No suitable homes for sale?

amandaleeds

RelievedSheff said:

amandaleeds said:

annabanana82 said:

The few that have come on the market near us seem to be quite expensive compared to similar already on the market that remains unsold. There are also a few that are easily affordable and could possibly put us mortgage free but not what we want for various factors

Pretty much my case too! Anything I can afford isn't suitable, and clearly isn't suitable for others due to sitting on the market for months. Even if I look beyond my budget, all I get is a bigger house/extra bedroom, but not a suitable house in a suitable area 😬

Perhaps you need to revaluate your priorities and your perception of what is suitable?

Your budget clearly doesn't stretch to what you want, which isn't uncommon. Sometimes you have to downgrade your expectations.

In the year or two before I put my home on the market, there were plenty of suitable properties well within my budget, and average prices have dropped since then, so it does just seem to be a shortage of good homes at the moment. Everyone I speak to is having the same issue. There are a lot of things I can overlook and rectify, but interior space/room size and traffic noise from busy roads are things I can't compromise on. 

For my previous home I had a very limited budget, but bought the first place I saw as I knew it was functional and in a good area. It shouldn't be this hard now that I have a large deposit.

amandaleeds

MobileSaver said:

RelievedSheff said:

amandaleeds said:

annabanana82 said:

The few that have come on the market near us seem to be quite expensive compared to similar already on the market that remains unsold. There are also a few that are easily affordable and could possibly put us mortgage free but not what we want for various factors

Pretty much my case too! Anything I can afford isn't suitable, and clearly isn't suitable for others due to sitting on the market for months. Even if I look beyond my budget, all I get is a bigger house/extra bedroom, but not a suitable house in a suitable area 😬

Your budget clearly doesn't stretch to what you want, which isn't uncommon. Sometimes you have to downgrade your expectations.

^ This.

It sounds like you are looking for perfection on a limited budget, the reality is that no house is perfect and you always have to make a compromise somewhere.

I paid seven figures for my home; it's amazing but not without fault. A friend of mine paid two million for his home and had to compromise on things that would have been deal breakers for me.

amandaleeds said:

and its age meant it probably needs rewiring ... Amazed people are throwing so much money at properties...

My house is 100 years old, still has some original electrical fittings from that time and much of the wiring is at least 30, 40 or more years old. We've replaced some of the consumer units at minimal cost (and rewired the kitchen electrics when we put a new kitchen in) but most of the rest is old yet has been checked and is perfectly safe.

The point being that a savvy buyer will know that in most cases they don't have to spend loads of money on rewiring an old property so if you are assuming you do then you are immediately at a disadvantage...

The potential need to rewire and fix a few things didn't concern me, hence why I offered over asking price. I was just suprised that people were offering way in excess of asking price for such an old house, and when a bigger better home on the adjacent street with a south facing garden, off street parking, extra bedroom, conservatory and boat mooring sold for much less 6 months ago. Sadly I wasn't looking in this village at the time or I'd have snapped it up!

Scotbot

amandaleeds said:

RelievedSheff said:

amandaleeds said:

annabanana82 said:

The few that have come on the market near us seem to be quite expensive compared to similar already on the market that remains unsold. There are also a few that are easily affordable and could possibly put us mortgage free but not what we want for various factors

Pretty much my case too! Anything I can afford isn't suitable, and clearly isn't suitable for others due to sitting on the market for months. Even if I look beyond my budget, all I get is a bigger house/extra bedroom, but not a suitable house in a suitable area 😬

Perhaps you need to revaluate your priorities and your perception of what is suitable?

Your budget clearly doesn't stretch to what you want, which isn't uncommon. Sometimes you have to downgrade your expectations.

In the year or two before I put my home on the market, there were plenty of suitable properties well within my budget, and average prices have dropped since then, so it does just seem to be a shortage of good homes at the moment. Everyone I speak to is having the same issue. There are a lot of things I can overlook and rectify, but interior space/room size and traffic noise from busy roads are things I can't compromise on. 

For my previous home I had a very limited budget, but bought the first place I saw as I knew it was functional and in a good area. It shouldn't be this hard now that I have a large deposit.

You can only buy something that is on the market and when prices are depressed the stock is very limited as I too have discovered. 

I also had some non negotiables , freehold, quiet location and south facing garden . There was only one property that met my requirements and as it had only just been listed when I viewed I was in a weak negotiating position. I reckon I am overpaying by 10 to 15 k (2 to 3 %) which annoys the hell out of me. 

I  looked at 2 cheaper properties after my offer was accepted but location didn't cut it. One was close to a busy road the other had a house next door with a large expensive bar and bbq set up in the small garden. Party neighbours are not for me. The house I am buying is on a corner so only  has 1 neighbour and no one at the back.

This thread reassures me about my purchase but that is of course little help to the OP.

 

Slinky

Scotbot said:

I also had some non negotiables , freehold, quiet location and south facing garden . There was only one property that met my requirements and as it had only just been listed when I viewed I was in a weak negotiating position. I reckon I am overpaying by 10 to 15 k (2 to 3 %) which annoys the hell out of me. 

I  looked at 2 cheaper properties after my offer was accepted but location didn't cut it. One was close to a busy road the other had a house next door with a large expensive bar and bbq set up in the small garden. Party neighbours are not for me. The house I am buying is on a corner so only  has 1 neighbour and no one at the back.

This thread reassures me about my purchase but that is of course little help to the OP.

 

We ended up having to pay over 7.5% more than the asking price to secure our property (£30K extra) having been outbid on another in the same street, then a bigger property with west rather than north facing garden came up. It seemed like a lot and broke the street ceiling. Five years later when the nearly exact same property 2 doors down went for 50% more, our 7.5% bothered us less. Theirs was in better condition than ours and we've spent a similar sum to the difference in pricing, getting ours renovated and extended, but the difference is ours is to our taste. They've spent more on top changing theirs.

2-3% is nothing if it gets you into your new home now. You can't buy time.

Albermarle

I also had some non negotiables , freehold, quiet location and south facing garden .

I think this depends on which part of the UK you are in. For the SE/London area/Eastern England, it can get very hot in Summer in a south facing garden.

Scotbot

Albermarle said:

I also had some non negotiables , freehold, quiet location and south facing garden .

I think this depends on which part of the UK you are in. For the SE/London area/Eastern England, it can get very hot in Summer in a south facing garden.

The house is in the North West and having  lived in Aus for 20 years it is never too hot in the UK for me! 

Bonniepurple

Scotbot said:

amandaleeds said:

RelievedSheff said:

amandaleeds said:

annabanana82 said:

The few that have come on the market near us seem to be quite expensive compared to similar already on the market that remains unsold. There are also a few that are easily affordable and could possibly put us mortgage free but not what we want for various factors

Pretty much my case too! Anything I can afford isn't suitable, and clearly isn't suitable for others due to sitting on the market for months. Even if I look beyond my budget, all I get is a bigger house/extra bedroom, but not a suitable house in a suitable area 😬

Perhaps you need to revaluate your priorities and your perception of what is suitable?

Your budget clearly doesn't stretch to what you want, which isn't uncommon. Sometimes you have to downgrade your expectations.

In the year or two before I put my home on the market, there were plenty of suitable properties well within my budget, and average prices have dropped since then, so it does just seem to be a shortage of good homes at the moment. Everyone I speak to is having the same issue. There are a lot of things I can overlook and rectify, but interior space/room size and traffic noise from busy roads are things I can't compromise on. 

For my previous home I had a very limited budget, but bought the first place I saw as I knew it was functional and in a good area. It shouldn't be this hard now that I have a large deposit.

You can only buy something that is on the market and when prices are depressed the stock is very limited as I too have discovered. 

I also had some non negotiables , freehold, quiet location and south facing garden . There was only one property that met my requirements and as it had only just been listed when I viewed I was in a weak negotiating position. I reckon I am overpaying by 10 to 15 k (2 to 3 %) which annoys the hell out of me. 

I  looked at 2 cheaper properties after my offer was accepted but location didn't cut it. One was close to a busy road the other had a house next door with a large expensive bar and bbq set up in the small garden. Party neighbours are not for me. The house I am buying is on a corner so only  has 1 neighbour and no one at the back.

This thread reassures me about my purchase but that is of course little help to the OP.

 

I suspect that we overpaid by about £7.5k on our current property.  It was the only suitable one for sale that met our criteria (we only decided to move just after the craziness of the 2021 Stamp Duty holiday had happened) and I was of the opinion that I’d rather pay more and get the house than faff about and risk losing it.  2.5 years on, I’ve forgotten what we actually paid, and I suspect that an additional £187.50 (plus interest) per year is peanuts!

amandaleeds

Slinky said:

Scotbot said:

I also had some non negotiables , freehold, quiet location and south facing garden . There was only one property that met my requirements and as it had only just been listed when I viewed I was in a weak negotiating position. I reckon I am overpaying by 10 to 15 k (2 to 3 %) which annoys the hell out of me. 

I  looked at 2 cheaper properties after my offer was accepted but location didn't cut it. One was close to a busy road the other had a house next door with a large expensive bar and bbq set up in the small garden. Party neighbours are not for me. The house I am buying is on a corner so only  has 1 neighbour and no one at the back.

This thread reassures me about my purchase but that is of course little help to the OP.

 

We ended up having to pay over 7.5% more than the asking price to secure our property (£30K extra) having been outbid on another in the same street, then a bigger property with west rather than north facing garden came up. It seemed like a lot and broke the street ceiling. Five years later when the nearly exact same property 2 doors down went for 50% more, our 7.5% bothered us less. Theirs was in better condition than ours and we've spent a similar sum to the difference in pricing, getting ours renovated and extended, but the difference is ours is to our taste. They've spent more on top changing theirs.

2-3% is nothing if it gets you into your new home now. You can't buy time.

Five years ago it was much cheaper to increase borrowing and house prices were holding strong and increasing. For most homes on the market, they're dropping in price, and this isn't my forever home. I've already had to drop my budget by 30k with the interest rate rises 😢

When I bought my previous home it was much easier to quickly negotiate a sensible price and get an offer accepted, as everyone was feeling positive about the market.

amandaleeds

So after all of that, a job offer means I'm now relocating miles away to a town which should give me more options as more properties exist than in the small village I was previously looking at, however yet again I've found several perfect properties that sold a month or two before I got my job offer and the market in the past few weeks seems to have slowed down. Does it usually pick up again after the summer holidays? 

newsgroupmonkey_

Personally, I think we overpaid around 5% for our house.
However, our buyer overpaid by around 10%. Money wise, we didn't really increase - we didn't need to touch the mortgage as we had the extra needed in the bank.

We moved from one small village to a similarly sized one, but went from a 3 bed semi house to a 3 bed corner plot detached bungalow.