Would you pay asking price or more for the right house?

[Ray Luxury-Yacht]

This is an interesting thread, and I am sorry to hear that the OP's dreams were dashed.

However, it reminds me of a comment made to me by a wise old sage, about 15 years ago...

Back then, I had started playing the Buy to Let game. I'm fairly level-headed when it comes to playing with big numbers and properties, but as a 25-year old, I was also a bit impulsive, keen and sort of like a new puppy at times

Excited at getting involved in it all, I bought my first off-plan flat. I was lucky enough to stumble upon an absolutely brilliant local conveyencer, who did my legal transfer. He was in his late 50's, had been doing this since before it was all fields around here, and had seen it all.

Over the next 5 or 6 years and half a dozen property purchases on my part, he became more of a friend too. I quickly recognised his experience, and so started to run a few potential deals past him, that I was interested in. HE would go off, have a look, do some local searches and dig deep, for a fee, and quite often find out something that made the initially enticing deal, a bit of a non-starter.

On some of the new-build stuff, it was often things like unadopted Victorian sewers and that kind of thing - and what amazed me is that chatting to other buyers, their conveyencers hadn't come up with the information that mine had....bit scary!

Anyway sorry - to cut a long story short, on more than one occasion when he had shattered my latest dream deal he would always say to me "don't worry, there's ALWAYS another house. Trust me."

And do you know what? He was right. Totally right. After dropping each potentially difficult idea, I always found something way better within a few weeks. Each and every time, I always thought 'wow, that was lucky!'

So don't worry OP. There's always another house, take it from me!

[Pit Pony]

All I can say based on the link, that if that's your dream house, you need a better dream. No offence, I know it's down south and everything is overpriced, and I know it makes sense to live near to where paid work is available, but £400K ?

Just to make you think about your whole being in the south life.

So in Overpriced Formby

http://www.rightmove.co.uk/property-for-sale/prope...

or much nicer THIS

http://www.rightmove.co.uk/property-for-sale/prope...

STOP PRESS

I wish I hadn't looked. How can I afford my dream home ? I want it. I want it. I have no mortgage on my current house worth £180K ish (maybe more, maybe less). Apparently I can get a mortgage for £400K

If I rented out (I can't be arsed with selling) the current place, it'd get £800 a month, I have a 10% deposit, so only need to fund £390K which if you take off the £800 a month would cost £200 a week. It's doable.

Just got to become a different person, the Just do it person, I never was. Too many if's and buts and maybe.

http://www.rightmove.co.uk/property-for-sale/prope...

I hate you for "making me" look.

[NewNameNeeded]

Pit Pony said:

All I can say based on the link, that if that's your dream house, you need a better dream.

Each to their own though, right? The houses you picked for comparison aren't particularly dream worthy either, for me. Which is why house buying becomes so emotive and frought.

[Pit Pony]

NewNameNeeded said:

Pit Pony said:

All I can say based on the link, that if that's your dream house, you need a better dream.

Each to their own though, right? The houses you picked for comparison aren't particularly dream worthy either, for me. Which is why house buying becomes so emotive and frought.

I know. And It's really bad, because all day I've been trying to work out how I can buy a 10 bedroom Victorian villa, with views of Seaforth Container terminal, North Wales, The Offshore wind farm, the marine boating lake, and the beach (the one with the hundred naked iron Tony Gormless statues)

That my kids are at university and on the cusp of leaving home, and that I have no mortgage and could look forward to a comfortable life in our little shoe box, some 6 miles up the coast, should deter me.

But help me out here. Can I get the wife emotive enough to think my man maths isn't totally insane.

Let me talk you through the madness that is in my head.

Can't be arsed with selling current 4 bed house, but could remortgage with a buy to let, releasing £100K capital. Before tax, after paying the mortgage, it would give about 4K profit. Not much I hear you say.

Then in my ltd company is a spare £65K which I was planning to buy a flat with. There are 4 or 5 examples, which would return £4-£5K profit. Again Before tax.

Then there's our ISAs which are worth about £25K which I was planning NOT to touch. But would use it for fees, and other costs of moving, and save anything left for that SHTF moment.

So Buying a £425K house, would require £325K mortgage which would cost £1400 a month

The house has 10 bedrooms, (it say 8 bedrooms, but I counted them) and a layout that "could" be converted to 3 B&B rooms, and large one bed flat.

Now I know the flat would be worth £450 a month, but no idea about the B&B room rate or likely occupancy, but without them I'm suggesting that £12K/pa from renting 1 house and 2 flats would be achievable.

I obviously haven't priced up the cost of creating a self contained flat, or fitting 2 more ensuites for the b&b but man maths tells me that once up and running, it's not costing me a penny.

After all my belief that I view property in a hard clinical way, I'm chucking that idea out the window. Whats in it for the wife ? She hates hassle but wants to live near the sea?