MFW Diary.....before moving in!!!

LauraWxx

another day with no heating on yesterday...woohooo!!!

Valuation booked for the flat for Saturday - to give us an idea on rental price as well as a purchase valuation - need this to know what the 20% will be to pay back for the first buy element.

12 work get-up's left before holiday:j:j

Probi

Hey Laura,

Quick query on your flat if you don't mind?

How long ago was it you completed? I remember reading this diary when I was saving and I'm kind of in the same boat as you again now, wondering when we will be able to realistically sell.

If I remember rightly you are in a new build? Also when roughly did the construction on your site finish?

I'm worried about the value of our new build as obviously they lose money to begin with, so would be nice to see how your valuation turns out!

Thanks

LauraWxx

Hi there, I reserved my plot in May 2012 and completed in August (last day of the month). You are right it is a new build, was valued at the weekend to return circa £550-£600 a month in rent which is great as that would more than cover my mortgage and maintenance payments.

To sell the estate agent thinks I would be able to sell it for what I paid (£95k), however the site we live on is building a new block of apartments and these are priced around £10k higher...the valuer said that as long as you undercut the new builds you would sell it. However some people will need to buy the more expensive ones just because there is better finance deals to be done...ie the 5% deposits needed.

I do not want to sell it, especially now I have had confirmation of a great rental value.

I also take the sale valuation with a pinch of salt...there are factors that make me think it could achieve more (it is much bigger than the new block that are being built and a nicer smaller block) but at the same time I think it would sell for less just because of not being 'brand new'!!

I would suggest getting a valuation done if you are thinking about selling, all sites and areas are different I guess. I am quite lucky as where I bought is seeing real investment, new transport links, a supermarket and pub on the site, a enterprise zone up the road with serious incentives to companies looking to relocate there and much improved motorway links.

LauraWxx

Hi All,

still no heating on and loving being able to dry washing in the sun as well as sit with the patio doors open!!

As you can see above the valuation for the rental figure turned out really well and has cemented my decision to rent the flat out. After letting agent fees, the mortgage and maintenance payments (although i have paid this in a lump sum up to the end of the year today) i should clear just under £100 a month profit. I will obviously look into any tax info that needs doing as I am going to do everything above board, but will mean I can just put this into a separate account to build up to hopefully cover any vacant months or little repairs etc.

Not too much else to report, haven't submitted my S&S for ages, need to transmit tonight or i will be off the panel :eek:.

Not much to report on the house situation....the bf and his sister are sorting there's out and once that is done we will see what happens then. We have been talking about the house we love again and now seeing as we have been accepted in principle for the mortgage (albeit at a higher rate) we may go and have another look once the bf's house is sorted and if it is still on the market.

LauraWxx

Hi All,

Long time no posting again, I really do need to get back into the habit of posting.

Bit of an update since last posts - we have been on holiday for a week and had a fabulous time. Didnt spend too much but was lovely to spend time with family and each other.

Budgeting is going well, We have a fair few things coming up but I have used some time this week to ensure that everything is covered and the money is moved into a seperate account, rather than just dipping in and out of savings.

Some money due to me for the following -

Deposit refund for holiday (accomodation)
Friends half of our holiday in September (already paid on my cc and cleared)
Refund from old car finance as they had continued to take payments even after selling the car!!
Refund from waterboard - lead has resulted in high usage.

Feeling quite positive about everything. We have a few busy weekends coming up (wedding, weekend abroad etc) and whilst they will be much fun, i am looking forward to coming back and having no plans for a few weeks and get some serious saving done!

Shopping budget is looking healthy even at this time in the month - a first!! Online shopping def suites me, it is not as cheap as going over to Aldi, however everytime I go into a shop i just end up with far more things in the trolley than are needed.

The heating hasnt been on at home at all in the last month and will not go on again now until October / November time hopefully. We have a massive £300ish debit figure to clear with British Gas so hopefully the summer months will even this out a bit.

We are having the heaters checked next week to ensure they are right, there are many complaints in the block about the cost to run these and lack of heat output. Hopefully something will get sorted with these.

Think thats all to report, nothing happing on the house front at the moment - trying to put it to the back of my mind until the bf's house is sorted out.

hope all are well in MFW land!!