Buying - Am I making a mistake

helloyouu

Hello there,

I'm in the process of buying this property:
zoopla.co.uk/for-sale/details/27230429?tmad=c&tmcampid=44&utm_content=sale&utm_medium=email&utm_source=conf

When I arrived in the house, I was really keen on it: 2 showers, reception room, 4 bedrooms, not to far from the tube station and not too far from the center.

Condition seemed good. Only con was the garden is very small, there is no garage and the loft conversion seemed a bit tricky. But it's close to center london and it's very difficult to have such privilege at good price... So I thought it would be ok to compromise on that.

Because I liked the property, I proposed to the seller the maximum I could lend on mortgage on this property at £227K.

Seller liked me too, and accepted.

But then, I showed it to friends and my dad. And they don't like it. My dad told me the condition of the house is pretty bad. It needs a lot of refurbishment and probably most of the furniture, wall, floor and ceilling have to be replaced. And damp may have rotten the walls....

It would cost me a lot of money, so much I wouldn't be able to afford the reparation cost. The house is not in a livable condition as it is now.

And because of the condition of the house, I wouldn't be able to sell it at the price I'm going to purchase it.


He advised me to cancel it. I don't know what to think anymore. I need external opinions. I thought it was a good choice initially, but I need some help.

Am I making the wrong decision???

Thanks

jc808

that house needs a lot of work - id be prepared to put in several thousands -

- rectifation of loft conversion (maybe not needed)
- damp
- replastering/ skimming
- new kitchen
-new bathroom(s)
- new electrics
- decorating
- garden
- anything else

but the house 'looks' like a lot of work

helloyouu

Does it worth its price then?

And is it "just" several thousand or it's closer to 10-20K?

UsernameAlreadyExists

Yes, there looks to be some damp issues in some of the pics.
Someone is living there now (so you could too), and are choosing to move - and the estate agent they've chosen will more than likely have suggested a price.
£225+ for London seems cheap for a 4 bed place, so I'd not expect luxury!

helloyouu

So I should conclude that it worth it price and I have less than 10K in repair for the whole house?

If I was to sell it in few years, I should expect to get back what I've paid?

I've seen for example for 4 bedroom not too far from this house priced at 210K:
zoopla.co.uk/for-sale/details/16095936?search_identifier=640015cc22fb3a8b70aa9c57b4191162

And it's for sale since 1 year!

ruggedtoast

helloyouu wrote: »

Does it worth its price then?

And is it "just" several thousand or it's closer to 10-20K?

You need to have a full survey done and get some contractors to quote for you. Zoopla will also tell you the sold prices of houses in that street. I think you can safely assume that one will be one of the worst ones so it should be cheaper.

That area is non descript and really rather grim, but that road looks ok. Its London and relatively central so I would expect the house in good condition to probably be marketed around £300k.

Edit, I just looked at sold prices and no house in that road has ever sold for more than £230k. I think your dad might well be right.

UsernameAlreadyExists

ruggedtoast wrote: »

Edit, I just looked at sold prices and no house in that road has ever sold for more than £230k. I think your dad might well be right.

I didn't go that far

Annisele

I wouldn't buy in that area at all - it's cheap for a reason.

I was thinking about renting near that house. Given how well connected it is, and how close to Central London, the area is really cheap. So I went and had a wander round on a Friday night after work, and decided I just wouldn't feel safe living there.

I might just have been unlucky, but if you haven't already had a wander round at several times during the week, do that!

helloyouu

It's under offer at a similar price here:
zoopla.co.uk/for-sale/details/15794276

And zoopla estimated it at 272k:
zoopla.co.uk/property/estimate/step1/5-exning-road/london/e16-4nb/7909012?e=refine

What do you think?

LandyAndy

http://www.zoopla.co.uk/for-sale/details/27230429?tmad=c&tmcampid=44&utm_content=sale&utm_medium=email&utm_source=conf

Blimey. It's a right dump isn't it?

drummer_666

i actually quite like the house. looks lovely on the outside and other than the damp don't think it would cost too much. new kitchen, new bathroom shouldn't cost too much as they are quite small, so long as you do them yourself. plus decorating.

no reason to not live at the house right away either. it's habitable. live in it and do it up slowly. So long as you're prepared to spend a lot of time and effort on it yourself.

But I would only pay £205k for it. And get a full survey.