House buying dreamer now seriously considering it for real!

Maddie

sinbad182 wrote: »

Good on you for having the ambition to buy a fixer upper as your first place, but isnt a 11k jump in offers quite a lot?

Yes it is! The first offer was a bit of a 'toe in the water' since the property has been on the market so long. We kept it low so that we could hold back some of our deposit for improvements.

At £149500 we would have to hold back on structural work for now, and just get the essentials (electrics, plumbing etc) done along with some cosmetic improvements.

This could be our first and last place so it is worth it.

Maddie

tawse57 wrote: »

If your first offer does not embarass you then it is too high is an old house buying saying.

Thanks - I've heard that on here a few times

We went in with a first offer that we wouldn't have been disappointed with if they'd have accepted (as we'd have wondered if we could have gone any lower)

I don't think any first offer would have embarassed me given the vendor is a company - you can't really insult a company!

tawse57

Maddie wrote: »

Thanks - I've heard that on here a few times

We went in with a first offer that we wouldn't have been disappointed with if they'd have accepted (as we'd have wondered if we could have gone any lower)

I don't think any first offer would have embarassed me given the vendor is a company - you can't really insult a company!

Good for you for thinking of it in a rational business way and not an emotional way.

pararct

Maddie wrote: »

Thanks - I've heard that on here a few times

We went in with a first offer that we wouldn't have been disappointed with if they'd have accepted (as we'd have wondered if we could have gone any lower)

I don't think any first offer would have embarassed me given the vendor is a company - you can't really insult a company!

A company may be more inclined to accept a lower offer just to get it off their books. After all its not like they need to finance their own purchase is it?
Treat whatever Estate Agents tell you regarding other offers as waffle, and don't be drawn into a bidding war.

What sort of structural work are you anticipating?

You need to plan out your refurb very carefully if you are going to do it in stages. For example once electrics and plumbing have been done if you decide to extend it would mean pulling up existing floors digging into walls ect. Much better if you plan ahead and try and leave services up to a point where they can be picked up later.

Your plumber or electrician can advise simply tell them what you hope for the finished article.

Finally you are very correct to be cautious about your lending multiple, it sounds like it is affordable on your salary although you would be potless for a couple of years and sensibly (if only more had done it over the last few years) you are planning ahead for increases in interest rates. When you other half gets work this will then be a bonus on top of what you have and will allow you to complete the project probably quicker than you can envisage.
Don't worry about what the market is going to do it is irrelevant you are buying a house to live in and have already checked out your affordability issues.

Good luck fingers crossed you get it for what you want to pay for it...

hethmar

Good luck and stick to your guns. The news today that house prices are expected to drop again must be in your favour as they will want to quickly proceed.

useless

pararct wrote: »

Finally you are very correct to be cautious about your lending multiple, it sounds like it is affordable on your salary although you would be potless for a couple of years and sensibly (if only more had done it over the last few years) you are planning ahead for increases in interest rates. When you other half gets work this will then be a bonus on top of what you have and will allow you to complete the project probably quicker than you can envisage.
Don't worry about what the market is going to do it is irrelevant you are buying a house to live in and have already checked out your affordability issues.

Worth considering what the mortgage affordability situation would be if you were reliant on your other halves income only (can think of a few good reasons why that is worth considering).

as someone else said, this is not professional financial advice!

myhouse_2

EA is probably not telling porkies - deal probably fell through for personal reasons (couldn't get a mortgage for that much either cause didn't have enough money or house was valued less). Mortgage problems are the main reason for the large number of sales falling through.
After one failed sale, seller will likely be keen to sell - negotiate hard and get the best price you can - good luck!

Maddie

Well it was rejected. Apparently they are holding out for around £165k, although EA did make out that she thought our offer was a good one and that they might eventually come to their senses.

The vendor is Grainger PLC. I checked and their year end is 30 Sept, so I guess they wont be in any rush to sell right now as it wouldn't complete before y/e.

We have left our offer on the table but have no plans to increase it.

Thanks to all for help and words of wisdom

hazyjo

Good decision IMO. Fingers crossed you get it.

If it's meant to be... and all that! I believe things happen for a reason.

Good luck with this one or wherever you end up..

Jx

IveSeenTheLight

MadnessOfHPC wrote: »

Who's "mo"?

IMO
In My Opinion