does house value rise?

obay · 17 March 2017 at 7:15AM

we brought our house for £178k back in november, and we're currently sitting at a £148k mortgage, my wife doesn't like the house much for obvious reasons, we've had to do a lot of stuff we didn't want to do.

the house had a broken roof(water leaking in the bedroom), 25 year old boiler, damp and mould issues, no insulation, dodgy electric that got condemned a few months ago, and genuinely not a great property to be in.

we've now repaired and replaced everything in this house and brought it up to a good standard, IE we have gone around, removed all damp issues and mould replaced boiler, etc.

There is a retail park opening up about 3 minutes down the road, the other end of town, the estate agent reckoned that within the next year or so, the house pricing will go up to over £250k...

the house features the biggest garden on the street, new windows and doors also (new 'k-glass' windows)

do you think we've retained value or has it reduced? do you think the house will be good for FTB? as that what I was hoping for because we got 'doped' into buying it as FTB.... and we are regretting this purchase now.

Mrs36 · 17 March 2017 at 7:36AM

There is no way for us to know without a crystal ball, given the information in your post. Without knowing the area it is tricky to say but I would say that it is unlikely that your property has increased by over 70k in less than a year. Estate Agents have a tendency to tell you what you want to hear. Everything you have mentioned seems like general home maintenance, rather than adding value.

Look at the actual sold prices (not asking prices) for your area, and go from that on the true value of similar houses.

MobileSaver · 17 March 2017 at 7:50AM

I don't quite understand why it is "obvious" your wife doesn't like the house much since it is presumably now (with all the improvements you have made) quite a nice house to live in?

As Mrs36 says, what have other houses in your area in the same (now) good condition sold for recently?

obay · 17 March 2017 at 7:57AM

A lot of house pricing at the moment in our area are selling for £210kish. So I think the potential is there, my wife doesn't like the house because of all the improvements we've had to do in a short space of time! So I think she is looking for an exit when the 2 years fix is over with our current mortgage provider..

I think the estate agent is right, with the potential of around 3500 new jobs to the area, I think it could be worth 250?

Mrs36 · 17 March 2017 at 8:00AM

I think a £40k rise because of a retail park sounds unlikely, if properties are currently selling for £210.

MobileSaver · 17 March 2017 at 8:03AM

obay wrote: »

A lot of house pricing at the moment in our area are selling for £210kish. ... I think it could be worth 250?

House prices are based on a huge number of variables and obviously local changes (such as the retail park) can make a dramatic difference but an increase of 20% in a year sounds rather optimistic!

Davesnave · 17 March 2017 at 8:18AM

Is it the house or your wife that's high-maintenance?

Most people have a 'load of stuff they don't want to do' when they buy a FTB property, unless it's a new-build shoe box. They do it, often over a much longer period than you took, and then plan their next move for a time when it makes the best sense. I even know two couples who didn't move again, although one extended their property to fit a growing family.

What do you want to do and is the house adequate for you requirements for the next few years? Moving house every few years can give people the impression that they are going up in the world, when in fact they're incurring heavy fees and taxes.

Sitting tight for a while may be the better option, but it's hard to tell without knowing all the circumstances.

JP1978 · 17 March 2017 at 8:22AM

Get a new Mrs, will be cheaper than changing house :-)

AnotherJoe · 17 March 2017 at 8:32AM

Let's say that you were buying your right house now from someone else that had improved it in the same way you have.
So your wife presumably would like it it as had no problems and was In a good state.
So, as of this morning, regard yourselves as having bought the house from a very nice couple last night and you didn't even need to move house or pack and unpack.

Alternatively you could sell this house that's just as you like it, and buy one from a different couple you don't know with how many unknown issues (even new builds can have significant issues just read the threads in here). So with that attitude you'd be constantly moving from houses a nice couple had spent a lot of time and energy on, into ones that needed fixing.

As it happens I know a couple like that. They've never really stayed long enough in any house they bought to enjoyed but lived Ina perpetual DIY state. Never really lived in one long enough to actually enjoy their work. Made some money but never really settled.

glasgowdan · 17 March 2017 at 8:43AM

So what happens when you buy another house and have to spend months doing improvements again?

And how can anyone say they don't like something because of the improvements they've made? It doesn't make sense. We don't know if your house value has gone up or down.

Davesnave · 17 March 2017 at 9:09AM

glasgowdan wrote: »

And how can anyone say they don't like something because of the improvements they've made? .

It can happen, especially with people who are new to building/decorating, who find themselves having to make choices rapidly, 'on the hoof.'

The dust settles and they think, "Why the hell did we choose/do that?"

Many of us have been there, but most of us get over it and thus learn to plan things carefully, doing research first.

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does house value rise?

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