Which would you buy?

nethesi

For those that like window shopping - any comments/suggestions welcome!
This is our short-list (any of the vendors on here, hi there! We said we were interested didn't we but that we were interested in other properties too! Nothing on here that we've hidden, except what he competition is I guess )

Property 1:
My view: Pluses: beautiful no work really needs doing (pending 2nd viewing!), 2 toilets! Negatives: Bathroom is downstairs, on for more than we really want to pay, (vendor has turned down an offer for £213K) - we hope to have kids in a couple of years and will therefore be taking an income cut!
http://www.rightmove.co.uk/property/17766932

Property 2
My view: Pluses: Apparently vendor is open to offers so could get a reasonable price, nice big rooms, backs onto a nice park. Negs: Would want to replace to bathroom
http://www.rightmove.co.uk/property/9346395

Property 3
Pluses: nice big rooms, obviously been done up by an investment buyer
Negs: Lots of stairs, near to a busy and not completely desirable main road
http://www.rightmove.co.uk/property/17730359

In terms of the inevitable 'none - the housing market is going to crash' we do have a reasonable size deposit 15%+ and are planning to sit tight for at least 5 years. Of course if there is a down turn we may wish we'd waited 6 months, but we are going in knowing the risks and will have only ourselves to blame, :eek: plus are planning to negotiate heavily on price, as we need to to make this affordable.

Also any advice above what's been said in the stickies about what you'd offer and max. out at would be appreciated.

sammyjammy

Wouldn't even consider no1 due to downstairs bath, looks like its off the kitchen as well - eurgh imagine someone stinking it out whilst you're cooking! No 3 look nice from outside but also looks like done up by developer, I think no2 best, love view from back garden, decor bit dated but easily fixable, big kitchen. Can't really advise on prices etc Reading not being my area.

Good luck with the potential move.

Sam

Lotus-eater

Ignore things like bathrooms, they can be changed. Location can't, for that reason I wouldn't choose 3. The rest is up to you.
Personally 1, but if its not right keep looking, there is always another one round the corner.

Guy_Montag

Got to be number 2, Cilla!

moneysaver12

personally i would choice number two

SquatNow

15% is NOTHING in a downturn. Prices have been rising at upto 20% a year... why do you assume they couldn't fall back 20% in 5 years leaving you in negative equity. Prices in many areas have risen 300% or more. If prices reverted then you'de be looking at a 70% drop in prices.

You're taking a big gamble by your own opinion. What are the odds? Is it worth it? The simple question is: Do you think house prices will go on rising forever? If not, then you have to accept that prices will drop due to the large amount of people who have invested in the house market based on house prices rising. Are you prepared to risk you life on it... because that's what you're doing. If you buy now and prices drop your life is effectively over...

I supposed it comes down to this: Do you feel lucky... punk?

nethesi

Thanks for the quick responses guys!

Sammy - downstairs bathrooms agree totally that it's a downer, but sadly most of Reading seems to be this way, it's been hard to find anything half nice in our price range that isn't that way: TBH though it if it hadn't had the upstairs loo would have been out... number 2 dated is the exact word for what we thought looking round 1st time - I would definitely be tempted by 2 at the right price... and my OH has totally fallen for the going on the field with the kids (hypothetical) idea

Hi Lotus - the M-in-L agrees with you, although that's actually a good thing in my case, and you're so right about another one being round the corner, in fact no2 and no3 were the other ones round the corner from no1!

Guy, you turned down no 1 with her attractive rear (park), and no 3 with lots going on upstairs, you chose no 2 lets see where you're going - it's West....Reading!

dolce_vita

I would say waiting 12 months is a good idea.

You have a good deposit and assuming you have saved this money (as opposed to it being a gift or loan) this suggests that you have financial discipline
If that is the case, in 12 months you will have an even bigger deposit and I think will get more for your money.

Have a look at the houses around the 300k mark.
These could quite easily be within your reach if you are patient.

cattie

I definitely wouldn't buy a house with a downstairs bathroom if there was no room for an en-suite upstairs.

A house backing onto a park would worry me for security reasons, especially as I live alone.

A main road wouldn't bother me personally as I kind of like the feeling of being able to see there is life outside.

Don't worry about investment aspect, as the prime concern should be what property appeals to you the most & is the one you could actually imagine yourself living happily in for the foreseeable future. Things such as dated bathrooms & decor are easily changed, location isn't.

nethesi

Hi Squat Now,

I agree that prices wont keep going up at this silly rate forever, however there's a couple of things to bear in mind in our situation. We will be in a position to substantially overpay for the first couple of years (pending kids), we'd be happy to stay put for 5 years plus - actually longer if necessary, and if we don't get into negative equity (which since the plan is to have a mortgage of no more than 75% of initial purchase price by end 2008 is certainly less risky might appear, in fact the % deposit would vary on which house we bought and thus how much we held back to 'do it up') a house price fall would actually help us if we wanted to move 'up'.

As a jaded grey accountant my view is that prices will probably stagnate for a few years, which is fine really for us as we don't see a house as an investment, but as a home! Obviously I have no crystal ball, the risk that I'm thinking of IMHO is will we be thinking in a year, we could have bought this home for £10K less... additionally I suspect there will be significant regional variations and Reading is an area of growing and high employment and such people need somewhere to live

I'm sure you know something I don't if you think there's any more certainly about a crash than a stagnation or even a price rise... and I'm planning to use the jitters and seasonal quietness to negotiate on this... plus try to stay reasonably unemotional and ready to walk away and buy a different place.

Anyway back to the main point, no 2 seems to be getting plenty of votes!

SquatNow

nethesi wrote: »

Obviously I have no crystal ball, the risk that I'm thinking of IMHO is will we be thinking in a year, we could have bought this home for £10K less...

Given the prices of the houses you are looking at you could EASILY be looking at saying that if you had waited "We could have bought this home for £50k less"... if prices go full-on crash you could be looking at as a bad as £150k drop in value quite easily.

In the current market it really is nothing more than a crapshoot. The smart money says prices will drop. A lot. If you think you are smarter than the multi-billion pound investors who recently called "top" and sold their landbanks then it's your call and good luck.

FWIW: I'de go for the crappies looking house in a nice area. Most people redecorate after they move in anyway, so what's the point in paying extra for nice decor?