezemonkhai Briskodian Join Date: Jan 2006 Posts: 15,665 Members Car: Thanks: 123 Thanked 527 Times in 488 Posts	Re: Buying a House From what I saw and the data available I'd think it was a very good price. All the best with it John __________________ Cars make CO2 and trees absorb CO2. By driving your car you're feeding a tree and helping the environment.

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