House Advice

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I’d buy the house your in. You’ll be mortgage free quicker too. Saving £1000s in interest
 


harmy said:
I’d buy the house your in. You’ll be mortgage free quicker too. Saving £1000s in interest
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Thats the idea yeah
Unbalanced Views said:
How small is the small yard and does it get any sun ? if you're having all sorts of work done, it wont cost much to lift the concrete and create a tropic oasis or something, providing the yard is big enough
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Not huge and gets a little bit of sun. We would probably deck it out
 
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Heffer said:
Yeah we like where we are and the kids are settled. Just the lure of the new build is attractive especially when we can get one for the same deposit. I just worry about the payments going up after the initial 5 years interest free goes on the equity loan. by then I will be 43 :eek:

get the house we're in and I might only owe 65k on it!
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If you'd done the work on the house in five years and sold it owing £65k on the mortgage, would that put you in a better position to buy a newbuild without the HTB loan?

We bought our place 7 year ago knowing it needed work. Pretty much what you describe. As well as the stuff you know needs doing there'll be plenty you don't know about. We found some of our windows were old double glazing and were losing too much heat. Plaster from a ceiling fell in and materials cost. Both things we never thought about replacing but needed doing.

The real big miss I have with our place is a lack of a garden. Now the bairn is a bit older and into his footy a little bit of nice outdoor space would be ideal. I work next to a lad looking to buy a newbuild and I'm well jealous :lol:

Echoing the advice of others on here, if you really want a garden and the equity loan route is putting you off I'd keep looking.
 
a1970man said:
Well take a mortgage for 100k, give 80 to the owner and use the 20 to get it sorted.
150 grand mortgage £750pcm ish
100 grand mortgage £500pcm ish

Or chip him down to 70k and use 30k to do the place up.
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Can you actually do this get more than what the house costs ?
So £80k plus £20k for improvement ?

I understand you can remortgage a house later on, but don’t understand to rules these days.
Been mortgage free for a few years now :)
 
From a pragmatic point of view it probably depends on how much of a bargain it is and what it’s worth done. If the landlord is desperate to sell at 80k but it’s worth say 95 as is then making it look nice but not doing anything major and flogging it might be your best bet unless sorted houses in the street are going for much more than 125k?
 
A lot of mortgage lenders don’t let you lend more than the house is worth now. I’d keep looking for something with a garden. If you’ve got kids, you’ll need one and want one. You sound as if you want to move into a house “for life” too, so might as well make it one you want.
 
It’ll cost ya closer to £60k to sort it out and have you really got the stomach to do all that hard graft/upheaval/dust/fighting with neighbours over vans and skips in the street.
Buying a cheap house that needs loads doing to it is only good to people who are actually builders or do kips up for a living,everyone else ends up doing it half arsed because they can’t be arsed or Havnt got the money but generally it’s both.
A lot of people look at doing a kip up as some romantic dream when in reality it’s a f***ing money pit that’s a right piss on at times.
 
monkeytassle said:
It's all you do so you'd hope make practice make perfect. As an aside this is serious and could impact a family's future so best keep your bullshit out of it.
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If your so concerned about his families future why are you advising him to buy the worst house on a street? I'm sure his lass would love it he suggested that to her. Its the dumbest suggestion I've ever heard.
 
TDalt said:
A lot of mortgage lenders don’t let you lend more than the house is worth now. I’d keep looking for something with a garden. If you’ve got kids, you’ll need one and want one. You sound as if you want to move into a house “for life” too, so might as well make it one you want.
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This ,a house with a yard when you have kids is proper shite.
 
Buy the one where you live and do it up.
You'll have more money in your hand; you'll make more when you sell it; you'll have less stress as the mortgage is lower and you'll be more experienced about doing places up when you move the next time.
 
Billericay Dichio said:
Buy the one where you live and do it up.
You'll have more money in your hand; you'll make more when you sell it; you'll have less stress as the mortgage is lower and you'll be more experienced about doing places up when you move the next time.
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100% this. You'll likely hate refurb but you might be the 1% that likes it.
 
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