I'm tempted to buy again

amcluesent

Seems perfectly reasonable to make on offer which factors in the same 30% decline in prices that the options market is settling on for Dec 2010 house prices.

IF you can get that price, then we need to recognise that inflation is relatively high AND could go a lot higher. In which case, buying a tangible asset AT THE RIGHT PRICE on leverage isn't such as bad deal as the debt is being eroded by inflation.

Adopt the Rothschild investment approach of buying on the sound of gunfire!

drbeat

amcluesent wrote: »

Adopt the Rothschild investment approach of buying on the sound of gunfire!

...from the firing squad?

:rotfl:

want2beMF

I think you are being quite sensible abt the whole things and your offer seems reasonable. An offer of £180,000 is abt 20% below last transacted price (assume peak in 2007) and asking price is a great starting point and you might a decent chance of getting accepted. Good luck!!!

IveSeenTheLight

drbeat wrote: »

How can you buffer against something that is not tangible? It's like building a house on the beach at low tide and then finding that you're fooked come high tide!

And your example could be turned arround to say you are sitting on the porch with your fishing road witing to catch some fresh fish, only for the water never to reach you.

The OP is factoring in a drop and is looking for a home for his family.
Sounds like he has made a sound choice for him and his family.

Only time will tell if he could save a few bucks more or not, but remember, he wants this for a home, not an investment

Toto

Thanks for your replies.

Having slept on it, I am going to sort out another viewing today. Then, most likely I will put my offer on the table.

I think the key for me is, affordability and what that means for our long term finances. The mortgage will be less than we are paying in rent for a larger house. And although we are relocating to achieve that we will gain on a personal level too. All of my brothers live in Norwich, so for the first time in their lives, my kids will have the benefit of having family locally.

But, I won't buy now with emotional attachment, if we can get the house at the right price then great, we will be buying at a price we would hope to achieve when the crash is in full force. Of course, as I've said, I doubt very much that my offer will be accepted just yet, we might need to wait another year for the vendor to catch up with what's happening with the economy, and that's ok. We'll keep saving in the meantime, and hope no one else goes in and buys it at asking price, but if they do, well, it just wasn't meant to be and we'll keep looking.

Lotus-eater

Toto wrote: »

I think the key for me is, affordability and what that means for our long term finances. The mortgage will be less than we are paying in rent for a larger house. And although we are relocating to achieve that we will gain on a personal level too. All of my brothers live in Norwich, so for the first time in their lives, my kids will have the benefit of having family locally.

But, I won't buy now with emotional attachment, if we can get the house at the right price then great, we will be buying at a price we would hope to achieve when the crash is in full force. Of course, as I've said, I doubt very much that my offer will be accepted just yet, we might need to wait another year for the vendor to catch up with what's happening with the economy, and that's ok. We'll keep saving in the meantime, and hope no one else goes in and buys it at asking price, but if they do, well, it just wasn't meant to be and we'll keep looking.

I think thats a perfect sentiment.

There will always be another house is this one falls through at the wrong price.

bikerqueen

which is the estate - I know norwich very well, lived here 10 years

Toto

It's in Sprowston, Wilks Farm

bikerqueen

nice and handy for tesco

Has your brother had any trouble with vandalism up there?

Toto

bikerqueen wrote: »

nice and handy for tesco

Has your brother had any trouble with vandalism up there?

None at all, he bought as a new build and still loves it. he is right on the edge of the estate, overlooking the field at the back (as this house is, we will be just a few doors down). His BMW is his pride and joy (saddo ) and he never parks in the garage. If anyone had touched it over the years we all would have heard about it :rotfl:

My mum used to live on Mousehold lane, right on the ring road (she died 7 yrs ago) so I know the area well too. I lived up there for 6 years and the thought of going back is a bit daunting, loads of memories, but I think it would be a good move, family is important and I do miss seeing them.