Positioning Yourself to Take Advantage of the Housing Market

Davesnave

We were going to sell anyway, Crash or no Crash, having exhausted the potential of our previous home. When things went decidedly pear-shaped on the selling front, we made the property more affordable, sold, baled-out into rented and awaited developments.

Five months on, after viewing only properties which were well-priced by 'motivated' sellers, we found something only a limited number of people would qualify to purchase, and for which a mortgage might still be difficult. We agreed the owners' time scale and purchased with cash, below the offers of others who needed more time to sell and/or obtain a mortgage.

We have definitely gained, but there's about 5 years work here and maybe another £70 -100k to be spent before we'll feel that we've made the property into a 'forever' home. Then we'll probably need to sell it, downsize and help our kids to get mortgages!:rotfl:

Harry_Powell

We bought a few months ago now and pretty much hit the bottom of the market (well the bottom for that cycle, who knows if we'll see further falls), we also got a large discount because the house needed a lot of work and the seller was desperate to get rid. Though, I actually believe that there are bargains to be had at any part of the housing cycle, boom, bust, stagnation. You just need to keep your eyes open and be prepared to negotiate.

With all the talk of higher interest, I'm glad I followed the advice of one of the regulars on here and got a long-term fixed rate. I'm paying a bit over the odds at the moment, though my rate is favourable with some providers, but I love the comfort factor in knowing that if I can afford my mortgage today, I'll be able to afford it in 3 years time regardless of whatever the BoE rates are.

kabayiri

Davesnave wrote: »

We were going to sell anyway, Crash or no Crash, having exhausted the potential of our previous home. When things went decidedly pear-shaped on the selling front, we made the property more affordable, sold, baled-out into rented and awaited developments.

Five months on, after viewing only properties which were well-priced by 'motivated' sellers, we found something only a limited number of people would qualify to purchase, and for which a mortgage might still be difficult. We agreed the owners' time scale and purchased with cash, below the offers of others who needed more time to sell and/or obtain a mortgage.

We have definitely gained, but there's about 5 years work here and maybe another £70 -100k to be spent before we'll feel that we've made the property into a 'forever' home. Then we'll probably need to sell it, downsize and help our kids to get mortgages!:rotfl:

I fully understand this.

The type of property you bought; the work required; it won't suit everyone. But clearly it suits you.

I look forward to seeing it on Grand Designs

IveSeenTheLight

carolt wrote: »

I can't actually claim I'm not buying as a result of my beliefs - I'm not buying because we need to be flexible about areas due to moving for schools. So we're not now looking to buy before 2011 at the earliest.

Why do you have to wait till 2011? Can you not work with the latest school results available, move, settle in and be ready for when your kids need to go to that school?

Do you want to get the latest most relevant figures for when your children require to go to school? What happens if that school slips down the league the following year, would you move again?

I totally understand how you would want your children to go to a school with a good record.

Davesnave

kabayiri wrote: »

I fully understand this.

The type of property you bought; the work required; it won't suit everyone. But clearly it suits you.

I look forward to seeing it on Grand Designs

More like 'Escape to the Country Meets It's Flippin' Difficult Being Green!':rotfl:

But yes, being serious, I have seen a few decent value properties at all stages of this Crash, and in the build-up period, though could not take advantage of earlier ones. They are always there. Patience, and being in a genuinely proceedable position, is everything.

carolt

IveSeenTheLight wrote: »

Why do you have to wait till 2011? Can you not work with the latest school results available, move, settle in and be ready for when your kids need to go to that school?

Do you want to get the latest most relevant figures for when your children require to go to school? What happens if that school slips down the league the following year, would you move again?

I totally understand how you would want your children to go to a school with a good record.

No - my DD wants to apply for a selective school which would necessitate us moving to be in the catchment area for. But if she didn't go there, I wouldn't want to buy there, as it is far more expensive and less nice than where we are now. If she does go there, we could either bite the bullet and buy there/look for longer-term rental, or move half-way - partly dependent on what DD2 wants to do in terms of schools.

But there are too many variables to make buying there now a sensible option - until that's resolved, there's no point buying.

Harry_Powell

carolt wrote: »

No - my DD wants to apply for a selective school which would necessitate us moving to be in the catchment area for. But if she didn't go there, I wouldn't want to buy there, as it is far more expensive and less nice than where we are now. If she does go there, we could either bite the bullet and buy there/look for longer-term rental, or move half-way - partly dependent on what DD2 wants to do in terms of schools.

But there are too many variables to make buying there now a sensible option - until that's resolved, there's no point buying.

Is this for a High School? I find it interesting, well TBH, disconcerting that you base the decision on where you want to live (even partly) on the say so of a 9 year old child.

I don't have kids (and don't want to have them), but I understand people wanting to have the best for them, but to put your life on hold this way and then move to a neighbourhood you won't be happy in seems folly.

IveSeenTheLight

Harry_Powell wrote: »

Is this for a High School? I find it interesting, well TBH, disconcerting that you base the decision on where you want to live (even partly) on the say so of a 9 year old child.

Very possible the 9 year old has understood that they can get a better level of teaching than they can currently get.
Well done to them :T

Harry_Powell

IveSeenTheLight wrote: »

Very possible the 9 year old has understood that they can get a better level of teaching than they can currently get.
Well done to them :T

Is there really any difference between a good school in one area and a good school in another? From the little I have seen in the media about offsted reports, it all depends on how a teacher performs during the assessment (which may or may not be an accurate reflection of their teaching skills) and whether the headmaster is decent or not (and these can change from one year to the next).

Anyway, it's nothing to do with me, so I'll keep my beak out of it. I was just mildly interested in how people approach major decisions and the thought processes they use.

carolt

The decision is not only my 9 year old's, though obviously her views are very important, given that she's the one who's going to be going to the school!

She's currently at the top of her class for everything, rather bored, and the gifted and talented programmes aren't really sufficiently stimulating. So generally, we all back her in her wish to go somewhere at secondary level that will be more stretching.

That said, if we were more settled, and owned a 'forever' house, then we probably wouldn't consider moving; but as we don't, and were planning to move this year anyway, moving to be nearer a school of her/our choice isn't exactly a great inconvenience.

And yes Harry, I think there are big differences in schools - in how 'cool' learning is at a particular school, as well as the average level of your fellow students and quality of teachers. I think my DD is quite peer-led, so if she went to a school where being clever was seen as 'uncool', I think it would be a problem. Plus she wants a single-sex school - there isn't one where we live.