How much house can you get?

Em3bbs

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Diagro said:
We're looking to move from a 220k house 3 bed into a 4 or 5 bed house in a couple of years.

Unfortunately the prices we are seeing are in excess of 450k.

We have 200k cash and our house to sell... So if required would get away with a small mortgage... But I'd really not want a mortgage at all. Never had one, never want one. Hate owing money.
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Don't flaunt your wad Jeremy, it's not becoming.
 

RedMogg

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Portsmouth is a strange one - where it's an island, everything is so crammed, that in the same road you can have a 3 bed ex-council terrace at £46k, opposite a £450k detached Edwardian villa.

In Old Portsmouth, you've got 400 year old, 6 storey, 4 bed/4 bath terraces at £5M, overlooked by 2 bed/2bath new build apartments going for £600k...

Our 3 bed, 1 bath ex-council semi, with driveway and garage, opposite a park, cost £105k.
After a fair bit of work and some regeneration in the area, it's now a 4 bed, 2 bath, with landscaped garden and 6' boundary wall with security gates, currently worth £380k.

Friends spent £200k on a run-down 4 bed semi about 5 mins up the road, then spent two years (and a similar amount) improving it (open plan ground floor, underfloor heating, two storey extension, brick-built outhouse that's a home gym/dance studio ((they've three girls)) and utility room, hot tub/tiki bar, plus top floor master suite with walk in wardrobe and his/her ensuite).
It's now 6 bedrooms, 4 bathrooms, and just accepted an offer of £700k - it probably helps that the husband is the lead surveyor for the council's biggest maintainence contractor.
 

RedMogg

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Mujja said:
Anything "affordable" is quickly bought and converted in to a HMO and filled with students. Which is why I'm not too keen about staying or buying in Southsea as I'll eventually end up surrounded by students.
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Agreed - we're looking at moving off of Portsea Island next. It's the only way to guarantee space, off road parking, etc.

Got my eye on a couple of ex-MOD properties over the hill (Southwick/Wickham) - bought one when they were first offered in 2006 for £70k (3 bed semi), then let it out for £600/month. I really ought to think about increasing the rent :p
 

Kainz

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JunglistE said:
We've gone for a new build as FTB as we just couldn't be bothered to deal with a house that would need improvements/more maintenance. I think when we decide to move we'd probably be more open to getting an older house with more charm and we could spend time doing it up on the inside but right now, new fits in more with what we want. We weren't actually thinking of a new build house but the right one came up in the right place and we loved it

Totally appreciate it's not for everyone though.
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This missus and I have just done this. Secured a 1 bedroom new build in Stanmore Hill (just down the road from my parents place) for £320k thanks to HTB.

A 2 bedroom apartment is over £400k so forget it. I am in my 40’s so simply cba and haven’t thr time to deal with improvements and maintenance associated with a normal house - not that I could afford it. Having said that I’ll eventually inherit the parents 3 bedroom that I in part paid the mortgage off on.

Mate of mine has been doing up his place for the past two years after buying a 3 bedroom for 380k in Watford. I simply haven’t the time for that.
 

RedMogg

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sanaxe1 said:
I find out today if I get this house, best and final offer had to be submitted yesterday.

http://www.rightmove.co.uk/s6p/68326125

House was only put on the market on Friday and they had 10 offers.
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Good luck - beautiful house for a fantastic price - yet still so much scope to add more value.
These semis with the large side access and room to extend back and up are an absolute gold mine - relatively quick to do, too.
That garage/end of garden room also means the bulk of the building is already done - it's a very similar layout to what our friends bought and extended (as in my post above).

Fingerscrossed.gif
 

Junglist

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Kainz said:
This missus and I have just done this. Secured a 1 bedroom new build in Stanmore Hill (just down the road from my parents place) for £320k thanks to HTB.

A 2 bedroom apartment is over £400k so forget it. I am in my 40’s so simply cba and haven’t thr time to deal with improvements and maintenance associated with a normal house - not that I could afford it. Having said that I’ll eventually inherit the parents 3 bedroom that I in part paid the mortgage off on.

Mate of mine has been doing up his place for the past two years after buying a 3 bedroom for 380k in Watford. I simply haven’t the time for that.
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Good luck! Ours is taking a bit longer than we anticipated due to HTB halving their staff and our solicitors making a paper work error. We were hoping to exchange on the 13th but looking like next week now

We just wanted to move in to somewhere right off the bat and not have to worry about changing a kitchen or general decorating. We actually wanna be able to live comfortably in the house for a while
 

Puzzled

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sanaxe1 said:
I find out today if I get this house, best and final offer had to be submitted yesterday.

http://www.rightmove.co.uk/s6p/68326125

House was only put on the market on Friday and they had 10 offers.
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Looks nice, be interested to know how much you offered once you know the outcome.

I always think when I see places that have bars / games rooms that the current owner must be pretty sociable and that the neighbours will be keen to get to know the new owner so they can keep coming over. You'll have new friends in no time :p
 

faceman123

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good i feel poor, i just bought a 3 bedroom ex council flat - to put on rent for £125k, my wife plans on buying a second one aswell - i dont know how people can afford such expensive properties. i earn 40k a year not the most but still, christ god help the next gen
 

Puzzled

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Have mortgage terms got longer over the years or is it still the same amount of years to pay back as say 20 years ago?

Just a lot more to pay back in the same time obviously, perhaps we should make the next gen live twice as long so they have a chance :o
 

sanaxe1

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RedMogg said:
Good luck - beautiful house for a fantastic price - yet still so much scope to add more value.
These semis with the large side access and room to extend back and up are an absolute gold mine - relatively quick to do, too.
That garage/end of garden room also means the bulk of the building is already done - it's a very similar layout to what our friends bought and extended (as in my post above).

Fingerscrossed.gif
Click to expand...
Puzzled said:
Looks nice, be interested to know how much you offered once you know the outcome.

I always think when I see places that have bars / games rooms that the current owner must be pretty sociable and that the neighbours will be keen to get to know the new owner so they can keep coming over. You'll have new friends in no time :p
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Offer accepted! We offered £225,000.
 
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