Had an offer....what is this a joke?!!

suckers2008

All the walls had to be re-plastered, two of the walls were so rotten that they had to be pulled down and started again which then made me re-jig the layout of the flat and I lost a bedroom in order to have a massive 21 by 20 foot living room and seperate 15 x 14 foot kitchen, all the windows were replaced - I have 3 alone in the living room! So 7 in total with the bedrom having a window taken out and french windows put in which leads to a balcony that I had put on the back of the house - a complete sun trap in the summer!! £40K is easily spent!

silvercar

suckers2008 wrote: »

All the walls had to be re-plastered, two of the walls were so rotten that they had to be pulled down and started again which then made me re-jig the layout of the flat and I lost a bedroom in order to have a massive 21 by 20 foot living room and seperate 15 x 14 foot kitchen, all the windows were replaced - I have 3 alone in the living room! So 7 in total with the bedrom having a window taken out and french windows put in which leads to a balcony that I had put on the back of the house - a complete sun trap in the summer!! £40K is easily spent!

Losing a bedroom is a way to lose money!

Sarny

suckers2008 wrote: »

All the walls had to be re-plastered, two of the walls were so rotten that they had to be pulled down and started again which then made me re-jig the layout of the flat and I lost a bedroom in order to have a massive 21 by 20 foot living room and seperate 15 x 14 foot kitchen, all the windows were replaced - I have 3 alone in the living room! So 7 in total with the bedrom having a window taken out and french windows put in which leads to a balcony that I had put on the back of the house - a complete sun trap in the summer!! £40K is easily spent!

im guessing then that as you will be in negative equity if you sell, you basically bought it for too much and didnt haggle enough.

thats one thing all these propert programs suprise me on, no one wants tob haggle by offering really low as rthey think they come across as rude, lol.

edit - and loosing a bedroom is never going to recoup the price of having a larger kitchen and lounge, people still want 2 beds etc...sounds like u didnt really research this at all.

you blatently paid too much for it.

BettiePage

jenner wrote: »

i dread to think what i spent on mine, over 12 years, i had a kitchen for about 3.5k, double glazing for 5k, new bathroom cost about 3.5 to fit etc, flooring was 2k including fitting, plus painting, other bits and bobs, probably on the way to being about 20k, so if someone has really top notch stuff (mine was all ikea and b&q) i suppose you could look to double that

In just the bathroom or the whole house?

Imp

suckers2008 wrote: »

All the walls had to be re-plastered, two of the walls were so rotten that they had to be pulled down and started again which then made me re-jig the layout of the flat and I lost a bedroom in order to have a massive 21 by 20 foot living room and seperate 15 x 14 foot kitchen, all the windows were replaced - I have 3 alone in the living room! So 7 in total with the bedrom having a window taken out and french windows put in which leads to a balcony that I had put on the back of the house - a complete sun trap in the summer!! £40K is easily spent!

Quickest way to devalue a house is to remove a bedroom.

That alone will make the house worth less than identical other houses on the street.

QTPie

Completely correct.

Certain parts of the housing market (mainly the top) are not realising the same losses that are being widely reported... infact, they are looking for a gain in prices! Yes, they aren't selling at those prices, but it doesn't mean that they are lowering their prices either. They will either "get luck", wait it out or withdraw from the market...

Ok the VERY OCCASIONAL panic sell MAY come onto the market, but since there are a LOT fewer propeties in this part of the market (if you think of the property market as a pyramid - a lot broader on the lower rungs of the property ladder...), that they will chance it for some time before slowly edging down anyway.

The property market "crash" isn't haing much of an effect on some areas of the property market (including, unfortunately, what we are looking to buy!).

silvercar wrote: »

I just get the feeling that sellers at 700k+ are not as desparate for a sale.

a) they are unlikely to have 90% mortgages (630k!!) so can access good mortgage deals.

b) To rent a similar home would cost them a lot more than they are paying on their mortgages.

c) Little risk of negative equity if they don't sell quickly.

d) A 10-20% fall in prices means losing 70-140k a lot of real money.

puddy

Sarny wrote: »

im guessing then that as you will be in negative equity if you sell, you basically bought it for too much and didnt haggle enough.

thats one thing all these propert programs suprise me on, no one wants tob haggle by offering really low as rthey think they come across as rude, lol.

edit - and loosing a bedroom is never going to recoup the price of having a larger kitchen and lounge, people still want 2 beds etc...sounds like u didnt really research this at all.

you blatently paid too much for it.

yes i was going to say that, losing a bedroom was a bad move, it probably looks great though

puddy

BettiePage wrote: »

In just the bathroom or the whole house?

haha, no way, the whole flat, cheapy b and q laminate but it looks good and is easy to keep clean

System

3 years ago you paid £180K, and currently owe a £210K mortgage?

- £40K on refurbishment

- £20K extending the lease

OP if I was in your position I would be happy to sell at £220K, you'll then have 10K left to rent/live off for a while so you can sort your life out without having to worry about falling house prices and paying back the mortgage.

The property has only been on the market for a few weeks, so perhaps keep the buyer on the hook by offering a counteroffer while you wait to see if a better offer comes along. Also, if your current agent agrees, consider using another estate agent too. It'll create more competition between them to find you a buyer.

QTPie

suckers2008 wrote: »

All the walls had to be re-plastered, two of the walls were so rotten that they had to be pulled down and started again which then made me re-jig the layout of the flat and I lost a bedroom in order to have a massive 21 by 20 foot living room and seperate 15 x 14 foot kitchen, all the windows were replaced - I have 3 alone in the living room! So 7 in total with the bedrom having a window taken out and french windows put in which leads to a balcony that I had put on the back of the house - a complete sun trap in the summer!! £40K is easily spent!

It souls like you have a REALLY lovely flat there. I know why you did what you did - you were creating something gorgeous.

It is like we have a lovely house here: it is 5 years old, immaculately presented, fantastic developement. Everyone who sees it falls in love with it.

Unfortunately people are not generally buying with their hearts at the moment, they are buying with their "property investor" hats on. Most people will not say "what am I willing to pay to make this gorgeous place my home?". Most people will say "what will this property be worth at the trough of the property market - that is all I will pay".

I would say that you flat is very "niche" (i.e. not everyone will appreciate the alterations you have done and the money/effort that you have ploughed into it) - if you find the "perfect buyer" they will want it and you will sell it for a fairly good price. However, there are VERY VERY few of those "heart" buyers out there at the moment

QT