Elder: Move somewhere less pikey or wait for the knock-on effect

Carl

Warrington's been named the place with the worst quality of life in the UK.

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Upside is, house prices might come down, then the council will pump in loads of investment to make it a nice place and house prices will go up.

Could be a good time to be buying... or move somewhere less pikey :)

Reply to
fishman
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What a surprise.

Reply to
Conor

He could move to East Yorks. Some cracking driving roads.

"No red flags have been identified for East Riding of Yorkshire"

Reply to
Conor

Thought of taking a lodger? A guy I worked with was building up quite a decent property empire with the proceeds of having a lodger and paying off his mortage early.

Reply to
Doki

I want to get myself in somewhere and settled first then I will think about it.

I'm already reducing the term of the Mortgage to 20 years to save on the interest, and going for a lot smaller mortgage than the last one. I could maybe stretch a bit higher, but I didn't want to risk get a refused application for the mortgage in principle on my credit record.

And for a while, I fancy the bachelor lifestyle for a little bit, as long as I can get into town every now and again for a little fun to bring back for the night.

Reply to
Elder

I grew up with parents who bought fixer uppers, and neded up being the=20 donkey for the jobs as a teen. I got used to the DIY bombshell approach=20 to living. =20

I get the satisfaction of doing the job if I'm allowed to plan it, do it=20 and do it properly. What I hate is being halfway through a job and=20 moaned at that it isn't finished yet, and the next job being forced on=20 me so I have two half jobs.

Someone veiwing has pulled down some more of the plasterboard in the=20 kitchen, so it will need an 8x4 sheet to cover it, but it should be easy=20 enough to patch, skim and paper, rest of the ceiling is clean.

The lounge bodge is where they took down the light fitting and ripped it=20 down, pulling the cord across the ceiling leaving an inch strip halfway=20 across.

Been back and had another look today to refresh myself. The fixup stuff=20 will be easy enough to give livable and give time do properly before=20 decorating.

The oven is fitted, and not half as bad as I thought when I dared to=20 look inside, probably worse on the outside. It is stainless so will=20 clean up a treat, and the there is a concealed hotpoint washing machine.

Kitchen has laminate, dining are has patio doors, but the original back=20 door in the kitchen has just been boarded over with inch ply rather than=20 being bricked up or replaced with a UPVC one.

My biggest worry is the electrics and I will need a sparky over before I=20 even dream of turning on the power. There are some "spare" cables coming=20 out of the hole where the plasterboard is with the ends wrapped in tape,=20 and also in the garden there is an weatherproof outside socket box with=20 a coil of black cable heading back toward the house, but cut through, so=20 at the house end there is a loose end of cable that I can't find.

Other than that a good clean and some trade emulsion would have it=20 looking 100% better. Before the current bust, 2 beds down there were=20 selling at =A390-130, so as long as I keep up the mortgage I can't lose on= =20 the investment when things pick up again.

I think I'm trying to talk myself into it, as I do like it, and there=20 are few alternatives apart from even pikier areas, she wants me out and=20 I want out.

--=20 Carl Robson Get cashback on your purchases Topcashback

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Reply to
Elder

Sadly it does for me, but it will be a lot less than I was paying. I can see the potential the slabbed back yard is about 2x the size of=20 the floor space of the house, and it has a concrete pad drive big enough=20 for two cars, but wonder if I can make it liveable as quickly as I need=20 to, to tidy up later. =20

The third smallest bedroom is dark purple with emo lyrics and bad poetry=20 on the wall. I'm guessing a single mum and two girls lived there.

--=20 Carl Robson Get cashback on your purchases Topcashback

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Reply to
Elder

Worst comes to worst, get a caravan for a few hundred quid and stick it in the garden. You can live in that till the house is fixed.

I'd fix the roof before replacing plasterboard. Or at least find out where your damp is coming from.

This is assuming that they decided to sell it to you. (c:

Reply to
Douglas Payne

Yeah 300ish per month should do it. Not bad! With interest rates low, I'd be piling everything I could spare into paying off the principle so there's an advantage to be had later when rates go back up. There is also a comfortable margin between mortgage payments and rental prices in the area so even after buildings insurance and maintenance you're quids in, plus there's real potential for its value going up in future. Don't discount Doki's suggestion of a lodger - get the right person in and you'll have some good company, a direct tap into their social network for new friends potential /and/ the bills paid. Rock on!

Seems like a bit of a find. So long as you can get the work done for a reasonable cost and like you said in your other post you can take your time over it now. From previous posts of yours and the car-pc stuff I take it you're good with your hands so should be a rewarding effort.

LOL

Best of luck.

Reply to
fishman

Roof is slate, and complete, and the flashing round the chimney and bays are intact, I think the mould comes from it being empty for about a month, but looking like it hasn't been cleaned for at least one year.

It seriously isn't a bad house, someone went to the trouble to replace the kitchen with a decent modernish one, and fit lots of halogen downlights, do the double glazing and build the porch, but retain the decent features like the hall plaster mouldings and terracotta tiled floor, then left it to turn to absolute shit, I think they got repo'd before it went too far though.

I'm talking filth on top of filth and strange stains with things growing on it on the remaining carpets upstairs.

Reply to
Elder

Rented to smackheads who didn't pay the rent and sent the landlord into arrears?

Sold to recently-single mum who got depressed and life fell apart since the breakup with/death of spouse?

Reply to
fishman

I thought similar, some one gets right to buy, gets it cheap, does it up over a few years living in it, sees property rocket, invests in it to bring the kitchen upto date, then flogs it on with a massive profit to someone who gets a much too high sub-prime mortgage but can't meet it.

Reply to
Elder

TBH, if you can stomach it, if you're not planning to add to it, if your DIY skills are good enough or if you have family who can help, provided the house isn't bordered on one side by a brothel and the other by a crack den then you can do a lot with a neglected or abused home. THe last three places that we bought were all in various states of decrepitude ranging from "needs a decorate" to "f*ck me do we fix or demolish?" via "not had a bit of work done on it since 1939".

In each case we bought the places for a fraction of market value because no one could be arsed to do the work involved and we have always sold making around 600% profit. Sadly there's a lot of pressure on housing needs nowadays and the opportunities to make big money out of fixer-uppers is declining. If you do find somewhere with potential someone else will always bid silly money. If you get the place cheap there's usually a damned good reason why no one else wants it.

Reply to
Steve Firth

Up until very recently, there were a dozen similar priced, but much better condition properties, in much better areas, on the market, ones that you could move into straight away.

There were even builders redevelopments not much dearer, but I wasn't in a position to proceed, my name on another mortgage, no free funds for a deposit. It took so long for Alison's remortgage to come through that I missed all the good ones. And prices of those left(even existing ones), or new on the market are even rising and they are still selling quick. Plus it is now the dead season where there won't be any new properties up now until after xmas.

Reply to
Elder

My guess when I heard "filth" and "mildew" was students. A lot of students don't clean a great deal (given the state a lot of student houses are let in, you can see why) and a lot of student houses are damp, generally because people are too thick to realise that 4+ showers a day without an extractor or the window being left open, will result in damp. And the fact that a lot of students are too tight to run the heating enough to keep the house dry.

Reply to
Doki

Indeed. My sister-in-laws palce was filthy, full of rubbish and knocked about when she bought it, but it was a bargain- no-one else was interested. It had no structural issues, just dirt, rubbish, and decoration. A few days work and a couple of skips had it habitable.

Reply to
Chris Bartram

Change locks. Pronto.

Fraser

Reply to
Fraser Johnston

The repossesing banks do that anyway.

Reply to
Elder

Are you sure it is a repossesion?

Fraser

Reply to
Fraser Johnston

Yup, they have to declare it to you(normally say either repo or corporate client), because the rules are different.

1)It stays on the market after an offer is accepted because they obligated to get the best price to clear as much of the debt as possible. 2)The price offered may listed as public notice to get higher bids right up until exchange of contracts. So you might lose the house on the day before exchange if they get a better offer that they accept and you can't improve on. 3)You need to be able to exchange contracts within 28 days for a mortgaged purchase, and 21 days for a cash one.
Reply to
Elder

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