GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 Location wise, it's absolutely ideal too. Bloody hell, I was determined not to like this place as well. Bugger bugger bugger. Link to comment Share on other sites More sharing options...
Dante_Lockhart Posted May 2, 2012 Share Posted May 2, 2012 If it's everything you want and you see it as your family home for the forseeable future why are you worrying about resale value? It's not like you'll be buying it, doing it up and selling it immediately after looking for a profit. Link to comment Share on other sites More sharing options...
peterms Posted May 2, 2012 Share Posted May 2, 2012 Just to come back to this, what if the resale wasn't a massive concern? Basically, we've seen a place we really liked, it's huge, it's nice, it's cheap, we'd happily live there for decades and fears over the usual problems associated with prefabs have been assuaged by a neighbour who lives in the same build of property who fortunately we happen to know. For me the issue would be not whether you could shave £1500 off the price, but whether you should buy at all. Resale might not be a concern based on your current plans and expectations, but that could change following any one of many possible life events - lose your job and can't keep up payments, have a serious accident, have to relocate and so on. The question then would be whether you could sell at an acceptable price if you needed to. If the market is still moving downwards or is sticky for a while (and it sounds like it will be), if mortgage providers get more restrictive about making loans for potentially problematic properties (and prefabs would almost certainly come into this category) and so potential buyers dry up, what then? The fact that other people haven't made an offer and the seller sounds desperate (needs to sell quickly and "appreciates you are in a strong position") is a warning sign. If you are then considering a figure which is at about the limit you can afford, that sounds to me to be pretty risky. For someone who could afford to cover that risk, it might be a good buy. If you are stretched as it stands, I would suggest some very serious consideration of the risks of things like losing your job or having to move, and what you could realistically do in that situation if you couldn't sell it for a year, or had to take a hit of £20-30,000 on the price. There's a lot of people out there who got badly caught out last time round because they only looked at the upside, and bought something at the margins of affordability. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 Added bonus; neither of us do or will ever want kids, so I'd have 2 spare bedrooms to do whatever with. I can finally build my sex dungeon! Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 The fact that other people haven't made an offer and the seller sounds desperate (needs to sell quickly and "appreciates you are in a strong position") is a warning sign.That's the other property (we lost out on that one), this prefab is new and has only just came on the market. Salient points, though. Link to comment Share on other sites More sharing options...
Eames Posted May 2, 2012 Share Posted May 2, 2012 PM a link to the details? If you both really love the property then hey its your cash - but I can't see why resale value wouldn't be a concern. In terms of it being perfect location, is that perfect for you because of your specific circumstances? Because access to the Dog and Duck, with local kebab van parking outstide might not be everyone's cup of tea. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 Clicky, then search for the 3 bed bungalow in South Ham (RG22 6DW) that's listed for £139,950. For some stupid reason there's no direct link to the page. access to the Dog and Duck, with local kebab van parking outstide might not be everyone's cup of tea. Alas, no kebab van in the vicinity or I'd have already put an offer in. It's a 20 minute walk to the town centre, 10 minute walk to the retail park, and 5 minute walk to Camrose... yeah I see your point. Link to comment Share on other sites More sharing options...
Eames Posted May 2, 2012 Share Posted May 2, 2012 Ok well compared to what £140k gets you dahn sahf its a **** mansion. Like I said... its you're cash - if you both love it go for it. There is definate scope to improve it so you should be able to add value. I don't have any knowledge of the area so can't really comment but stand by what I said earlier in the thread, go for the worst house in the best area and you can't go far wrong. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 Can you just, like, take a month off work and come round houses with me? I'll cook for ya and everythin'. Link to comment Share on other sites More sharing options...
mjmooney Posted May 2, 2012 VT Supporter Share Posted May 2, 2012 neither of us do or will ever want kids Link to comment Share on other sites More sharing options...
Eames Posted May 2, 2012 Share Posted May 2, 2012 I thought that Moonman but didn't have the heart to say it. Link to comment Share on other sites More sharing options...
Genie Posted May 2, 2012 Share Posted May 2, 2012 Hi Mr Gareth, I must say... that looks like my idea of hell. Can't begin to list all the reasons why I wouldn't buy (or recommend) someone buys it. AVOID! Link to comment Share on other sites More sharing options...
mjmooney Posted May 2, 2012 VT Supporter Share Posted May 2, 2012 I didn't realise there were any prefabs these day. Thought it was a post-war thing and they'd all been trashed. Link to comment Share on other sites More sharing options...
Eames Posted May 2, 2012 Share Posted May 2, 2012 Oh and Gareth, if you are going to buy it.... have it **** surveyed first, and not just he one the mortgage company insist you do where the bloke stands outside and goes "yeah that'll be alright" A proper full survey. For me, if I had the cash spare, it was in an area I knew and the survey came back ok, its an ideal investment opportunity. New kitchen, paint the outside, magnolia the **** out of the inside.... bit of a tidy in the garden and stick it back on the market. Job would be a goodun. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 This could all be academic mind, we're waiting for the estate agent to come back with exactly what the walls are lined with, if he uses the words "reema hollow panel" it's unmortgageable. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 2, 2012 Author Share Posted May 2, 2012 Oh and Gareth, if you are going to buy it.... have it **** surveyed first, and not just he one the mortgage company insist you do where the bloke stands outside and goes "yeah that'll be alright" A proper full survey.Already budgeted for a full survey, in the event of this exact scenario. Prior planning FTW. 8) Link to comment Share on other sites More sharing options...
Genie Posted May 2, 2012 Share Posted May 2, 2012 Worth pricing up house insurance too, I expect that'll be pricy for a house that is classed as 'non standard construction' Link to comment Share on other sites More sharing options...
Eames Posted May 2, 2012 Share Posted May 2, 2012 Oh and Gareth, if you are going to buy it.... have it **** surveyed first, and not just he one the mortgage company insist you do where the bloke stands outside and goes "yeah that'll be alright" A proper full survey.Already budgeted for a full survey, in the event of this exact scenario. Prior planning FTW. 8) Good lad. Link to comment Share on other sites More sharing options...
mockingbird_franklin Posted May 3, 2012 Share Posted May 3, 2012 I'm not advocating buying this place, but it does seem to offer a lot of space for your money, obviously you've looked into the possible problems associated with prefabs, but to help make a decision, I'd also see what I could find out about the value of the land as a building plot, and the possibility of rebuilding on it at some later date. It seems to be on a decent block of land but then it is also attached so this has to be factored in. Link to comment Share on other sites More sharing options...
GarethRDR Posted May 4, 2012 Author Share Posted May 4, 2012 Well, we've just gone in with £122k. Let's see what happens. Link to comment Share on other sites More sharing options...
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