Little advise needed

GeeBee09

Hello all,

My first post so please go easy.

I need a little advise on a house that i have just had an offer accepted.

This is a Three Bed Semi in Long Melford, Suffolk.

It was sold in June 06 for £178k, since then it has had the following replaced, Complete gas central heating inc Boiler, Kitchen, Bathroom and separate Toilet, Flooring and redecorated throughout, it is now looking a litttle worn but nothing that a can of paint could sort out.

A house in the same street sold for £180k in Aug 08, and that needed alot of updating, but it does have a driveway and a garage attached to the house, where the one i'm looking at hasn't.

It was on for £210k but they excepted just over £190K.

I know that only we can tell whether it was worth the money, but in your opinions would a house go up in value since 2006, even though it has been updated, especially in todays market.

Any advise / feedback would be appreciated.

tawse57

Can you post a link to it on rightmove?

hazyjo

Depends on the area - but property's pretty much at 2006 prices.

I'm selling at exactly the same price (£228,500) I paid in August 2006 (in Highams Park, East London). As far as I know, Suffolk has suffered more generally than where I'm living.

I put a new kitchen in mine, plus a new combi-boiler, a fab shower (huge overhead Victorian style that goes over top of roll-top bath) and a new roof and guttering/facias. Oh, and bathroom flooring.

I'd say I was pretty even with what yours has had done price-wise - if anything, I've probably spent more.

I didn't do mine up to sell, I thought I'd be there long term, but then met hubby a couple of years down the line and we're now selling to buy something together.

Personally, I think you're overpaying around £10k-20k, but I'm no EA, and maybe you got a bargain in the first place...

Jx

GeeBee09

I believe looking back at this property i have offered slightly to much. but saying that, Long Melford is one of Suffolks best villages and you do pay a slight premium for living there, and with the lack of family houses coming on the market in that area you are some what hindered. Timing at the moment is also crucial for us.

I would like to think that this will be our family home for the long term, so maybe i should stop worrying so much.

BitterAndTwisted

If you can easily afford it and it's going to be your long-term home, under the circumstances I'd go through with the purchase without thinking twice about it. If you actually "over-pay" by ten grand what would that actually cost you over the period of the mortgage loan? Probably not as much as you think considering that you won't have to do much other than a bit of painting in the next few years.

GeeBee09

I tried to add a link to this page, but as i'm a newbie i've been blocked.

If you enter CO10 9JZ into Rightmove and tick the STC box that should take you to the webpage.

Be interested in your feedback.

P.S Thank you for your response so far.

CloudCuckooLand

As regards the comment "you pay a slight premium for living there", that was also the case in 2006. So is already factored into the price they paid..?

The things you list are easily worth £10k, so even if you've overpaid by the other £2k, I'd put that down to saving some future rent and get on with enjoying the place.

joerugby

It might be a bit ott but if it's the one you want, you have looked hard and can't find a better one, you plan to live in it for the foreseeable future and you can afford it then go for it.

You might get an opportuinity to negotiate downwards a little if you get a homebuyer's report.

GeeBee09

You are right in regards to my "premium" statement, i had noticed that once i posted,The Village hasn't changed that much in four years lol.

Are most people in agreement that the prices are back to the 2006 levels?

flecker

GeeBee09 wrote: »

Are most people in agreement that the prices are back to the 2006 levels?

Inflation adjusted, they're back to February 2003 levels (using Halifax figures).

Non-inflation adjusted, they're at late 2004 / early 2005 figures (Halifax figures again).

Obviously that's a national average.

gingertips

Hi there,

It would appear they are prepared to recoup original price plus amount to cover the work they did. It sounds like the other property ticks more boxes for you than this one & that went for £10k less? Are you happy to pay £10k more than a house that you preferred?!!!

The other house would have been a good comparison to get them to drop their price but since youve had offer accepted I think youve already played that card?

Are you planning on a survey? There may be things that come back he is concerned about which might help drop the price, but if not you could always ask him to give you an indication of price (they dont always provide it) & also flash a copy of the other property under his nose to try and help him set expectation.

If survey comes back with £165k then you could show the vendor/EA and tell them you want to renegotiate...but unless something comes back wrong with property then I doubt the vendor will move on the price.