Ever made a big mistake buying property?

redandwhitestripes

hi

I think I have made a huge mistake buying a property and wondering if anyone has bought somewhere they have regretted.

I bought a 5 bedroom in Nottingham for £119,500 in February with the intention of tidying it up a bit and letting it out at the end of July. I am based in London. Happy to let you know the post code so you can see what you think.

It started badly when I went to the property and the previous tenants had left it in a bit of a mess but mostly superficial stuff although had to spend £2,500 on new doors and redecorating.
I then thought I just wanted to resell it and accept I have to lose a bit on it.
I have it with 2 agents and despite nearly 30 viewings in 10 weeks or so, there has been no real interest in it. One of the agents is a the biggest in that area so I know it is being marketed properly.

The feedback I have had is not very good- the bedrooms are too small, parking is difficult and now have just been told there is a bit of a slope in the bathroom which could be a structural problem.

I would reconsider renting it out but need to spend another £5,000 putting in a new kitchen floor, combi boiler and new radiators, new internal doors and then making good where the airing cupboard was.
Even then I don't think it would be let out easily such is my luck.

All this and as I live in London means I can't get up there often enough to sort it out.
I have been so stressed about it all and wonder if I will lose everything on it.
Just don't know what to do or where to go with this all.

Has anyone ever had similar experiences , and what have you done about it ?

[Deleted User]

Did you have a full structural survey done before purchasing?

redandwhitestripes

Not a full one no - I realise that was a big mistake although no-one had picked up on the slightly sloping floor till the very last viewing at the weekend.

The other stuff was worrying me more , even before the slope was discovered.

jacko74

Sounds like the biggest mistake you've made is watching too many episodes of Homes Under the Hammer.

fairy_lights

redandwhitestripes wrote: »

It started badly when I went to the property and the previous tenants had left it in a bit of a mess but mostly superficial stuff although had to spend £2,500 on new doors and redecorating.
I then thought I just wanted to resell it and accept I have to lose a bit on it.

Didn't you view the property before exchange to see what sort of condition it had been left in?
£2500 isn't really that much money to spend on doing it up, so I'm surprised you gave up the idea of renting it out so quickly.

martinsurrey

jacko74 wrote: »

Sounds like the biggest mistake you've made is watching too many episodes of Homes Under the Hammer.

SACRILEGE

you can NEVER watch too many episode of Homes Under the Hammer!



you can however think it looks easy, and that's when it goes wrong...

(i cant watch it now without thinking about Dave Gormans sketch about it)

https://www.youtube.com/watch?v=0DDs_ADCCts

[Deleted User]

You must have realised the majority of those issues before you purchased it, survey or otherwise? What has changed now?

Have you checked with your mortgage lender that you are allowed to resell it so quickly? You may face charges.

jacko74

martinsurrey wrote: »

SACRILEGE

you can NEVER watch too many episode of Homes Under the Hammer!



you can however think it looks easy, and that's when it goes wrong...

(i cant watch it now without thinking about Dave Gormans sketch about it)

https://www.youtube.com/watch?v=0DDs_ADCCts

Are you THE Martin?

panam

What is the postcode? Is there a rightmove ad?

martinsurrey

jacko74 wrote: »

Are you THE Martin?

no!
I can only dream of having hair with so much volume...

redandwhitestripes

The post code is NG9 2SS
It was never a renovation project ,apart from redecorating to refresh the place a bit . It is more of a replacement pension plan, intending to let it to a family for a fair rent as a long term thing.

I think I am down about the whole thing as have had a number of viewings but no interest at all. Not sure how normal that is - I just haven't heard any positive feedback from agents.