Oh God, just seen my dream house for sale

supersavermum_2

Drove by today and although I've not been inside, the house I want is for sale. Perfect location, gorgeous house, large garden, loads of space. They have it on for £380,000 which is mad considering its location etc. I think seriously undervalued. The estate agaents have been inundated with viewings and already in3 days have had 2 offers over the asking price so they are going to go for sealed bids. Would it be riduculous to offer £425,000? It does need £50k worth of work (according to the ea) at least. But we could do that ourselves when we had more money so long as we could live there. 1) Also it would mean stretching ourselves ie doubling our mortgage at a time when my h has gone self employed and we're not finacially stable. But I'm confident of the future and think we've got to grab this now or we'll regret it. Am I mad?
2) Also the house we're in now needs work (new bathroom deffo) so selling this without doing the work we'll lose money. Is it mad to sell this house as something which is a doer upper.

I haven't seen anything I like as much as this in 5 years when we were gazumped. HELP - My heart is telling what to do, need advice

lynzpower

isnt the real question you have to ask yourself is "CAN YOU AFFORD IT"

green_dragon_3

wow you must have won the lottery. i only have a house worth £145.000 here in lanc.

MortgageMamma

Slow down. ignore heart for a moment. Can you afford it. Whats your joint income? how's your husbands business doing? coudl you support the mortgage payments alone if your husbands business ran into trouble? Lets do an affordability analysis first.

Lynz - is that you in the photo,. you look remarkably like kirsty allsopp!

maninthestreet

" It does need £50k worth of work (according to the ea) at least"

Now you know why it's so cheap.
£50K worth of work is a lot - exactly what is the EA admitting to that needs to be done?

green_dragon_3

if i could transport my house down south .well i dont know what it would be worth.(i could retire)

Eccle_2

How soon are the sealed bids? Will they consider you if you haven't already sold your house? And not having looked round it yet, are you sure it's what you want?

Don't rush into things, you don't want to be trapped with a huge mortgage without being certain it's the right thing. Maybe get some quotes on the work it needs so you know what you're letting yourself in for.

BobProperty

green_dragon wrote: »

wow you must have won the lottery. i only have a house worth £145.000 here in lanc.

Obviously it's detached though .....:rotfl:

doitmyself

supersavermum wrote: »

Drove by today and although I've not been inside, the house I want is for sale. Perfect location, gorgeous house, large garden, loads of space. They have it on for £380,000 which is mad considering its location etc. I think seriously undervalued. The estate agaents have been inundated with viewings and already in3 days have had 2 offers over the asking price so they are going to go for sealed bids. Would it be riduculous to offer £425,000? It does need £50k worth of work (according to the ea) at least. But we could do that ourselves when we had more money so long as we could live there. 1) Also it would mean stretching ourselves ie doubling our mortgage at a time when my h has gone self employed and we're not finacially stable. But I'm confident of the future and think we've got to grab this now or we'll regret it. Am I mad?
2) Also the house we're in now needs work (new bathroom deffo) so selling this without doing the work we'll lose money. Is it mad to sell this house as something which is a doer upper.

I haven't seen anything I like as much as this in 5 years when we were gazumped. HELP - My heart is telling what to do, need advice

You do seem somewhat impatient and impetuous. In your other posts you have stated that you were gazumped, had a sealed bid fail and a chain that broke down, that makes this property house of your dreams #4 at least.

You also said, er, a week ago that you are financially unstable. Is this property still undervalued at £430k, the purchase price plus required repair/renovation (according to the ea), can you afford it and do you really want it or is this borne out of the seemingly desperate need to get out of where you are currently?

MortgageMamma

I know what its like to fall in love with a house. I sold my property and moved into a rented one, that I fell in love with. I've tried and tried to get the landlord to see it to me, but its been in his family over 200 years, so he ain't budging. so I thought, sod it, its a beautiful house, so beautiful and old and haunted its beyond my dreams to have been able to live somewhere like this, its quiet, its rural, good views and fantastic neighbours. suddenly renting didnt seem so bad. It does not matter if you own or rent, so long as its the right place for you and you are happy. if your finances are unstable renting something really nice could be a better option for you

supersavermum_2

Thanks everyone for your sensible advice. Yes doityourself, I am impatient and impetuous but sometimes you just know the house for you. But I agree with you all I need to slow down; I know probably being sensible we can't afford it right now but what if we can in a years time and it's not ours.
Good point Eccle about the sealed bid I'm sure having sold this would make our offer more attractive. Greendragon, unfortunately this is the scale of house prices down here and not a lot to be done about it. MortgageMama, you're right mortgage payments would be totally unaffordable with my h working. Thanks for advising everyone - sts just saying stuff out loud and hearing what you don't like is good.