to buy or not to buy...

LilacPixie

michaels wrote: »

I'd say house one sounds a better bet financially because in general with extending you should get back £ for £ what you put in.

I would definitely be put off by the lack of parking (especially with small kids, been there, done that, moved!

And the main road would also always be a factor, especially as the kids start getting a bit bigger and venturing out 'independently'.

But of course we all have our own priorities.

Well we have had a weekend of research and viewings. House with lack of parking we visited this morning about 10 and the road was chok a block, there is not residents parking so it really is a free for all and with 2 cars just not viable.

House on the perth to aberdeen dual. Lovely but really needs alot of work to bring it up to our requirments, driveway is only 5-6 meters away from the dual carriageway and not gated, drive runs up side of house to rear garden with no gate so worry about the saftey aspect for the kids now and the whole as they get bigger and want to visit friends alone thing.

The final house if nice but really unsure on size, it seems like we would outgrow it reasonably soon so now on the hunt for approxomite costs of extending v's buying a larger house in the first place.

OOO one we viewed the owenr obviously loved the colour pink.

HAMISH_MCTAVISH

DervProf wrote: »

That doesn`t sound like a shortgage to me.

I`m probably missing the point, but having a choice of "a handful" sounds like a surplus to choose from.

That rather depends on how many other people are viewing the same "handful".

DervProf

HAMISH_MCTAVISH wrote: »

That rather depends on how many other people are viewing the same "handful".

Round my way, (not exactly my area, but not too far from me where property is much more "desireable" and higher priced) there are lots of properties that have been on the market for > 6 months. They aren`t FTB places, so the mortgage drought can`t be the issue. They are in areas that are supposed to be sought after. I expect a fair few of them have had a fair few viewings. So why haven`t they sold ?


I think I know.

HAMISH_MCTAVISH

DervProf wrote: »

They aren`t FTB places, so the mortgage drought can`t be the issue..

Mortgage rationing impacts all segments of buyer.

Not just FTB's.

DervProf

HAMISH_MCTAVISH wrote: »

Mortgage rationing impacts all segments of buyer.

Not just FTB's.

OK.

So, these ~500K properties in question. Who`s the prospective buyer ?

Someone upsizing from a £350K property ? That sounds reasonable.

If you`ve got a 350K property, you`re likely to have some equity. Let`s say 50% (and that`s being cautious). So, you`ve got 175K of equity on a 500k place. That`s 35% equity (don`t forget, I`m being cautious). Surely the banks would lend on that criteria ?

Professional couple. He`s on 70K, she`s on 37K. What`s the problem ?

Procrastinator333

Interesting points and comments, so much so I actually wanted to type a thanks as opposed to just hitting the thanks button. Thanks! :T

I still think we are going to end up with quite a number of suitable properties, more than most. But time will tell and if wrong I will post back and eat humble pie!

LilacPixie

DervProf wrote: »

Round my way, (not exactly my area, but not too far from me where property is much more "desireable" and higher priced) there are lots of properties that have been on the market for > 6 months. They aren`t FTB places, so the mortgage drought can`t be the issue. They are in areas that are supposed to be sought after. I expect a fair few of them have had a fair few viewings. So why haven`t they sold ?


I think I know.

Derv - no idea but we really struggled to sell because FTB's seem to of really struggles with deposit requirments. Thankfully now under offer and everything progressing normally so we are now on the house hunt. We flung everything we had into mortgage in an effort to be mortgage free and build equity rather than save anything other than emergency just in case money. We couldn't move upwards until some bought ours and I would imagine same is true for the owners of the houses we are looking at.