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Post by Crunchy Col on Mar 11, 2019 17:23:15 GMT
If I go ahead and buy it, I'd like to do as much as possible myself. The worry is, if I go abroad again to work, I will need someone here to take care of things, and there are obvious worries involved in that.
Anyway - we'll see how it goes with the viewing tomorrow but I can't help thinking that there are more pros than cons with an enterprise like this.
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Post by Crunchy Col on Mar 11, 2019 19:27:35 GMT
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Post by Deleted on Mar 11, 2019 20:17:20 GMT
Is the clothes washer in the kitchen, kitty corner from oven and range? Pros: looks like cosmetic stuff - paint, carpet, some tiling, maybe a little drywall. Cons: dry rot (I'd worry about it near damp conditions), how old and well do utilities work and I they part of sale (not a big deal, but you'd have to get new ones). Minimum cost, $500 for paint and carpet, little things. Max cost, $2 - $2,500 or so, which still wouldn't be that much. AirBnB, you'd have to furnish. Renter, you wouldn't. Can you handle the service charge of 600 per year? Also, you'd have to get a renter's policy for your stuff, from the walls and within.
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Post by Deleted on Mar 11, 2019 20:23:37 GMT
Looking on AirBnB, and I'm not urging you to do that, you can get anywhere from 25 to 80 per night
I'd rent it. Heck, looks like a great apartment for a single.
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Post by Crunchy Col on Mar 11, 2019 20:31:41 GMT
Thanks J. The kitchen corner has a washing machine too.
I worry about dry rot too. And the place could get flooded as it's right down by the harbour - that's another worry. Maybe that explains the low price. If I furnish it cheaply and sparsely then in the unlikely event of burglary or damage, I won't have lost too much. But I'll need to store my guitars and clothes and books there too...
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Post by Crunchy Col on Mar 12, 2019 12:09:05 GMT
The location is ideal, and it's bigger inside than I'd realised.
The problem is with damp. The agent said it needed to be looked at, and I went back to the office with her and she showed me the surveyors report. It would cost close to £4000 to damp-proof the place and do all the other necessary related jobs. I'd pay that, but I'd worry that the damp would return.
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Post by Deleted on Mar 12, 2019 15:57:45 GMT
The location is ideal, and it's bigger inside than I'd realised. The problem is with damp. The agent said it needed to be looked at, and I went back to the office with her and she showed me the surveyors report. It would cost close to £4000 to damp-proof the place and do all the other necessary related jobs. I'd pay that, but I'd worry that the damp would return. It's hard to keep out. I grew up in a damp area, in a very wooded area, and it's a constant problem. And the damp is just your flat - you never know about the whole building. And remember, you have to heat the place, which could be a fair amount. A word of caution - I was hepped up to buy a retirement place in Oregon, and while I bought a nice place, an old friend on Facebook posted, "What are you going to do about stairs when you get old?" since it was two stories. And the place had a lot of beautiful redwoods on it, but I started looking at those as a con rather than a pro, because I'd have to maintain and clean a big yard. I sold the place and bought a much easier place. My point is, while this may look like a great deal, there are lots of good deals. You might just want to wait. But, I was thinking about your place last night - will interest rates go up after Brexit? They very well could.
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Post by Crunchy Col on Mar 12, 2019 20:03:30 GMT
The location is ideal, and it's bigger inside than I'd realised. The problem is with damp. The agent said it needed to be looked at, and I went back to the office with her and she showed me the surveyors report. It would cost close to £4000 to damp-proof the place and do all the other necessary related jobs. I'd pay that, but I'd worry that the damp would return. It's hard to keep out. I grew up in a damp area, in a very wooded area, and it's a constant problem. And the damp is just your flat - you never know about the whole building. And remember, you have to heat the place, which could be a fair amount. The damproofers guarantee that the place will be protected for a minimum of five years (and thirty years for the other kind of damp, the name of which eludes me right now). So it'd be safe for a while. I contacted yomp about this and he said it's relatively easy to deal with floor damp. He also told me that reputable contractors offer a twenty-year guarantee, and so I should look for that. The fact that he wasn't pessimistic makes me think this could work. Your point about waiting for something else - I don't know about that. This place is really in the best location possible. I doubt anything like this will come along again soon. And Brexit? interest rates? who knows?
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Post by Deleted on Mar 12, 2019 20:34:54 GMT
It's hard to keep out. I grew up in a damp area, in a very wooded area, and it's a constant problem. And the damp is just your flat - you never know about the whole building. And remember, you have to heat the place, which could be a fair amount. And Brexit? interest rates? who knows? Differences can be significant. If you feel good about the dry rot, then get it.
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Post by Crunchy Col on Mar 15, 2019 21:12:38 GMT
The estate agent called me this morning and asked if I was still interested in buying the flat. I said yes, and said I wanted someone to assess the property (I really have no idea about all this business - I was just playing a role). She told me it would probably be OK but she'd have to talk to the vendor. She also told me that there was someone else interested in buying, so (subtly) I should get moving.
It's all a big game, isn't it? Playing your cards close to your chest, being simultaneously cool but keeping the various parties close to hand.
Any advice from any other house/flat buyers? If the place is going for £50,000 (and it's been on the market for a few months, so I don't believe I need to rush into this TOO much), what would be a reasonable offer that wouldn't fuck my chances up?
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Post by Deleted on Mar 15, 2019 21:38:23 GMT
My brother owns his own real estate property inspection business so we talk from time to time.
If it's been on the market for a few months, it's basically real estate poison. At least here it would be.
An assessment should definitely be done and is part of every real estate transaction where I live. The negotiation is usually who pays for it and for what percentage. Usually the owner will pay for the assessment and the potential buyer, the inspection, but it differs.
And the real estate broker is mostly likely fucking with you about other buyers.
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Post by tory on Mar 15, 2019 21:44:42 GMT
I'd say that if you want it, pay as much as possible close to the asking price as you think necessary.
The issue is whether you just like it because it's the first property you've seen or if it's what you really want. In my experience you get your heart broken at least once when you're buying a property and it's often the next one that comes along is the one you buy. Don't be too disheartened if you are outbid.
I would suggest that you get a builder, if you know one, to have a look over the property alongside the survey. A survey is essentially an excuse for a company not to get caught out by anything more than anything else. A builder may give you some insight into work that might potentially be done. It's always good to get a second opinion more than anything else.
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Post by tory on Mar 15, 2019 21:45:49 GMT
Plus, £50K for a flat.... You'd be lucky to buy one down here for less than £150K.
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Post by Crunchy Col on Mar 15, 2019 22:12:12 GMT
Thanks folks. If it's been on the market for a few months, it's basically real estate poison. At least here it would be. Yeah, but Whitehaven's a small town and the market moves slowly here. The average ToM (time on the market) for property is something like 140 days. For sure. I think I can afford to take my time. But you never know. I wanted to ask her how much the other prospective buyer had offered, but...like I said, this is all new to me and I thought that would be a bad move. I don't know. It's like a game of poker. And, you know, least said, soonest mended. I'd say that if you want it, pay as much as possible close to the asking price as you think necessary. The issue is whether you just like it because it's the first property you've seen or if it's what you really want. No, I really want it. It's all about the location. It's very unlikely (and I do know this) that a place this close to the harbour, and at this low price, will come along soon. I'm keen on making the little place look good. It's all affordable. I wasn't even looking to buy a place at all (I was considering renting in Newcastle or Glasgow, or moving abroad again) - just seeing this, and where it is switched on lights in my head I didn't even know I had. So what do I offer? £45,000? Would £40,000 be taking the piss? I really have no idea. Yes. Thanks. I'm going to do this. I just need to sort out a time when it can be done, and costs. Some of this work can be done for free, right? It's all a bit daunting but exciting. And yeah, I suppose it could all go to shit and I'll get my heart broken.
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Post by Crunchy Col on Mar 15, 2019 22:17:56 GMT
Plus, £50K for a flat.... You'd be lucky to buy one down here for less than £150K. It's a small place and it needs a lot of work. And Copeland (this borough) has some of the lowest property prices in the country. This table is a few years old but not a great deal has changed:
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