buying a house
10 July 2002, 10:42 PM
#1
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im thinking of buying a house the one ive got an eye on is offers over £63000.how much would you be prepared to part with to secure a deal? my max is £70,000 . is this too much? someone says its silly to pay this if the surveyor says it ONLY VALUED AT SAY £64000
WHAT DO YOU ALL THINK?
WHAT DO YOU ALL THINK?
10 July 2002, 11:09 PM
#2
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depends where, current market in the area etc. Most lenders will only lend a mortgage against the valaution not the sale price so you'll need sufficient deposit to cover the difference and still have sufficient loan to value ratio to fuful the requirements of any mortgage deal.
10 July 2002, 11:28 PM
#3
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63k
They've given away what they want for it. Well IMO anyway.
Most surveys say whether the price is fair or not, not an exact value so it may not help.
Ask why the property doesn't have a 'normal' asking price i.e. 65k. Most people stick there house up for xxxx and people make an offer on the asking price. It's not the norm to say give me at least xxxx.
Just my opinion (bought a flat 6 months ago) and this is what I found.
They've given away what they want for it. Well IMO anyway.
Most surveys say whether the price is fair or not, not an exact value so it may not help.
Ask why the property doesn't have a 'normal' asking price i.e. 65k. Most people stick there house up for xxxx and people make an offer on the asking price. It's not the norm to say give me at least xxxx.
Just my opinion (bought a flat 6 months ago) and this is what I found.
10 July 2002, 11:33 PM
#4
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Yeah £64k max
Make sure you dont get messed around - I made an offer for a house a few months back - as they still have not sorted out their side they are likely to pull their house off the market and resell at a much higher price - ohhhh to live in Scotland...
Make sure you dont get messed around - I made an offer for a house a few months back - as they still have not sorted out their side they are likely to pull their house off the market and resell at a much higher price - ohhhh to live in Scotland...
11 July 2002, 12:08 AM
#5
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You in Edinburgh? If so, I'd be worried. I asked the same question about 1 bedroom flats in Dalry. Flats for offers over £44k are being valued at £55k and selling for *£70k* !! Nuts!
11 July 2002, 12:20 AM
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What part of Scotland are you in?
Normally in Edinburgh you'd expect to have to offer 10 - 15% over the upset price. At the moment, there's a huge demand for property so you'd expect 20 - 30% over upset price. Ultimately the only thing that determines the value of a property is the market - if someone is prepared to pay £100K for a property then that's what its worth, no matter what a surveyor may say.
Normally in Edinburgh you'd expect to have to offer 10 - 15% over the upset price. At the moment, there's a huge demand for property so you'd expect 20 - 30% over upset price. Ultimately the only thing that determines the value of a property is the market - if someone is prepared to pay £100K for a property then that's what its worth, no matter what a surveyor may say.
11 July 2002, 12:53 AM
#7
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If its Edinburgh, 30% over the asking price is the par.
So 64k = 84k + a bit more to make sure you get it.
If its really nice then could be 50% - but it costs you **** all to bid so have a go.
I got lucky today and got my new place for 5k over the valuation.
That was after missing a place that went for 110k over valuation, and it needed easy 30k of work doing to it
So 64k = 84k + a bit more to make sure you get it.
If its really nice then could be 50% - but it costs you **** all to bid so have a go.
I got lucky today and got my new place for 5k over the valuation.
That was after missing a place that went for 110k over valuation, and it needed easy 30k of work doing to it
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11 July 2002, 09:37 AM
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To all those comments from those in England & Wales - please note that the system is different up here in Scotland.
It is generally the case that the asking price is WAY below what the buyer is expecting in Scotland - mainly because we have a blind bid system.
I know in England, the asking price is generally the top price and buyers negotiate DOWN from there.....
In Scotland, it is the other way around.
ie, I bought my house earlier this year, and the price I paid was 64% over the asking price (!!), yet only 6% over the valuation.
Seems crzay, but that's how it is up here in Scotland (Edinburgh especially).
It is generally the case that the asking price is WAY below what the buyer is expecting in Scotland - mainly because we have a blind bid system.
I know in England, the asking price is generally the top price and buyers negotiate DOWN from there.....
In Scotland, it is the other way around.
ie, I bought my house earlier this year, and the price I paid was 64% over the asking price (!!), yet only 6% over the valuation.
Seems crzay, but that's how it is up here in Scotland (Edinburgh especially).
11 July 2002, 09:42 AM
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Subevo - to give you a few ideas of recent sales in Edinburgh by my colleagues :
Flat in Abbeyhill - 1 bedroom - o/o 59k, valued at 70k, sold for 84k.
Flat in Roseburn - 1 bedroom - o/o 75k, valued at 90k, sold for 105k.
Flat in Leith/Granton - 3 bedroom - o/o 89k, valued at 110k, sold for 125k.
House in Craiglockhart - 4 bedroom - o/o 195k, valued at 240k, sold for 310k.
(near my new one which I paid 1/4 mill for - gulp!)
First 3 were tradiational victorian tenement flats - ie, demand is high for these, and all were in average condition. Nothing special about any of them.
Figures above should give you an idea, but your solicitor should be able to help out a bit in terms of looking up historical data from the ESPC etc to find out previous selling prices for flats in the same street/area you are looking at.
It's not easy, and sadly, 1st time buyers in Edinburgh are sh*gged unless they have a large deposit, as you can't get a mortgage for more than valuation......
Good luck!
Flat in Abbeyhill - 1 bedroom - o/o 59k, valued at 70k, sold for 84k.
Flat in Roseburn - 1 bedroom - o/o 75k, valued at 90k, sold for 105k.
Flat in Leith/Granton - 3 bedroom - o/o 89k, valued at 110k, sold for 125k.
House in Craiglockhart - 4 bedroom - o/o 195k, valued at 240k, sold for 310k.
(near my new one which I paid 1/4 mill for - gulp!)
First 3 were tradiational victorian tenement flats - ie, demand is high for these, and all were in average condition. Nothing special about any of them.
Figures above should give you an idea, but your solicitor should be able to help out a bit in terms of looking up historical data from the ESPC etc to find out previous selling prices for flats in the same street/area you are looking at.
It's not easy, and sadly, 1st time buyers in Edinburgh are sh*gged unless they have a large deposit, as you can't get a mortgage for more than valuation......
Good luck!
11 July 2002, 02:27 PM
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Father jack - is it one of the victorian mid-terraced ones opposite the petrol station?
I've seen the tuscan driving down there, but not seen it parked....
(our head honcho just picked up his brand new ferrari red 360 Spider today, so feeling a bit jealous!)
I'm further up the hill in a 1930's 4 bedroom detached house. Was a wreck, so spent the last 6 weeks ripping it to bits and putting new bits in.....rewire, plumbing, the works......
I've seen the tuscan driving down there, but not seen it parked....
(our head honcho just picked up his brand new ferrari red 360 Spider today, so feeling a bit jealous!)
I'm further up the hill in a 1930's 4 bedroom detached house. Was a wreck, so spent the last 6 weeks ripping it to bits and putting new bits in.....rewire, plumbing, the works......
11 July 2002, 02:29 PM
#14
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Father jack - do you mean the Tuscan is yours?????
If so, my girlfriend wants a passenger ride!!!! She's well into Tuscans and has only sat in one at the showroom.....when I thought about buying one....that dream has died now I spent all my pennies on a house.
If you ever get a spare minute...... :-))))
If so, my girlfriend wants a passenger ride!!!! She's well into Tuscans and has only sat in one at the showroom.....when I thought about buying one....that dream has died now I spent all my pennies on a house.
If you ever get a spare minute...... :-))))
11 July 2002, 03:36 PM
#15
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Father jack - I'm in craiglockhart gardens - look on multimap.co.uk, and you'll see how near we are!!! (in fact, we are equidistant from the Centre Court pub!).
I don't currently own an Impreza, but used to.......will do again soon sometime....
Driving a Merc 230E right now (can't afford a decent car what with all the house stuff I had to do...!)
I don't currently own an Impreza, but used to.......will do again soon sometime....
Driving a Merc 230E right now (can't afford a decent car what with all the house stuff I had to do...!)
11 July 2002, 03:40 PM
#17
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father jack - just seen your house on the ESPC website.
Looks nice. Know the one you mean (I know the area well).
That's the look we're going for - just had the floors in ALL my rooms stripped, sanded, sealed & varnished.
Looks nice. Know the one you mean (I know the area well).
That's the look we're going for - just had the floors in ALL my rooms stripped, sanded, sealed & varnished.
11 July 2002, 03:57 PM
#18
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It's actually the other one. Both halves are up for sale.
We went for the one without the garage and 2 car driveway but it's south facing and off the main road. You can add a garage but can't change the ways of the sun. Or so I've been told 
You should go for a nosey in the other one on Sunday - it's really well done.
See you in the centre court some time then when we're neebors!
We went for the one without the garage and 2 car driveway
but it's south facing and off the main road. You can add a garage but can't change the ways of the sun. Or so I've been told You should go for a nosey in the other one on Sunday - it's really well done.
See you in the centre court some time then when we're neebors!
11 July 2002, 03:59 PM
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Father Jack
So was your one cheaper? :-) (I'm being nosey so feel free not to answer!).
Did someone do both up at the same time and sell them off?
It'll be nicer to be on the side away from the main road....
Yep - see you in the pub!! Or the chinky!!! Or the Offy!!!
Or Western Mercedes!! Or the tennis courts!!!!!
So was your one cheaper? :-) (I'm being nosey so feel free not to answer!).
Did someone do both up at the same time and sell them off?
It'll be nicer to be on the side away from the main road....
Yep - see you in the pub!! Or the chinky!!! Or the Offy!!!
Or Western Mercedes!! Or the tennis courts!!!!!
11 July 2002, 05:28 PM
#21
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Not at all - this is Scotland so I can't be gazumped 
It got split in the 60's and it's just co-incidence that both are up for sale. Survey is ok, so they're not both falling down!
Fat chance of seeing me in the tennis court or the Merc garage - are there any decent mercs these days?
Got it for 295, it valued at 290 and it was offers over 248 - so only 5k over valuation is feckin unreal for south side Edinburgh especially as the last one we went for did 110k over valuation and 175k over asking price It was a bit less than we wanted to spend, but it's a gorgeous house so it had to be done. Plus I'm sick of the whole house buying thing and actually want to live somewhere nice rather than talking about it for another 6 months. Might keep one of our flats or buy a newer one to rent, or buy a pink trevor!
Cheers
FJ
It got split in the 60's and it's just co-incidence that both are up for sale. Survey is ok, so they're not both falling down!
Fat chance of seeing me in the tennis court or the Merc garage - are there any decent mercs these days?
Got it for 295, it valued at 290 and it was offers over 248 - so only 5k over valuation is feckin unreal for south side Edinburgh
especially as the last one we went for did 110k over valuation and 175k over asking price It was a bit less than we wanted to spend, but it's a gorgeous house so it had to be done. Plus I'm sick of the whole house buying thing and actually want to live somewhere nice rather than talking about it for another 6 months. Might keep one of our flats or buy a newer one to rent, or buy a pink trevor!Cheers
FJ
11 July 2002, 06:51 PM
#23
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Imlach, those prices are scaring the sh*t out of me! Even Abbeyhill?? Noooo....
You must be in the know, so can you tell me how much flats needing a lot of work are going for in Dalry / Abbeyhill? Was considering taking on a one bedroom place needing some work, offers over £45k, say.
Any ideas?
Cheers,
Clett
You must be in the know, so can you tell me how much flats needing a lot of work are going for in Dalry / Abbeyhill? Was considering taking on a one bedroom place needing some work, offers over £45k, say.
Any ideas?
Cheers,
Clett
11 July 2002, 07:04 PM
#24
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cletteridge - 84k in Abbeyhill was for Waverley Park - nice views of the park, and was top floor flat - 1 bedroom, 1 lounge, 1 kitchenette, 1 bathroom. Not exactly tip-top - ie, needs new bathroom suite, needs new kitchen, pretty shabby...there were 6 offers for it - 2 were around 80k, winner was 84k.
father jack : just spent the last 5 minutes getting my new ADSL connection going as Craiglockhart does not have cable from Telewest (pain, as I had nice 1Mb/s broadband in my old place with them and it rocked!).
Anyway, ADSL was enabled today, and I am just 10 minutes in from work, and I took the adsl router out of the box, plugged it in, and am now back online within 10 mins of getting home!!! Only 512kb/s, but at least it's something.....you should be ok for it too...
father jack : just spent the last 5 minutes getting my new ADSL connection going as Craiglockhart does not have cable from Telewest (pain, as I had nice 1Mb/s broadband in my old place with them and it rocked!).
Anyway, ADSL was enabled today, and I am just 10 minutes in from work, and I took the adsl router out of the box, plugged it in, and am now back online within 10 mins of getting home!!! Only 512kb/s, but at least it's something.....you should be ok for it too...
12 July 2002, 10:57 AM
#26
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Cletters - flats in a mess seem to go for more than ones that are ok relatively speaking. People think they can pay less for the flat and chip away at the DIY. But everyone is looking for an angle so it goes for more and you don't save anything in the longrun.
Imlach- Yeah, noticed I would lose my blueyonder when moving. Wasn't on the 1mb before, so will be about the same.
Noticed the Centre Court has been totally gutted, someone was welding it together when I went past. Hopefully one more decent pub in the area soon. Hurrah!
Imlach- Yeah, noticed I would lose my blueyonder when moving. Wasn't on the 1mb before, so will be about the same.
Noticed the Centre Court has been totally gutted, someone was welding it together when I went past. Hopefully one more decent pub in the area soon. Hurrah!
12 July 2002, 11:22 AM
#27
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father jack - just noticed that this morning too that the Centre Court had no frontage!!!
Shame, as I was going to pop in for a pint or two to try it out this weekend.....
There's always the Alehouse thing further down opposite the rowing sheds....
As regards dumps, the house I bought was a dump, and I paid more than I probably should have for it! There were 25 notes of interest, and 16 offers, and it went for £90k over asking (but only £15k over valuation - and valuation was based on wrecked state). Of all the houses we went for (searched for a year & a half), a lot were dumps, and ALL of the dumps were going for WAY MORE than you would have thought - Father Jack is correct - people think they can chip away at the DIY for years - I spent lots of pennies and used tradesmen to get all the basics done in the first month, but has worked out quite well and didn't cost as much as the surveyor said it would.......
Shame, as I was going to pop in for a pint or two to try it out this weekend.....
There's always the Alehouse thing further down opposite the rowing sheds....
As regards dumps, the house I bought was a dump, and I paid more than I probably should have for it! There were 25 notes of interest, and 16 offers, and it went for £90k over asking (but only £15k over valuation - and valuation was based on wrecked state). Of all the houses we went for (searched for a year & a half), a lot were dumps, and ALL of the dumps were going for WAY MORE than you would have thought - Father Jack is correct - people think they can chip away at the DIY for years - I spent lots of pennies and used tradesmen to get all the basics done in the first month, but has worked out quite well and didn't cost as much as the surveyor said it would.......
12 July 2002, 11:39 AM
#28
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father jack - we kept one of our flats too to rent out...makes sense in this market....
Where are you living just now?
I do like your new pad. Lots & lots of style - I like that.
My ideal house would have been a victorian semi/terraced/detached, but just couldn't afford it in the end....so we ended up with something with less style (perhaps none!) but 4 bedrooms, a garage, and a garden, which were all the things we wanted. Had to compromise in the end, as like you, just wanted to end the whole house buying thing......will maybe try for our ideal pad in a few years again.....
Still, nice area, and not too far out of the centre.
Where are you living just now?
I do like your new pad. Lots & lots of style - I like that.
My ideal house would have been a victorian semi/terraced/detached, but just couldn't afford it in the end....so we ended up with something with less style (perhaps none!) but 4 bedrooms, a garage, and a garden, which were all the things we wanted. Had to compromise in the end, as like you, just wanted to end the whole house buying thing......will maybe try for our ideal pad in a few years again.....
Still, nice area, and not too far out of the centre.
12 July 2002, 12:14 PM
#29
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I'm on Balcarres Street - Mrs.Jack's is on the Meadows, just got the solicitor round now measuring up taking photies etc. - also just spotted a E55 AMG Merc in autotrader for 22k - ooh I'm tempted
- also just spotted a E55 AMG Merc in autotrader for 22k - ooh I'm tempted
14 July 2002, 11:15 AM
#30
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cheers boys .i live in hamilton so things are nowhere near as bad as the east coast.im semi-detached and my good neighbours are moving.my young brother is interested in buying but they are wanting the highest possible offer and are just waiting.they did say if we matched the highest offer then they would let us have it.but how much is too much?were scared of bad neighbours moving in and making life a misery.i should have bought a detatched when i had the chance.