Good news for anyone buying ...

System

I think we should find out why naerlynew needs 3 houses.

Blacklight

Joeskeppi wrote: »

I think we should find out why naerlynew needs 3 houses.

Debt junkie.

RenovationMan

Sounds like you got a good deal, well done!

I hope you have years of enjoyment in your new home.:)

stelaconcepts

Davesnave wrote: »

Just looked at one I rejected before buying in May last year, when it was £295k. Now on at £260k.

The original asking price in 2008 was £335k, but that was totally delusional. It is a great shell, but the poor bloke who bought it had watched too many Beeny progs and had wrecked the interior. We reckoned it would take £50k to put it right, in style.

So, say someone gets it for £225k, that's not bad for a 4 bed with 4.5 acres within a couple of miles of a decent town. Yeah, OK it's Wales, but pretty Wales, and if you are going to be on benefits, at least do it properly! :rotfl:

Go on tell us where?

At least give a clue?

Davesnave

stelaconcepts wrote: »

Go on tell us where?

At least give a clue?

After slagging it off, and knowing the owner may have other problems, I'm not prepared to say exactly where, but between Newcastle Emlyn & Lampeter is near enough.

stelaconcepts

Any way this could be a sign of things to come all over the country.

Browntrout_2

I think property is a generally a depreciating asset and the last 25 years are no indication on what the next 25 will be.

Really2

stelaconcepts wrote: »

Any way this could be a sign of things to come all over the country.

Well he does have 3 now.
But you will have to ask him if he is now looking at being a nationwide landlord.:D

Really2

Browntrout wrote: »

I think property is a generally a depreciating asset

Care to explain that?

Browntrout_2

If you own a house and did nothing else with it in the way of upkeep eventually the house would be almost worthless, this is nothing to do with the land that the house sits on, it is a different asset class.

In order to maintain the house it needs re-pointing, new windows, new roof etc to keep it's value as a shelter.

Residential property as an investment is questionable to say the least.


Depreciation from Wikipedia - Property
Many tax systems prescribe longer depreciable lives for buildings and land improvements. Such lives may vary by type of use. Many such systems, including the United States and Canada, permit depreciation for real property using only the straight line method, or a small fixed percentage of cost. In the United States, residential rental buildings are depreciable over a 27.5 year or 40 year life, other buildings over a 39 or 40 year life, and land improvements over a 15 or 20 year life, all using the straight line method.