Owning your own home

nah they're gone.

MAin reason I want someone to buy the house next door is so I don't have to look at the now overgrown garden every day

Our previous flat was picked up for major refurbishment works which we didn't know about when purchasing although I knew the roof required replacing (I'm a Building Surveyor).

When they came round to do the survey I made sure I was there and had a chat with the surveyor. It turned out that the value of the works was capped at £15k which was split between us and our upstairs neighbour who were social housing tenants (social housing were also our freeholder).

I estimated the roof works would take up much of the joint liability which meant that anything else was free. I managed to squeeze the surveyor for 2 new front doors, a new back door, render repairs, window replacements (the majority) and full external redecoration (only the bottom (our) half of the property was previously decorated). The total cost of the works was circa £35k so we managed to get £20k or so of free work done which obviously completely transformed the appearance of the property. Repayment was staggered, interest free and we cleared the final amount when selling with the profit we made.

Basically, major refurb works can be a very good thing if you're savvy/lucky.

@Howard

thanks yeah thats what we're thinking. i dont think we'll ever get any agreement of chalfies sort, just because theyre so far ahead, we'll see where we get to.

Also really good to hear, thanks! my dads opinion on this was similar (as an ex-la owner) that its probably going to cost a bit, but at the end of it we might not be any worse off for it. but its all a gamble at the end of the day!

Linky no worky, maybe he bought it already.

weird. worked litereally minutes ago.

There's basically 3 areas around there that get cheaper as you go East..

Muswell Hill to the west of the railway tracks is pricey.
The Ladder between the railway tracks and Green Lanes. Cheaper than Muswell Hill but you're still looking at ~£900k for a house (cheaper on the two main roads but they have loads of traffic).
East of Green Lanes, houses are bit smaller, area is nice enough, houses are about £200k cheaper (bit pricier south of St Ann's Rd than north).

The Muswell Hill/Crouch End prices have meant people have gradually moved across and coffee shops and organic stores are starting to flourish. Property prices will probably follow soon.

Basically, major refurb works can be a very good thing if your freeholder is a fool with their money.

Alas Southwark don’t have form

Using these: http://www.greenmanandvan.co.uk/

The availability was an issue but got resolved eventually, have used them in the past. Top guys.

In nine months we may be deep in recession, I get that we all need somewhere to live - and that the value of what you have to sell will also go down, but if we posit a return to the prices of the last crash (which, don't forget, was global and therefore moving away would not fix) that 900,000 pound house is now 500,000, so your total exposure and salary multiple is much healthier.

9 months is a while, but negative equity could be a significant bummer - and that's got to be a very significant risk if you purchase today.

Are we still talking homes or investments in this thread?

We could merge he threads in to a 'not pissing your money down the drain' thread?

Were currently buying a house. Looking at 7 and 10 year fixed. Will have more kids in year 3 so we can eat them in year 5-10 if needed.

So sit tight and see what happens?

I would like an awning, to give some shade has anyone got any experience of these?

Loads of shade gets thrown in this thread...

negative equity is only a issue if you want to remortgage or sell. Otherwise just wait for the recovery.

Population growth in London > rate at which properties are being built.
Or
Demand > supply

Sell at the top of the market, invest the proceeds in something that provides an annuity*, pay rent for a while, buy at the bottom of the market.

* Or just bitcoin, obvs

But a cheap gazebo. Sales are on now. Get one with side curtains to shade from low sun.

negative equity could be a significant bummer - and that's got to be a very significant risk if you purchase today.

It's a bummer if / when interest rates spike and you can't afford to service the debt.

Otherwise, you suck it up, service the payments & sit tight.

negative equity is only a issue if you want to remortgage or sell. Otherwise just wait for the recovery.

Yes, but you'd feel bloody stupid if you bought at £900k months before brexit only to see your gaff being £500k after brexit. It's an event firmly timetabled and a very real chance of an epic fuck up and a slow recovery. The opportunity cost of £4ook is not insignificant.

Anyone with a second property coming to the end of a mid term time scale would be trying to shift it before Brexit I'd have thought.

Apologies to @GwGs

So sit tight and see what happens?

I can't see that anything else makes sense - there's so much uncertainty.

If we look at the options:

1. No deal Brexit:
   By the time we reach this point the economy will be in serious trouble as the likes of Airbus, JLR, Honda, Nissan etc will all be pulling out alongside the banks. House prices will be impacted - based on the last financial crash they may be 50% of todays prices

2. Extension of A50:
   I'd expect this to be accompanied by what might best be termed as "managed decline", as without any certainty available in the UK investments are made where there is certainty, our economy will contract alongside this and house prices will steadily fall

3. A50 revocation:
   We likely cling onto the lowest growth in the EU, I'd imagine a slow correction to house prices given that a significant amount of economic damage has been done

4. Unicorn Brexit:
   The EU changes it's mind and gives us the three freedoms without the fourth, a better deal than any EU member, because of it's admiration for our British pluck, the economy trebles in a month and lemonade is free forever, house prices rise as if strapped to a Saturn-V

No need to apologise, Plumstead is constant as the Northern Star, we will weather the storm.

Besides we're yet to complete, just waiting for the right moment to pull the Tenderloin Rug from under their feet!

negative equity is only a issue if you want to remortgage or sell. Otherwise just wait for the recovery.

Population growth in London > rate at which properties are being built.
Or
Demand > supply

Or, buy in April 2019 for 50% of todays cost, have no negative equity.

The majority of people on this thread will likely be on their current salary+a bit by then, and whilst their available deposits (unless following TW's Bitcoin advice) will be lower so will the total commitment.

Surely that makes sense?

Besides we're yet to complete, just waiting for the right moment to pull the Tenderloin Rug from under their feet!

For most impact, wait until they're pouring the champagne.