Buying a house (and renting)

Victor Mildew wrote:Sounds promising Moggy. Now move across the border past Chepstow and reap the benefits.

Jenuall wrote:You need to be careful looking out into the valleys!

But yeah it's crazy what you can get for your money in a lot of south Wales

Moggy wrote:All three estate agents were really positive and valued the flat at a similar amount. I keep saying it but Bristol property prices are strawberry floating crazy, I just can't comprehend how this place could be worth that much.

My socialist side is disgusted, my greedy side is cackling in glee.

I've told the estate agents that I have a few more coming to value the place and that I'll make a decision by Monday. Honestly have no idea which to go with, they all valued similarly, have identical fees etc. One offers a free EPC so they are top of the list at the moment as that's one less hassle for me to sort out.

Moggy wrote:

Jenuall wrote:You need to be careful looking out into the valleys!

But yeah it's crazy what you can get for your money in a lot of south Wales

The valleys are too far out, the wife doesn't drive and I think my mum would kill me if I took her grandson more than 45 minutes from Bristol.

Still, bargains like this are tempting: https://www.rightmove.co.uk/properties/85696741#/

Jenuall wrote:

Moggy wrote:

Jenuall wrote:You need to be careful looking out into the valleys!

But yeah it's crazy what you can get for your money in a lot of south Wales

The valleys are too far out, the wife doesn't drive and I think my mum would kill me if I took her grandson more than 45 minutes from Bristol.

Still, bargains like this are tempting: https://www.rightmove.co.uk/properties/85696741#/

Bargain!

I've never been to Six Bells but Abertillery nearby is quite nice if I recall rightly.

The key is to move across to Wales and then slowly encourage your relatives (at least the ones you like and/or who provide childcare) to follow you!

Moggy wrote:

Jenuall wrote:

Moggy wrote:

Jenuall wrote:You need to be careful looking out into the valleys!

But yeah it's crazy what you can get for your money in a lot of south Wales

The valleys are too far out, the wife doesn't drive and I think my mum would kill me if I took her grandson more than 45 minutes from Bristol.

Still, bargains like this are tempting: https://www.rightmove.co.uk/properties/85696741#/

Bargain!

I've never been to Six Bells but Abertillery nearby is quite nice if I recall rightly.

The key is to move across to Wales and then slowly encourage your relatives (at least the ones you like and/or who provide childcare) to follow you!

With the vast increase in values in Bristol, I'd imagine my mum's house would enable her to buy a strawberry floating mansion in Wales, with enough money left over for her to have a very comfortable retirement.

Still, the plan is to get just far enough away from relatives so it's easy to visit, but not close enough for them to just pop over.

Tomous wrote:Is a strawberry floating mansion what you upgrade a shag pad to when you have enough money?

Victor Mildew wrote:L shaped sofa and tv above the fireplace... have you put an offer in yet?

Lex-Man wrote:Are you going to move out of Bristol Moggy?

Moggy wrote:I've booked in 3 estate agents to value the flat, two tomorrow and one who just left.

strawberry float me, if I get anywhere near the value he put on this place, then I am looking REALLY good to get a nice house outside of the ridiculous Bristol property bubble.

Downside is he thinks we'd need to search for a cash buyer, but he's confident that that wouldn't be a problem as the rents are so high in this area. He thinks an investor wouldn't be hard to find and obviously a cash buyer would mean no chance of a sale collapsing if the buyer struggles to get a mortgage approved.

The dream of getting away from the banana split landlords and having a garden is looking more realistic!

One funny thing was he showed me a number of the flats in the area that he's recently sold. One of them was the exact same flat that I used to rent before we bought our current flat!

Rocsteady wrote:Just out of curiosity is there a reason he suggested you'd need a cash buyer? Is that to do with all your past documented issues?

Moggy wrote:

Rocsteady wrote:Just out of curiosity is there a reason he suggested you'd need a cash buyer? Is that to do with all your past documented issues?

No, I didn't mention any of that.

The flat is above a shop, mortgages can be quite restricted when people are buying above shops. To make matters worse, the shop was converted into a food takeaway about a year ago, mortgage providers can run a mile from that due to increased fire risks.

The other estate agents were more optimistic, the flat above me sold late last year to a first time buyer who managed to get a mortgage, so it's not impossible.

Moggy wrote:
Still, the plan is to get just far enough away from relatives so it's easy to visit, but not close enough for them to just pop over.

Chocolate-Milk wrote:

Moggy wrote:
Still, the plan is to get just far enough away from relatives so it's easy to visit, but not close enough for them to just pop over.

Ah yes, the sweet spot.