should I stretch myself for higher value house?

Libra1975

loonybirdy wrote: »

Hi all,

I'm currently torn between buying two properties - one is a small 2 bed fairly modern end-terrace in good condition, worth 120k, the other is a 3 bed fairly modern but dated and needs bathroom and kitchen doing, worth 140k.

when you say need do you mean they are unusable or they are just old and not your style?

If they are unusable then I would go for the 2 bedroom, if they are just old then I would go for the 3 bedroom and then over time (not in the first month!) do them as you would like as the money comes in.

Hillfly

lypsey wrote: »

I believe the market will come back 40 -50% over the next 5 years
Good luck

"I believe" eh.....
:rotfl:

loonybirdy

Hi Libra,

they are perfectly usable, but the bathroom is a primrose yellow suite and they have taken the bath out and shoe-horned a double shower in...not good...but usable. The kitchen is merely tired, again perfectly usable, its just not really a good selling point...!!

my trouble is, if i extend myself to the 3 bed, there'll be no money spare for some time...which is my worry :-(

Libra1975

loonybirdy wrote: »

Hi Libra,

they are perfectly usable, but the bathroom is a primrose yellow suite and they have taken the bath out and shoe-horned a double shower in...not good...but usable. The kitchen is merely tired, again perfectly usable, its just not really a good selling point...!!

my trouble is, if i extend myself to the 3 bed, there'll be no money spare for some time...which is my worry :-(

Could you use the fact it needs updating to get a little knocked off the price. I think a 3 bed is much more resellable than a 2, people who want a spare room and a study or a young family. Also a lick of paint doesn't cost much but can brighten a place up until you have some cash.

lynzpower

I agree with Libra.

I think you can be very savvy with limited money, as long as you gradually do work and not get loans & othersuch to redecorate & furnish.

What is your offer on the 3bed? Have you put one forward yet?

loonybirdy

its on the market at 148k and the vendor has stated the lowest they will accept is 140k...

CB1979_2

if they state £140 means they'll accept at least £135 even lower possibly

is the price lowered taking into consideration the work that needs doing?

SquatNow

CB1979 wrote: »

if they state £140 means they'll accept at least £135 even lower possibly

is the price lowered taking into consideration the work that needs doing?

But house prices only go up? Sure "£140k" means sealed bids over £140k.

You can't offer less than £140k, that would imply prices are dropping.

Offer £160k to make sure you get one of the properties.

Or wait 6 months and offer £160 for both together... :rotfl:

eileenfromplaistow

When you come to sell, what is there more of, 2 or 3-bedroomed homes? If 2 then you will probably be competing against a lot of houses, and to me a conservatory is a luxury which may not get back its cost. If there is a shortage for first-timers, then it might be the right choice.
Three bedrooms opens the market to families, and you don't have to do all the work now. Bathroom and kitchen units have never been cheaper.
Why not do a "Phil and Kirstie" and put in a lowish offer? The seller might be keen to move.

loonybirdy

SquatNow wrote: »

But house prices only go up? Sure "£140k" means sealed bids over £140k.

You can't offer less than £140k, that would imply prices are dropping.

Offer £160k to make sure you get one of the properties.

Or wait 6 months and offer £160 for both together... :rotfl:

Its not being sold on a sealed bid system, its on the open market...

There is no point offering less than 140k, the seller has already stated they will not accept lower.

Offering 160k is more than asking price - thats a silly suggestion...:mad:

And dream on if you think you'd get both houses for 160k in 6 months...:rotfl:

Finally, I don't mean to be rude, but please don't bother posting unless its advice worth reading...