Offer advice on 300K..can I get under 250?

ukcarper

Land registry shows house prices in Swansea are about 4% less than they were in 2005 they might have made some improvements.

Never really understand stamp duty argument as the extra stamp duty on a £275k is about £6k so I don't see why value should be reduced by much more than that.

marshall666

ukcarper wrote: »

Land registry shows house prices in Swansea are about 4% less than they were in 2005 they might have made some improvements.

Never really understand stamp duty argument as the extra stamp duty on a £275k is about £6k so I don't see why value should be reduced by much more than that.

they've made no improvements internally apart from replace the boiler. It needs modernising, and is currently very 80s - the worst decade! They've made the garden very nice but it would want thinning out a bit (I literally got lost at the bottom of the garden!)

stamp duty on 275k is 8,250. the argument against stamp duty for me is that it's an upfront cost.
I'd rather pay 8K more at purchase and have it spread out over term of the mortgage (yes and end up paying interest on it) than be forced to save and then fork out 8K for the privilege of buying the house.

DRP

my offer today of 250k on a house currently marketed at 290k (which was bought in 2010 for 250k) has been rejected ...

missile

marshall666 wrote: »

...is it realistic to expect to get down to under 250K?

:rotfl: I wouldn't think you have any chance.

ukcarper

marshall666 wrote: »

they've made no improvements internally apart from replace the boiler. It needs modernising, and is currently very 80s - the worst decade! They've made the garden very nice but it would want thinning out a bit (I literally got lost at the bottom of the garden!)

stamp duty on 275k is 8,250. the argument against stamp duty for me is that it's an upfront cost.
I'd rather pay 8K more at purchase and have it spread out over term of the mortgage (yes and end up paying interest on it) than be forced to save and then fork out 8K for the privilege of buying the house.

Stamp duty on the £250k is £2500 so extra is £5750. I understand it is an upfront cost but a lot of people buying houses at that price will be trading up and there is a good chance they wil have sufficient equity.

marshall666

ukcarper wrote: »

Stamp duty on the £250k is £2500 so extra is £5750. I understand it is an upfront cost but a lot of people buying houses at that price will be trading up and there is a good chance they wil have sufficient equity.

i'm a first time buyer so don't have the equity. 2500 I can do, going to 8250 is a big jump (psychologically,if nothing else, it feels like ~2K vs ~10k).

CKhalvashi

Looking at the fact of I'd put mine on the market for no less than £850k as a start (knowing that we paid £600k in 2007 and it's worth £700-725k now) it's not impossible.

Swansea isn't an area I have any experience of, but if you start low, the only way you can go is up (if very slightly)

CK

LandyAndy

My cousin sold her house at the beginning of this year. It was originally on at £295k. I told her she woudn't get more than £250k and, indeed, that is what it eventually sold for. So, yes, it could be possible.

Mrs_Imp

We offered 250k for a 300k house. We only lost it because another purchaser offered 250k and also money for the chattels (we didn't want them, or have any more money for them). So it is doable.

MobileSaver

hazyjo wrote: »

Personally, I'd not want to pay between £250k-275k because of the risk of it being 'worth' £250k or less in the near future.

What a bizarre way of thinking!

No doubt you never buy your partner flowers, never buy any new electrical items and have never bought a car because of the risk they all might be worth less than you paid in the near future?