House needing a lot of work

pinkshoes

currynchips wrote: »

It's number 28, vacant but don't think it's been sold recently enough to find another relevant price for it. Again, this is what is in our price range, vile or not.

If you're spending £100k on a home, you need to be passionate about it, not just buying for the sake of it.

So far, you really don't sound that excited about it, hence I'm thinking it's not the house for you!

Last house to sell in the street was no 119 for £145k in July 07.

bristol_pilot

That house will be worth about £40k by the time prices bottom.

currynchips

I'm not that excited tbh, but I doubt I ever will be for £90k. Honestly can't see it dropping to £40k, mass investors will have it long before then.

hethmar

curry, have you have a really good look for other properties in the area? You are in a very good position as a ftb and could put in some offers on others.

hethmar

What about this one? It looks like a repo to me - and they would be looking at reasonable offers.

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=3009913

besonders1

I have seen and considered buying houses like this before. I would advise against buying this one, You would almost certainly be guarenteed to be in negative equity one you have spent 5K at least on new kitchen bathroom suite or what ever else is required in the structural survey like re-wire, etc only to see the house prices slump even further. Once you add this cost onto the asking price it could be an expensive buy, almost comparable to 2007 prices or more. There will be other houses for sale, I know it seems like there won't be anymore for sale at this price but don't let your passion to get a house make you buy anything, as you get what you pay for.

currynchips

Appreciate all the comments, keep them coming.
hethmar, whilst being in a good position it isn't that strong as the top mortgage we can get is around £80k for now, with £10k deposit on top. The positive of the first house is that I could reasonably get it down to £90k straight away. The other house looks nicer I agree, and has the bathroom upstairs which I definitely want. Would they be likely to go down to £85/90K though? I'll ring them up.
Besonders - I'm not not looking to make money in buying a house, I'm looking to for a lower cost than renting for something that will eventually be mine. Thanks for your thoughts though, that's why I came on here!

briona

poppysarah wrote: »

is it really only new on today? You can make a low offer but they'll hold out for something higher til Feb. Unless they're desperate to sell

Property Bee says "Thu Dec 18 22:23:57 2008 – Initial entry found" so it only came on the market last Thursday...

I doubt that they seriously expect to sell at this time of year. If you really DO (!) like the house, I'd hold fire for a bit and see what else comes up. If it's only been on the market for less than a week, they will neither be open to cheeky offers nor desperate to sell!

spuds_2

Bear in mind that if property prices continue to drop, you could quickly be in negative equity and unable to move for quite a few years. Could you live in this house for say 5 or 7 years and be happy?

I would hang on for something better - buy the worst house on a good street is sound advice. Buy a house you really like and do it up over a longer period. If you haven't got kids, it's not too hard to live in a run down house for a while!

currynchips

Interesting comment that spuds(2-1!!).
I could live there for 5-7 years definitely, got at least another 3 years in uni and no plans to move back north.
It is currently the worst house on the street, street is average as I've said. I could really like this house, it's an ideal size, it has parking, a large park behind the garden which itself is a decent size. Would love to do it up. And yes, no kids!