Houses

[waddadamadda]

Went to view my ‘forever home’ last night and fell in love. Need to go back again with a more objective head on before making a decision.

It’s a lot of house, liveable however every room needs updating. The garden is spectacular though 

[JonnyBoy]

putting our house on the market next three weeks just getting it sorted, not a lot out there atm we have seen. Loads of new build which we aren't interested in. Houses for sale on that new Broadnook estate by the A6 which claims to be Rothley but isn't really, Rothley going to become a big town soon. Some 3 beds pushing 400k!

 

Will pick up next few weeks i recon 

Edited 21 February by JonnyBoy

[grobyfox1990]

2 hours ago, waddadamadda said:

Went to view my ‘forever home’ last night and fell in love. Need to go back again with a more objective head on before making a decision.

It’s a lot of house, liveable however every room needs updating. The garden is spectacular though 

Yeh defo objective head, a forever home is a great concept when you're selling or even better letting to a tenant, but the cold reality is a home is just a collateralised asset. Circumstances and life change so the concept of a forever home is not realistic or prudent.

[Wolfox]

3 hours ago, Izzy said:

We've lived in the same house for over 20 years and have talked about moving for at least the last 5 years.

 

Kept procrastinating, making excuses, but finally bit the bullet this year and took the plunge.

 

I feel sick at the prospect of taking out another mortgage in my 50's having paid our old one off, but we desperately need more space now the kids are pretty much adults now.

 

Probably about £60k worth of work to do on the new one (if it all goes through as planned) including new kitchen/diner and bathroom, but when it's done it will be perfect.

 

I think my Mum dying just before Xmas made me think fvck it, lets just get on and do it. 

Just mentally reposition what a mortgage means…

 

It’s enabler rather a lifelong debt…

 

I have a mortgage, probably larger than I’d like, but it’s affordable and allows us to live in a home we really love…. Also houses, over the longer term, appreciate in value, so you’re also enjoying the appreciation on a property of greater value… 

 

if circumstances dictated, it sounds like you could sell up and live mortgage free in a nice enough house anyway….
 

By any measure, you’re winning!

[Izzy]

2 hours ago, Wolfox said:

Also houses, over the longer term, appreciate in value, so you’re also enjoying the appreciation on a property of greater value… 

I was always taught growing up that you make money on bricks and mortar.

 

But I’ve read and seen some research lately that suggests house prices don’t necessarily appreciate in value, they increase because of inflation.

 

So I did a check on ours that we’ve just sold.
 

It cost us £210k in 2002 and the bank of England inflation calculator says in todays money, it would be worth £382k

 

We’ve just sold it for £395k which only slightly beats inflation over those 23 years.
 

Thought that was quite interesting.

 

Edit: just remembered that we’ve spent well over £20k in that time on a conservatory, new en-suite and garage conversion. So technically we’ve lost money on it 

 

Edited 21 February by Izzy

[Wolfox]

15 hours ago, Izzy said:

I was always taught growing up that you make money on bricks and mortar.

 

But I’ve read and seen some research lately that suggests house prices don’t necessarily appreciate in value, they increase because of inflation.

 

So I did a check on ours that we’ve just sold.
 

It cost us £210k in 2002 and the bank of England inflation calculator says in todays money, it would be worth £382k

 

We’ve just sold it for £395k which only slightly beats inflation over those 23 years.
 

Thought that was quite interesting.

 

Edit: just remembered that we’ve spent well over £20k in that time on a conservatory, new en-suite and garage conversion. So technically we’ve lost money on it 

 

You have to live somewhere and if the alternative was renting, you’re absolutely still winning!  

[Lako42]

17 hours ago, Izzy said:

I was always taught growing up that you make money on bricks and mortar.

 

But I’ve read and seen some research lately that suggests house prices don’t necessarily appreciate in value, they increase because of inflation.

 

So I did a check on ours that we’ve just sold.
 

It cost us £210k in 2002 and the bank of England inflation calculator says in todays money, it would be worth £382k

 

We’ve just sold it for £395k which only slightly beats inflation over those 23 years.
 

Thought that was quite interesting.

 

Edit: just remembered that we’ve spent well over £20k in that time on a conservatory, new en-suite and garage conversion. So technically we’ve lost money on it 

 

It's somewhere to live not beat inflation 

[Izzy]

48 minutes ago, Lako42 said:

It's somewhere to live not beat inflation 

Well obviously. The point was in response to property not being a great investment over time as many are lead to believe.

[grobyfox1990]

4 hours ago, Lako42 said:

It's somewhere to live not beat inflation 

If But we have a property 'market,' estate agents, complex financial products in order to live in them, completely bespoke pricing, no min/max levels for rentals etc etc. Homes are financial products. There should be no emotion buying/selling them if you are vaguely financially literate.

[Leicester_Loyal]

Popping my head in. 18 months left on the mortgage, but looking to move to our forever home in around 12-15 months, not looking forward to the hassle or the stress of it all. The thought of paying 1k a month on a mortgage terrifies me, but that seems to be the norm now.

[kenny]

21 hours ago, Izzy said:

I was always taught growing up that you make money on bricks and mortar.

 

But I’ve read and seen some research lately that suggests house prices don’t necessarily appreciate in value, they increase because of inflation.

 

So I did a check on ours that we’ve just sold.
 

It cost us £210k in 2002 and the bank of England inflation calculator says in todays money, it would be worth £382k

 

We’ve just sold it for £395k which only slightly beats inflation over those 23 years.
 

Thought that was quite interesting.

 

Edit: just remembered that we’ve spent well over £20k in that time on a conservatory, new en-suite and garage conversion. So technically we’ve lost money on it 

 

Since the Blair boom house prices have pretty much tracked inflation across the board. It's always forgotten when discussing the ability of the current generation to buy.

[Izzy]

Fvcking houses man.

 

Spoke to my golf mate who's a surveyor and just done a level 3 RICS for us on the place we're looking to buy. Full report due next week but the headlines are...

 

Cracks all over the gaff, signs of subsidence (house is about 50 years old btw)

Original wooden cladding in poor nick and really needs removing and replacing with new composite cladding (about 180m2 of the stuff)

Needs a new fuse board and proper electrical inspection

Not sure if walls are cavity insulated so that needs checking

Roof and gutters are a mess and need a proper clean

Heating system is dated and the whole thing needs flushing and probably new radiators

Some of the double glazing has failed and letting moisture in

And lots of other smaller bits

 

All of this on top of the fact it needs completely redecorating, new flooring/carpets, new kitchen, new bathroom and new en-suite.

 

I know we can go back and re-negotiate and I know eventually it could look amazing and we'd make our money back, but at this stage of my life, not sure I need the hassle of it all.

 

Really wanted a new build but out of our price range down here for what we want. Feeling a bit snookered by it all.

 

 

 

[The Year Of The Fox]

1 hour ago, Izzy said:

Fvcking houses man.

 

Spoke to my golf mate who's a surveyor and just done a level 3 RICS for us on the place we're looking to buy. Full report due next week but the headlines are...

 

Cracks all over the gaff, signs of subsidence (house is about 50 years old btw)

Original wooden cladding in poor nick and really needs removing and replacing with new composite cladding (about 180m2 of the stuff)

Needs a new fuse board and proper electrical inspection

Not sure if walls are cavity insulated so that needs checking

Roof and gutters are a mess and need a proper clean

Heating system is dated and the whole thing needs flushing and probably new radiators

Some of the double glazing has failed and letting moisture in

And lots of other smaller bits

 

All of this on top of the fact it needs completely redecorating, new flooring/carpets, new kitchen, new bathroom and new en-suite.

 

I know we can go back and re-negotiate and I know eventually it could look amazing and we'd make our money back, but at this stage of my life, not sure I need the hassle of it all.

 

Really wanted a new build but out of our price range down here for what we want. Feeling a bit snookered by it all.

 

 

 

Even if it’s affordable to you, the upheaval in a lot of that is huge.

 

Its inconvenient enough trying to re carpet an occupied lounge

 

I hated it when I had a new kitchen, washing my pots in the bath for a week or so, and I was the plumber 🤣

[Wolfox]

2 hours ago, Izzy said:

Fvcking houses man.

 

Spoke to my golf mate who's a surveyor and just done a level 3 RICS for us on the place we're looking to buy. Full report due next week but the headlines are...

 

Cracks all over the gaff, signs of subsidence (house is about 50 years old btw)

Original wooden cladding in poor nick and really needs removing and replacing with new composite cladding (about 180m2 of the stuff)

Needs a new fuse board and proper electrical inspection

Not sure if walls are cavity insulated so that needs checking

Roof and gutters are a mess and need a proper clean

Heating system is dated and the whole thing needs flushing and probably new radiators

Some of the double glazing has failed and letting moisture in

And lots of other smaller bits

 

All of this on top of the fact it needs completely redecorating, new flooring/carpets, new kitchen, new bathroom and new en-suite.

 

I know we can go back and re-negotiate and I know eventually it could look amazing and we'd make our money back, but at this stage of my life, not sure I need the hassle of it all.

 

Really wanted a new build but out of our price range down here for what we want. Feeling a bit snookered by it all.

 

 

 

It’s an expensive list, some factored in, and some not, into the asking price I’d guess?

 

subsidence is a complete red flag tough  

[Izzy]

9 minutes ago, Wolfox said:

It’s an expensive list, some factored in, and some not, into the asking price I’d guess?

 

subsidence is a complete red flag tough  

Yeah, we got a decent reduction on the asking price knowing that there was stuff to do, but the headlines of the survey have spooked me a bit tbh.

 

I'm taking my old man to have a look around tomorrow to get his thoughts and then we'll decide what to do. Either walk away or offer significantly lower by explaining what else now needs doing.

 

P.S. Can't remember if my surveyor used the exact term 'subsidence' when we chatted (I'll need to check his full report next week) but his thoughts were the cracks have come from the building moving for some reason (ground conditions, lots of big trees nearby, who knows)

 

[Wolfox]

37 minutes ago, Izzy said:

Yeah, we got a decent reduction on the asking price knowing that there was stuff to do, but the headlines of the survey have spooked me a bit tbh.

 

I'm taking my old man to have a look around tomorrow to get his thoughts and then we'll decide what to do. Either walk away or offer significantly lower by explaining what else now needs doing.

 

P.S. Can't remember if my surveyor used the exact term 'subsidence' when we chatted (I'll need to check his full report next week) but his thoughts were the cracks have come from the building moving for some reason (ground conditions, lots of big trees nearby, who knows)

 

Be clear on that…. Everything else is doable 

 

don’t be disheartened though…. Just work out a fair deal…. A bit to them and a bit to you…. If you’ve already got a chunk off then factor that in

 

you’ll get 50% of the footprint for 25% more money if you opt for a modern equivalent 

Edited 28 February by Wolfox

[grobyfox1990]

3 hours ago, Izzy said:

Fvcking houses man.

 

Spoke to my golf mate who's a surveyor and just done a level 3 RICS for us on the place we're looking to buy. Full report due next week but the headlines are...

 

Cracks all over the gaff, signs of subsidence (house is about 50 years old btw)

Original wooden cladding in poor nick and really needs removing and replacing with new composite cladding (about 180m2 of the stuff)

Needs a new fuse board and proper electrical inspection

Not sure if walls are cavity insulated so that needs checking

Roof and gutters are a mess and need a proper clean

Heating system is dated and the whole thing needs flushing and probably new radiators

Some of the double glazing has failed and letting moisture in

And lots of other smaller bits

 

All of this on top of the fact it needs completely redecorating, new flooring/carpets, new kitchen, new bathroom and new en-suite.

 

I know we can go back and re-negotiate and I know eventually it could look amazing and we'd make our money back, but at this stage of my life, not sure I need the hassle of it all.

 

Really wanted a new build but out of our price range down here for what we want. Feeling a bit snookered by it all.

 

 

 

Subsidence in an old house… yes thanks see you later 

[Izzy]

10 minutes ago, Wolfox said:

Be clear on that…. Everything else is doable 

 

don’t be disheartened though…. Just work out a fair deal…. A bit to them and a bit to you…. If you’ve already got a chunk off, for that in

 

you’ll get 50% of the footprint for 25% more money if you opt for a modern equivalent 

This is spot on mate.

 

The house is nearly 2000 sq ft and considerably cheaper than a 1400 sq ft new build round here.

 

The annoying thing is that it's actually got a lot going for it. Quiet village, great views, double garage, lots of parking, large bedrooms, nice garden, opportunity for a big new kitchen/diner etc. etc.

 

I know you've done this renovation/restoration stuff before and are confident in it, but for a novice like me it's quite a scary prospect.

 

 

[FoyleFox]

I would double-check with your golf mate that he did actually state subsidence and get his opinion on the severity, if he did. It could be a reasonably small, fixable issue due to trees or whatever but, if it's got serious subsidence issues, that's a really expensive big red flag. I'd be finding that out for certain before the report next week. The other stuff is lots of work, upheaval and money but, it sounds as though it could be worth it. Daunting but worth it.

[Wolfox]

7 minutes ago, Izzy said:

This is spot on mate.

 

The house is nearly 2000 sq ft and considerably cheaper than a 1400 sq ft new build round here.

 

The annoying thing is that it's actually got a lot going for it. Quiet village, great views, double garage, lots of parking, large bedrooms, nice garden, opportunity for a big new kitchen/diner etc. etc.

 

I know you've done this renovation/restoration stuff before and are confident in it, but for a novice like me it's quite a scary prospect.

 

 

Yeah…. A veteran of 5 renovations here…. Some of them pretty epic, including dealing with grade 2 in one place!  I’m a sucker for a project!

 

You strike me as a relatively sharp bloke…. You’ll work it out and there’s plenty of support on here…. It’s sounds like a great place and maybe (?) even space for a pitch and put on your lawn !

[Wolfox]

4 minutes ago, FoyleFox said:

I would double-check with your golf mate that he did actually state subsidence and get his opinion on the severity, if he did. It could be a reasonably small, fixable issue due to trees or whatever but, if it's got serious subsidence issues, that's a really expensive big red flag. I'd be finding that out for certain before the report next week. The other stuff is lots of work, upheaval and money but, it sounds as though it could be worth it. Daunting but worth it.

Anything that needs underpinning, please run for this hills….
 

You’ll have a dog of a time with insurance and it will wipe a massive chunk off the value of the property…. 
 

the irony being that a well underpinned building is probably a lot more secure than most of its neighbours 

[Tommy G]

6 hours ago, Izzy said:

This is spot on mate.

 

The house is nearly 2000 sq ft and considerably cheaper than a 1400 sq ft new build round here.

 

The annoying thing is that it's actually got a lot going for it. Quiet village, great views, double garage, lots of parking, large bedrooms, nice garden, opportunity for a big new kitchen/diner etc. etc.

 

I know you've done this renovation/restoration stuff before and are confident in it, but for a novice like me it's quite a scary prospect.

 

 

The reason you got a chunk off though was because it needed stuff doing? So can’t you ring fence that and use it to improve the property? 

[kenny]

9 hours ago, Izzy said:

Yeah, we got a decent reduction on the asking price knowing that there was stuff to do, but the headlines of the survey have spooked me a bit tbh.

 

I'm taking my old man to have a look around tomorrow to get his thoughts and then we'll decide what to do. Either walk away or offer significantly lower by explaining what else now needs doing.

 

P.S. Can't remember if my surveyor used the exact term 'subsidence' when we chatted (I'll need to check his full report next week) but his thoughts were the cracks have come from the building moving for some reason (ground conditions, lots of big trees nearby, who knows)

 

If it's movement due to trees then it is subsidence and can be expensive to put right. It's also unmortgable in its current state. It would make it a cash only property and be devalued accordingly.

[Izzy]

3 hours ago, Tommy G said:

The reason you got a chunk off though was because it needed stuff doing? So can’t you ring fence that and use it to improve the property? 

We got a chunk off because there's obvious stuff that needs doing such as updating/replacing the kitchen (or knock through and create new kitchen/diner), new bathroom, new en-suite etc.

 

It also clearly needs completely redecorating, new vinal flooring/carpeting throughout etc. and we'd ring fenced about £60k for all of this.

 

What we hadn't budgeted for was the stuff the survey has highlighted such as replacing the old cladding, new radiators, cavity wall/new loft insulation, possible new double glazed windows, new fuse board, old asbestos pipe removal, sorting the cracks, cleaning the roof/gutters etc.

 

We could/might go back and ask for maybe another £30k off to get all this done too but then we're committed to a huge project. We might just walk away but I'll decide after having another look around later with my old man.

 

If the vendor declines a revised offer then he'll only get the same issues next time someone does a survey on it.

[Izzy]

58 minutes ago, kenny said:

If it's movement due to trees then it is subsidence and can be expensive to put right. It's also unmortgable in its current state. It would make it a cash only property and be devalued accordingly.

Interestingly, we got a text from HSBC's survey people saying the property had met the criteria for a desktop valuation and no need for a physical inspection, so they don't see that bothered.

 

I guess we'd need to get a structural engineer out to find out the exact cause of the cracks. Surveyor guessed it might be because of all the trees close by but we'd need an expert to confirm.

 

As it stands we don't know if the cracks have been looked at before, how long they've been there, or if they're getting worse. Basically, is the house still 'moving' or not.

 

If it is subsidence then apparently the vendor could claim on their insurance to get it fixed?

 

I dunno, my heads hurting thinking about it all.