Buying a house

[The Guest]

The bigger the price, the bigger the lowball I’d say. Other than that there aren’t any hard rules about this sort of thing. If you’re constantly looking on rightmove for houses which I imagine you will be you will get the feel of what is a good price for a house in a specific area or road. Then it’s down to you.

 

Really the only thing I’d add is that it’s all a big learning experience that you just have to go through yourself to understand it all. You might get lucky and get this first house that you bid on. From my own personal experience and from my friends is that’s highly unlikely. Prepare yourself for disappointment and viewing lots of houses that you know within seconds of walking in you wouldn’t live there in a million years. Keep at it though because you become efficient at dealing with it.

[lifetime fan]

I’ve only bought once and haven’t sold our place yet but from what mates have said from selling places...

 

Sellers never accept the first offer even if it’s reasonable or in one case above what they wanted as they think you’ll go up.

 

So you can never go too low. All they can do is say no. When it comes to it and you offer the money they want they won’t give a flying fuck about you low balling them at the start.

[Bobby Hundreds]

It's mad how big rooms look on the likes of right move due to their sneaky bastard tricks. You get to the property and it's a dolls house. Everyone told me you will just know when you walk into the right one and I thought yeah whatever but it was true I walked in to my house and thought yup this is mine.

[Oh Buoy]

The bigger the price, the bigger the lowball I’d say. Other than that there aren’t any hard rules about this sort of thing. If you’re constantly looking on rightmove for houses which I imagine you will be you will get the feel of what is a good price for a house in a specific area or road. Then it’s down to you.

 

Really the only thing I’d add is that it’s all a big learning experience that you just have to go through yourself to understand it all. You might get lucky and get this first house that you bid on. From my own personal experience and from my friends is that’s highly unlikely. Prepare yourself for disappointment and viewing lots of houses that you know within seconds of walking in you wouldn’t live there in a million years. Keep at it though because you become efficient at dealing with it.

 

Yeah, I'm trying to stop the misses from getting too emotional and becoming more objective about it all. 

 

Keep phrasing it as, "if we were trying to sell this house, what would be the pros/cons?" 

 

I’ve only bought once and haven’t sold our place yet but from what mates have said from selling places...

 

Sellers never accept the first offer even if it’s reasonable or in one case above what they wanted as they think you’ll go up.

 

So you can never go too low. All they can do is say no. When it comes to it and you offer the money they want they won’t give a flying fuck about you low balling them at the start.

 

Yeah, that's the impression I've got from online posts/forums. Initially, I thought most sellers would want 10% off the price but looking at property prices and how estate agents work it seems a lot list them for a stupid fee and then reduce accordingly. There was an ex-council house we stumbled across that wanted 180k for the property when the streets history was only selling for 140k at best. 

 

Cheeky cunts. 

 

It's mad how big rooms look on the likes of right move due to their sneaky bastard tricks. You get to the property and it's a dolls house. Everyone told me you will just know when you walk into the right one and I thought yeah whatever but it was true I walked in to my house and thought yup this is mine.

 

Good shout about the "you just know" part - happened with us on a rental property which we've been really happen in for around 2/3 years. 

 

Cheers for this lads. 

[Rico1304]

It's mad how big rooms look on the likes of right move due to their sneaky bastard tricks. You get to the property and it's a dolls house. Everyone told me you will just know when you walk into the right one and I thought yeah whatever but it was true I walked in to my house and thought yup this is mine.

I think that’s squatting rather than buying.

[Rico1304]

Yeah, I'm trying to stop the misses from getting too emotional and becoming more objective about it all.

 

Keep phrasing it as, "if we were trying to sell this house, what would be the pros/cons?"

 

 

Yeah, that's the impression I've got from online posts/forums. Initially, I thought most sellers would want 10% off the price but looking at property prices and how estate agents work it seems a lot list them for a stupid fee and then reduce accordingly. There was an ex-council house we stumbled across that wanted 180k for the property when the streets history was only selling for 140k at best.

 

Cheeky cunts.

 

 

Good shout about the "you just know" part - happened with us on a rental property which we've been really happen in for around 2/3 years.

 

Cheers for this lads.

If you are going in low give a reason;

 

- average for the road is X but this needs new boiler, windows etc

- you have no chain so can move immediately (or to suit them)

- through if you really want it don’t lose it for a couple of grand

[Oh Buoy]

If you are going in low give a reason;

 

- average for the road is X but this needs new boiler, windows etc

- you have no chain so can move immediately (or to suit them)

- through if you really want it don’t lose it for a couple of grand

 

For some reason a lot of the houses we've been seeing of late must have had elderly folks living there prior. 

 

There's always that shite carpet, the old fire place (don't even know where they find them), the rancid bathrooms etc. 

 

I'd knock 10k off just having to revamp all those areas.

[A Red]

This is dependent on how much houses prices appreciate in an area but I would spend as much as possible on the house with an interest only mortgage to fund it (if you can get it) A £200k house with 5% increase PA would earn you £10K a year.

 

It is red or black but I would go for a smaller more expensive house in a more desirable area. Obviously a big increase in mortgage rates and a property value collapse is the risk you take.

[stringvest]

If the house has been on the market for a while, then the owners will be more amenable when it comes to the price.  As Rico says, provide the rationale for your lower offer.  

[TheBitch]

For some reason a lot of the houses we've been seeing of late must have had elderly folks living there prior.

You can always go with the tried and trusted "Someone definitely died here so we think that's worth £10k off the price too"

[stringvest]

You can always go with the tried and trusted "Someone definitely died here so we think that's worth £10k off the price too"

 

 

as well as "How did that piss get on the living room ceiling?  That'll have to come down."

[The Woolster]

what is the red/black stuff about??

[Guest]

Sticking money on a roulette wheel and hopefully winning.

[Oh Buoy]

You can always go with the tried and trusted "Someone definitely died here so we think that's worth £10k off the price too"

 

Considering we'd be living with the ghost of Doris, I'd expect more off. 

 

as well as "How did that piss get on the living room ceiling?  That'll have to come down."

 

I have viewed a property recently that had a huge brown stain on the carpet. 

 

3 guess as to how that conversation went... 

 

"Is that shit?" 

"No" 

"It's fucking shit. Is that included in the price?" 

 

what is the red/black stuff about??

 

Reference to whether the previous owner was murdered or defecated in the property.

[skend04]

When we are likely to see our economy collapse in around 9 months, is it really a good idea to be buying a house? I'd hang fire until at least October, save more cash and see what happens with the Brexit divorce deal. Not a chance I'd be buying now when prices are in a bubble anyway.

[Oh Buoy]

When we are likely to see our economy collapse in around 9 months, is it really a good idea to be buying a house? I'd hang fire until at least October, save more cash and see what happens with the Brexit divorce deal. Not a chance I'd be buying now when prices are in a bubble anyway.

 

I've been reading a little into this and I'm not too sure it'll have much difference from here until October. 

 

In 2005, the average house price in the UK was £157k.

By 2006, 168k. 2007, and the pre-crisis peak, it had risen to £186k. 

2008, 181k, and at the depth of the crisis, 2009, it had fallen back to £159.5k.

 

Financial crisis: Pre-crisis: +29k, Mid: -5k, Post: -21.5k. 

 

2010, 171.6k;

2011, 167.7k; 

2012, 170k; 

2013, 172.6k;

2014, 187k;

2015, 200k;

 

Overall increase: 40.5k over 6 years / 6.75k a year.

 

2016, 215k (Brexit Vote)

2017, £221k. Change Since Vote: +6k

Today, 227k. CSV: +12k 

 

With the average yearly increase, it doesn't seem to have impacted house prices much.

 

At this moment it's not possible to see where Brexit ends but if we base it on the financial crisis, we're on the climb but not at the peak yet. 

 

Figures from: http://landregistry.data.gov.uk/app/ukhpi/browse?from=2005-06-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Funited-kingdom&to=2018-06-01

[A Red]

If you are in it for the long term and have budgeted for some extra in case interest rates go up, you very much should buy your home

[cochyn]

If it's any help, when we were looking there was precious little difference in price between houses that were basically knackered old doss-houses and those that were sorted - say 5-10% difference tops on the asking price.

 

Find one you can live in straight off rather than one that's a bomb-site. It'll work out about £50-100 a month on your mortgage. Which will save you a load of grief. You need to live in a house for a year before knowing what improvements are actually needed.

[Oh Buoy]

Has anyone put an offer in on a house that was under/about the same as what the vendor paid? 

 

Looks like they bought the house about 15k more than what the market was at that time, haven't improved anything on the property yet are looking for an additional 20k increase from their initial purchase cost.

 

I can't justify the 20k increase at all.

[Moo]

Has anyone put an offer in on a house that was under/about the same as what the vendor paid?

 

Looks like they bought the house about 15k more than what the market was at that time, haven't improved anything on the property yet are looking for an additional 20k increase from their initial purchase cost.

 

I can't justify the 20k increase at all.

How long ago did they buy it? You have to allow for inflation, and if they're buying a new house they'll be allowing for inflation on that.

The bottom line is if you like it and it's price is in line with others in the area then decide if you can afford it's sale price, start a bit under and go up to your maximum. Thereafter the outcome of a survey may allow a bit of room for manoeuvre.

[stringvest]

Has anyone put an offer in on a house that was under/about the same as what the vendor paid?

 

Looks like they bought the house about 15k more than what the market was at that time, haven't improved anything on the property yet are looking for an additional 20k increase from their initial purchase cost.

 

I can't justify the 20k increase at all.

Where do you live mate? Syria?

[Guest]

Where do you live mate? Syria?

Sounds more like Nelson Mandela House, Peckham.

[stringvest]

Sounds more like Nelson Mandela House, Peckham.

Even in Peckham prices have doubled in the last 10 years

[lifetime fan]

Sounds more like Nelson Mandela House, Peckham.

 

Nelson Mandela House is in Bristol, they wouldn’t let my Nan move there because she had a dog.

 

True story.

[Oh Buoy]

Where do you live mate? Syria?

 

Cheeky cunt. 

 

I'll have you know I'm Lebanese through and through.