Which property?

Greenwellies wrote: »

What's that saying.....

"buy the cheapest house in the better area, rather than the best house in the cheaper area"

Thanks - someone said a similar thing to me on here the other day. It is food for thought.

cattie wrote: »

One point that concerns me in your post is mentioning that one house has been on & off the market & now back on. I'd be asking why this is, is there a major problem that needs sorting, or making the property unmortgageable?

EXACTLY! I have spoken to the vendor who said it was failing as the surveys came back as being uninhabitable on the kitchen. They are not prepared to put in a new kitchen. They put in a sink thinking that would sort the issue. I have asked them to email me the exact specifics of the kitchen so I can forward them to a mortgage advisor. Then we can contact the lenders prior to the survey criteria and inform them of the state / check what they define as being 'habitable'.
On the subject neither property has a kitchen. The detached also has no bathroom.

Thanks for reading my stupidly long post guys! VERY much appreciated!!

Well this is the thing. I am positive that there must be way of buying either one of these properties. It might be a case of putting in something to tick the boxes of being habitable (using my own monies) then the lender will provide?

It must be possible otherwise no properties in such conditions will be possible to sell or buy.

...to think two years ago you could buy a shack dropping to pieces and far from any concept of being habitable!!

pawpurrs wrote: »

Its allways been the case that these properties are unmortgagable. However they are not unsellable as there are plenty of cash buyers, a lot of these properties would go to auction.

Hmmm. Well I spoke to one of the vendors who said they would look into some sort of deal allowing me to put the kitchen right (well make it habitable) for the lender to give me the monies - retention I think it's called. Obviously a bit more chat and support with a good solicitor is needed there. Surely it must be possible? :S I can't afford a full cash buy! The only way I could do that is ask a family member for the money then pay them off - something I'd not feel comfortable doing (and I don't think they would be either!)

I suspect thats why they have fallen so much 50% drop!
There are less people in to developing at themoment though, these sort of properties would prob have been snapped up in the boom!
Presumably your friend had a mortgage if he was repossesed?

Yeah, he had a mortgage, and it was sadly repossesed.

kunekune wrote: »

What I'd be asking is about schools. Although that isn't an issue for you, it is a big issue for any future buyer. A house the size you are looking at will eventually appeal to families with 2 or more children. So check out what the houses are zoned for - both primary and secondary, and make sure it's ok and not a school locals are shunning. The ofsted rating will be useful, but the council may also have information about how many applied. An unpopular school will be filled up with children from out of zone and you can work this out from the figures. We have areas around us that aren't zoned for any schools at all at secondary level, so the parents either pay for private (£2000 a term) or they take a big risk. The "nearest" school is in special measures and that's generally the only one with vacancies. We wouldn't even view a house with that issue. Also, in your area, do families insist on a garden (they don't where I am)? If they do, #2 might edge up a bit.

Thanks - good points raised, and also made me think about the future. This may be the clencher, as you say these houses make ideal family homes in the future. Fortunately both properties are both close to similar primary schools (2 very near by), and comprehensives (3 main comps within walking distance really - certainly when I was younger and we all walked). The terraced is also close to the swimming baths / leisure centre and the police station is just up the road.

In my original post I state the detached property has grounds for garden, it does. A large part of it would be used as a garage, meaning a driveway leading to it - thus eating up garden potential (unless the garden was behind it) - which would make the garden quite private I guess. The terraced has a little patch of lawn outside, probably 10' by 6' ish at a total guess - nice enough to sit out on and have a little bbq etc.

I totalled all the properties sold in both streets since 1995. Detached house location avg'd £64k, the terraced equalled £84k per property (obiously a very average figure and timescale not fully relevant to today's market for a fully complete house, though none the less it is an average, like for like comparison with an almost exact number of houses selling in each street since 1995). A substantial amount of houses have not sold in the detached house street. This got me thinking, and it is due to council tennacy (I'm not knocking this) just pointing out more of my findings. The terraced street has a higher level of turnover - probably families growing and moving onwards at a guess.

Keep the advice coming people - all very helpful and thought provoking!