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  • FIRST POST
    • smmeadow
    • By smmeadow 5th Mar 17, 1:49 PM
    • 41Posts
    • 84Thanks
    smmeadow
    Advice re house purchase
    • #1
    • 5th Mar 17, 1:49 PM
    Advice re house purchase 5th Mar 17 at 1:49 PM
    Currently trying to buy my first house absolute minefield! Having no experience doesn't help.

    House is in a state we knew this, needs complete refurb. A house that is done up nicely would sell right now for 125-130k It's a 3 bed terrace on a main road in the midlands.

    We originally had an offer accepted for 115k. It needs central heating new kitchen new bathroom. Plastering skimming complete redecoration. The house has been on the market since November and previously had offers from one person below 110k.

    Just had a survey done which highlighted dodgy wiring and possible rising damp. Electrician did a check of the house and said it's the most unsafe system he's ever seen and he's disconnected it to prevent harm. He quoted 3.5k for retire. The property is currently vacant. Still waiting for a damp report. I don't think the damp is too bad from the survey but still need the report.

    The owners paid 82k in 2011 and have basically made the house worse since then not better!

    I am a cash buyer so I don't have a mortgage valuation to fall back on and I am worried about getting shafted. The seller is very difficult to deal with and originally listed the house for sale at 135k. I am definitely dropping my offer from 115k but I don't know how low to go. Waiting for damp report but I am worried about spending more money on the house than it is eventually worth done up.

    I am reculant to pull out as I really want to get out of the renting trap. I am doing post grad study so can't get a mortgage for a better house.

    Any advice is greatly appreciated
Page 2
    • Okrib
    • By Okrib 6th Mar 17, 11:39 AM
    • 83 Posts
    • 47 Thanks
    Okrib
    Some sellers can be totally unrealistic. Time tends to make them see sense.

    Make your offer, and then leave it on the table (while looking for other houses). You're chain free, and cash - by the sounds of it there could be valuation issues for mortgage buyers.

    As for the figure, well that's up to you. You have some wriggle room due to the fact you'll be saving money on the works, but even so I'd not be wanting to pay more that £100,000 by the sounds of it (but then I hate greedy, unrealistic sellers).
    • smmeadow
    • By smmeadow 7th Mar 17, 3:06 PM
    • 41 Posts
    • 84 Thanks
    smmeadow
    Just had a thought. Would a mortgage lender deem the property uninhabitable now it has no electrics?

    Due to the house size and position it's mostly going to be a first time buyer situation. Would someone struggle to get a mortgage due to the condition it's in?

    I am thinking of using that as a bargaining tool
    • hazyjo
    • By hazyjo 7th Mar 17, 4:12 PM
    • 9,095 Posts
    • 11,393 Thanks
    hazyjo
    If you use the nationwide house price index calculator to check prices: if the vendor paid around £82K in 2011 it would be worth around £100K now.
    Originally posted by dsdhall
    Not quite sure why this 'calculator' keeps being used as fact.


    As previously stated, they are completely unreliable.


    It is currently undervaluing my house (bought in 2013) by £100k along with the house I am interested in by over £100k.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms
    • Cakeguts
    • By Cakeguts 7th Mar 17, 4:19 PM
    • 2,507 Posts
    • 3,315 Thanks
    Cakeguts
    Not quite sure why this 'calculator' keeps being used as fact.


    As previously stated, they are completely unreliable.


    It is currently undervaluing my house (bought in 2013) by £100k along with the house I am interested in by over £100k.
    Originally posted by hazyjo
    It overvalues our house by at least 100K
    • smmeadow
    • By smmeadow 7th Mar 17, 4:22 PM
    • 41 Posts
    • 84 Thanks
    smmeadow
    Yeah I am not paying attention to that calculator. The house is in a nice area. I'm going on recently sold prices.

    One sold a few doors down in a nice condition for 131k last year with slightly bigger back garden, which is why I think 125-130 done up.
    • smmeadow
    • By smmeadow 8th Mar 17, 2:44 PM
    • 41 Posts
    • 84 Thanks
    smmeadow
    I made an lower offer of 103000.... shes going to throw a fit
    • smmeadow
    • By smmeadow 9th Mar 17, 6:03 PM
    • 41 Posts
    • 84 Thanks
    smmeadow
    I haven't heard anything back yet. The suspense is driving me nuts. I keep waivering... thinking I'm taking the !!!! then I'm like no be real it's 20k to do up and won't sell for more than 130
    • AlexMac
    • By AlexMac 9th Mar 17, 6:55 PM
    • 1,847 Posts
    • 1,614 Thanks
    AlexMac
    Can't you put a bit more pressure on the vendor? You've already made it virtually unsellable by sabotaging the electrics by cutting off the juice under the guise of an inspection. Maybe now get the boiler condemned by a gas safe engineer? Or get a plumber in to do a check who can accidentally leave a leak running behind a loose washing machine feed? Or knock a few tiles off during a roof inspection...?

    Joking aside; hang on in there. It will probably go your way. And if, as you say, you can hustle free kit and cut-price installation or repairs from doting friends and relatives, you can probably afford to go a couple of £k over your ceiling; after all, you've clearly fallen in love with it!

    And if not- well, that's kharma
    • smmeadow
    • By smmeadow 9th Mar 17, 7:17 PM
    • 41 Posts
    • 84 Thanks
    smmeadow
    I've definitely not fallen in love it. It's purely a financial decision. And there's no boiler to condemn!!
    • anselld
    • By anselld 10th Mar 17, 10:41 PM
    • 5,163 Posts
    • 4,711 Thanks
    anselld
    I made an lower offer of 103000.... shes going to throw a fit
    Originally posted by smmeadow
    So you were just trying it on then! Who is the time waster?
    • NicNicP
    • By NicNicP 10th Mar 17, 10:53 PM
    • 183 Posts
    • 88 Thanks
    NicNicP
    Our first property was one that needed completely renovating. We were lucky that with the help of family, we were able to do the majority of the work ourselves. That was 15 years ago and the costs still came to £10,000+ for a relatively small 3 bed semi. I'm glad we did it so that we are in the position we are now but it was an extremely stressful time I wouldn't repeat it. The next house we bought was all done ready for us to move into.
    • millie84
    • By millie84 11th Mar 17, 7:28 AM
    • 82 Posts
    • 28 Thanks
    millie84
    My partner is really interested in a house which needs renovating, but the sellers refuse to accept offers more than £5k below the current asking price (they've recently dropped it £5k too) . It needs completely redecorating, plastering, carpets, new kitchen and bathroom, likely roof issues too. The boundary wall is a state, and the path directly around the house (it's raised from the road on a corner plot) is in a poor condition underneath.
    I have no idea about the electrics and heating, the fuse box looks pretty old.
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    We're still looking out for others, but he is taken with this one, and it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.
    • anselld
    • By anselld 11th Mar 17, 7:53 AM
    • 5,163 Posts
    • 4,711 Thanks
    anselld
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    Originally posted by millie84
    It takes two to be stubborn.


    it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.
    Originally posted by millie84
    Perhaps that tells you something about the asking price.
    • GDB2222
    • By GDB2222 11th Mar 17, 8:06 AM
    • 13,838 Posts
    • 73,730 Thanks
    GDB2222
    My partner is really interested in a house which needs renovating, but the sellers refuse to accept offers more than £5k below the current asking price (they've recently dropped it £5k too) . It needs completely redecorating, plastering, carpets, new kitchen and bathroom, likely roof issues too. The boundary wall is a state, and the path directly around the house (it's raised from the road on a corner plot) is in a poor condition underneath.
    I have no idea about the electrics and heating, the fuse box looks pretty old.
    He wants to wait it out with his lower offer (£15k below), but the vendor is being stubborn and say they just want to sit on it.
    We're still looking out for others, but he is taken with this one, and it's proving difficult to find a detached house within the same budget in the area with a garage and adequate parking.
    Originally posted by millie84
    Looking at this from the vendors' point of view:-

    Redecorating and new carpets. That's a matter of taste, so you can't expect anything off for that.

    Kitchen and bathroom. I assume the sellers are living there happily, using these at the moment?

    Electrics last for ages, so may be absolutely fine.

    Roof issues. You need a report saying what needs doing, if anything.

    It does sound like you want a totally renovated house for the price of a tired old one. The spring is just round the corner, so lots of buyers will be around very soon.

    From your POV:-

    I'd be worried if the plot is raised up and the supporting wall is in bad condition. The whole thing could fall down eventually. And it's quite a big engineering job to fix it.
    No reliance should be placed on the above! Absolutely none, do you hear?
    • sparky130a
    • By sparky130a 11th Mar 17, 8:16 AM
    • 639 Posts
    • 772 Thanks
    sparky130a
    Currently trying to buy my first house absolute minefield! Having no experience doesn't help.

    House is in a state we knew this, needs complete refurb. A house that is done up nicely would sell right now for 125-130k It's a 3 bed terrace on a main road in the midlands.

    We originally had an offer accepted for 115k. It needs central heating new kitchen new bathroom. Plastering skimming complete redecoration. The house has been on the market since November and previously had offers from one person below 110k.

    Just had a survey done which highlighted dodgy wiring and possible rising damp. Electrician did a check of the house and said it's the most unsafe system he's ever seen and he's disconnected it to prevent harm. He quoted 3.5k for retire. The property is currently vacant. Still waiting for a damp report. I don't think the damp is too bad from the survey but still need the report.

    The owners paid 82k in 2011 and have basically made the house worse since then not better!

    I am a cash buyer so I don't have a mortgage valuation to fall back on and I am worried about getting shafted. The seller is very difficult to deal with and originally listed the house for sale at 135k. I am definitely dropping my offer from 115k but I don't know how low to go. Waiting for damp report but I am worried about spending more money on the house than it is eventually worth done up.

    I am reculant to pull out as I really want to get out of the renting trap. I am doing post grad study so can't get a mortgage for a better house.

    Any advice is greatly appreciated
    Originally posted by smmeadow
    So an unsuitable property for an unsuitable buyer.
    • millie84
    • By millie84 11th Mar 17, 8:22 AM
    • 82 Posts
    • 28 Thanks
    millie84
    It takes two to be stubborn.



    Perhaps that tells you something about the asking price.
    Originally posted by anselld
    Yeah, he's really tempted to go for it. They won't drop below £135k. Whilst it is affordable, we don't want to stretch ourselves too much.
    We viewed another one which is semi detached, huge garden (not sure if this is a plus or a minus though!) and beautifully decorated. It wouldn't need any work except maybe rebuilding the garage in the future. We could get that for £125k, but we can't get away from the fact that it's not detached.
    We've lived in a rented detached house for 2 years in a very quiet estate so we're used to no neighbour noise and not worrying about disturbing next door with our surround sound and general noise. The vendors said they never hear their neighbours, but they would say that! It's a bit of a gamble really, it's an expensive mistake if we hate it there.
    • millie84
    • By millie84 11th Mar 17, 8:29 AM
    • 82 Posts
    • 28 Thanks
    millie84
    Looking at this from the vendors' point of view:-

    Redecorating and new carpets. That's a matter of taste, so you can't expect anything off for that.

    Kitchen and bathroom. I assume the sellers are living there happily, using these at the moment?

    Electrics last for ages, so may be absolutely fine.

    Roof issues. You need a report saying what needs doing, if anything.

    It does sound like you want a totally renovated house for the price of a tired old one. The spring is just round the corner, so lots of buyers will be around very soon.

    From your POV:-

    I'd be worried if the plot is raised up and the supporting wall is in bad condition. The whole thing could fall down eventually. And it's quite a big engineering job to fix it.
    Originally posted by GDB2222
    It's currently empty. I should have said, it has no carpets at all. It's down to floorboards throughout, and the walls are stripped bare, with plaster coming off in places. I understand that the owner has been moved into a care home, so assume it is his family selling it.
    The kitchen is very old but just about usable.
    I know the interior isn't a massive job, and we would decorate to our tastes anyway, it's more the wall that concerns me. I think we need someone with knowledge to take a look at it.
    • smmeadow
    • By smmeadow 11th Mar 17, 11:28 AM
    • 41 Posts
    • 84 Thanks
    smmeadow
    I would definitely avoid the potential money trap and go for the non detached finished house. Trust me I wish I never got into this process at all! Buying a house is the most stressful thing ever you dont need to add refurb into it if your not experienced. It will end up being a money pit.
    • GDB2222
    • By GDB2222 11th Mar 17, 3:35 PM
    • 13,838 Posts
    • 73,730 Thanks
    GDB2222
    It's currently empty. I should have said, it has no carpets at all. It's down to floorboards throughout, and the walls are stripped bare, with plaster coming off in places. I understand that the owner has been moved into a care home, so assume it is his family selling it.
    The kitchen is very old but just about usable.
    I know the interior isn't a massive job, and we would decorate to our tastes anyway, it's more the wall that concerns me. I think we need someone with knowledge to take a look at it.
    Originally posted by millie84
    Elderly people don't want the upheaval of building work, so they put up with things that new owners would not.

    My experience is that people overpay for houses that need a lot of work. So, even if you're right about your offer, someone less clued up will offer more.

    Good luck.
    No reliance should be placed on the above! Absolutely none, do you hear?
    • GDB2222
    • By GDB2222 11th Mar 17, 3:39 PM
    • 13,838 Posts
    • 73,730 Thanks
    GDB2222
    I would definitely avoid the potential money trap and go for the non detached finished house. Trust me I wish I never got into this process at all! Buying a house is the most stressful thing ever you dont need to add refurb into it if your not experienced. It will end up being a money pit.
    Originally posted by smmeadow
    So, just back out now?
    No reliance should be placed on the above! Absolutely none, do you hear?
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