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would you buy a concrete construction terraced house in very good order with a nice garden?

(27 Posts)
beaglesaresweet Mon 18-Nov-13 13:26:44

I think it's a 70s/80s built but it doesn't look ugly like concrete block - the whole terrace is white, you wouldn't really think it was.

The house decor is excellent, nice garden, and all in good condition, location good also (zone 4 suburb in london), station not far.

So tempted to have a look as the price is attractive, but what aer the real issues? Is it really going to crumble in X yrs and that's why it has to be cash offers? I wonder how long is the life span of these building - current views?

Another question - I stayed in a concrete flat once and they do get quite cold/damp unless always heated, so would it require more heating that a usual house?

Also, aer the walls very thin so you hear neighbours on both sides?

One drawback of this house is that the toilet is separate from the bathromm but has no wash basin in it!?! Is it possible to knock a separating wall down in such a house?

Are these bound to drop in value over say 5-10yrs, so are hard to resell?

thanks so much for any replies!

orangepudding Mon 18-Nov-13 13:31:11

As they are looking for cash only offers I would be very wary. It will be hard to sell if you to can only offer it to cash only buyers.

beaglesaresweet Mon 18-Nov-13 13:34:57

yes, I'm aware of this issue, but the problem is, it's SO hard to find houses to buy without the mad competition, with all the advantages that this one has! And of course it's cheaper than non concrete. If having to find a cash buyer when I sell is the only compromise, I think I would consider, but if there is a list of other issues - as in my OP, then it's no-go.

Petitgrain Mon 18-Nov-13 13:38:12

It's cheaper for a reason. Which is that it's a poor quality dwelling prone to damp problems and with a non-predictable lifespan. It will also be very hard to sell on. Run a mile.

Thewhingingdefective Mon 18-Nov-13 13:39:20

Is it mundic block? I would be very careful about buying concrete.

We looked at a lovely house with just one wall that was mundic (can't remember the rating) and would only have been able to get a 50% mortgage on it. The house is really nice, but it has been on the market for two years now.

lalamumto3 Mon 18-Nov-13 13:45:04

Why don't you contact your mortgage provider and ask if they would provide a mortgage on it, if they say no you will not be able to resell it.

As your house is probably your biggest asset I would be very careful about buying something like this, even though you may think you will live there for years, sometimes our circumstances change, the last thing you want is to not be able to sell in the future.

As others have said, personally I would discount it.

PeterParkerSays Mon 18-Nov-13 13:57:46

I seem to remember when we first bought that you couldn't get a mortgage on a concrete house. Would be worth checking with your intended / current mortgage provider before you view it and get your heart set on it.

HaveToWearHeels Mon 18-Nov-13 13:58:54

It is not mortgagable for a reason, people do not want to invest because the house is sub standard with an unknown lifespan.

Middleagedmotheroftwo Mon 18-Nov-13 14:03:27

It makes no odds to the seller whether you have sufficient piles of pound notes, or need a mortgage, because either way they get the cash if they're not paying off a mortgage themselves.

It does sound as if they don't want you to take out a mortgage, as this would entail a survey being done, and you might not be loaned the money.

I would ask them why they want "cash" - and does that mean payment in pound coins, or would a cheque do? May be something hooky even if house turns out to be OK (eg tax dodge).

titchy Mon 18-Nov-13 14:11:23

Cash offers generally mean the property isn't mortgagable. To be blunt you'd be a fool to buy such a property.

Having to find a cash buyer when you sell isn't something you should ever consider. It could take you years to sell, and you would probably lose money hand over fist.

If it was a detached then you could knock it down and rebuild, but obviously you don't have that option with a terrace.

beaglesaresweet Mon 18-Nov-13 14:45:09

thank you for all replies - a resounding NO then! Oh well.

They want cash because it's concrete, not because it's dodgy, Middleaged. It's always the case for concrete flats/houses as the lenders don't know how long would a lifespan of the building be, i.e. can drop in price hugely. I was wondering what was the current thinking on the lifespan, but seems that there is no precise info.

I'm just wondering how the current buyers bought it and had lived in a happy-looking houses, without worrying about all this. Possibly it was ex-council and then they bought very cheaply? I was really only considering because the current owners are clearly not investors (as mostly the case with concrete flats that aer rented out), and it's so well looked after, double-glazed, etc.

But a good point about my circumstances possibly changing and then not being able to sell - or sell for a low price! I do fear that even if there aer buyers, the price would be dropping over the years. Shame really! if I had a crystal ball as to how long would I live there, it would have been a doff story grin.

beaglesaresweet Mon 18-Nov-13 14:48:15

haha, Middle, about the pile of pound coins (imagine the size of that!) - of course not, it's all done by bank transfers, they make sure there is no money-laundering involved!

Aquariusgirl86 Mon 18-Nov-13 14:51:57

If it's the type of house I'm thinking about you can get a mortgage on them if you put a brick skin on them?

titchy Mon 18-Nov-13 15:14:58

You can't add a brick skin to a terraced house!

costumething Mon 18-Nov-13 19:10:46

My parents live in a concrete semi built in 1964. It isn't damp or deteriorating yet. You used to be able to get mortgages on them, its relatively recently the lenders have started getting twitchy about them.

HaveToWearHeels Mon 18-Nov-13 19:35:27

Costumething Lenders have probably become twitchy as over the years it has become apparent that these houses are not a good investment.

lalalonglegs Mon 18-Nov-13 19:55:12

Find out a bit more about the construction. Some lenders will lend on concrete houses but NOT ones made of prefabricated panel concrete. If it's another sort, you may be fine if a surveyor certifies there is no sign of concrete blight.

costumething Mon 18-Nov-13 19:59:19

Havetowear. This is true, I was just answering the OP when she wondered how the current owners bought it.
They can be a pragmatic buy for an elderly person wanting to downside and never sell again or for the value of the land.

cannaethink Mon 18-Nov-13 22:20:31

I live in a 1950s concrete semi. It's steel framed with prefabricated concrete panels. We bought it last year and got a mortgage no problem.
We do get a fair bit of condensation on the windows in the morning during the winter but I've had that in other houses too.
I like it, I'm hoping it won't fall down!

bundaberg Mon 18-Nov-13 22:26:21

it depends on the type...

i mean, if there are a lot of them in the area then obviously enough people are happy to buy them!

I live in a concrete construction house, and it did limit our mortgage options slightly, but it wasn't a problem getting one.
the type we have wasn't built as a temporary thing though, they were built to be long-lasting, our council will also provide documentation regarding the construction type and the fact that they were not built just as temporary houses.

i'd ask a local mortgage advisor... i'm sure they'll have come across it before

bundaberg Mon 18-Nov-13 22:28:35

oh to answer other questions... my house is a bit drafty but that's mainly because of the crappy windows grin once we've replaced them all i think it'll be a lot better. we also came to here from a very warm flat, so it's hard to tell!

don't hear the neighbours particularly, no.

internal walls are like any other house. stud partitions/plasterboard in our case so no problem with knocking toilet/bathroom into one I wouldn't have thought.

mine has gone up by at least 20k in the last 7 years.

bundaberg Mon 18-Nov-13 22:39:19

ours is a selleck nicholls large panel construction

QuintessentialShadows Mon 18-Nov-13 22:42:52

Have they tried Dock Boots neoprene wellies?

QuintessentialShadows Mon 18-Nov-13 22:43:50

Sorry. Wrong thread.

angelaev Mon 12-Sep-16 16:22:40

Hi all
I want to buy a flat build with large panel system dwellings, but I don't find a lender. if someone here can give me a name of a lender or a broker who can help me please.thank you

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