Really confused about what I want :(

danlightbulb

Tiglet2 said:

Perhaps taking a second look at these properties, you can see that there were missed opportunities here.  The £180k house that had been done up was one I linked to in your other thread, but your response to me was that it had sold six months earlier for £120k and you didn't think it was worth the £180k price tag.  I think you know that actually it was worth that because someone did pay that price.  Today, it is probably worth more.  The other properties you linked to all sold at, above, or very near the asking prices which suggests that  you are not being realistic.  The longer you procrastinate, the further out of reach your ideal house will be.  

Yes I do remember now that you linked it for me. At the time, when I looked at the sold history of that house, I felt £180k was asking too much. This is the link to the historic prices on that street:
https://nethouseprices.com/house-prices/the paddock, coseley, bilston

All of the ones selling for around £180k were detached. The above house had changed hands alot and sold for £100k in 2018, £85k in 2010. Putting those into Nationwide came to nowhere near £180k. The house next door, sold for £87k in 2015, again putting it nowhere near £180k now. Taking into account a refurbishment costing around £30k, I couldn't get anywhere close to £180k. Clearly it sold, so I was wrong, but I need to be happy Ive paid the right price don't I, whatever I buy?

The only one I consider a missed opportunity really was the cottage one you linked. The others I made asking price offers on and didn't get them, so not much I can do about that.

Slithery

danlightbulb said:
Putting those into Nationwide...

What does that mean?

danlightbulb

Slithery said:

danlightbulb said:
Putting those into Nationwide...

What does that mean?

Their house price inflation calculator? I use it as a guide to see roughly what inflation should have been over long periods. So if a house was sold for say £100k ten years ago, and now they want £200k, is that broadly in the right ballpark or not. I know there is local variation but its just one bit of insight. I also look at the sold prices of houses nearby and what's currently being asked in the area.

MovingForwards

Please note: The Nationwide House Price Calculator is intended to illustrate general movement in prices only.

 The calculator is based on the Nationwide House Price Index. Results are based on movements in prices in the regions of the UK rather than in specific towns and cities. The data is based on movements in the price of a typical property in the region, and cannot take account of differences in quality of fittings, decoration etc. 

For an accurate valuation of your property we would always recommend you consult a local estate agent or surveyor.

That's taken from the nationwide website.

Using their calculator I got mine for an absolute bargain being £43k under their estimate for where it should be. This shows it's not a viable tool to use when working out prices.

danlightbulb

MovingForwards said:

Using their calculator I got mine for an absolute bargain being £43k under their estimate for where it should be. This shows it's not a viable tool to use when working out prices.

Yeah i do only use it as a guide. All of the prices in this area are well above what the calculator suggests. I don't really understand why, must be demand because quality clearly is not getting better.

MovingForwards

What do you mean by quality?
A property built last year, 10, 30, 50, 100 years ago won't change from what it was made of at the time, only the interior due to fashion, personal tastes and progression with electrics etc, unless it was knocked down and rebuilt, but even then you would still face the same problems.

Therefore you are now saying it is the interior schemes which are a problem and you cannot see past them, nor are you prepared to do bits at a time to get a property to how you want it as it costs too much.

Again, what are you going to compromise on to get what you want? Maximum mortgage with cash on top? A property needing changing to your taste? A new build? A self-build? Location? 

Slithery

danlightbulb said:

Slithery said:

danlightbulb said:
Putting those into Nationwide...

What does that mean?

Their house price inflation calculator? I use it as a guide to see roughly what inflation should have been over long periods. So if a house was sold for say £100k ten years ago, and now they want £200k, is that broadly in the right ballpark or not. I know there is local variation but its just one bit of insight. I also look at the sold prices of houses nearby and what's currently being asked in the area.

Historical prices are irrelevant. The only thing that matters is up to date comparables.

danlightbulb

MovingForwards said:

What do you mean by quality?
A property built last year, 10, 30, 50, 100 years ago won't change from what it was made of at the time, only the interior due to fashion, personal tastes and progression with electrics etc, unless it was knocked down and rebuilt, but even then you would still face the same problems.

Therefore you are now saying it is the interior schemes which are a problem and you cannot see past them, nor are you prepared to do bits at a time to get a property to how you want it as it costs too much.

Again, what are you going to compromise on to get what you want? Maximum mortgage with cash on top? A property needing changing to your taste? A new build? A self-build? Location? 

Sorry I didn't mean quality of individual properties, I meant implicit factors that make this area inflate more than the regional/UK average.

There's a limit to how much I can plough into a house after I buy it, I think this is quite normal? I'm not going be able to afford building works, extensions, layout changes when I've paid near my max for the house in the first place.

I don't mind about decor generally, but there is a difference between old fashioned decor which has still been well maintained, and very deteriorated condition/decor. The latter suggests possible wider maintenance issues have been neglected so that needs considering as well I think.

Bonniepurple

OP, please do not take offence, but are you perhaps neurodivergent - autistic/ADHD?  You know what you want, but you can’t separate what you want from what you need.  You can’t imagine yourself in any other property and therefore freeze and come up with excuses.  I do it (ASD) - woe betide my husband if he suggests a trip to the cash and carry when I haven’t planned it (even if I haven’t planned anything else for the day!).

The right house is out there.  Work backwards- view a house, measure stuff up - maybe even use an app to predict what things will look like in there - and, if things don’t seem to fit right, try to work out an alternative.  3 seater won’t fit in - how about 2x2 seaters?  No bath?  How much would a corner one cost? Etc....  Only discount the place once you’ve tried all that.

If I was looking for the perfect house, I would not have moved into my third rental, nor my first owned place, nor my current place - and no doubt our next place.  My perfect property is probably my parents’ house, but I would want to revamp the layout, make it detached (currently semi) - and move it 25 miles across the county.  Only one of those is feasible!

strawb_shortcake

Wow that calculator is well out for my street, house prices have gone up from £180k to £270k in 4 years based on actual sold prices, output my valuation I had then and its saying only 18% increase. 
Houses are flying off the market near me, but lots of people registering their interest on local Facebook groups and its working. For those thinking about selling they are advertising their homes and bypassing estate agents so saving a bit of money too