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Post by Deleted on Apr 23, 2020 11:48:16 GMT
Oh I don't know about the economy and how or when or even if it's going to crash and the housing market. But it's right to buy now even though prices could drop because they may not drop that much (it's a lot of flat for the money) and he's currently renting - and you could spend a fortune renting waiting for a house crash which may never happen.
So again, even if house prices drop, he's still got a good 2-bedroomed flat which is his with no mortgage - rather than spending a lot of money on rent and not earning interest. Are you thinking he should wait 6 months try and get something cheaper? It's already cheap, housing crash may not happen, it's still a good move. Imho.
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Post by Half Machine Lipschitz on Apr 23, 2020 13:08:01 GMT
Congrats John!
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Post by Mr. FOLLARD on Apr 23, 2020 13:16:15 GMT
Thanks!
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Post by tory on May 16, 2020 9:05:36 GMT
My dad's house has been on the market over lockdown. This week the estate agent called me to advise that they'd been inundated with viewing requests for it and that she expected it to go for asking price or more, which has been a huge relief considering that there has been a lot of talk about house prices dropping 30% or more at the moment.
Given that my wife's earning capacity has been severely curtailed and may not recover until the new year, it has also eased financial worries a little too.
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Post by Mr. FOLLARD on May 16, 2020 9:26:34 GMT
Relief but also a surprise, no? It must be a nice place.
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Post by tory on May 16, 2020 9:46:26 GMT
Whilst the property itself is out of date in terms of decor, it's structurally very well built.
The location is key - it's in probably the best road in the village (right on the periphery of London), has a doctor's surgery a stone's throw away, is in the catchment area for 2 good schools and has access to 3 buses 10 minutes from East Croydon, which itself is 15 minutes from London Bridge and Victoria.
So it's all location, location, location. I put it on the market literally on the day of lockdown and was told that they'd be surprised if it didn't sell right away. Of course, when you hear talk in the papers about prices dropping and a massive recession on its way, it's hard not to think that we'd lose maybe up to £75K or £100K on it.
The estate agent said that it had been "business as usual" in terms of viewing requests throughout lockdown. For safety, they are doing 5 viewings from the best situated buyers and then if a sale isn't agreed, they'll move onto the next set of buyers.
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Post by tory on May 16, 2020 9:49:24 GMT
You can view it here! www.rightmove.co.uk/property-for-sale/property-78427231.htmlThe house I grew up in. We thought about doing it up a bit before putting it up for sale, but the estate agent said not to bother. It'll be a bit weird when it does sell, as I'll have no real reason to return to the place I grew up in. The final bond will be gone. And yeah - before the inevitable comment on prices, that's how much you have to pay for a 3 bedroom house in outer London nowadays - even one that hasn't seen a lick of paint in 20 years!
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Post by Mr. FOLLARD on May 16, 2020 9:58:45 GMT
You can view it here! www.rightmove.co.uk/property-for-sale/property-78427231.htmlThe house I grew up in. We thought about doing it up a bit before putting it up for sale, but the estate agent said not to bother. It'll be a bit weird when it does sell, as I'll have no real reason to return to the place I grew up in. The final bond will be gone. Will you be living close by, Toby? If not, I guess there'll be no reminders. I really didn't want to move out of my Mam's old house and put it on the market last year. I dragged my feet a bit. But now I've gone I don't really miss it - and that surprises me.
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Post by Mr. FOLLARD on May 16, 2020 10:01:00 GMT
Yeah, I was going to mention the price. It would go for less than half that in the north.
I do find it weird because it means that the value of a house has very little to do with anything other than average local salaries. You're not counting bricks.
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Post by tory on May 16, 2020 10:02:19 GMT
Not really. I live about 18-20 miles away and have no real need to. No friends who live near it. There's a boardgame cafe in Croydon and of course Ikea, so I suspect it won't be as if I'll never go back, but otherwise unlikely. My wife hates the area and I can understand why - apart from the abundant greenery in some places there's very little charm to the place anymore.
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Post by Mr. FOLLARD on May 16, 2020 10:04:10 GMT
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Post by tory on May 16, 2020 10:05:51 GMT
Yeah, I was going to mention the price. It would go for less than half that in the north. I do find it weird because it means that the value of a house has very little to do with anything other than average local salaries. You're not counting bricks. Demand essentially. It's quite well situated as you can commute to London fairly easily (my dad once did his Office on London Bridge from his door in 43 minutes). There's greenery all around and there are also some really good schools nearby. There's also always going to be demand for a 3 bedroom house with a sizeable garden. If the house had been brought up to modern standards, then it would probably go for about £550-600K.
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Post by sloopjohnc on May 16, 2020 13:23:34 GMT
I always chuckle at the difference between houses in the UK and California where I live, and the approach by real estate agents putting them online. It looks like a nice place, but a place like this that wasn't superficially fixed up would be looked upon as a real fixer upper here. Some people would take on the sweat equity, but at significantly reduced price. I only write that because of the comparison between my dad and your father-in-law's place as far as having to showcase it, as it's called. My dad's house was in similar shape but we had to take two or three weeks to fix up the yard and put in furniture to make it looked lived in. I found a site that features photos of my dad's old place when we sold it. None of the furniture in the photos were his: www.zillow.com/homedetails/3468-Oak-Knoll-Dr-Emerald-Hills-CA-94062/15571278_zpid/Our realtor even had drone video of the neighborhood and property.
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Post by tory on May 16, 2020 13:58:32 GMT
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Post by sloopjohnc on May 19, 2020 16:59:55 GMT
It's all the land. I've mentioned this before, but my brother inspected a tear-down in my hometown - the chimney was taking the back wall with it, and it still went on the market at over $1 million.
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