The House Buying Thread

Originally Posted by Ed

The houses we went to look at - barn conversions - were all very disappointing. Stupidly overpriced in the current market, with hardly any garden - I was wondering where you'd put the washing out, crap kitchens, and stairs that had low beams that meant you'd never get the furniture into the bedrooms. But we also saw a building plot with planning permission for a house, mains services very close by, and now I can't get a self-build out my mind. The plot cost is OK and assuming a build cost of £1,000/m2 of internal floorspace, which I think is on the high side as we have simple tastes, the overall cost is really good. More research required...

Sellers seem to be asking very unrealistic prices given the current market conditions. I read yesterday that buyers should be offering 15% less than the market price and not accepting the counter offer. There's a lot more property on the market than there are buyers at the moment, and eventually you'll find a seller who's desperate enough to accept.

The companies who are doing these conversions are hurting badly right now. One bought the loft space of the block of flats where I live and were converting it into flats. Because of the recession they now can't afford to finish the work, so they have nearly complete flats that they can't sell and they're losing money because they've got a mortgage on the loft. If you see a conversion that you do like, then they might accept a very low offer just to make some money back.

I looked at 8 or 9 houses on Saturday. There were three that I could imagine us living in, but none were 'perfect'. I'll put low offers in on those three today, see what happens, and continue looking. I'm not selling anywhere and have the cash in the bank, so I reckon that I've got a bit of negotiating power.

Any tips on buying would be greatly appreciated.

the problem is that sellers do not want to see there houses go for peanunts, so they lower it untill they cant or dont want to any more, then take it off the market.

I have both bought and sold in ths market and its very difficult, the house we wanted I wanted to pay 20k less than the asking price but only got 10k off it because they wouldnt sell.

as for building ur own, good luck but self build mortgages are few and far between last time I checked, and did I mention I can design houses?

I started negotiations last October and bought in December. I did the sums, knocked 15% off and submitted a cash offer. They didn't like it but I simply explained that my offer was not going any higher whilst all the time their property was losing over 2K / month and I would be reducing it by that if they took too long deciding. They would also have had to spend over 3K putting it on the market as it wasn't advertised at this point. They live opposite my parents. Offer accepted.

[Spiderman]

Originally Posted by wyrdness

Any tips on buying would be greatly appreciated.

I sold prroperty in london for nearly 15yrs till i got sick of the whole game. The best advice i can give you tho is that its a game and a pschological one at that. property is only worth what 2 parties can agree its worth, no more and no less.

its all down to what offer you put forward and how to deal with negotiations from there. Bear in mind too that all Estate Agents have a duty to their client, the seller. That duty is to get him the best possible price for his property from the best possible buyer.

having no chain, ie nothing to sell is a great advantage but sadly being a "cash buyer" makes very little difference now days since you wouldn't part with that cash if you got a bad survey in the same way your bank or mortgage wouldn't part with their for the same reason.

Feel free to PM me to dicuss actual figures Wyrdenss as thats what it boils down to in the end.

[Luckypants]

Originally Posted by Ed

The houses we went to look at - barn conversions - were all very disappointing. Stupidly overpriced in the current market, with hardly any garden - I was wondering where you'd put the washing out, crap kitchens, and stairs that had low beams that meant you'd never get the furniture into the bedrooms. But we also saw a building plot with planning permission for a house, mains services very close by, and now I can't get a self-build out my mind. The plot cost is OK and assuming a build cost of £1,000/m2 of internal floorspace, which I think is on the high side as we have simple tastes, the overall cost is really good. More research required...

I would be interested in talking over this Ed. I hope to sell up this year and get the divorce settlement done, so a move is on the cards. I have always fancied building my own home and this may well be my opportunity to build! A building plot has come up in the village with OPP for a 4 bed house, so I get to stay in the village I love and build, a win-win for me.

However the plot seems quite expensive so would be interested to see what sort of prices you are seeing (different area I know, but all grist to the mill). I was also surprised by the figure of £1000/SqM, which seems high even for a high spec build? Maybe I am out of touch with the self build scene, as I shelved this dream when we moved here....

For what is worth I'm looking at a something similar and have found that reposessed properties are going for good prices!! In M'cr centre that is.

A build cost of 800£ per sq m is about right for a mid to high spec build.

[Luckypants]

Originally Posted by 454697819

A build cost of 800£ per sq m is about right for a mid to high spec build.

Based on a straight forward site with no access problems and close to services?

Originally Posted by Spiderman

I sold prroperty in london for nearly 15yrs till i got sick of the whole game. The best advice i can give you tho is that its a game and a pschological one at that. property is only worth what 2 parties can agree its worth, no more and no less.

its all down to what offer you put forward and how to deal with negotiations from there. Bear in mind too that all Estate Agents have a duty to their client, the seller. That duty is to get him the best possible price for his property from the best possible buyer.

having no chain, ie nothing to sell is a great advantage but sadly being a "cash buyer" makes very little difference now days since you wouldn't part with that cash if you got a bad survey in the same way your bank or mortgage wouldn't part with their for the same reason.

Feel free to PM me to dicuss actual figures Wyrdenss as thats what it boils down to in the end.

PM sent.

more pms sent....