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  • FIRST POST
    Crazymouse
    What Have I done!!!
    • #1
    • 12th May 06, 8:04 PM
    What Have I done!!! 12th May 06 at 8:04 PM
    Hello everyone. I thought I’d post here for some useful advice about a house that I have just bought and signed for this week (although the vendor hasn’t yet signed so its not yet binding.

    The house is located 10 yards from an extremely busy dual carriageway hence we payed quite a bit less than what the same house would’ve been 100 yards away on a quiet street (£150K Vs £190K).

    We are planning on selling in a couple of years so its important that it turns out to be a reasonable investment.

    I personally thought it more than compensated, but maybe I'm on my own!


    My worry now is that perhaps £40K difference is too small for the ‘noise’ factor. What do people in general think?

    My worries really came to the fore when I found out what the house was bought for 8 years ago (1/5th the price!!).

    However the surveyors report did state that it was good enough security for the mortgage.

    Would anyone out there say a 25% price difference is enough to compensate for an extremely busy road?

    Thanks to one and all for any thoughts or advice.

    CM
Page 1
  • Ems*Honie
    • #2
    • 12th May 06, 8:24 PM
    • #2
    • 12th May 06, 8:24 PM
    I'm not sure, its hard to say without seeing the house.

    We just walked away from a house that the vendor wouldn't drop more than 15000 despite pricing as an immac rural property, in realty it was loaded with asbestoes, hadn't been touched since the 50's and sat on the sliproad of a very busy dual carriageway. I would have been thrilled if it had been 40,000 under price to compenate the noise factor!!

    Our house is now worth 2/3s more than when we bought it 8 yrs ago, but differant areas fluctuate?

    Good luck on what you decide to do As for the resell, there ar tonnes of newbuilds round here that back straight onto the main road into the area, they all sell with no trouble from what I've seen.
    • dander
    • By dander 12th May 06, 10:49 PM
    • 1,594 Posts
    • 998 Thanks
    dander
    • #3
    • 12th May 06, 10:49 PM
    • #3
    • 12th May 06, 10:49 PM
    Prices have risen one hell of a lot since 1998. You really can't use that as much of a guide. Far better to take a look on somewhere like nethouseprices.co.uk and check out what other properties on the dual carriageway have gone for in the last year or so.
  • clipboard2
    • #4
    • 12th May 06, 11:51 PM
    • #4
    • 12th May 06, 11:51 PM
    Having interviewed numerous residents living next to e.g motorways, the main problem they complain of is not the noise, its the constant filth and muck being belched out from vehicles which ends up in their home. You clean in the morning; by the evening the dirt layer has reappeared.
    Also, the vibration caused by HGV's passing may weaken any existing structural problems, not to mention your coalport china getting smashed.
  • NervousYetFeisty
    • #5
    • 13th May 06, 12:30 PM
    • #5
    • 13th May 06, 12:30 PM
    And you can't open the windows for long without getting a lungful of diesel, which is pretty rubbish at the best of time but in the Summer...
  • Crazymouse
    • #6
    • 13th May 06, 12:45 PM
    • #6
    • 13th May 06, 12:45 PM
    wow what a great forum, wasnt expecting to get so many replies in jsut a day so thanks!

    BUT would you guys say 25% difference seems a good difference to compensate?

    Obviously very difficult to say without seeing the house, but generally?
    • silvercar
    • By silvercar 13th May 06, 12:46 PM
    • 39,793 Posts
    • 164,134 Thanks
    silvercar
    • #7
    • 13th May 06, 12:46 PM
    • #7
    • 13th May 06, 12:46 PM
    Surely the time for having second thoughts was before you paid out for surveys and legal fees etc.
    • mystic_trev
    • By mystic_trev 13th May 06, 12:48 PM
    • 5,147 Posts
    • 15,365 Thanks
    mystic_trev
    • #8
    • 13th May 06, 12:48 PM
    • #8
    • 13th May 06, 12:48 PM
    What happens if House prices crash? From todays Torygraph.

    "For all Gordon Brown's promises to bring to an end the traditional boom and bust of the economy, there is much evidence to suggest that markets need to crash now and then to remind investors of the risks associated with buying into them"
  • Ems*Honie
    • #9
    • 13th May 06, 12:51 PM
    • #9
    • 13th May 06, 12:51 PM
    Surely the time for having second thoughts was before you paid out for surveys and legal fees etc.
    by silvercar

    In an ideal world perhaps, I think some doubts etc are a very human thing.

    Op, you trusted your judgemant up until now, personally, without seeing the house, I think its a good discount, how much do you intend to reduce it by for the next buyer?
  • Ems*Honie
    What happens if House prices crash? From todays Torygraph.

    "For all Gordon Brown's promises to bring to an end the traditional boom and bust of the economy, there is much evidence to suggest that markets need to crash now and then to remind investors of the risks associated with buying into them"
    by mystic_trev

    Ummm, surely with no crash, there isnt the risk, therefore no need for the crash to remind us of the risk?
  • eurows
    Ummm, surely with no crash, there isnt the risk, therefore no need for the crash to remind us of the risk?
    I stopped laughing to read the next post and then started again.
  • JBeau
    Crazymouse, the fact that you are questioning this house purchase speaks volumes.
    Always remember - When in doubt, always pull out.

    The fact is we are at the peak if not beyond of this housing cycle. Any property with "a problem" i.e. the road will hurt financially in 2-3 years time.
    You must also take into account that "should" this cycle stop abruptly properties like the one you are doubting become impossible to sell on.

    Good luck
  • Doomed_Economy
    You're wasting your breath Eurows, didn't you know that house prices only ever go up?

    See you back at HPC.
  • Daddy Bear
    wow what a great forum, wasnt expecting to get so many replies in jsut a day so thanks!

    BUT would you guys say 25% difference seems a good difference to compensate?

    Obviously very difficult to say without seeing the house, but generally?
    by Crazymouse
    You couldn't pay me to live next to any big road. Worked next to a busy dual carriageway in a garage once and it didn't take long for it to start seriously impactingon my health.

    IMO when this current housing market bubble bursts (interest rates are on the way up!) then properties like this will be the hardest hit as they will become almost impossible to sell as better properties come down in price.

    If I were you I'd walk away (if you still can). It will be the best decision you ever make

    DB
    • Swipe
    • By Swipe 13th May 06, 1:56 PM
    • 2,390 Posts
    • 1,270 Thanks
    Swipe
    I live 10 metres from a busy B-class road, I can't even begin to imagine what living alongside a dual carriageway must be like. For me, the noise is so bad I cannot hear the TV when I open the front windows. I am also forced to sleep in the back bedroom due to the traffic levels. You really notice the difference when you wake up before 6am. I wouldn't wish living close to a busy road on anyone.

    As also stated, that fact you are even questioning this should be ringing alarm bells. If in doubt, pull out.
    Last edited by Swipe; 13-05-2006 at 1:58 PM.
  • Daddy Bear
    I live 10 metres from a busy B-class road, I can't even begin to imagine what living alongside a dual carriageway must be like. For me, the noise is so bad I cannot hear the TV when I open the front windows. I am also forced to sleep in the back bedroom due to the traffic levels. You really notice the difference when you wake up before 6am. I wouldn't wish living close to a busy road on anyone.

    As also stated, that fact you are even questioning this should be ringing alarm bells. If in doubt, pull out.
    by Swipe
    I don't think you can under estimate the noise that traffic makes. I currently live 100m from a busy main road going into Kingston Upon Thames. Cars do 40mph+ and I can't have my bedroom window open at night. Most cars aren't too bad but throw in the odd boy racer, screaming scooter and bus and it's a recipe for a very disturbed night.
  • Angela D
    There are many factors to consider.
    A) How long has the house been on the market before you came along.
    B) What are the other sold house prices in the area www.nethouseprices.co.uk
    C) Do you actually want to live in the house
    D) Can you afford the REPAYMENT mortgage and a 1-2% rate increase.

    We have a very good deposit in the bank, no debts and could easily afford a £300k house but are not buying because it would be madness to do so.
    • AuntyJean
    • By AuntyJean 13th May 06, 2:13 PM
    • 573 Posts
    • 184 Thanks
    AuntyJean
    Move in

    Find out how bad it is (or not) then in a years time decide whether to move on.

    There must have been something about the house that attacted you to it and put the fact it was near a motorway in the background.

    Who can guarantee these days that they won't have a motorway next to their house in 10 years?
    • silvercar
    • By silvercar 13th May 06, 2:18 PM
    • 39,793 Posts
    • 164,134 Thanks
    silvercar
    If you want to move NOW you can only chose from the properties that are on hte market at the moment. If your in a chain and decided you can't find a property you like you risk losing your buyer.

    Its all about choosing the best house from those that are available or deciding not to move.

    Weigh up your reasons for buying the house and the reasons for not moving - should help you decide. Alternatively weigh up this house on the dual carriageway against other houses at that price. There is no point comparing the same house but away from the road as that is more expensive.
    • dander
    • By dander 13th May 06, 2:32 PM
    • 1,594 Posts
    • 998 Thanks
    dander
    [QUOTE=eurows]You have bought a house next to a busy dual carriageway at the top of a house price peak. [QUOTE]

    Presumably you're one of the HPC people who've been telling us all to get out of property for the last 5 years because it's at the 'top of a peak' and about to crash.

    Ok, so for reasons of your own you might want a crash - but going around ridiculing other people for not agreeing with you doesn't make you any more likely to be right, and it sure as hell is unhelpful. Have you even read the bit at the top of the forum about being nice to other moneysavers?

    There are a bunch of people who will leap onto any thread and tell someone they've made a terrible mistake even thinking about buying themselves a home, which just strikes me as a plain nasty way to behave.

    Let's talk sensible solid advice for someone having geniune doubts about the purchase their making, based on facts not rumour-mongering.

    Things you need to think about -
    1/ Is the price fair for a house with 'problems'? Well the surveyors report would indicate that it is, but how surveyors come to that decision varies alot with how much equity you'll have in the house. If you're putting down a big deposit surveyors usually just agree with the price you're paying - but if it's a high % mortgage they'll be a lot more 'realistic' and so give a better guide. Check what other houses on this road have sold for - that really is your best guide.

    2/ Is it a good investment? Hard to say, but bear in mind a lot of people wouldn't even consider a house that close to a main road (as you can see above) so although it may hold its value, it might take a long time to sell.

    3/ Things that could make it a bad investment - Is this a road that could get even busier - and make the noise problem worse? If there is a crash (and it's only an if - no-one yet has managed to build a time machine) the houses with problems, such as this one, tend to drop the furthest.

    4/ Is this all you can afford? If so, by buying the house with problems you are getting a much bigger better house than you could otherwise stretch to. chances are that you chose this house because you wanted/needed the space and have to make compromises to get it. Ultimately it's really better to think about whether it'll be a house you'll be able to live happily in than whether it's going to make money for you.
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