What Have I done!!!

Crazymouse

Hello everyone. I thought I’d post here for some useful advice about a house that I have just bought and signed for this week (although the vendor hasn’t yet signed so its not yet binding.

The house is located 10 yards from an extremely busy dual carriageway hence we payed quite a bit less than what the same house would’ve been 100 yards away on a quiet street (£150K Vs £190K).

We are planning on selling in a couple of years so its important that it turns out to be a reasonable investment.

I personally thought it more than compensated, but maybe I'm on my own!


My worry now is that perhaps £40K difference is too small for the ‘noise’ factor. What do people in general think?

My worries really came to the fore when I found out what the house was bought for 8 years ago (1/5th the price!!).

However the surveyors report did state that it was good enough security for the mortgage.

Would anyone out there say a 25% price difference is enough to compensate for an extremely busy road?

Thanks to one and all for any thoughts or advice.

CM

Ems*Honie

I'm not sure, its hard to say without seeing the house.

We just walked away from a house that the vendor wouldn't drop more than 15000 despite pricing as an immac rural property, in realty it was loaded with asbestoes, hadn't been touched since the 50's and sat on the sliproad of a very busy dual carriageway. I would have been thrilled if it had been 40,000 under price to compenate the noise factor!!

Our house is now worth 2/3s more than when we bought it 8 yrs ago, but differant areas fluctuate?

Good luck on what you decide to do As for the resell, there ar tonnes of newbuilds round here that back straight onto the main road into the area, they all sell with no trouble from what I've seen.

dander

Prices have risen one hell of a lot since 1998. You really can't use that as much of a guide. Far better to take a look on somewhere like nethouseprices.co.uk and check out what other properties on the dual carriageway have gone for in the last year or so.

clipboard2

Having interviewed numerous residents living next to e.g motorways, the main problem they complain of is not the noise, its the constant filth and muck being belched out from vehicles which ends up in their home. You clean in the morning; by the evening the dirt layer has reappeared.
Also, the vibration caused by HGV's passing may weaken any existing structural problems, not to mention your coalport china getting smashed.

NervousYetFeisty

And you can't open the windows for long without getting a lungful of diesel, which is pretty rubbish at the best of time but in the Summer...

Crazymouse

wow what a great forum, wasnt expecting to get so many replies in jsut a day so thanks!

BUT would you guys say 25% difference seems a good difference to compensate?

Obviously very difficult to say without seeing the house, but generally?

silvercar

Surely the time for having second thoughts was before you paid out for surveys and legal fees etc.

mystic_trev

What happens if House prices crash? From todays Torygraph.

"For all Gordon Brown's promises to bring to an end the traditional boom and bust of the economy, there is much evidence to suggest that markets need to crash now and then to remind investors of the risks associated with buying into them"

Ems*Honie

silvercar wrote:

Surely the time for having second thoughts was before you paid out for surveys and legal fees etc.

In an ideal world perhaps, I think some doubts etc are a very human thing.

Op, you trusted your judgemant up until now, personally, without seeing the house, I think its a good discount, how much do you intend to reduce it by for the next buyer?

Ems*Honie

mystic_trev wrote:

What happens if House prices crash? From todays Torygraph.

"For all Gordon Brown's promises to bring to an end the traditional boom and bust of the economy, there is much evidence to suggest that markets need to crash now and then to remind investors of the risks associated with buying into them"

Ummm, surely with no crash, there isnt the risk, therefore no need for the crash to remind us of the risk?

eurows

Ummm, surely with no crash, there isnt the risk, therefore no need for the crash to remind us of the risk?

I stopped laughing to read the next post and then started again.