Had to reduce price to 2003 level!!

ziknik

What were you hoping to get from this thread 3under3? You haven’t really asked any questions.

Were you after some general opinion about your asking price? If so, you have had loads telling you that it is over priced.

Have you had many viewings or any offers? What is your estate agent telling you?

BTW, Did the lender impose any new T&C’s on you when you asked about renting out the flat?

http://www.moneyweek.com/file/36564/could-this-be-the-ruin-of-the-buy-to-letters.html

Have you read through your mortgage T&C’s properly?

amcluesent

What conversions like that used to sell-on was intangible; kewl, keeping it real, edgy, minimalist etc. Call it what you will, you were paying a premium for an idea, something which said something about 'brand me'.

Now a more utilitarian, even retro-austerity, mood is about and the thing itself is everything.

macaque_2

silvercar wrote: »

If you don't need to sell then keepint it for your pension

Assuming of course that 3under3 will have the life span of Yoda.

TTMCMschine

3under3 wrote: »

Hi Ziknik, wow you are thorough eh! yes 3 children under 3.. We just have this one flat which was mine before OH came along and the bungalow in joint names now. No need to worry about remortgage as both properties on lifetime baserate trackers. Fortunately we haven't overstretched ourselves and can cover the mortgages from my salary as we are doing now - but would still prefer not to!

Two things that you seem to be missing the point of here:

1) If you personally keep paying the mortgage on an interest only mortgage then you are getting exactly nothing for your money. At the end of the term you still have to come up with the original purchase price, all of your hard earned money is going to the bank, you get nothing for it, the original loan remains unchanged.

At a few £hundred per month it doesn't take long for your interest repayments to overtake even a £20K loss if you sold it now.

2) With regards to it being "an investment." If you can keep it permanently rented then all well & good, but as values fall your potential renters will be better off buying, so you will inevitably end up subsidising the mortgage yourself.

Add together the total paid in interest & the loan value & that "investment" will have cost you nearer to £250K by the time you've paid the mortgage.

With the government already initiating their cunning plan of buying up unsold properties & issuing them as the new social housing (& theres how many empty flats up & down the country?), it'll be a cold day in Hell before you've any chance of recouperating the total cost. Maybe your children might be able to extract some value out of it for their pensions.

You'd be better off selling it now, considering any loss that you might make as offsetting the cost of paying the mortgage, & then putting the £x hundred per month into an ISA or other "safe" investment instrument.

At £750 per month you'd have £225,000 in 25 years time without even adding one penny in interest - & you do know what effect compounding will have on that final value, dont you? At just 4% per annum you'd have nearer to £400K.

A much better return & totally risk free.

IveSeenTheLight

neverdespairgirl wrote: »

Couldn't agree with you more - why woul you care about the sofa / table, unless it was a hotel room or something, where you are stuck with it?

I once bought a property off plan and sold upon build completion.
Initially I was advised to sell as is (empty, no carpets etc) as it was a new house and people would want to put their own stamp on it.

After a couple of viewings I go the impression that they could not visualise the space and therefore were hesitant to offer, actually people were hesitant to buy off plan before they could see the finished building.

So I dressed the property, put in carpets, furniture, bedding etc and made it seem homely.

The following weekend, I had 3 viewings and all put in offers as soon as they had viewed the property.

I believe there are a lot of people out there who do not have the vision for their own slant on the property and really want a place that they can visualise moving straight into as a home, hence why the "property !!!!!!" as so often refferred to on here was so popular.

Whenever I have bought a property, I prefer places that need doing up a little. It helps if you are selling to get a little more and also when buying it makes bidders put in lower offers.

It's a fact of life that the majority of people nowadays are lazy when it comes to maintaining / doing up their property and get others in not wanting to take on the job themselves. this leads to the fact that if they believe a place needs doing up, it becomes hassle and cost to get someone else to do it.

beecher

I think your potential market is going to be very small as I think most people would take one look at the main picture and be completely put off. It really is a spectacularly unattractive builiding. So unfortunately it is likely to take longer to sell which means you're going to be chasing the market down.

Just had a look for any other flats for sale in this block and found this one

http://www.rightmove.co.uk/viewdetails-17213425.rsp?tr_t=buy&pa_n=1&mediamode=pictures&curr_media_n=1&from_showcase=false

Is it just me, or does the building not like quite so ugly in a different light?

neas

just you, looks !!!! ugly... who'd be stupid to buy this place haha.

silvercar

beecher wrote: »

I think your potential market is going to be very small as I think most people would take one look at the main picture and be completely put off. It really is a spectacularly unattractive builiding. So unfortunately it is likely to take longer to sell which means you're going to be chasing the market down.

Just had a look for any other flats for sale in this block and found this one

http://www.rightmove.co.uk/viewdetails-17213425.rsp?tr_t=buy&pa_n=1&mediamode=pictures&curr_media_n=1&from_showcase=false

Is it just me, or does the building not like quite so ugly in a different light?

That one is on for £360k!!!!!

The building still looks ugly, but not as bad. The kitchen area on this new one also looks dark. The bathroom looks odd, the whole flat looks like they are trying to design rooms to fit around windows rather than vice versa.

clobber_2

I don't like the toilet. I would be worried that I'd faint while sitting on it, fall sideways, break the window with my head and plummet to the ground. IT COULD HAPPEN I TELL YOU.

pinkkaz

silvercar wrote: »

I don't think that story will increase the chances of a sale!

I would take the picture of the outside off rightmove, it doesn't do you any favours.

I think it looks cool!