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I’ve bought a home..


macca

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So My other half’s grandad has passed away and we finally have a deposit big enough to buy.. Once it’s cleared probate.. 

The house we bid on was put up for sale in April @ 425’000 for a 3 bed.. Next door sold in the summer for £415’000

we just had an offer accepted @ 365’000

we are very lucky and after renting it’s going to be a relief to save £350 a month and have somewhere that I can call home.. (not an investment) if it goes down I don’t care..

Good news for anyone else looking in outer London is it seems rubbish at the moment if your selling.. 

one property we looked at had 2 agreed sales fall through.. but still the owner refused to accept offers.. Lots for sale.. not much that you would want to live in.. mainly old people passing on from this world.. 

I’m going for a 10 year fixed and will just pay the same as I pay now on my rent! So £350 overpayment.. this should knock years off the mortgage over the term.. That’s the plan..

just hope my decision is the right one.. 

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7 hours ago, macca said:

So My other half’s grandad has passed away and we finally have a deposit big enough to buy.. Once it’s cleared probate.. 

The house we bid on was put up for sale in April @ 425’000 for a 3 bed.. Next door sold in the summer for £415’000

we just had an offer accepted @ 365’000

we are very lucky and after renting it’s going to be a relief to save £350 a month and have somewhere that I can call home.. (not an investment) if it goes down I don’t care..

Good news for anyone else looking in outer London is it seems rubbish at the moment if your selling.. 

one property we looked at had 2 agreed sales fall through.. but still the owner refused to accept offers.. Lots for sale.. not much that you would want to live in.. mainly old people passing on from this world.. 

I’m going for a 10 year fixed and will just pay the same as I pay now on my rent! So £350 overpayment.. this should knock years off the mortgage over the term.. That’s the plan..

just hope my decision is the right one.. 

OK so it was overpriced in the beginning, but you managed a 15% reduction...so this means that even though you haven't bought a the bottom, you haven't bought at the top either!...and you have managed to get a decent fix for a decent period before they disappear from the mortgage market...oh, and now your kids have stability as well :-)

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Yep seems like you got a good deal there! Well done.

Was there a lot of negotiation on price or did they just accept your first offer?

And just out of interest as I'm also looking at London outskirts atm, was it N, S, E, W?

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5 hours ago, Hardhat said:

Yep seems like you got a good deal there! Well done.

Was there a lot of negotiation on price or did they just accept your first offer?

And just out of interest as I'm also looking at London outskirts atm, was it N, S, E, W?

I’m buying in SW London.. one of the most overpriced areas.. 

So it had been on since April but already reduced to “offers 375’000 or OVER” Good old estate agent speak there for no offers.. 

So I offered £365’000 and she said yes.. 

Think there may be a sense of Brexit jitters amongst the sheeple.. 

Clearly the original asking of £425’000 was too much, if she had reduced her price earlier she may have sold for more, as next door went for £415’000 in the summer.. 

Greed does not always pay..  

6 hours ago, MrXxx said:

oh, and now your kids have stability as well :-)

When you are buying a house as a home that’s all you want..👍🏻

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Bobthebuilder
5 hours ago, leonardratso said:

and now the refurb .....

but yes, good show.

Ah yes the refurb, the bits no one plans for. Bloody expensive.

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UnconventionalWisdom
22 hours ago, macca said:

just hope my decision is the right one.. 

Life is about being happy. If you are happy living there, who cares what house prices do. 

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Congrats chap. Anecdotally the SE does appear to be calming down which is a welcome reprieve for both renters and prospective buyers. Lots of false dawns but I'm actually hearing of rent reductions to attract tenants and softening prices. In Reading stock is moving slowly. A colleague of mine has put his house on the market twice in the last 12 months and taken it off on both occasions after no offers. Looked alright, just no-one seems to be biting at prices where the buyer is asking for the market top (they were). 

 

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On 21/01/2019 at 15:39, leonardratso said:

and now the refurb .....

but yes, good show.

Already planning that, getting prices for materials.. Will do most of the work myself, woodwork, electrical, plumbing, plastering and painting.. I have done all these things before in my job and working weekends for builders for extra money.. 

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On 21/01/2019 at 00:01, macca said:

So My other half’s grandad has passed away and we finally have a deposit big enough to buy.. Once it’s cleared probate.. 

The house we bid on was put up for sale in April @ 425’000 for a 3 bed.. Next door sold in the summer for £415’000

we just had an offer accepted @ 365’000

we are very lucky and after renting it’s going to be a relief to save £350 a month and have somewhere that I can call home.. (not an investment) if it goes down I don’t care..

Good news for anyone else looking in outer London is it seems rubbish at the moment if your selling.. 

one property we looked at had 2 agreed sales fall through.. but still the owner refused to accept offers.. Lots for sale.. not much that you would want to live in.. mainly old people passing on from this world.. 

I’m going for a 10 year fixed and will just pay the same as I pay now on my rent! So £350 overpayment.. this should knock years off the mortgage over the term.. That’s the plan..

just hope my decision is the right one.. 

Well done, thats a big discount. Has it been on the market long? Area must be in real trouble if there are accepting offers that far under.

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2 hours ago, Green Devil said:

Well done, thats a big discount. Has it been on the market long? Area must be in real trouble if there are accepting offers that far under.

Been on since April.. next door sold for £415 in the summer.. 

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Bobthebuilder
On 21/01/2019 at 00:01, macca said:

So My other half’s grandad has passed away and we finally have a deposit big enough to buy.. Once it’s cleared probate.. 

When my Father died he had no debts, full will, everything sorted. Still took a year to get the probate, bloody solicitors, hope you close quicker than that.

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It’s a good decision.

I bought an apartment in peak bubble arse end of 2015 during the migrant crisis when I realised the entire planet will give their lives to live in Northern Europe

think I’ll be negative equity in a few years 

but in hindsight I’d do it again. The pleasure of ownership is easily worth the loss of if it turns out that way

I will do everything I can to never rent again

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9 hours ago, Bakez said:

It’s a good decision.

I bought an apartment in peak bubble arse end of 2015 during the migrant crisis when I realised the entire planet will give their lives to live in Northern Europe

think I’ll be negative equity in a few years 

but in hindsight I’d do it again. The pleasure of ownership is easily worth the loss of if it turns out that way

I will do everything I can to never rent again

Well both renting and buying have certain advantages Over each other 

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Quite hefty reductions starting out there, it proves that things aren’t moving. But we all know there not really reductions, more like realisations.

I’m not talking in about new build (gentrified- ghetto) Londinium flats or McMansions in the shires affected by stamp duty either.

Take this average two bed house for instance within commutable distance of London that would of had the likes of an ‘open day’ two years ago. Yes I know Redhill, but £50k reduction in 6 months proves shit ain’t shifting.

https://www.rightmove.co.uk/property-for-sale/property-56115231.html

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14 minutes ago, Sideysid said:

Quite hefty reductions starting out there, it proves that things aren’t moving. But we all know there not really reductions, more like realisations.

I’m not talking in about new build (gentrified- ghetto) Londinium flats or McMansions in the shires affected by stamp duty either.

Take this average two bed house for instance within commutable distance of London that would of had the likes of an ‘open day’ two years ago. Yes I know Redhill, but £50k reduction in 6 months proves shit ain’t shifting.

https://www.rightmove.co.uk/property-for-sale/property-56115231.html

I love the mention on "multicultural" restaurants :)

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Inoperational Bumblebee

I'd say it is the right decision, especially with a ten year fix. You'll know your outgoings and you'll have far more legal rights and control over your accommodation.

If we get inflation then you're sorted, and if we don't, you were prepared to pay the price at the time and you won't be affected by interest rates.

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