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Putting an offer on two properties?
Comments
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sillyhilly wrote: »My immediate observation is that the 'project' house is 10k more expensive than the starter house... So what is your budget?
The reason I ask is, if this is the top of your budget, you need to factor in how much work is required in the project house, and whether you can afford to do it before/soon after you move in, and whether you can live with it if not.
Which leads me to the next, if you can afford it, why not go for a better starter house?
I've just gone through this entire process, and we opted for a better standard of house which wasn't a project... But it turns out, there's a lot of work that needed doing - painting, DIY, maintenance etc. I don't know how I would have coped with an overall project, personally! And don't get your hopes up with an open day / sealed bid property - as soon as you run into a cash buyer or someone with a little bit more money than you, the offers will start ramping up - expect that project house to go for nearer to £200,000 than the current £180,000.
Max budget is 200k, we'd prefer to spend 190k, which leaves us a small cash buffer for immediate renovations, and then we have enough coming in to keep saving and do things slowly.
We haven't found anything perfect for up to 200k in 5 months of looking, and if we're just going for a starter house we'd rather it be a bit cheaper to start with.
Both of these houses only came onto the market this week after about a month of nothing new that we wanted to see, and the 170k one feels like it fell into our lap at a great price.0 -
I've just realised that the 5k "reservation fee" is not part of a deposit, and doesn't count towards the purchase price. So the project house is absolutely out! Now I understand the issue with the Modern Method of Auction.0
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piggy_bank wrote: »I've just realised that the 5k "reservation fee" is not part of a deposit, and doesn't count towards the purchase price. So the project house is absolutely out! Now I understand the issue with the Modern Method of Auction.
To be pedantic, it's £5k + vat, so £6k.
Obviously, you can factor that into your bid price (e.g. bid £6k to £10k less than you would otherwise.)
But the big problem is if you withdraw from the purchase, you don't get your £6k back.
Also, you can make an offer before the auction (or after, if it doesn't sell), but decline to pay the £6k reservation fee. In that case, the seller will have to eventually pay £6k to the auctioneer as a fee - but if yours is still the best offer, they might do that.0 -
I really like the starter house! I appreciate what you mean about the loft room, but it seems like a very decent price for what is a very good property, and you're basing your concerns on things which might not ever be an issue. If you have a larger family and decide it isn't suitable anymore, you can sell and size up, which should be easy to do as it's a tidy little house.
I don't think it will be around for long either, especially if things aren't coming up in the area. It looks like the perfect first home.0 -
I didn't think the second one actually needs a lot of work, it's not like it's derelict, as I'd imagined from your description as a 'project' house. You could do it as you went along, and, just a thought, you might be able to add more value to it than to the other if you are skilled enough to do a lot yourself.
If you think that is a project, I shudder to think what you'd say about the one I'm taking on (though even that itself is structurally sound, decent, and functional).:D0 -
I didn't think the second one actually needs a lot of work, it's not like it's derelict, as I'd imagined from your description as a 'project' house. You could do it as you went along, and, just a thought, you might be able to add more value to it than to the other if you are skilled enough to do a lot yourself.
If you think that is a project, I shudder to think what you'd say about the one I'm taking on (though even that itself is structurally sound, decent, and functional).:D
I found a 4 bed detached WRECK of a house that I really wanted :rotfl: OH said no.0
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