Ok property gurus. I have a question.

There is a street and I know the average house price down it.

One end property backs on to the railyway line. The railway is sunk down a bit of course.

Should this make it worth less and how much?

Another end property is joined to a much newer built garage. The back of the garage is joined to the side of the house, and they are at 90 degrees to each other. It is a family type MOT station place not a Shell or Kiwkfit or anything. You cannot see the garage from the house, just it is bolted to the side.

Would this knock value off the house and by what % do you think?

I am assuming it would but then all houses on the street have to 'put up' with the garage as the street is short.

I am really not sure why the garage is there as the land it is on is probably worth loads and cheaper light industrial facilities are available out of town.

 

Yep... The industrial buildings and the railway with both detract in price and desirabilty..

I would guess at 20%..

 

Might put an offer on a house which is being offered for 255k but I wish it was 250k for stamp duty purposes. I am right in saying you pay 1% on a 250k house, but 3% on a £250,001 house?

 

Yes....

Correct......

Unless you complete before 24th March...

You are a FTB Tony ?

 

I'd be putting a £220k bid in to start anyway, they will know no one will pay £255k purely because of the stamp duty.

 

Yeah seems an odd price to set it at?

I don't see the gap between asking prices and selling prices here ATM. I've been looking over zoopla etc for what houses have been going for. It's a fairly pricey place to live and everyone has new ranger rover sports . I'd worry I'd miss out if I offered 220k.

 

Yes a FTB. I don't think I would be able to complete before 24th March no way actually 'cos of the time I guess it take and going away to work.

 

I've pushed a couple of purchases through in under a month. It is possible with the right people.

 

£250k houses and people drive a brand new car worth 20% of its value??

Sounds like a horrible chavvy place to live tbh

 

Sorry I was remarking about the area in general.

Two postcodes here. A zed-index of 450k and 350k respectively.

250k is positively skid row around here.

Loads of nouveau riche types around here driving RR sports and Porches etc.

It used to feel more 'old money' and was less ostentatious but changed the last 10 years or so.

I'm a pauper relatively.

 

Well I can guess why it is priced at 255k so then the mug (buyer) who bids 250k thinks he has got a great deal (by avoiding the 3% duty), when it they had priced it at 250k he might have bid 245k and still got it.

My research todays shows an average bid-ask spread of 6% in my area the last year.

They are crafty sods those estate agents.

 

Can you put verbal offers on more than one house at a time?

 

Yes and you can withdraw and change them at anytime.

You can do that with written offers as well. Just make sure you always write 'subject to contract' next to all written offers. Not sure if that actually makes a difference anymore but was something my old man told me to always do years ago

 

It'll cost you £10k more to buy a house worth £5k more You'd be better off buying the house for £250k and paying £5k for the fridge separately (if that was allowed )

 

Yeah I know, they put it at 255k to make someone bid 250k and feel pleased 'cos they just miss the 3% duty. If they had marketed it at 250k then 250k suddenly wouldn't feel so great 'cos that is buying for 100% of asking price.

Anyway I looked at this terrace and it was really great, slightly not fantastic location but priced fine for that, but guess what. Absolutely no place to park, except on the curb not even in sight of the house. Estate agent (sour faced old woman) said this is parking spot and I don't even reckon it is strictly legal as it blocks most of the pavement. Anyway that was a deal breaker.

It had an awesome loft conversion which was really something.

I looked at another period terrace also today. I thought it was ok, but going into the cellar and it is all original so decades old wiring, bodged pipes here and there, I am sure there are worse but you can tell this is an almost 100 y/o house and suddenly didn't seem quite so solid. Basically the cellar was an eye sore and the ceiling about 5' 6". I am guessing cellar conversion dig down a few inches to give more room?

Also had a skylight recently changed and evidence of dripping and buggered plaster there.

As much as I like period terraces (for their character), there is bugger all storage space and room for rugged masculine men like me to work on cars and stuff.

The alternative is later (like 1930's to 1950's) semis that are slightly further out of town.

I looked at a 50's one a few days ago and it was fine but charmless, like a box of bricks.

I'm gonna see a 30's one which has been refurnished. Looks really good on paper, but at my max budget.

 

http://www.bbc.co.uk/news/business-16962144

Not what we would expect surely??

 

People are obviously buying ATM. I asked to view one semi just now that had been on the market less than a week and it already had 4 offers.

 

hardly surprising when the value/return of pensions/savings/investments is so pathetic

which is odd, because we are constantly told we have a world class finance industry

 

How much should you set aside for solicitors/conveyance and survey?

 

3 to 5 k


but it depends what type of survey you go for

a full nuts and bolts structural survey is a lot more than a simple "homebuyers" mortgage valuation/survey

 

Yeah sure. If I bought a period house I'd get a full survey. A newer house depends on what I think.

 

well I would prob be more concerned with a new build tbh

a Victorian mid terrace that has been standing for a hundred odd years would give me more confidence than a sh1tty new build or a 60's prefab

 

but ultimately you have to take a view,

and a full survey can throw up so much sh1te that you begin to doubt the purchase, when it actually could be a v good deal (I have seen it happen)

 

Agree with Hodgy I wouldn't bother on a period house unless you were suspicious about something.

Even most so called full structural surveys are rubbish. They cover their own a88es with loads of cop outs. Waste of time and money 99% of the time. Get friendly with a decent builder and get him to have a look.

 

I thought the surveyor's report would be a guide as to what to fix. Six months in the house, a lot of dirty clothes, many bright torch batteries, grazes and bruises, and my favourite tool - a demolition bar - and I have found and fixed far more including numerous water and air leaks, wiring faults, central heating faults, roof problems, missing insulation, rotten wood, leaky windows and thresholds etc. The surveyor just covered their **** and didn't notice loads of stuff.

 

This is why I am of the opinion that if you are buying a house where you intend to live for a significant period of time buy a wreck. Then you replace all the electrics, heating, bathrooms, kitchens etc and you know it has been done well and to a good standard.

This is what I have done with my current house and that's why it also feels like a home.

 

That's a good point actually.

I looked at a refurnished house today that I know used to be a rat infested mess. It looks superficially fine with new wiring, plumbing etc, but I just get the feeling I don't know what cracks have just been papered over, plus the kitchen and bathrooms are mediocre/bland/boring. If I am gonna pay a premium for a house with a new Kitchen etc I would like it to be one I like. It looks to me like the Builder has refurnished it as cheap as possible.

This was a 50's semi.

I liked the period terrace more despite the old wiring and bad plaster. It's not a wreck though, far from it.

 

That's exactly the problem. If you buy a decorated house people want you to pay a premium because it has a recent kitchen, bathroom etc but none of it may be to your taste so what is the point?

In my house I have chosen every bath, shower, tile etc. I chose the kitchen, I even 'designed' my loft conversion, outbuilding and upcoming side extension. It may not be to everybody's taste of course but it is to mine (well most of it because I've made some mistakes along the way of course)

I would probably never move but if I did it would have to be the same again, ie all the bathrooms, kitchen etc are ripped out and refitted.

 

Around 18 months ago a mate of mine was in a similar position and managed to negotiate a £25,0000 reduction in price...But he had sold a house and had cash to make up the difference..

It was on a Barratt housing estate in Cheshire..House was for sale at £274,999 and he bought for £250,000 including fees.

Unfortunatly the same houses are now for sale at £230,000 so they have dropped since.He is very dissapointed with his house,it has been a nightmare for him really.. From little things like doors sticking and refusing to open to having the boiler leak and soak the ceiling.
The positive thing to this was that it exposed the central heating pipes had been nailed directly to the underside of the floorboards so he had the "Barratt" team come and rip everything out and do it properly..

Needless to say he now wants out,and he will when the market picks up and he can recoup his initial outlay..

 

Yep...I bet you would..

I suppose its going into a deal with your eyes open..

Older houses generally are better built and have better roomspace. But they are not to everyones taste i guess..

What area are you in ?