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Living near Affordable Housing - Whats it really like?

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  • MrParsons
    MrParsons Posts: 72 Forumite
    OK, so lets look at some figures:

    House listed at £285k.
    Offer accepted on £250k plus some extras.
    Resale value likely to be?
  • LittleMax
    LittleMax Posts: 1,408 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    MrParsons wrote: »
    OK, so lets look at some figures:

    House listed at £285k.
    Offer accepted on £250k plus some extras.
    Resale value likely to be?

    Will depend on the appearance of the properties opposite when you come to sell. You could be lucky and have great neighbours and it all looks lovely. Or you could have cars on bricks and people won't buy it at any price. Hence why people are saying don't buy off plan buy in an established area.

    One thing's for certain, in the first few years, it will be less than £250k.
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
    LittleMax wrote: »
    Will depend on the appearance of the properties opposite when you come to sell. You could be lucky and have great neighbours and it all looks lovely. Or you could have cars on bricks and people won't buy it at any price. Hence why people are saying don't buy off plan buy in an established area.

    One thing's for certain, in the first few years, it will be less than £250k.


    I do wish people would stop generalising...

    Not all new builds are created equally.

    Some are overpriced and under spec-ed, in undesirable areas,

    Some are well constructed in good areas with well thought out schemes.

    Buy the former and you’re onto a loser.

    By the latter and you're onto a winner.

    My good friends bought a £320k new build 2 years ago. Due to the development now being completed (transport links improved) the area has shot up in value.

    They turned down a cash offer of £380k as they decided to just stay put (they were thinking of moving for a baby, but decided the house was big enough).
  • LittleMax
    LittleMax Posts: 1,408 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I am not generalising I have looked in detail at the plans and the area. I do not think it will go up in value.
  • geoffky
    geoffky Posts: 6,835 Forumite
    Anyone else thinking what i am thinking? I really hope it happens...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • bclark
    bclark Posts: 882 Forumite
    LittleMax wrote: »
    I am not generalising I have looked in detail at the plans and the area. I do not think it will go up in value.

    Are you telling us what you think or the 'one thing that's for certain', you have said both in your last two posts?

    Mr Parsons its a very tough question about resale as nobody can predict the future. You have done well to get the house down the £250k mark so I don't think you will lose out overall, especially over time.
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    Wouldn't it be nice if all houses were affordable! Makes you think if you're not buying 'affordable' then you must be buying 'overpriced' ?
  • LittleMax
    LittleMax Posts: 1,408 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    bclark wrote: »
    Are you telling us what you think or the 'one thing that's for certain', you have said both in your last two posts?

    Opinions were sought I have given my opinion. "one thing's for certain" is a figure of speech.
  • bclark
    bclark Posts: 882 Forumite
    LittleMax wrote: »
    Opinions were sought I have given my opinion. "one thing's for certain" is a figure of speech.

    Yes its a figure of speech for saying that something is certain. The OP losing money on this house is not certain, its your opinion based on a number of assumptions.
  • Dan-Dan
    Dan-Dan Posts: 5,279 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    wymondham wrote: »
    Wouldn't it be nice if all houses were affordable! Makes you think if you're not buying 'affordable' then you must be buying 'overpriced' ?

    haha good point :eek:
    Never, under any circumstances, take a sleeping pill and a laxative on the same night.
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