buying house in Caithness

[daviddd]

Anyone know about the current housing market? Specifically, if a house is advertised at offers above £XXX,000 does one still bid around 10% above this price, or has that margin reduced in the light of the financial crisis? I know every house is different but just inviting debate about this.

[LMS]

Have sent you a PM

[KEEP_ON_TRUCKIN]

i think houses are pretty much going at their home report valuation these days....

[LMS]

A house is only worth what a buyer will pay for it. Too many sellers still expect to get 10% over their asking price and in the current climate, this is unachievable. Unless the property is outstanding, an asking price is about the limit that a buyer should expect to pay.

[Paul_and_Anna]

Interesting question.

In the present market I'd be damned if I'd pay the asking price. If you ignore the hype in the media and study the actual sales and the prices realised from those transactions then it is abundantly clear that prices are still falling. This is a buyers market, not a sellers market. You as the buyer have the advantage, I'd certainly be using it!!! :)

Good luck!

[bagpuss]

Look around the Thurso Road/West Banks Avenue area- lots of houses, some of which have been on the market for 3 years without a bite.

On the other hand, the nicest, best done up places with the highest price tag seem to be going first in the county. I've got a friend whose house has been on for 2 years who then gave up and rented it out

[achingale]

A house is only worth what a buyer will pay for it. Too many sellers still expect to get 10% over their asking price and in the current climate, this is unachievable. Unless the property is outstanding, an asking price is about the limit that a buyer should expect to pay.

I totally agree with this. In fact it's really a buyers market. If a house is on at say £140,000 and that's its valuation on the report it's possible to shave off a few thousand if the seller wants to move quickly. On the other hand, if it's a house that's sought after, it's possible to go above the HR valuation but currently that's unlikely.

[daviddd]

OK thanks for this all. This property I have in mind is in very good condition and the House Survey looks OK. It's about 20 years old.

What's the concensus on whether to get get a structural survey done? I might be tempted to wing it as all looks OK. What's the rough cost of a survey?

[LMS]

Wing it! Had a survey done about 4 years ago and it found nothing wrong. Two months later two ceilings came down due to a long-term leaking tank that the surveyor 'missed'. It was a complete waste of time and money.

If you decide to wing just have a good nose around the loft etc and check out the home report. You reckon it looks okay so go for it.

[smithp]

All house prices have got further to fall, if we follow Irelands example you can expect 15 - 20% falls. Go in cheap with an offer - you can always go up. The estate agents up here will crack on that 'caithness has its own market' (so does everywhere!) - and 'we are shifting plenty of properties' (I don't think so!): at the end of the day its your money and the anxiety of 'missing out' on a property is'nt around any more.

[Phill]

What's the concensus on whether to get get a structural survey done? I might be tempted to wing it as all looks OK. What's the rough cost of a survey?

They're not worth a carrot, if you have found something your serious on take a trusted builder to have a look. Even if this costs you an hour of his time, worth it if your not savvy. Also maybe worth seeing if you can get a roofer to have a quick look also, at 20 years probably not an issue but I'd certainly consider it on older houses, especially victorian places.
(roof repairs can be very costly and often the least able to be done by the average DIYer. Also a leaky roof can cause massive damage internally)

Surveyors will only report on what you & he can see, very rarely will they pull up carpets, rummage through the loft and get under the floor.

Also go with your instinct, have a look around the place but ignore the decor, check out dark corners, cupboards etc. As LMS says, have good look in the loft. Do a bit of prodding and poking.