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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!!!!

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Original poster
wendylanguage · 22/10/2008 16:02

Well thought I'd post an update to my saga. Recap was - offered on a house we loved, seller stupid, only wanted asking price (250) and put it on to rent.
4 weeks later and it hasn't rented out yet and she has been back onto us via EA. Letting us know her bottom line figure is 225 and do we want to bid again (we are on 190)
So at least she has budged a bit! But a lot has happened in 4 weeks with all these banking crises - it doesn't seem like a great time to be getting a mortgage. people are predicting interest rate cuts so not fixed rate one, anyway! should we make another offer or leave her to sweat a bit?
This house feels like our destiny, it keeps stalking me, even when I'd given up on it!

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FimboGotAxed · 22/10/2008 16:11

I would offer £215. Says thats your best and final offer, you want to know by 5pm (on the day you offer), state you have no chain and you have another property to offer on.

KatieDD · 22/10/2008 16:55

Imagine £60k in a suit case and imagine giving that away to stranger you will never see again. Think of the holidays she will have instead of you, imagine her children at University in comfort whilst yours aren't and keep that thought in your head whilst making offers on houses.
Houses are worth what you are prepared to pay and not a penny more.
£190 is a VERY fair offer, if she can't see that she is a fool.
There will be another house, there always is.

KatieDD · 22/10/2008 16:56

If you're in rented yourself, why not rent it off her, knock £50 a month of the rental asking price too, when she is loosing money/fed up of not having the place sold she knows where to find you to accept your £190k and you haven't got to move again, also you can stop it being sold to somebody else

GrabShellDude · 22/10/2008 17:02

Fimbo's idea sounds good.

Yes prices may well fall somemore, yes they may well start to rise again in the distant future, blah blah. But, you know what, a home for your family is the main priority whether that be a rented place or bought.

If you're that fed up of renting and convinced this is the right house for you then go for it.

bodycolder · 22/10/2008 19:46

I would stick at 190 or go to 200 if you absolutely love it and its not about £ Although i am biased as we compleed on our house last friday and have been in there with builders all weekend making plans and it is amazing!I hated renting too

KatieDD · 22/10/2008 20:56

Bodycolder, see if it's still amazing 4 weeks later when the builder are no further on and you have nowhere to put a Christmas tree or when the boiler breaks on NYE and the call out fee is £250, was very glad to be renting that day

Original poster
wendylanguage · 22/10/2008 21:39

Thanks all. The problem is there are too many issues to think about.
Don't know what we'll do! I'm tempted to phone the EA back and tell them we are still interested and to leave the 190 on the table but we can't bid any more at present, but give us a ring back if she has a change of heart, or if anyone else is interested. Just let her think about it a bit more.
It's a great idea to rent it off her - unfortunately it needs stuff doing to the house to be comfortable and I think I'd be too annoyed to live there! There's no oven!!
It's like a balancing thing - do we need a family home right now, where we can be settled, or should we just wait for this price crash thing? And her house has come down from 285 to the 225 she says she will accept now in a year so I suppose it's already well priced for right now.

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KatieDD · 22/10/2008 22:05

Please please wait, this really is the start of things to come, that house could well be worth £150k by this time next year.
Gordon Brown has been lying through his teeth for the last 6 months trying desperately to save the enevitable crash but even he has had to admit today that we are in a resession, not a blip, not a bit of a downturn, a resession and you are in a fantastic position.
Think of your children, be selfish and don't throw away this opportunity to secure your future.
£190k or she can run and jump.
Or say to the agent you'll rent it but it needs x, y and z doing, everything is up for negotiation, the fact that she is coming back to you is a good sign. You have the upper hand here, don't waste it.

MizZan · 22/10/2008 22:11

WL, we are in somewhat similar situation, wishing you luck! Sick to death of renting, love our area, house right across the street came up for sale 6 months ago which is the right size for us, great street, big garden backing onto cricket ground, convenient etc. Thought sellers would be somewhat negotiable as house is in a complete state and uninhabitable, no central heating or kitchen, bathrooms basically almost unusable, full of damp, and it is an estate sale. There is no way they could rent it out. We aren't cash buyers but have a big down payment and no chain - however unlike you we could not afford this place at current price and also afford to do the work needed to renovate it.

And yet - the sellers are hung up on the idea that the house is a goldmine, because another house on the street sold for a stupid price last year, and they won't budge. We made a low offer (not ridiculously so, about 30% below asking) and the estate agent basically said, "Surely you don't mean you're offering that for the house on X Road?!", and spun us some story about how the owner is "reluctantly considering" a cash offer just below the asking price...and yet the place remains stubbornly on the market despite many viewings. I am not even sure the EA has passed our offer on. So frustrating.

anyway you sound much likelier to get what you're after in the end - enjoy it!

critterjitter · 22/10/2008 23:20

Agree with KatieDD that the fact that she has come back to you is a positive sign.

MizZan
"Surely you don't mean you're offering that for the house on X Road?!"
I've heard that one before! And the two houses concerned are still very stubbornly on the market (with overgrown gardens and For Sale signs swinging in the wind!). I think its taking a while for vendors to click that house price falls mean that THEIR house price has fallen. And its taking a while for EA's to realise that no one is desperate enough to take any notice of their bull anymore!

Jampot · 22/10/2008 23:52

im in the same position - would love to buy but would ultimately prefer to buy with no mortgage so will wait for a while longer. NOt sure whether its the EAs or the vendors who are clinging to the perceived value of these houses.

bodycolder · 23/10/2008 08:03

katie this is my 10th house renovation and I don't use those sort of builders now!I've learned that over the years Also still in rented while they work so not too hectic

KatieDD · 23/10/2008 10:18

Bodycolder - can I have their numbers please ?

lalalonglegs · 23/10/2008 14:16

I was talking to an agent yesterday and he said the way to play it is to let the agent know you are a good buyer - and you are: no chain; big deposit - and then don't offer anything. Let the agent do the work for you - he will be desperate to sell to you and will be persuading the seller to drop, you don't even need to negotiate. So don't call agent back - except to say that you are still interested but don't believe the house is worth what she is asking - and let him bring her down.

Original poster
wendylanguage · 24/10/2008 22:46

Katie I know that you are right in fiscal terms! But we are unhappy! This being unsettled, not having anything to do or think about (i.e. planning and decorating etc) is affecting how we are seeing our lives. We are used to having a house to do stuff on, and we like that. I can't read a house magazine, visit a DIY shop or watch a property programmed on TV - I feel too depressed! We don't want to sit and watch TV, because it isn't ours; we don't want to even go in the bedroom (!) because it's just a plain box with our furniture in it, and black condensed moulds on the walls.
We haven't got back to the EA. They're pretty useless, Lala, don't think they talk a dog into chasing a cat to be honest! When they phoned to say about her 'bottom price' she said, apologetically, of course, you won't be going to that price, will you, in the current market, so I won't waste your time'. Very persuasive!
We're not going higher than 190 at least for now, but i'm fed and up and feel like life is too precious to be wasted. Katie, I feel like the future is today, tomorrow and next week - and that's what's important for us! We will be secure enough in years to come - I'll be back at work and we're good at saving - and if we buy this house, we won't want to move til downsizing, anyway, so it's not like we'll be using the equity.
But I know what you mean. If we wait and pay £150K, then we'll only have a £50K mortgage instead of a £100K one. (although a £100K mortgage will cost us £200 at least less a month than our rent, in the meantime!) My head will explode quite soon!

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bodycolder · 25/10/2008 14:28

Have been stripping wood chip all morning but swtill loving my house.I understand totally wendy how you feel if you are a 'house' person living in rented with no plans is v hard

critterjitter · 25/10/2008 18:25

Wendylanguage
Could it be that the EA are being fairly weak about all of this because they feel that the vendor isn't a 'firm' bet? It may well be that she's put the house on the market before a few times to test the water etc., and nothing has come of it.

However, in the current economic conditions, I would guess it will only be a few months before she comes back to you and agrees the price.

lalalonglegs · 25/10/2008 18:50

I do understand how you feel and saving a few quid doesn't compare to feeling settled. But do be patient. Christmas is a big date psychologically and, if nothing turns up in the meantime, I think the seller may decide to cut her losses either just before or at new year. (And I was right about her not being able to rent it out, wasn't I? )

Original poster
wendylanguage · 25/10/2008 19:08

Yes Lala you were right! We are not going to raise the offer, don't panic all! The current thinking is to phone back and say the £190 is still on the table and we are still interested, but it may be withdrawn or go down in the current climate (i.e. get a bloody move on and capitualte, you stupid woman.)
Critter - hoping you're right and this woman doesn't cut off her nose to spite her face! I would love to live in her house!
Body - think we are alike - would love to be stripping wallpaper off right now rather than cleaning mould off all my clothes in the wardrobe (which I discovered last night at 10 o clock
Keeping you posted!

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Original poster
wendylanguage · 25/10/2008 19:09

oops, I meant capitulate of course

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bodycolder · 25/10/2008 23:31

wendy all my clothes are rotten too!Its shocking what lettings get away with in this country.No wonder people are despreate to buy even at silly prices!

Quattrocento · 25/10/2008 23:39

Be sensible about the work that needs doing and itemise it:

New kitchen - £10-£20k
New bathrooms - £10k
New windows - £20k
New drive - £10k

Add a bit (don't subtract anything) and assume it will all cost around £60k to fix.

So say you cannot borrow more than £150k. Then £150k plus £100k is £250k. So that means you can offer 190. Try it and see

Original poster
wendylanguage · 26/10/2008 08:53

Well, I don't know where you live Quattro, but things don't cost anywhere near that much where we live, luckily! So even if we did that the vendor would know that things don't cost that much to put right. It's cheap up North!

We did new drive in our old house for £4K block paved, on a huge drive - and planning to do it cheaper in this house! And we'll just bung a cheap kitchen in for a couple of years til I'm back at work, same with the bathrooms.
So:
Drive 3K
Kitchen 3K
Bathrooms 5K
(Windows - would be 4K but they're wooden, aren't rotten, just need sorting and painting for a couple of years til we can afford it)

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oopsacoconut · 31/10/2008 11:30

Wendy We have just had our offer accepted on our forever house - it was on in Jan for £285k dropped to £250k and now to £239k we offered £195k and they turned us down, EA rang to say they would accept any offer with a 22 at the beginning so we left them to stew for 4 days had a second view waited 2 days and offered 200k final offer valid only for 1 week - lo and behold they didn't say no immediately then we got a call asking us if we could exchange in 28 days - we said yes they accepted £200k offer and the house is pretty up together with no work to be done apart from changing the decoration a little. So persevere it will be yours!!!!