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  1. #1
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    Apr 2007
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    Default House by the water.

    Im thinking about buying a house with a mooring, I did some sums today with a house owner in Port Solent, with all the fees, council tax, marina supplement, electric and water rates is about the same as im paying to rent my Berth on the upper Hamble per year.

    Ive always told myself renting a berth is a waste of money, ive also thought about buying an MDL lease so eventually you at least get some free years and just pay the service charge to MDL.

    I like Hythe marina, its more expensive to live there than Port Solent but is on the edge of the New Forest which commands a premium, though it could be spoilt a little if the new Port is built in years to come.

    Anyone either own or lease a berth around the Solent, or house etc, what are the pitfalls if any of buying by the water?, Before anyone shouts about the capital investment it is my plan to live on the Southcoast in 5 years time when my wifes son has left school.

    Prices seem to be at rock bottom so maybe now is the time to invest for a future plan rather than wait say 3.5 years by trying to sell up in the Midlands and move here then.

    Where should I go?

  2. #2
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    Sep 2004
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    Personally I think now is as good a time to buy as any.

    I have just bought a place at about 25% under market value (according to my research). I am a little nervous as lawyer cannot believe the price I have secured either, silly money for location. Perhaps the building is about to collapse, will have to wait and see what surveyor says.

    There are a lot of people who need cash right now so if you can find them you can grab yourself a bargain.

    Perhaps some of these waterfront properties are weekend homes as well, an expensive luxury people might want to do without.

  3. #3
    gravygraham's Avatar
    gravygraham is offline Registered User
    Location : The boat lives at Chatham. I live in the past.
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    Quote Originally Posted by Lozzer View Post
    I have just bought a place at about 25% under market value (according to my research). I am a little nervous as lawyer cannot believe the price I have secured either, silly money for location.
    Hang on a minute - both the vendor and purchaser agree on a price? Surely that's market price is it not? Or have I missed something?

  4. #4
    sharpness's Avatar
    sharpness is offline Registered User
    Location : Midlands - Worcestershire
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    Quote Originally Posted by volvopaul View Post
    Im thinking about buying a house with a mooring, I did some sums today with a house owner in Port Solent, with all the fees, council tax, marina supplement, electric and water rates is about the same as im paying to rent my Berth on the upper Hamble per year.




    Prices seem to be at rock bottom so maybe now is the time to invest for a future plan rather than wait say 3.5 years by trying to sell up in the Midlands and move here then.

    Where should I go?

    I'm afaraid i can't offer advice on your chosen area, but from the quotes above it seems like a really good idea to me. The savings that will be made by not having berthing fees year in year out would be justification alone, and on top of that you would have a waterside property to return to after a hard days graft
    We had some friends who used to own a waterside property on the river, and the only pitfall was the flood risk and inflated insurance premium, but in your chosen location this obviously doesn't apply, so i can't see any negatives. If the numbers stack up, go for it - sorry to use a cliche but as they say "you only live once".
    Good luck with it all.
    Regards Jon

  5. #5
    ari's Avatar
    ari is offline Registered User
    Location : South coast
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    Quote Originally Posted by gravygraham View Post
    Hang on a minute - both the vendor and purchaser agree on a price? Surely that's market price is it not? Or have I missed something?

    It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!
    Ari

    ---------------------------------

    If a man speaks in a forest, and there is no woman to hear him, is he still wrong..?

  6. #6
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    Sounds like a good idea Paul, I know the area reasonably well, you should check the development plans that Pompey council has in mind first - I think they want to redevelop the area with a load of affordable housing.

  7. #7
    Bojangles's Avatar
    Bojangles is offline Registered User
    Location : Kip/Portavadie
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    Quote Originally Posted by ari View Post
    It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!
    But people do buy properties under value, and then sell them for "market value" or the "going rate". The property is selling for what the buyer agreed, not necessarily the "most anyone will pay"

    Personally, I would love a house with a mooring. I also agree that broadly speaking it aint a bad time to buy.

  8. #8
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    Looks good but it is close to the M27 and probably Soton airport. Would these be a problem?
    We know Ampuriabrava in Spain, which is a large marina, but has a mosquito problem. May not apply in these northern latitudes but maybe worth a question?
    Apart from that it sounds great. Good luck.

  9. #9
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    Sep 2004
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    Quote Originally Posted by ari View Post
    It is indeed! Amuses me when you hear quotes from estate agents and the like about "property selling for 20% under market value" or whatever. Nope, property is selling for what it's worth, the most anyone will pay!

    I bought and sold two properties last year and made a profit. In a stagnant or falling market surely I have bought under market value?

    Original vendor needed to raise some cash quickly and there I was with the beer tokens. Property sold on 4 months later with a 15-20% margin. The new owner still thinks he has had a deal because I sold it below what others were on the market for. To me that says I bought below market value.

    I am happy, new owner is happy and the original vendor happy.

    So happy days playing golf in the sun.

  10. #10
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    Nov 2001
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    I am happy, new owner is happy and the original vendor happy.

    So happy days playing golf in the sun.



    H,mm time for a tax on the profit on house sales ? then you could add the taxman to that list of happy people

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