Viewing update/ Edwardian Terrace/ it looks like a money pit [shock]

[DespairingHomeowner]

Little update on my viewing yesterday- referenced in previous thread

www.mumsnet.com/Talk/property/4051109-What-does-offers-in-excess-of-mean-In-England

I saw 3 properties yesterday: one a well maintained but small end of terrace: not for me, hated the open plan downstairs

One I got to stand outside looking at for 40 mins as agent didn’t turn up . I went too happy but if I was vendor I worked be fuming ! It was Winkworth and head office didn’t manage to get agent either ,,, after 40 mins I just left

Lastly: the Edwardian terrace ‘offers over 500’ house

My instinct likes it: spacious (it’s 96m2 but feels more as high ceilings), charming working open fire in front room (I have working fireplaces at home which I never use, obviously better when someone else lights it!)

Kitchen and bathroom more liveable than I thought... but of my the state of the back of the house from outside. Render chipping off and absolutely ROTTEN windows: a toddler could karate chop them into splinters! Few water leaks too...

I've spent the evening researching sold house prices in last 2 years on this street, & 2 either side, and costing out what it would take me to get the same (offsetting for used condition) - it brings me to 460/470

I am going to have a second viewing to make sure some of the things I think need doing actually do need doing (roof mainly), and will refine my costs a bit, but will be going in with a fair and reasoned offer: will be very interested to see what the feedback is

Its been really educational as not even including the hassle factor/challenge of having to fund from cash income vs borrowing

Its been an eye-opener to me on benefit of keeping a property up to standard over time!

How have the prices been around there? In many places, sold price a year or 2 ago would be out of date. The house does sound like quite a project, though.

@JoJoSM2: I've been trying to work that out, with the help of zoopla sold prices + specs :)

I've taken prices from 2018/19, & have details (sold price & specs) for 4 sales, 2 same street, 2 next one v similar terraces

• 510K - better condition + parking space, same size, most 'comparable' (dated kitchen + bathroom etc, similar floorplan + rooms)
• 515 - better condition & decor, bigger (112 mm2 vs 96)
• 522 - conservatory + downstairs WC & immaculate, but only an extra 5m2

-537 - massive conservatory + loft conversion + downstairs loo + immaculate, and 130m2 vs 96m2 for this one

I'm not sure if house prices in London (this is Z5, North of River) are going down or up, so I'm working off them being same as 2018/9, although I understand they are most likely coming down a bit rather than going up?

In our area of sw London prices are definitely up on 2018/19.

@Crazyhorses123

In our area of sw London prices are definitely up on 2018/19.

Thanks - is yours a desirable/naice area? (I think of most of SW London being that way), and do you know by how much?

In my area prices of both houses and flats are down, and by quite a bit - Z2 NW London - around 10% at least for flats, maybe a bit less for houses. I understand the general trend is a widening gap between houses & flats?

old houses are a constant drain on the purse, but I'm sure people with newer houses can also spend a lot.

It really depends what you want.

If you are young and strong you can learn enough DIY to save yourself some money. One day you will get fed up with it, though.

I'm definitely looking for something I can improve /extend over time, & would only consider a period property .... but if something in better condition comes up I will be making a beeline for it!

I actually enjoy the transformation side of things, wouldn't want an 'immaculate' & 'done' house (unless by a miracle it was done exactly as I would do it...) - just wish it wasn't such an expensive business. Up for a bit of DIY, but more like painting/tiling, I think plastering/roofing etc is a bit beyond me...

Flats are a bit unpopular at the moment. Property in many more expensive or prime areas have dropped in recent years. In my cheap part of zone 5, they’re definitely a fair bit higher than 2 years ago. Suburbs and the commuter belt seem to be popular at the moment.

www.theadvisory.co.uk/propcast/

That’s good to see what’s currently happening.

@JoJoSM2: thanks for the link, an icy 26 degrees but positive outlook where I’m selling, vs temperate 36 degrees but cooling where I’m buying!

That's an interesting link - 70° where I am!

@fourmonthstogo

Are prices going up by the week? Are you selling/buying now?

Both buying and selling. I'd thought it was settling a little after a huge post lockdown boom.