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Buying a PRC Approved house
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Sal85
Posts: 2 Newbie
Hi all,
I have just had an offer accepted for a 3 bed semi in a nice area (Chigwell) The property is chain free and pre-reinforced concrete build converted to red brick. It is PRC approved. The house needs lot of refurbishing to be done such as new kitchen and bathroom paint carpet etc and therefore the house value is brought down to at least 20k (which we are willing renovate.)
Now what my concern is would the house be valuable after say 10 years. that is does it have a future saleability? Are there any major problems with PRC houses that we shouldn't buy?
Now that the offer is accepted me and my other half are a bit worried it we should pass this one or go with it.
Our mortgage broker already said that we will be getting quite few lenders with the property but sometime you cannot trust every word your broker says for the foreseeable future. The next step is getting the house surveyed to see which lender is willing to lend and how much. That's is our mortgage broker is arranging. I cannot wait for the detailed survey report so it would give us an idea of what the property is like.
How much are these worth pre- and post-conversion generally, and are they really unsellable even after conversion. If I want to live in a nice quiet area in a house this size, I can't afford anything else although we might have to move in 8-10 years time and I want to be able to sell the place if needs be (though we should know well in advance if we need to move).
Thanks in Advance
I have just had an offer accepted for a 3 bed semi in a nice area (Chigwell) The property is chain free and pre-reinforced concrete build converted to red brick. It is PRC approved. The house needs lot of refurbishing to be done such as new kitchen and bathroom paint carpet etc and therefore the house value is brought down to at least 20k (which we are willing renovate.)
Now what my concern is would the house be valuable after say 10 years. that is does it have a future saleability? Are there any major problems with PRC houses that we shouldn't buy?
Now that the offer is accepted me and my other half are a bit worried it we should pass this one or go with it.
Our mortgage broker already said that we will be getting quite few lenders with the property but sometime you cannot trust every word your broker says for the foreseeable future. The next step is getting the house surveyed to see which lender is willing to lend and how much. That's is our mortgage broker is arranging. I cannot wait for the detailed survey report so it would give us an idea of what the property is like.
How much are these worth pre- and post-conversion generally, and are they really unsellable even after conversion. If I want to live in a nice quiet area in a house this size, I can't afford anything else although we might have to move in 8-10 years time and I want to be able to sell the place if needs be (though we should know well in advance if we need to move).
Thanks in Advance
0
Comments
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Has the other half of the semi also been made converted to brick?
If it has there shouldn't be a major problem. There will always be some reluctant buyers (and lenders) but in Chigwell a PRC semi still goes for over a third of a million. Even if you had to demolish and build a new house on the site you'd still end up in profit due to the demand for housing and the value of the land.
The remaining drawback to concrete construction can be it's poorly insulated and rather cold.A kind word lasts a minute, a skelped erse is sair for a day.0 -
If it's been converted to standard construction and has the proper paperwork then I don't see why it wouldn't sell in 10 years time.Changing the world, one sarcastic comment at a time.0
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