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Original poster

Should i buy my 'forever' house ?! please advise me!!!

59 replies

wendylanguage · 20/09/2008 09:17

I am so fed up with renting. We have 100K deposit from our old house sale. I have viwed every single house on rightmove dozens of times for 9 months now in the area we want to buy in and keep going back to the same house over and again. On the market for £250K. Needs new kitchen, bathrooms, drive, windows in a state etc. BUT it's in a cul de sac location (not many in my area, lots of houses on main roads) with families and small children; has a field behind protected from building work; not overlooked; nice garden; double garage - and basically ticks every box we have. Yes it needs work, but it's all fixable. Should we offer on it despite the fact house prices are going to drop etc etc etc!? Added complication is that we went to view yesterday and the woman is still in cuckoo land. Thinks her house is a bargain. I know she won't accept a low offer despite being desperate to sell.
Please help all!!!!

OP posts:
Original poster
wendylanguage · 20/09/2008 09:18

Oh, I forgot to say. I can see myself living in this house for the rest of my life. It's exactly what we're looking for. Thus does it matter if the price drops, as long as we can afford the mortgage? Our rent is 850 a month, which is probably similar to a mortgage on the amount we'd need.

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undercovercat · 20/09/2008 09:19

Dont let her know how much you like it. And offer very very low.

noddyholder · 20/09/2008 09:20

Only if you can get at 2004 price.If it needs that level of work offer 200 as it will take prob 30k at least to put right.I have just signed contracts for forever house whatever that is!BUT I am getting it at about 65% of what it would have been last year.She can't be that desperate yet!

boogeek · 20/09/2008 09:20

If it's the right house and you can afford it at the price it is on the market for, go for it. Prices will drop and rise and drop again many times while you spend the rest of your life living there in bliss!

NotDoingTheHousework · 20/09/2008 09:22

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Message withdrawn

noddyholder · 20/09/2008 09:24

It does matter though if you pay 250 and have a 150 k mortgae you could be paying ££££££££ for more yrs than if 100k mortgage!

Original poster
wendylanguage · 20/09/2008 09:31

Thank you so much for your replies so promptly everyone! it's nice to hear some positive comments from you all. I agree noddy, we wouldn't pay 250 for it. I've already looked at 2004 price, too, which is 200 for one opposite with same spec. Only 4 houses sold on this street since 2000 so it must be full of 'forever' houses!

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Original poster
wendylanguage · 20/09/2008 09:33

Also I agree with you it will cost to put right, but we can do it gradually and live with some of it for a while. I just feel like bathrooms and kitchens i can fix, but some things I can't quantify - like views for miles and common land behind my back fence, children playing on the street, a safe street etc etc.

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Original poster
wendylanguage · 20/09/2008 09:34

undercovercat, what would you call very very low?! I was thinking of 30% lower, but having met the intolerable woman again yesterday (we viewed it a year ago, so have met her before) am worried she will be offended and not negotiate if I go in too low. is 175 too low do you think?

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undercovercat · 20/09/2008 09:36

You could offer 175 and work your way up to 200. Surely her estate agent is telling her to get real?

Original poster
wendylanguage · 20/09/2008 09:38

so you'd think! She is renting in london and has offered on a flat there and been accepted. But the added complication is it has just gone up for rent too. I think she would rather sell than rent so she can buy the flat but she does have this other option now.

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Original poster
wendylanguage · 20/09/2008 10:24

Update! have offered 175 estate agent told me she wouldn't accept. We'll see!

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undercovercat · 20/09/2008 12:08

Fingers crossed!

wombleprincess · 20/09/2008 12:47

if you'll be there forever and you can afford the mortgage, buy it.. we offered about 17% below on dream house because that was what we could afford and seller accepted it. i know that if it had gone on the market at that price then and today it would have/would sold/sell within days. fortune favours the brave!

expatinscotland · 20/09/2008 13:19

hoping for the best for you, wendy!

Original poster
wendylanguage · 20/09/2008 13:38

Thanks all! Update again: she has rejected 175 we are in at 190 now but not holding out much hope for that! EA seems unimpressed with the vendor as are we and we don't think she'll budge too far from the asking price - I'll keep you all informed!
Glad it worked out for you womble. I just want my own home again and to feel i can be settled. it should make financial sense to rent and wait, but it doesn't make emotional sense!

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noddyholder · 20/09/2008 17:45

Hold your nerve we offered 210 on a 300k house and after much to do got it for 213!

sallystrawberry · 20/09/2008 17:49

This reply has been deleted

Message withdrawn at poster's request.

WideWebWitch · 21/09/2008 08:25

look at this article

I think hold your nerve too and although I think it's a terrible time to buy I think buy it IF

a) you can afford the repayments and will be able to even if it goes up to 12%
b) you don't care if it's worth £100k in a couple of years time
c) it really is your forever house (and you ARE repaying capital not just int only)

LyraSilvertongue · 21/09/2008 10:06

We've just bought our forever house. If it's a house you want to live in for the rest of your life, and you can afford the mortgage, then go for it. Prices may well drop further but your forever house won't be on the market forever.

lalalonglegs · 21/09/2008 14:16

So she thinks she can let a house that needs a new kitchen, new bathroom, has knackered windows and the drive is falling apart? The lettings market in family homes in good condition is saturated in many areas because of people in her position letting rather than selling in the past few months - she'll definitely have problems renting out a tired family home.

Your problem is that she is moving from an area where £250k will easily buy a three-bedroom house to London where it won't buy anything much at all so she is desperate not to lose any more equity. However, no seller, no matter how desperate, will hold their house indefinitely for a buyer who isn't able to move him/herself so she will soon be under pressure to sort something out and your offer will suddenly look a lot more tempting.

Original poster
wendylanguage · 21/09/2008 19:42

You lot are wonderful! thanks for your words of wisdom. Thanks Wwwitch, i think you're spot on. It's what we think too. a)We can afford the mortgage even if it goes to asking price, it will still be less than our rent. We'll probably get a fixed mortgage deal so we are sure about rates b)We don't care what it will be worth because we intend on living in it forever! and c)you're right - we'll get a repayment mortgage and I'm pretty sure it's a forever house!
Lyra, did you get your house for less than the asking price?
Unfortunately the rentals market is buoyant where we're living so she should be able to let it out, I should think. Mind you, it doesn't have an oven!!!
Lala, you're right too though - she is buying in London somewhere - we live oop North so a 4 bed detached is cheaper - although where we are is one of the more expensive round here! If she really does want to proceed with her sale, maybe she'll see sense. She's so stupid though, says she is going to rent and 'ride out the market' - it'll be a long ride!
We didn't get back to the EA on Sat again after she rejected 190 - we are off to the see the building society on Tuesday so decided to let her think til then. Don't know what to offer next. EA says she def wants the asking price!

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LyraSilvertongue · 21/09/2008 21:12

Yes we did, £60k below the original asking price. Your seller is living in cloud cuckoo land if she thinks she's going to get the asking price in the current market. No-one is foolish enough to offer the asking price, not even for the best houses.
We had a battle to get ours, between us and another party who wanted desperately to buy it, but still we got a lot of money off. Tbh I don't really care if it's worth less than we paid for it this time next year because we're in it for the long haul. We plan to stay in that house till the children are grown up and left home (they're 6 and 4 now).

Original poster
wendylanguage · 22/09/2008 13:57

yes, i think that'll be us too with whatever house we end up buying. I didn't think anyone offered asking price even in a seller's market! We've bought twice before and not paid the asking price before, despite both times buying at good times for sellers.
Oh well, we'll see how it goes!

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goldenpeach · 22/09/2008 19:41

Yes, let us know. Silly woman!
I did the reverse, sold in London to move somewhere cheaper. The market was really falling in London but we have noticed that out of London sellers are still in denial. I'm looking forward to when we start the buying process as we are chain free and potentially cash buyers. I'm now of the opinion that there is no forever house or dream home, I'm in for a bargain as I don't mind gutting the place. The house we sold was in very good condition and didn't allow us to do what we liked to it (we didn't want to replace good kitchen and bathroom just because we wanted something different). But I see what you mean, good location cannot be changed so it's worth more than good fittings.

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