House Sale

[SammyBoy]

We bought our place 9 years ago. We looked at quite a few, some were ready to move into, relatively new and therefore quite small with little potential to expand. The house we eventually bought needed a fair amount of work doing, the lounge had yellow walls, green carpet, orange radiators and all the woodwork was black. Doors, skirting, 2 sets of stairs. The kitchen was very dated and small and the bathroom needed completely replacing. Both sets of parents asked why we bought it. The answer was for the money we paid the alternatives were too small, too get something the size of what we did get that was ready to go would have been out of our price range. But we had vision on what it could become.

We lived in it for a couple of years to get ideas of what really would work. We then knocked the wall down between the kitchen and dining room, levelled the floor and created a large open plan kitchen diner. We bricked up the door into the downstairs bathroom and knocked a door way through on a different wall. This allowed us to fit a shower cubicle and a large jacuzzi bath. We knocked the end wall down of my son's bedroom and extended it out onto a mezzanine floor that overlooks the lounge and turned the staircase 90 degrees to give more space. We also added a toilet next to his room so both bedrooms in this side of the house now have access to a toilet without having to come downstairs. Took out the old gas fire and installed a log burner and replaced all woodwork, doors, carpets etc. And replaced all windows and doors. It took a few years and additional cost but everything we have done has added value. I estimate the work cost us 40k in total. 9 years on the house would be valued around double what we paid for it, given recent sale prices around us.

Don't ever let decor that is not to your taste or the need to replace costly items put you off buying a house if you can get it for the right price.

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I’d describe my latest purchase as a “starter home”, and I can see myself upsizing in about 5 years so I didn’t want to commit myself to any big projects, more just get on the ladder. However, if it’s somewhere you’re looking at living in long term I can absolutely see your approach being worthwhile.

[Herts Clarets]

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I’d describe my latest purchase as a “starter home”, and I can see myself upsizing in about 5 years so I didn’t want to commit myself to any big projects, more just get on the ladder. However, if it’s somewhere you’re looking at living in long term I can absolutely see your approach being worthwhile.

Agree. We knew this house would be one we would live in for some years, barring unforeseen circumstances. It was and is plenty big enough for us and our families who both live 200+miles away. We spent more on the kitchen, quality cabinets, appliances,granite worktops,oak flooring with underfloor heating knowing we wouldn't plan to move.

It's quite frightening when I look back on my first house in Burnley that cost me 30k....

[timshorts]

The market is a bit wierd at the moment.
Flats are not selling as well as houses. People are not wanting to buy a place they wouldn't want to get locked down in. With more people working from home, prices in the cities might not be doing as well as those a bit further out with gardens etc.
Prices in my area are up. Covid levels are low and that's almost as good as having a good school catchment area right now.
Having an on line estate agent is a pain for those in the chain. The same applies to conveyancers with paperless files who keep asking the same questions over and over again because they can't be arsed to look at what has gone on before properly. However, whether you get a dickhead in your chain is pretty much pot luck.

[Oshkoshclaret]

4 years it’s got to be a price problem, or a VERY unusual and unique property

[Devils_Advocate]

Im just sorting out a mortgage to try and get a flat as a buy to let so Im hoping the market round me is slow as the flat Im after is listed at top dollar for what im prepared to pay

[BurnleyFC]

New builds are like new cars, overpriced, and lose 20% of their value as soon as they're not new.

Disagree with this.

My last two houses have been detached new builds, sold after 4 and 3 years respectively and have made a good profit on both. I did buy these two houses ‘off plot’, though.

My first house, however, was a 1960s semi and I made peanuts on it (less than 5 grand) after living there for nearly 10 years.

Location of first house - Burnley
Location of 1st new build - Burnley
Location of 2nd new build - Clitheroe

[AndyClaret]

Disagree with this.

My last two houses have been detached new builds, sold after 4 and 3 years respectively and have made a good profit on both. I did buy these two houses ‘off plot’, though.

My first house, however, was a 1960s semi and I made peanuts on it (less than 5 grand) after living there for nearly 10 years.

Location of first house - Burnley
Location of 1st new build - Burnley
Location of 2nd new build - Clitheroe

Depends on location.

[Winstonswhite]

Help to Buy has definitely meant that developers have increased their pricing, which in turn has caused the same house to lose value as soon as you set foot in the door. But yes, all depends on location and supply and demand.

[Herts Clarets]

Depends on location.

There is an estate of new build houses that are at the rear of my house. They have been beset by any number of build quality issues, many parts of the estate were left with unfinished roads and pavements, a play area was never built and an area that was reserved for a store stands empty 7 years after the estate was completed. It took the threat of legal action from the council to kick start the developers into finishing the roads and pavements.

Houses on this estate have increased in value by between 40 & 60% dependent on build completion date and most recent sale date. I think what is telling is that a large number of these houses have been sold within 7 or 8 years of purchase, and a fair proportion have been sold more than once.

[3putt]

Been trying to sell my property for 4 years now. Just can't seem to shift it. Had it up at 170k , maybe have to lower it to 160k. Any advice I've had it since 2005 , been trying to shift it since 2016 now.
Oh well, if it doesn't sell soon I may just torch it.

How much are you hoping to sell it for?

[RalphCoatesComb]

You have to be careful with estate agents they mostly under value properties, not the most honest and probably the most dishonest of all professions

You forgot solicitors