General Chat

You see when I think about it, if the cottage was done up a bit, new kitchen doors, butler sink, bathroom changed from avacado! to white and the carpets werent covered in mud then wed have walked in and thought it was worth say £35k over the asking price. I think the cottage is pretty sound, it belonged to the abbey (and the little row of cotts were for the servants of the incumbent at the vicarage). In the 50s someone has put some awful huge metal windows in the back and they need to be replaced (I should add at this point, hubby is a builder). He feels for anyone else replacing those windows and the structural support needed may cost someone else £7-8k but we could do that for about £4k. He wants to check the floors again as they have been cemented. Ive no doubt they had brick floors or something in the past and hubby wants to check that he could screed over the floors or whether they have been done so poorly the floors would have to be completely dug up.

When we bought this house there was another couple interested in it. They made an offer first, then we did, then we were asked for 'best and final' offers. I really wanted the house but my husband said he wasn't going to get into an 'auction' and that we would offer the asking price, no more (it was within our budget). The other couple couldn't match us so we got it, but we would not have offered over and above the asking price. The agents and vendors will want to make the most money they can - if there is a lot of demand for the property, you could find that another buyer is prepared to go way over the asking price if it is their 'dream home'. If you do go ahead, all the best of luck. Sheila x

Catherine, the guy has already - at our solicitors request, erected wire and netting fencing the entire (400 ft) lenght of the garden in the correct position. I guess Im worrying too much as they have accepted we were right.

Shiela, when we made our offer the agent (who is a partner in the firm) told us quite openly our offer was the highest. As you say, I can only think they have gone back to the people nearest and are trying to up the price.

I despair for the future for my grandchildren. The house I bought in 1970 cost £2995, and is currently probably commanding a price of in excess of £100,000. Nobody gold plated it, so the only way it has increased in 'Value' is because the Estate Agents and Mortgage companies are ripping off their customers to get higher fees. In 1970 the Building Society were happy to double their money over 25 years, now it seems they want to double their money in 5. This is where the Government should be intervening. I have argued for years against the use of the words 'Social Housing', Affordable Housing' and 'Market Rent'. Anyone these days could become unemployed, there is no such thing as Jobs for Life like there used to be. It is hardly surprising that the young people I talk to have no expectations for the future.

If you have ,made your offer, leave it at that. How long would it take Hubby to renovate ? cant really dig up floors etc with a tennant AND expect him to pay full rent, however nice he was ( prob wouldnt appreciate a caravan in the garden either!) So, if you need his rent to pay the mortgage, and you cant have him while you renovate, and hubby will be renovating this, so not generating income.... or is it a spare time project? in which case, it will take even longer = no rental income for longer. Stay where you are with your offer - if its got your name on it, so be it. Remember how gutted i was when we lost the house we wanted? -and i went for second best...so glad we did. no regrets whatsoever. Jess

Hi Heather Houses aren't short term assets. Yes, the market may crash, but it comes back again. People will always want somewhere to live: we won't all suddenly decide to take on six lodgers and knock the rest of the houses down. Your hubby will know what needs to be done to the property and how to do it cost effectively. There are no guarantees in life, but because you are self-employed, you are more flexible than most people: if necessary you could go on working that extra year or so. If the house is too expensive, or you don't like it enough, back down, but I don't think you need to be too worried about the other issues. (If you couldn't sell your current house, you could always rent that out on a temporary basis.)

well that's fine then if it's correct there shouldn't be any difficulties in the future. Don't worry too much about it, OH being a builder is good, that will save you money. The firm I worked for started with the re-generation of Manchester after the IRA bomb 10 yrs ago, property in Manchester city centre went sky high, I use to sell mainly to investors my best deal being in the millions. City centre residential property is totally different to residential property in say a town or villiage, city centre loose value. don't worry, property is still a good investment, and you will be in a better position than others with OH being a builder. catherine xx

Hi, Heather. I've just popped in for a few minutes and seen this thread. To be honest, I smell bullsh*t from the agent; it reeks from a mile off! Not sure I'd go for it; he/she might well be bluffing, just to get a higher price. The cottage sounds lovely. However, I'd suggest you just go with your instincts; they say these things happen for a reason! Whatever you decide, good luck! x

Yes Jess, I do remember. Im thinking 1. Ive got to stop being a scaredy cat. People thicker and poorer than me would go ahead blindly and not think about any sort of down side and in the majority of cases would come out smiling. 2. Im not being pressured by the agent to up the price - it is a fair price, although Im aware the property is fairly rare. Having done all that say we get the place and then cant arrange a mortgage - how embarrassing would that be.

Has the agent told you your offer is the highest? Oh dear!

Many thanks people - I dont know what Id do without you lot as as sounding board. PHOENIX, you would drool at the cottage, you would know where I meant as we were near it when we did our lightning tour of the abbey last year. Well, gird me loins and stay calm, we can manage this and if not, we can always resell the place, cant we. Think of me guys.

Gillian, havent got time to do the figures as they want the offer in what 24 hours now. Hubby working. Ive rung the agents own financial services bloke who said he couldnt see a problem. Catherine - why is it 'oh dear' - what am I missing please!!!!

Don't think you would have a problem with a mortgage Heather, they're falling over themselves to give buy to let mortgages. Vivienne xx

Something for you to think about. When I was 15 Mum & Dad had the chance of buying their privately rented masonette for £1000. They didn't have to put any money upfront, just sign the papers & keep paying the same rent untill it was paid for. I was about to leave school, so there would be a bit more money in the pot. My Mum was like you & wouldn't take the chance, so they carried on as tennants until first Dad died in 1984 & then Mum in 1994 when the masonette sold for £75,000!!!!!! Vivienne xx

heather have sent you a pm. sorry I haven't replied sooner keep getting interuppted. catherine xx

Not giving advice......just to say if it doesn't work out, I promise something else WILL come along. They always do! (PS - you sound just like I would be!) Merry

Merry, thanks for that - Im feeling a bit miserable that I always seem to look at all the negatives instead of rushing in like these peeps on property developer programmes, getting themselves well in the poo and then coming up smiling with £XXXXX in their pockets. Gillian - yes, when I allow myself I get quite excited at the thought. I can imagine all the tourists that mill about that places saying, oh how lovely etc etc and me thinking yes, and its mine. But, this may be all pie in the sky if we are outbid anyway. Lady, my mum and dad always told a similar story. They were moved out to the London suburbs in the 50s to a council estate. Now at the time, just up the road in Chislehurst (now known as Millionaires Row) they were building new huge 4 bed bungalows. Dad had received some compensation for an industrial accident which blinded him in one eye and was keen to place the £500 on a large bungalow being built. Mum said no as that would be all their money gone. Roll on 35 years. Bungalow is now worth £1.5 million and on top of that they have sold off half the very large plot and another house has been built on it. If only we had the vision of hindsight, eh?

Heather, The world can probably be divided into two categories - those who take risks and CAN sleep at night, those that CAN'T sleep at night at the thought of taking risks. I fit in the latter - do you too?? Jay

Heather, you are sooo like I would be in your shoes. It is a dificult decision to make and i am not able to ofer advice. Except to say, good luck, go with your instinct, but don't get carried away and ofer more than you can afford, taking materials for renovation into account. and for those who advised she could always sell it, don't forget capital gains tax. Ann Glos