Should i buy for 77k??

lauren1983

Hi everyone im just looking for a few opinions.

We have been living at the inlaws for about 8 months now after sellling our house.

We have been reluctant to buy at the minute obviously but last week we heard the sad news of an old man passing away. His son then asked if we were interested in buying the house he had lived in.

He said he wanted a quick sale and that we could have it for £77,000 (leaving us with a small managable mortgage) if we were interested and could complete quickly ect.

Now...its not a house we would choose but it is what we need (3 bed semi with parking).There is a house the same 3 doors from it and its up for sale at £99,995.

We were looking to budgeting at about 130k but that would mean living to a very tight budget.

So.. my questions are :

1, Would you buy a cheaper house thats not exactly what you want so you can live comfortably or stretch yourself to your perfect house and worry about money alot(as i would lol).

2, Would you buy the 77k house if you were in my situation .


Thanks

lauren

ginger_nuts

why not buy at £77,000 and then sell it for £100,000 .Then you would have a bigger deposit for the next house

lauren1983

Yeh that would be a good idea and i would love to try that but i just worry about reselling ect with the market as it is.
Hmmmmm.........

teabelly

Check out sold prices in the street first and see what sort of condition it is in. If sold prices are showing 99k is reasonable and achievable then 77k is a good price if it doesn't need much work. A 3 bed semi in a reasonable area will always be in demand. Check out the local property pages and see if there are any others in the area to compare prices. Agents price to sell not price to sit around for months in the main so asking prices are a reasonable guide. There will be exceptions - usually recently refurbished houses where the buyer didn't do their homework which they stick on at silly money. Ignore those and see what the most similar properties are on for.

I'd also go and have a nosy at the 99k one and see what it has that yours hasn't. If the answer is nothing then snap the guy's arm off

You could wait and gamble on something you do want being cheaper but there is no guarantee that would happen. The one you have been offered seems a good deal. It is affordable and offers the room you need and at a good price.

Only you know what is right for you. If you can imagine yourself living there then go for it. If you can't then it isn't for you regardless of the price.

poppy10_2

ginger_nuts wrote: »

why not buy at £77,000 and then sell it for £100,000 .Then you would have a bigger deposit for the next house

Or even better, sell for £125,000. Then the deposit will be even bigger

dwsjarcmcd

Why don't you buy it, and spend a few quid making it into what you want. If an old man had it, it's unlikley to be 'contemporary'!

dopester

Very few times do you find people discounting houses just for a fast sale without some catch. After all... who is going to sell at £22,000 cheaper than similar house on same street without some deep underlying cause.

I suspect that cause is the other people selling haven't come to terms with the new reality in the house market - and still have their house for sale at a fantasy land price - especially against what is to come.

Something does not suddenly become good value because it's measured against something at a stupidly high price.

The illusion is fading and the real world is now being seen against some of the crazy valuations of what was year-on-year house price inflation.

End of the day it's up to you though.

hearts

Never look a gift horse in the mouth. ;-)

For get all the doom mongers. BUY!

dannyboycey

poppy10 wrote: »

Or even better, sell for £125,000. Then the deposit will be even bigger

Add some magnolia paint and make it 130k!

Kez100

........or spilt into two and sell as luxury flats for 120k each.....

Kez100

Joking apart - do look at the one already on the market and also investigate locally sold prices. 20k is a lot of money but if one is in pristine condition and perhaps on a better plot or something with the cheaper run down and in a worse position it's possible the bargain isn't so much of a bargain. You need to get more information first.