What Have I done!!!

JBeau

Crazymouse, the fact that you are questioning this house purchase speaks volumes.
Always remember - When in doubt, always pull out.

The fact is we are at the peak if not beyond of this housing cycle. Any property with "a problem" i.e. the road will hurt financially in 2-3 years time.
You must also take into account that "should" this cycle stop abruptly properties like the one you are doubting become impossible to sell on.

Good luck

Doomed_Economy

You're wasting your breath Eurows, didn't you know that house prices only ever go up?

See you back at HPC.

Daddy_Bear_2

Crazymouse wrote:

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?

You couldn't pay me to live next to any big road. Worked next to a busy dual carriageway in a garage once and it didn't take long for it to start seriously impactingon my health.

IMO when this current housing market bubble bursts (interest rates are on the way up!) then properties like this will be the hardest hit as they will become almost impossible to sell as better properties come down in price.

If I were you I'd walk away (if you still can). It will be the best decision you ever make

DB

Swipe

I live 10 metres from a busy B-class road, I can't even begin to imagine what living alongside a dual carriageway must be like. For me, the noise is so bad I cannot hear the TV when I open the front windows. I am also forced to sleep in the back bedroom due to the traffic levels. You really notice the difference when you wake up before 6am. I wouldn't wish living close to a busy road on anyone.

As also stated, that fact you are even questioning this should be ringing alarm bells. If in doubt, pull out.

Daddy_Bear_2

Swipe wrote:

I live 10 metres from a busy B-class road, I can't even begin to imagine what living alongside a dual carriageway must be like. For me, the noise is so bad I cannot hear the TV when I open the front windows. I am also forced to sleep in the back bedroom due to the traffic levels. You really notice the difference when you wake up before 6am. I wouldn't wish living close to a busy road on anyone.

As also stated, that fact you are even questioning this should be ringing alarm bells. If in doubt, pull out.

I don't think you can under estimate the noise that traffic makes. I currently live 100m from a busy main road going into Kingston Upon Thames. Cars do 40mph+ and I can't have my bedroom window open at night. Most cars aren't too bad but throw in the odd boy racer, screaming scooter and bus and it's a recipe for a very disturbed night.

Angela_D_3

There are many factors to consider.
A) How long has the house been on the market before you came along.
What are the other sold house prices in the area https://www.nethouseprices.co.uk
C) Do you actually want to live in the house
D) Can you afford the REPAYMENT mortgage and a 1-2% rate increase.

We have a very good deposit in the bank, no debts and could easily afford a £300k house but are not buying because it would be madness to do so.

AuntyJean

Move in

Find out how bad it is (or not) then in a years time decide whether to move on.

There must have been something about the house that attacted you to it and put the fact it was near a motorway in the background.

Who can guarantee these days that they won't have a motorway next to their house in 10 years?

silvercar

If you want to move NOW you can only chose from the properties that are on hte market at the moment. If your in a chain and decided you can't find a property you like you risk losing your buyer.

Its all about choosing the best house from those that are available or deciding not to move.

Weigh up your reasons for buying the house and the reasons for not moving - should help you decide. Alternatively weigh up this house on the dual carriageway against other houses at that price. There is no point comparing the same house but away from the road as that is more expensive.

dander

eurows wrote:

You have bought a house next to a busy dual carriageway at the top of a house price peak.

Presumably you're one of the HPC people who've been telling us all to get out of property for the last 5 years because it's at the 'top of a peak' and about to crash.

Ok, so for reasons of your own you might want a crash - but going around ridiculing other people for not agreeing with you doesn't make you any more likely to be right, and it sure as hell is unhelpful. Have you even read the bit at the top of the forum about being nice to other moneysavers?

There are a bunch of people who will leap onto any thread and tell someone they've made a terrible mistake even thinking about buying themselves a home, which just strikes me as a plain nasty way to behave.

Let's talk sensible solid advice for someone having geniune doubts about the purchase their making, based on facts not rumour-mongering.

Things you need to think about -
1/ Is the price fair for a house with 'problems'? Well the surveyors report would indicate that it is, but how surveyors come to that decision varies alot with how much equity you'll have in the house. If you're putting down a big deposit surveyors usually just agree with the price you're paying - but if it's a high % mortgage they'll be a lot more 'realistic' and so give a better guide. Check what other houses on this road have sold for - that really is your best guide.

2/ Is it a good investment? Hard to say, but bear in mind a lot of people wouldn't even consider a house that close to a main road (as you can see above) so although it may hold its value, it might take a long time to sell.

3/ Things that could make it a bad investment - Is this a road that could get even busier - and make the noise problem worse? If there is a crash (and it's only an if - no-one yet has managed to build a time machine) the houses with problems, such as this one, tend to drop the furthest.

4/ Is this all you can afford? If so, by buying the house with problems you are getting a much bigger better house than you could otherwise stretch to. chances are that you chose this house because you wanted/needed the space and have to make compromises to get it. Ultimately it's really better to think about whether it'll be a house you'll be able to live happily in than whether it's going to make money for you.

movieman

Personally I grew up in a house less than a hundred yards from a dual-carriageway through the middle of town, and it was never a problem (except that one of the local kids would get killed every couple of years doing something stupid on the road, like running across rather than using the subway). I'm not sure the same could be said if it was ten yards away though.

However, if you're only planning to be there for two years I think it's a very risky proposition. Even if there isn't a full-blown crash, a couple of interest rate rises could mean the price would be significantly lower by then... if you were staying for ten years that may well not matter, but if you're planning to sell in two and the price was 20% lower you'd have been better off renting.

It's also worth remembering that different people have different tolerances for noise. I lived for a couple of years in a house about a hundred yards from the main Reading to London railway line, a couple of hundred from the M4 and under a flight-path from Heathrow, and I never had a problem... but when a friend came to visit she said the noise kept her up all night. So buyers may be put off by something you don't even notice (OTOH that house sold for 300k in 2003 ).