Has anybody bagged a bargain?

GracieP

besonders1 wrote: »

After all I want a house to live in for good and couldn't really care if the value went down as it would make no difference to me .

But there is a huge difference between a 25 year mortgage and a 15 year mortgage.

besonders1

But there is a huge difference between a 25 year mortgage and a 15 year mortgage.

True......

beingjdc

I'm paying an amount in rent that would enable me to spend £135k to buy* if I wanted to keep interest the same as rent, and it hasn't gone up since I moved here in October 2006, while house prices are just getting cheaper and cheaper. Feels like a bargain to me!

* Edit - I live in Zone 2 in London, in case that sounds like a lot to anyone who lives somewhere sane.

PropertyPro

besonders1 wrote: »

A lot of my friends are telling me to not buy now as the house prices could come down further but I am very tempted and would buy if I liked a property as I doubt the dame one will still be for sale when the prices go down later on. After all I want a house to live in for good and couldn't really care if the value went down as it would make no difference to me .

They could and probably will go down further. But there are plenty of opinions on when the market is going to bottom out or pick up - the reality is nobody knows for sure.

At the moment, it is very much a buyers market. Vendors are accepting bids for their properties which are quite a way below the asking price. The more prices drop, the less likely vendors are to accept lower offers because they won't be able to afford to do so or they will just not put their home on the market at all.

As previous postings on this thread indicate, there is some very good value to be had for property purchasers.

Research is everything when it comes to working out what to offer and as in any market, it's important not to offer too much.

After that and if you are confident you can afford the repayments on a mortgage for the forseeable future and you are saving more money than you are currently paying for your accomodation, it may be a good time to buy a property. Don't be afraid to make low offers. You have every chance of making this work for you.

[Deleted User]

My best friend just sold a house she bought for £500K 5 years ago for £1.3 million. She got the asking price within 2 months.

hethmar

beingjdc - I think youd have to be very lucky to find a property in zone 2 London for £135k. Have you thought of moving further out?

[Deleted User]

howler wrote: »

This thread could make painful reading in 12 months when prices have crashed much further

Not necessarily. Some people look at buying a property as a long term investment.

beingjdc

hethmar wrote: »

beingjdc - I think youd have to be very lucky to find a property in zone 2 London for £135k. Have you thought of moving further out?

I hate commuting. Hopefully by the time I want to buy I won't be working in Zone 1, so I can buy near where I am working and walk in.

Nonetheless a friend lives in this block and says it's quite nice - a bit further out than me but still well within Zone 2, and I think they'd bite my hand off if I offered £135k

http://www.rightmove.co.uk/viewdetails-10592418.rsp?pa_n=1&tr_t=buy&mam_disp=true

I could afford £200k if necessary, I'm just not that interested in buying right now.

hethmar

That looks like very good value being - my old stamping ground Not the nicest road and no off road parking, but if you dont use a car ...........

sillyvixen

pinkshoes wrote: »

Well, I would classify mine as a good price, as instead of paying £900 a month rent, I'm now paying £715 interest on my mortgage (plus the repayment). (Bought March 2007)

It's not just the money side though, as this is now the longest I've lived in a property in the last 10 years, no one can issue me with an S21, no one can moan at what colour I paint the walls, no rental fees, no inspections, no deductions of deposits for miniscule chips in the paint op paying or microscopic specs of dust under the wardrobe. I can honestly say despite the credit crunch, I've had the happiest 18 months of my life!

i bought 2 years ago and i thought i got a bargin - it was the cheapest property in the area i viewed and needed nothing doing to it (unlike some of the more expensive houses i viewed of the same layout). i am happy with the house - no mad landlady, can hang pictures and paint a different colour if i like. if i was still renting i would be no better off - my mortgage costs as much as renting a simular property in the same area - just i stop paying 23 years from now.

the prices of property in my area may have dropped 20,000 in the last few months but i still need a roof over my head. so its not a problem!