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Is it a good idea to buy this house.

2

Comments

  • bez.59
    bez.59 Posts: 13 Forumite
    Catblue wrote: »

    This one?

    Yes that's the one thanks.
  • Owain_Moneysaver
    Owain_Moneysaver Posts: 11,393 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 31 May 2012 at 12:35AM
    If you can get it for £70k, spend £30k on cladding, that's £100k. If the market value of the house is then £160k, you've got a nice piece of equity. (when you say 'in the area' do you mean the exact same estate, with similar non-trad houses that have undergone cladding?)

    Here's one that looks similar estate, on at £140k, probably of normal construction.

    Even once clad, though, concrete houses can seem cold as they have such high thermal mass. This has Gas CH though (which is a bonus as many ex-council houses still have electric storage heaters)

    Looks like 3 good size bedrooms though and a useful downstairs layout. You get a good size house and garden for your money.
    A kind word lasts a minute, a skelped erse is sair for a day.
  • Smi1er
    Smi1er Posts: 642 Forumite
    bez.59 wrote: »
    It is a 3 bed semi and is on for £69,950

    All the other 3 bed semi's in the area are about £160,000 to £180,000

    They'll be a reason for that difference of £100K
  • andy.m_2
    andy.m_2 Posts: 1,521 Forumite
    worth considering knocking down and rebuilding at that price.
    You could throw a timber framed house up in 4 weeks for a fraction of the £100k difference
    Sealed pot challange no: 339
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Are you expecting to get a mortgage because you may find it difficult.
  • Owain_Moneysaver
    Owain_Moneysaver Posts: 11,393 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    andy.m wrote: »
    worth considering knocking down and rebuilding at that price.

    Rather harder to knock down half of a PRC house and not affect the other half.
    A kind word lasts a minute, a skelped erse is sair for a day.
  • Owain_Moneysaver
    Owain_Moneysaver Posts: 11,393 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Smi1er wrote: »
    They'll be a reason for that difference of £100K

    It's unmortgageable, that's why.

    However if the seller is a cash buyer and is able to convert it to a mortgageable property then happiness may result.
    A kind word lasts a minute, a skelped erse is sair for a day.
  • bez.59
    bez.59 Posts: 13 Forumite
    Thanks for all the advise.
    I think we have decided not to get this house as it could be alot of work and it will be our first house so best to keep things simple (if thats possible).
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    andy.m wrote: »
    worth considering knocking down and rebuilding at that price.
    You could throw a timber framed house up in 4 weeks for a fraction of the £100k difference

    Don't think the neighbours would be too chuffed with that suggestion - its a SEMI!
  • Strapped
    Strapped Posts: 8,158 Forumite
    Werdnal wrote: »
    Don't think the neighbours would be too chuffed with that suggestion - its a SEMI!

    They might be, if you did it correctly and made them detached in the process! (There's quite a bit of this going on in my home town where loads of properties are made from mundic block).
    They deem him their worst enemy who tells them the truth. -- Plato
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