FTB: Is this property a real bargain?

Caveat_Mortgagor

Nooooooooooooo!!!!!

The old maxim is to buy the cheapest house on the most expensive street that you can afford.

Your proposition is the polar opposite.

Ok a couple of people have paid more than you in the past, but this proposition stinks.

Your worry about selling in future is correct, but for the wrong reasons. Any house can sell at any time, it doesnt matter where it is. What does matter is price. You would not get your money back on this monstrosity in 3 years time.

BTW, there is another one on for £60k on the same street. The one you are looking at might have slightly nicer decor, but anyone thinking of buying in future wont care, whatever price they agree will help determine the future value of the place you are looking at.

Avoid.

Eton_Rifle

A bargain is only a bargain if:

1) You would have bought it anyway - so would this house been anywhere near the top of your list if it wasn't this price?
or
2) You're speculating you can resell at a profit - do you think this is possible with this property?

Househunter87_2

After my initial reaction (which was a bit of sick in my mouth) the interior of the house looks quite nice. Obviously it's price reflects the neighbourhood its in. Is there nothing else that you can afford? With such a large deposit then surely you could look for a larger mortgage to put you in a nicer area

tommie1shunt

It looks like a concrete, non standard constuction, PRC house, dunno if it for sure, but you might want to check it out.

James129

All the posts have definetly put me off buying this property. I even admit I feel silly now for even entertaining the idea of buying that property. Its true you get what you pay for

WelshNic wrote: »

Where are you commuting from/where do you work?

You can get a decent property for that price in S. Wales - Lansbury Pk is a complete dump.

From Canton to Caerphilly, office is on Pontygwindy road near Asda.

James129

Househunter87 wrote: »

After my initial reaction (which was a bit of sick in my mouth) the interior of the house looks quite nice. Obviously it's price reflects the neighbourhood its in. Is there nothing else that you can afford? With such a large deposit then surely you could look for a larger mortgage to put you in a nicer area

I can afford house between 150-200k easily on current wage and deposit but It will take ages to pay off the mortgage and will stop me from relocating in 3-4 years

hcb42

Avoid, it is terribly ugly and looks like an ugly estate. You'd be clinically depressed within two months if you had to move in

WelshNic

Have a look in the surrounding villages, maybe somewhere like Abertridwr or Llanbradach?

You don't have to pay your mortgage off to relocate, you just take it with you

Norma_Desmond

Have you looked at older stone / brick built terraces in 'normal' streets - they're much more attractive and saleable.
A friend's son recently bought a lovely Victorian 2-bed in a quiet street on the outskirts of Cardiff for around £75K and even got a tiny garden.

I'm afraid I'm with everyone else in that I wouldn't touch that estate house with a bargepole.

WelshNic

^^Yep, there's loads of terraced houses around there for 50-90k