r/Glasgow Tools

Title
Author	Snoith
Comment	Depends where you look, obviously there are some big price differences between different areas. A flat in Ibrox is going to cost considerably less than a flat in Partick or the southside. An example of a flat in the southside might be: 2 bed tenement flat in Shawlands - decent home report, move in condition - offers over £170k. When you look at the actual valuation, it's probably going to be 15/20k above that - so value £190k. To actually be in with a chance of getting the flat? You'd have to be offering at least £10k over the home report/value, so like say £210k would give you a half chance. So not only do you need the deposit to cover the £190k mortgage, (10% would be £19k) you'd also need the £20k to go above the valuation, and the stamp duty and legal fees, so maybe around £43k in the bank ready to go. Some places/properties are a bit less competitive like parts of the east end, out towards Maryhill, Ibrox etc..., or you could go for a place that need a bit of work, but you'd be very lucky to get many places that don't go over the valuation and was in decent nick. You hardly ever see a fixed price, which I find weird, cos people are surely more likely to be able to get a higher mortgage than they would be to have an extra £20k to throw at it above the home report, but hey, I'm no expert.
Reddit Link	https://www.reddit.com/r/glasgow/comments/imen6b/buying_a_house_in_glasgow/g3z2tj7/
Created	Fri 4th Sep 2020 1:21pm
Status	normal ()

Depends where you look, obviously there are some big price differences between different areas. A flat in Ibrox is going to cost considerably less than a flat in Partick or the southside.

An example of a flat in the southside might be:

2 bed tenement flat in Shawlands - decent home report, move in condition - offers over £170k.

When you look at the actual valuation, it's probably going to be 15/20k above that - so value £190k.

To actually be in with a chance of getting the flat? You'd have to be offering at least £10k over the home report/value, so like say £210k would give you a half chance.

So not only do you need the deposit to cover the £190k mortgage, (10% would be £19k) you'd also need the £20k to go above the valuation, and the stamp duty and legal fees, so maybe around £43k in the bank ready to go.

Some places/properties are a bit less competitive like parts of the east end, out towards Maryhill, Ibrox etc..., or you could go for a place that need a bit of work, but you'd be very lucky to get many places that don't go over the valuation and was in decent nick.

You hardly ever see a fixed price, which I find weird, cos people are surely more likely to be able to get a higher mortgage than they would be to have an extra £20k to throw at it above the home report, but hey, I'm no expert.