Cheeky offer

lookstraightahead

caprikid1 said:

lookstraightahead said:

mi-key said:

Does that not rather depend how much they want that particular property?

A significant part of that though is not the specific property per se but the fear and pressure that comes from not being "on the property ladder", the perception that rent is wasted money and that they are missing out on the great property inflation sunshine cruise.

Renting ( in general ) is wasted money though. At least when you own your own property the money you pay each month is going some way to building up some equity, and historically prices do always go up over the long term.

I imagine most people think of their house as a home, rather than an investment to make them money

More importantly is you have security when you have your own house. You aren't at the mercy of a landlord who decides to sell, or increases the rent all the time

So many people (usually home owners) see renting as wasted money. I felt pressured into buying in my early twenties and it was by far the most ridiculous decision I ever made. It totally ruined me financially (negative equity), it started a spiral of debt, and it stopped me moving around and building my career the way I wanted to. I didn't learn then either, as I bought an old house which ate every penny I had and I sold it at a loss because of divorce.

if you're not going to move much, if you live your life in a linear way, and if life doesn't throw you curve balls then I agree. But to talk about renting being wasted money depends entirely on your situation.

I've bought now with a very small mortgage which I will pay off quickly, because landlords treated me so much better than the bank, who were definitely the wolf at my door. I don't see myself as secure house-wise until I have the deeds. So landlord or bank, I still don't 'own'.

 I did exactly the same as you bought a house young moved around , built my career, London various places, rented the house out , had lodgers to keep it as a base, then rented it out fully.

Kept it through all changes in my life. Cost me £40,000 now worth £300,000 and gives me an income of £12000 a year and a gain of £260,000 best decision I ever made, it was a fixer upper too.

I guess we can all find something to blame for our failures in life.

Rented lots of times when I moved, never viewed it as wasted money, merely a cost effective short term solution for accommodation but not a long term desire.

I don't see that I'm a failure, far from it. Maybe that's the crux here. Some people equate home ownership to success.

[Deleted User]

TheJP said:

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

I think here is you need to be realistic as to what you take into consideration on what constitutes a reduction in price. The rotting windows and half missing kitchen yes but an avocado bathroom and a messy garden no.  Again the boiler may be old but if it works doesn't really mean you can reduce your offer because you want a new one. I've had people make 'cheeky' offers because the kitchen, bathroom etc wasn't to their liking, they were both functioning  and i didn't consider their offer and was weary of them as a serious buyer as i knew there may be more reductions if a survey was carried out.

I feel a lot of what you are looking a reduction for is cosmetic and wouldn't warrant a reduction and it sounds like you have a vision of a turn key house but want the seller to foot the majority of the bill for what you want.

Make sure you are clear on what things you are prepared to live with and update at your cost and what is non-negotiable if you do buy the house.

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

[Deleted User]

caprikid1 said:

lookstraightahead said:

mi-key said:

Does that not rather depend how much they want that particular property?

A significant part of that though is not the specific property per se but the fear and pressure that comes from not being "on the property ladder", the perception that rent is wasted money and that they are missing out on the great property inflation sunshine cruise.

Renting ( in general ) is wasted money though. At least when you own your own property the money you pay each month is going some way to building up some equity, and historically prices do always go up over the long term.

I imagine most people think of their house as a home, rather than an investment to make them money

More importantly is you have security when you have your own house. You aren't at the mercy of a landlord who decides to sell, or increases the rent all the time

So many people (usually home owners) see renting as wasted money. I felt pressured into buying in my early twenties and it was by far the most ridiculous decision I ever made. It totally ruined me financially (negative equity), it started a spiral of debt, and it stopped me moving around and building my career the way I wanted to. I didn't learn then either, as I bought an old house which ate every penny I had and I sold it at a loss because of divorce.

if you're not going to move much, if you live your life in a linear way, and if life doesn't throw you curve balls then I agree. But to talk about renting being wasted money depends entirely on your situation.

I've bought now with a very small mortgage which I will pay off quickly, because landlords treated me so much better than the bank, who were definitely the wolf at my door. I don't see myself as secure house-wise until I have the deeds. So landlord or bank, I still don't 'own'.

 I did exactly the same as you bought a house young moved around , built my career, London various places, rented the house out , had lodgers to keep it as a base, then rented it out fully.

Kept it through all changes in my life. Cost me £40,000 now worth £300,000 and gives me an income of £12000 a year and a gain of £260,000 best decision I ever made, it was a fixer upper too.

I guess we can all find something to blame for our failures in life.

Rented lots of times when I moved, never viewed it as wasted money, merely a cost effective short term solution for accommodation but not a long term desire.

Great for you, but all the FTBs today are being shafted by that massive increase in value.

It's very frustrating to hear people boasting about how much wealth they gained through owning property, while the same opportunity is necessarily denied to others for them to have it. It would be much better if houses depreciated like they do in some other countries. It wouldn't affect you, you could still live in it, but it would prevent this massive inflation.

lookstraightahead

[Deleted User] said:

TheJP said:

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

I think here is you need to be realistic as to what you take into consideration on what constitutes a reduction in price. The rotting windows and half missing kitchen yes but an avocado bathroom and a messy garden no.  Again the boiler may be old but if it works doesn't really mean you can reduce your offer because you want a new one. I've had people make 'cheeky' offers because the kitchen, bathroom etc wasn't to their liking, they were both functioning  and i didn't consider their offer and was weary of them as a serious buyer as i knew there may be more reductions if a survey was carried out.

I feel a lot of what you are looking a reduction for is cosmetic and wouldn't warrant a reduction and it sounds like you have a vision of a turn key house but want the seller to foot the majority of the bill for what you want.

Make sure you are clear on what things you are prepared to live with and update at your cost and what is non-negotiable if you do buy the house.

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

RelievedSheff

[Deleted User] said:

caprikid1 said:

lookstraightahead said:

mi-key said:

Does that not rather depend how much they want that particular property?

A significant part of that though is not the specific property per se but the fear and pressure that comes from not being "on the property ladder", the perception that rent is wasted money and that they are missing out on the great property inflation sunshine cruise.

Renting ( in general ) is wasted money though. At least when you own your own property the money you pay each month is going some way to building up some equity, and historically prices do always go up over the long term.

I imagine most people think of their house as a home, rather than an investment to make them money

More importantly is you have security when you have your own house. You aren't at the mercy of a landlord who decides to sell, or increases the rent all the time

So many people (usually home owners) see renting as wasted money. I felt pressured into buying in my early twenties and it was by far the most ridiculous decision I ever made. It totally ruined me financially (negative equity), it started a spiral of debt, and it stopped me moving around and building my career the way I wanted to. I didn't learn then either, as I bought an old house which ate every penny I had and I sold it at a loss because of divorce.

if you're not going to move much, if you live your life in a linear way, and if life doesn't throw you curve balls then I agree. But to talk about renting being wasted money depends entirely on your situation.

I've bought now with a very small mortgage which I will pay off quickly, because landlords treated me so much better than the bank, who were definitely the wolf at my door. I don't see myself as secure house-wise until I have the deeds. So landlord or bank, I still don't 'own'.

 I did exactly the same as you bought a house young moved around , built my career, London various places, rented the house out , had lodgers to keep it as a base, then rented it out fully.

Kept it through all changes in my life. Cost me £40,000 now worth £300,000 and gives me an income of £12000 a year and a gain of £260,000 best decision I ever made, it was a fixer upper too.

I guess we can all find something to blame for our failures in life.

Rented lots of times when I moved, never viewed it as wasted money, merely a cost effective short term solution for accommodation but not a long term desire.

Great for you, but all the FTBs today are being shafted by that massive increase in value.

It's very frustrating to hear people boasting about how much wealth they gained through owning property, while the same opportunity is necessarily denied to others for them to have it. It would be much better if houses depreciated like they do in some other countries. It wouldn't affect you, you could still live in it, but it would prevent this massive inflation.

And yet first time buyers are still buying homes. 

https://www.rightmove.co.uk/news/house-price-index/

"Though it is still very early in the year, this month’s key metrics suggest that many buyers are seeing reasons to get on with their moves, and have the confidence to return to a market which, so far, is stronger than many expected. The number of potential buyers contacting agents is up by 11% in the last two weeks compared with the same period in 2019.

This demand is beginning to translate into sales, as the number of sales agreed is now just 11% down on the same period in 2019’s more normal market, picking up from 15% down at the start of the year and vastly improved from 30% down in the aftermath of September’s mini-Budget. This is quite a remarkable turnaround given the rapid increase in mortgage rates less than six months ago. Perhaps even more surprisingly, it is sales in the first-time buyer sector which are holding up most strongly and are down only 7% on 2019. This suggests that though the first-time buyer sector has been hardest hit in terms of the number of buyers enquiring, those who are in the market and able to move are motivated to agree a purchase, likely driven in part by high and increasing rents, and a continued desire to own their own home. Conversely and an indication of hyper-local and sector differences, sales in the top-of-the-ladder sector are down by 16% in the first two weeks of February compared with the same time in 2019."

YoungBlueEyes

I didn’t realise old stuff was a reason to offer less. When sis and I sold the family home (big ol’ Edwardian terrace) it was full of all kinds of old! Original mosaic tiled hall floor, decades old handmade solid oak kitchen, huge fireplace…. 

Man we really struck lucky with our (also ignorant, evidently) buyer! *phew*

Gavin83

[Deleted User] said:

caprikid1 said:

lookstraightahead said:

mi-key said:

Does that not rather depend how much they want that particular property?

A significant part of that though is not the specific property per se but the fear and pressure that comes from not being "on the property ladder", the perception that rent is wasted money and that they are missing out on the great property inflation sunshine cruise.

Renting ( in general ) is wasted money though. At least when you own your own property the money you pay each month is going some way to building up some equity, and historically prices do always go up over the long term.

I imagine most people think of their house as a home, rather than an investment to make them money

More importantly is you have security when you have your own house. You aren't at the mercy of a landlord who decides to sell, or increases the rent all the time

So many people (usually home owners) see renting as wasted money. I felt pressured into buying in my early twenties and it was by far the most ridiculous decision I ever made. It totally ruined me financially (negative equity), it started a spiral of debt, and it stopped me moving around and building my career the way I wanted to. I didn't learn then either, as I bought an old house which ate every penny I had and I sold it at a loss because of divorce.

if you're not going to move much, if you live your life in a linear way, and if life doesn't throw you curve balls then I agree. But to talk about renting being wasted money depends entirely on your situation.

I've bought now with a very small mortgage which I will pay off quickly, because landlords treated me so much better than the bank, who were definitely the wolf at my door. I don't see myself as secure house-wise until I have the deeds. So landlord or bank, I still don't 'own'.

 I did exactly the same as you bought a house young moved around , built my career, London various places, rented the house out , had lodgers to keep it as a base, then rented it out fully.

Kept it through all changes in my life. Cost me £40,000 now worth £300,000 and gives me an income of £12000 a year and a gain of £260,000 best decision I ever made, it was a fixer upper too.

I guess we can all find something to blame for our failures in life.

Rented lots of times when I moved, never viewed it as wasted money, merely a cost effective short term solution for accommodation but not a long term desire.

Great for you, but all the FTBs today are being shafted by that massive increase in value.

It's very frustrating to hear people boasting about how much wealth they gained through owning property, while the same opportunity is necessarily denied to others for them to have it. It would be much better if houses depreciated like they do in some other countries. It wouldn't affect you, you could still live in it, but it would prevent this massive inflation.

There isn't an easy answer to this and whatever is done someone will get shafted. FTBs are shafted by increasing property prices (although wages increase too) but if you were to put controls in place to lower house prices then people who bought recently at the higher prices would also be shafted, arguably more so than FTBs would.

I'm happy to admit this is a rather selfish viewpoint but I'd rather protect myself than FTBs I don't know. Knowing it was easier for FTBs to get on the property ladder would be little consolation if I found myself homeless.

SandyN21

lookstraightahead said:

[Deleted User] said:

TheJP said:

zoemk12 said:

Morning

i can’t really comment on structural or major work until after tomorrow at least. We don’t know if it needs a new boiler, rewire etc. 

It needs new windows, has an avocado bathroom, the kitchen is half out and then rest needs to follow. It has the standard falling down lean to conservatory that needs to go. The garden is a mess and we wonder if the garage has asbestos. However, the rest is cosmetic, as you say strip the walls and reskim. We’d also make some internal layout changes- which I know is a choice thing. It also has an old 2 bar heater in the lounge so we’d need that come out. We’d render outside maybe. 

Can’t comment on internal doors, skirtings etc. 

At this stage we would not extend, although we’d replace the lean to with some sort of glass structure. We might eventually add a dormer to create a new master in the loft but not factoring in that with current view of price or costs of renovation. 

And no we don’t want Grey flooring and live, laugh, love signs but I tend not to look down my nose at petiole who do- it’s all personal choice! 

I think here is you need to be realistic as to what you take into consideration on what constitutes a reduction in price. The rotting windows and half missing kitchen yes but an avocado bathroom and a messy garden no.  Again the boiler may be old but if it works doesn't really mean you can reduce your offer because you want a new one. I've had people make 'cheeky' offers because the kitchen, bathroom etc wasn't to their liking, they were both functioning  and i didn't consider their offer and was weary of them as a serious buyer as i knew there may be more reductions if a survey was carried out.

I feel a lot of what you are looking a reduction for is cosmetic and wouldn't warrant a reduction and it sounds like you have a vision of a turn key house but want the seller to foot the majority of the bill for what you want.

Make sure you are clear on what things you are prepared to live with and update at your cost and what is non-negotiable if you do buy the house.

An old boiler absolutely is a reason to offer less. You wouldn't pay new price for a used car, because its useful life is going to be less. If the boiler is only a few years away from needing replacement, and less efficient than a modern one, then that definitely has to factor into the price.

Depending on the situation it could be a few thousand to get it sorted, plus all the disruption.

I've got an old house with old everything. You don't pay less for an old house, you usually pay more. To be honest it's usually factored in. I can't reduce my offer based on old floor tiles. It's the original overall price I always negotiate on, based on it probably being overpriced in the first place.

I was the same when I sold after living there for 28 years.  The boiler was over 20 years old heating a 4bed semi...it wasn't serviced on a regularly basis and decided to break down when I was one week away from exchanging... but all that was needed was the system to be drained and flushed with chemicals and all was well (thank goodness).  Also the house was in a brilliant catchment area for several superb schools - even though I sold to an elderly couple. 

zoemk12

YoungBlueEyes said:

I didn’t realise old stuff was a reason to offer less. When sis and I sold the family home (big ol’ Edwardian terrace) it was full of all kinds of old! Original mosaic tiled hall floor, decades old handmade solid oak kitchen, huge fireplace…. 

Man we really struck lucky with our (also ignorant, evidently) buyer! *phew*

I think you might be purposely misinterpreting what I was saying. There is obviously a whole market that is dedicated to buying rundown properties for renovation. There are also wonderful older properties full of period features and expensive finishes that people would pay a premium for. 

zoemk12

As I probably already knew we love the house and can see the potential of it. It does need a lot of work, apart from wiring and a new boiler it’s had nothing  done for 30 years. 

Agents lie but he says they’ve had lots of interest but all parties need to sale. It’s not in probate but is being sold by the Son of the deceased. 

We think we will start at 310 with a max counter up to 320. After that for us it’s not worth it.