Owning your own home

This place is a little further out and has just had 10k knocked off. Hopefully off to view tomorrow;

http://www.rightmove.co.uk/property-for-sale/property-39337595.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DREGION%255E1018%26insId%3D2%26maxPrice%3D160000%26radius%3D10.0%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1018%26maxPrice%3D160000%26minBedrooms%3D3%26previousSearchLocation%3DNorwich%26radius%3D5.0%26searchLocation%3DNorwich%26searchType%3DSALE%26useLocationIdentifier%3Dfalse%26box%3D1.30197%2C1.35947%2C52.64119%2C52.65936%26popupPropertyId%3D39337595%26mapType%3DMap&fromMap=true

Add 15 - 20k for a new kitchen, bathroom, possible rewire, redec, carpets, curtains, etc., etc., etc.

This place is a little further out and has just had 10k knocked off. Hopefully off to view tomorrow;

http://www.rightmove.co.uk/property-for-sale/property-39337595.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DREGION%255E1018%26insId%3D2%26maxPrice%3D160000%26radius%3D10.0%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1018%26maxPrice%3D160000%26minBedrooms%3D3%26previousSearchLocation%3DNorwich%26radius%3D5.0%26searchLocation%3DNorwich%26searchType%3DSALE%26useLocationIdentifier%3Dfalse%26box%3D1.30197%2C1.35947%2C52.64119%2C52.65936%26popupPropertyId%3D39337595%26mapType%3DMap&fromMap=true

Sprowston? You're not ready to give up on life yet are you?

Whats wrong with sprowston?

There's a few places we wouldn't mind living Sprowston is near enough to the city but further out that we get a little more for our money and a parking space!!

Name two good things in Sprowston.

This place is a little further out and has just had 10k knocked off. Hopefully off to view tomorrow;

http://www.rightmove.co.uk/property-for-sale/property-39337595.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DREGION%255E1018%26insId%3D2%26maxPrice%3D160000%26radius%3D10.0%23_includeSSTC%3Don%26auction%3Dfalse%26locationIdentifier%3DREGION%255E1018%26maxPrice%3D160000%26minBedrooms%3D3%26previousSearchLocation%3DNorwich%26radius%3D5.0%26searchLocation%3DNorwich%26searchType%3DSALE%26useLocationIdentifier%3Dfalse%26box%3D1.30197%2C1.35947%2C52.64119%2C52.65936%26popupPropertyId%3D39337595%26mapType%3DMap&fromMap=true

Not far from Mousehold Heath there.

Is that I shed I can see? ;-)

Name two good things in Sprowston.

Is that I shed I can see? ;-)

Halfway there already.

^ You mean he needs 2 sheds? ;-)

Name two good things in Sprowston.

The road through it and the pub.

So we went to look at that house in Sprowston as they've since knocked 10k off. It needed a lot of work, new boiler and CH upstairs to be fitted. Which is a big no. At 160k it would easily need 10-15k to get it up to scratch, money which we don't have right now.

Since then we've toyed with the idea of a terraced place meaning we would be paying less less and it would cover us if interest rates increase (is this something worth considering?) it would also mean we've got a lot more money left each month to do other things.

This place is pretty much ready to move in to;

http://www.rightmove.co.uk/property-for-sale/property-39443717.html?premiumA=true

The only thing putting me off a terrace is the parking situation. This one has off road parking and we could get a permit for visitors on the road.

The area doesn't seem too bad either.

Room for a shed?

*onetrackedmind

Further from the ring road = good. Closer to the city = convenient. All depends on your priorities really.

Still the right side of Norwich for some good road riding.

spenceey, buying cheaper, doing the work, and thus adding value, is where you make the money..

^ This can be certainly be the case. Doing up a house will test your relationship with Mrs spenceey though. It's far more work than people think.

Room for a shed?

*onetrackedmind

Of course - decent enough garden to have a shed!

Further from the ring road = good. Closer to the city = convenient. All depends on your priorities really.

Still the right side of Norwich for some good road riding.

It's a good location - between mine and Mrs. Spenceeys work I don't mind being further out though at all.

spenceey, buying cheaper, doing the work, and thus adding value, is where you make the money..

I understand that and the fact of doing work doesn't phase me but moving in to a place that requires central heating and new boilers (both of which require a fair chunk of money) is something that I can't do right now.

In related news- I will fit a shower door on Saturday, this is a significant milestone.

I will then disassemble the other bathroom. Again.

Since then we've toyed with the idea of a terraced place meaning we would be paying less less and it would cover us if interest rates increase (is this something worth considering?) it would also mean we've got a lot more money left each month to do other things.

Have you actually thought about this in any depth?

Of course you should think about what happens if interest rates rise as this will have a direct impact on your monthly repayments. At the moment interest rates are at a historical all time low and how long this lasts for is open to debate, but some of us can remember the ERM crisis in the early 1990s when the Bank of England base rate was as high as 15% for a while.

This page shows the BoE base rate for past 20 years;

http://www.propertyinvestmentproject.co.uk/property-statistics/interestrates.php

I've thought about interest rates of course but that's anyone's guess how long they'll stay low or whether they'll rise again which they'll have to at some point (won't they?)

15% is crazy but buying a cheaper place I'd be safe in the knowledge that I could afford it, I've worked everything out based on worse case scenario.

If I was to stretch myself now then come the interest rate hike I'd be completely struggling.

Thanks for that page Andyp.

I finally got access to my mortgage figures. I thought I was doing really well but now looking at them it seems the end is a lot further away than I thought. #balls

15% is crazy but buying a cheaper place I'd be safe in the knowledge that I could afford it, I've worked everything out based on worse case scenario.

That's what we did. It feels much more comfortable with 'room to move' financially, even if I did want the extra bedroom..

We got the extra bedroom so we could get a lodger if the interest rates went up beyond the point that we wished to cover.

I don't do tenants*.

*unless they take me to dinner first

I don't do Tennents.
What was that you were drinking this morning then?

I've thought about interest rates of course but that's anyone's guess how long they'll stay low or whether they'll rise again which they'll have to at some point (won't they?)

15% is crazy but buying a cheaper place I'd be safe in the knowledge that I could afford it, I've worked everything out based on worse case scenario.

If I was to stretch myself now then come the interest rate hike I'd be completely struggling.

Thanks for that page Andyp.

Given the low rate at the moment I think going for a fixed rate makes a lot of sense, as you then know how much you'll be paying each month for the duration of the fixed term. The main drawback of a longer fixed term is that you can suffer penalties should you decide to move during that term.

Our mortgage has just gone up £70 a month due to reaching the end of our fixed term.

The bank has valued the place at 60K less than the agent who sold it to us, so I shall have a conversation with them about this.