Location, location, location
Apr 25th 2011, 3:05 pm
#211
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Re: Location, location, location
I think it is important to be conservative in the price you pay because you might find that diamond for a good price but then if you have to sell it you realize that there are very few people that can afford to buy the same diamond.
I think we all know a lot of people who have a lot of money but are very conservative when it comes to spending it and thats why they have a lot of money, they don't squander it.
I think we all know a lot of people who have a lot of money but are very conservative when it comes to spending it and thats why they have a lot of money, they don't squander it.
If we are only looking for a roof over our heads and reasonable local services and the fact that there is or isn't reasonable wage paying employment in the area is a non-issue then we must be satisfied that any property choice is not going to be one of the first in line to collapse in price when things take a turn for the worse. Of course we can also do research which will show that our area of choice could soon become an up-and-coming desirable hotspot. This is where the smart money is and has been made.
When property prices in the UK were on the up and up the property media made sure that they were always feeding the market with the next property hotspot which had typically already moved up to represent that fact but there was still money to be made if you know what I mean. All this meant was that anywhere that got left behind in the first big run-up of prices was quickly seized upon by the property pages and in no time flat the prices there too had become "normal". You could make serious money if you played (not us, the players) that game and cashed in when the timing was just right. In today's global markets just about everything is overdone, so that when prices come down they come down too much. This presents an opportunity on the downside. Average prices are falling off slightly but there are areas in the Northeast, around Hull and in Wales where prices are coming down quite significantly on a monthly basis.
Apr 25th 2011, 3:17 pm
#212
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Re: Location, location, location
Conservative also means informed. For instance, we can see properties on Rightmove that at 100,000 pounds for a three-bedroomed semi look cheap but the reality is that they are in an area of the UK where property prices are falling twice as fast as anywhere else.
If we are only looking for a roof over our heads and reasonable local services and the fact that there is or isn't reasonable wage paying employment in the area is a non-issue then we must be satisfied that any property choice is not going to be one of the first in line to collapse in price when things take a turn for the worse. Of course we can also do research which will show that our area of choice could soon become an up-and-coming desirable hotspot. This is where the smart money is and has been made.
When property prices in the UK were on the up and up the property media made sure that they were always feeding the market with the next property hotspot which had typically already moved up to represent that fact but there was still money to be made if you know what I mean. All this meant was that anywhere that got left behind in the first big run-up of prices was quickly seized upon by the property pages and in no time flat the prices there too had become "normal". You could make serious money if you played (not us, the players) that game and cashed in when the timing was just right. In today's global markets just about everything is overdone, so that when prices come down they come down too much. This presents an opportunity on the downside. Average prices are falling off slightly but there are areas in the Northeast, around Hull and in Wales where prices are coming down quite significantly on a monthly basis.
If we are only looking for a roof over our heads and reasonable local services and the fact that there is or isn't reasonable wage paying employment in the area is a non-issue then we must be satisfied that any property choice is not going to be one of the first in line to collapse in price when things take a turn for the worse. Of course we can also do research which will show that our area of choice could soon become an up-and-coming desirable hotspot. This is where the smart money is and has been made.
When property prices in the UK were on the up and up the property media made sure that they were always feeding the market with the next property hotspot which had typically already moved up to represent that fact but there was still money to be made if you know what I mean. All this meant was that anywhere that got left behind in the first big run-up of prices was quickly seized upon by the property pages and in no time flat the prices there too had become "normal". You could make serious money if you played (not us, the players) that game and cashed in when the timing was just right. In today's global markets just about everything is overdone, so that when prices come down they come down too much. This presents an opportunity on the downside. Average prices are falling off slightly but there are areas in the Northeast, around Hull and in Wales where prices are coming down quite significantly on a monthly basis.
Apr 25th 2011, 3:29 pm
#213
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Re: Location, location, location
I well remember one of the last hotspots being Ashington, between Morpeth and Newbiggin-by-Sea which must have been the last bastion of low house prices in the North-east, where buyers were then charging in simply for the short-term gains when they flipped the property as the rising tide had lifted all boats, even those with no other basis for being lifted.
Apr 25th 2011, 4:22 pm
#214
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Re: Location, location, location
Apr 25th 2011, 6:15 pm
#215
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Re: Location, location, location
Hi Sally. Just curious what property shows you watch. I watch Escape to the Country and To Buy or Not to Buy, both on BBC. There used to be another one about buying a wreck (or not) but can't remember the name of it. It seems to have gone off the air. I am always looking for good property shows in the UK.
I won't be buying unless I win the lottery, of course, but I still find it educational and it also shows me the lovely British countryside
I won't be buying unless I win the lottery, of course, but I still find it educational and it also shows me the lovely British countryside
There's also one about homes by the sea whose name escapes me, 'A Place in the Sun, Home or Away' and then there are the renovation shows like Sarah Beeny's show, or the building from scratch shows like Grand Designs. 'Build a new life in the Country' is good too - very cute presenter! - but that's about people who have already bought a place and are doing it up.
I know it sounds like I must do nothing but watch TV but it's not true! I spend a lot of time cooking and I play these in the background while I work.
Edited to add: I also recommend DIY SOS which is like 60 minute makeover only they redo a whole house in 10 days - it's just a fun show.
Last edited by sallysimmons; Apr 25th 2011 at 6:18 pm.
Apr 25th 2011, 6:18 pm
#216
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Apr 25th 2011, 6:21 pm
#217
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Re: Location, location, location
My very favorites are Location, Location, Location and its sister show, creatively entitled Relocation, Relocation, Relocation. They're on Channel 4 and have been on for years and years, so you'll have lots to catch up on.
There's also one about homes by the sea whose name escapes me, 'A Place in the Sun, Home or Away' and then there are the renovation shows like Sarah Beeny's show, or the building from scratch shows like Grand Designs. 'Build a new life in the Country' is good too - very cute presenter! - but that's about people who have already bought a place and are doing it up.
I know it sounds like I must do nothing but watch TV but it's not true! I spend a lot of time cooking and I play these in the background while I work.
Edited to add: I also recommend DIY SOS which is like 60 minute makeover only they redo a whole house in 10 days - it's just a fun show.
There's also one about homes by the sea whose name escapes me, 'A Place in the Sun, Home or Away' and then there are the renovation shows like Sarah Beeny's show, or the building from scratch shows like Grand Designs. 'Build a new life in the Country' is good too - very cute presenter! - but that's about people who have already bought a place and are doing it up.
I know it sounds like I must do nothing but watch TV but it's not true! I spend a lot of time cooking and I play these in the background while I work.
Edited to add: I also recommend DIY SOS which is like 60 minute makeover only they redo a whole house in 10 days - it's just a fun show.
You do exactly what I do, work in the kitchen and play the shows in the background on the computer! Gives me the warm fuzzies
Apr 25th 2011, 6:32 pm
#218
Home Sweet Home
Joined: Jan 2010
Location: Surrey, England
Posts: 5,128
Re: Location, location, location
My very favorites are Location, Location, Location and its sister show, creatively entitled Relocation, Relocation, Relocation. They're on Channel 4 and have been on for years and years, so you'll have lots to catch up on.
There's also one about homes by the sea whose name escapes me, 'A Place in the Sun, Home or Away' and then there are the renovation shows like Sarah Beeny's show, or the building from scratch shows like Grand Designs. 'Build a new life in the Country' is good too - very cute presenter! - but that's about people who have already bought a place and are doing it up.
I know it sounds like I must do nothing but watch TV but it's not true! I spend a lot of time cooking and I play these in the background while I work.
Edited to add: I also recommend DIY SOS which is like 60 minute makeover only they redo a whole house in 10 days - it's just a fun show.
There's also one about homes by the sea whose name escapes me, 'A Place in the Sun, Home or Away' and then there are the renovation shows like Sarah Beeny's show, or the building from scratch shows like Grand Designs. 'Build a new life in the Country' is good too - very cute presenter! - but that's about people who have already bought a place and are doing it up.
I know it sounds like I must do nothing but watch TV but it's not true! I spend a lot of time cooking and I play these in the background while I work.
Edited to add: I also recommend DIY SOS which is like 60 minute makeover only they redo a whole house in 10 days - it's just a fun show.
with the presenter LOL!!Good show too, they take kind of renovation disasters where somebody has taken ill and can't finish the project or something of that nature and bring in the professionals, you usually need to get the tissues out by the end.
Last edited by Beedubya; Apr 25th 2011 at 7:20 pm.
Apr 25th 2011, 6:36 pm
#219
In the pink
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Re: Location, location, location
Apr 25th 2011, 6:42 pm
#220
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Re: Location, location, location
Funny that! Kitchen (13 x 11) (photo must be distorted) is tiny for a house of that value and there is no designated utility room for the washer dryer but you could re-jig and re-plumb things.
Last edited by Pistolpete2; Apr 25th 2011 at 6:46 pm.
Apr 25th 2011, 7:02 pm
#221
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Re: Location, location, location
Oh yes I have NO CHOICE but to watch that at my sister's place, I think she is a little in with the presenter LOL!!
Good show too, they take kind of renovation disaster swhere somebody has taken ill and can't finish the project or something of that nature and bring in the professionals, you usually need to get the tissues out by the end.
with the presenter LOL!!Good show too, they take kind of renovation disaster swhere somebody has taken ill and can't finish the project or something of that nature and bring in the professionals, you usually need to get the tissues out by the end.
PS: I think I just found DIY SOS on BBC
Last edited by windsong; Apr 25th 2011 at 7:14 pm.
Apr 25th 2011, 8:56 pm
#225
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Re: Location, location, location
Yes, but on the other side of the table that is why the issue of gazumping is looked upon so poorly in the UK. Buyers engage the services of a lawyer and typically a surveyor to check over the property as soon as their offer is accepted. So they are already starting to accumulate buyer costs. The surveyor could uncover issues which mean there is a need for price adjustment or justifiable withdrawal, such as subsidence, serious rising damp, mundic or whatever. The lawyer could uncover right of way or strange title issues which similarly trigger a withdrawal. On the other hand they could have done all of this investigative work and still be prepared to go and the vendor gazumps.
That's why we have "Subject to" clauses in the agreement here. The offer is a legal commitment subject to conditions; if the conditions are met the offer is legal and binding; if not, then the offer is no longer binding.
The 2 most common "subject to" clauses are building inspection and financing.