Would you buy this house?(49 Posts)
I have the chance to buy the large family house from my mother for a £10000 discount. Its quite large with room to add more bedrooms and in a suburb location. my problem is it needs a lot of work. One of the neighbours hates me and as I have mh issues I'm not sure if I am making a good choice. It needs rewiring, plastering, new windows, new bathroom and kitchen etc. I am also worried that my mother may give trouble as she is a bit toxic. I'm selling mine as want to move on. But is buying this a good idea?
I would say no. You sound stressed already, don't like the neiboughs and a renovation on that level requires a hell of a lot of time, money, organisation and upheaval - more than 10k worth.
Well it sounds like you are going to have to spend more than 10k on the renovations.
Not good to have issues with neighbour either. I'd look elsewhere...
I would also say no. New houses should excite you, this one sounds as though it will be more trouble than it's worth. I think you'll always be waiting for something to go wrong.
Just from a financial view the cost of the work required will be far in excess of 10k, assuming it's not already on the market for circa 30k less than the market value of a house in average condition.
Pro - nice area, large house, has potential.
Con - you have MH issues on top of a house that needs lots of work. Your neighbour hates you and your mother could stick her oar in, both of these are going to make getting work done much harder.
I would do it only if you think there is profit to be made. Is the 10,000 discount calculated from Estate Agent valuations, or on an actual offer made on the house? If it's the former it probably isn't a real discount and could more than she would get on the market.
That is the question. Who valued it?
Also: - What is the valuation based on? Does it take into account the full costs of renovation? If renovated would it seriously add to the value or does it have a ceiling price in the area anyway?
10,000 discount on an offer made by someone who has factored in the work done may be worth considering if you go in, do work, sell. That would be very stressful tho and who knows what will happen to the short term market with elections and brexit.
No, the amount of work that need doing makes it not worth it. But look after your mental well being, toxic mum, hating neighbour,? Go where your life will be easier, not harder.
Will your mother be selling with strings attached? Eg will she be around a lot expecting an opinion on the work you do on the basis that 'it is still my house really as I gave you a large discount'? As you say she can be difficult then this sounds to me as if she is trying to control you via the house. I would walk away tbh, it would not be worth it.
Estate agent valued it. It's in a cracking area with huge gardens. I don't have a mortgage at present but know if I move house I'll need a small one to buy upwards
How many estate agents? Also don't forget that often properties don't go for their asking price so an estate agent valuation may not be what your mum would actually get for the house.
To be honest based on what you've said I wouldn't think that it's worth it. Obviously it depends on the amount the house is worth, but £10k doesn't feel like a significant discount. You could probably negotiate that off the asking price of any other house you want, especially if work is needed. Given there are already reasons why you don't want the house I wouldn't.
£10k isn't much of a discount for a house that needs so much work. Chances are that anyone else viewing the house would want a big discount too. It needs a full renovation and 10k is not even going to scratch the surface. I was in the same position as you once and I agreed to buy the family home at a price that was determined by the best offer that came in minus estate agents fees. It was a huge project and at the end of the renovation I sold it and moved on. It enabled me to make un a huge leap up the property ladder. I would say do it - but only if you can buy the house for a realistic sum that will help you. If you don't do it somebody else will come along and do it. Ask yourself how would you feel if a developer bought the house and made money from something that could have been yours.
Do you have anyone who can help you with the work?
How likely are you going to be able to get a mortgage to cover that work? Are you employed right now, and, is your mental health stable?
How do the neighbours know you have difficulties with your mental health?
I would be wanting 3 valuations. Most valuations are really a range, so between xxx and xxxx. Then talking to them about how much it would be worth if done up, what did they think about ways to add value, or what not to do.
If you have the energy and mh then I would buy to do up and sell if the figures actually added up. My question would be if you did make profit would your Mum then decide some of that is hers because she sold it to you cheap? Or put on pressure because you're selling the family home? Most parents wouldn't but what about yours? If you don't want to live there long term then the neighbour is only a short term issue.
A parent selling their house to a child could work in many circumstances. Both have less legal and estate agent fees, easier chain, child gets a discount, house stays in the family.
With a difficult parent I would be cautious. At my most cycinical; they get the same or more as would on open market but they don't get all the fees, they don't have the same stress of the chain, they feel they can interfer once you've moved in. Not saying your mother is like that.
Do you want to keep the house or sell on as well?
Because if it's a keeper then you have more time to get the work done, add extensions etc. If you plan to sell on almost immediately this will add stress (and cost).
You're only getting a 10K discount, a neighbour hates you and your mother will always see it as hers. No way.
Buy another house in the area and negotiate a 10k discount.
I agree with getting a few valuations- a 10k 'discount' is negligible unless you are in an area where houses cost circa £100k.
Sounds like your mum will be the one winning at that sort of cost, and considering what has to be done tbh.
No no no. You don't need it. Your mother will use this to make things intolerable for you. Never buy a car or a house from a relative. You don't need the 10k discount that badly.
Don't buy it OP. Regardless of there being a lot of work to do, and possibly lots more, than the eye can see, you do not want to live by a neighbour who hates you !
In the grand scale of things, 10000k , isn't really a discount !
Enjoy the dream, but ultimately, face the reality.
I'm weighing up the pros and cons and it seems to tip slightly on the no side. If it was a different house without so many issues you'd probably feel it was a safer choice. Buying/selling/moving home is stressful enough and nobody needs extra problems on top of the rest of it.
Another good house nearly always comes along but obviously it's your choice.
She won't get within 10k of the asking price if it's a big house that's worth a fair bit i.e. 10k is a small percentage of the value. I think she's just wanting to shove it onto you. If she's toxic she'll judge everything you do and/or still see it as hers.
Take your mum out the equation and the £10,000 discount and look at the house with a dispassionate eye. Would you buy it for that price if you found it independently through a estate agent or property website? Have you looked at any other houses? Are you even thinking of moving anyway? The £10,000 discount is debatable - if you weren't buying from your mum you'd probably bargain much harder and more dispassionately. It doesn't sound to me as if you love the house - your not coming on here to say it's your beloved childhood home, you can't bear to see someone else living in it, only that you don't get on with the neighbours and it needs loads of work.
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