"Concrete houses"

[Fredxx]

I see one is for sale locally for cash buyers only.

What is so wrong with these that I can't get a mortgage?

Is it that likely to fall down around your ears?

[tim....]

try a google for

"non standard construction"

tim

[A.Lee]

Probably as they want a quick sale.

There are a number around this area. Many on 2 estates got pulled down

15 years ago as the steel reinforcement was corroding and cracking the concrete. Others, built by different companies are still standing. There are 8 up the road from me, they come up for sale occasionally, and nearly always sell quite quickly (mainly as they are 20% cheaper than similar brick built houses). Mortgages are available, otherwise none would be sold. I'd guess there are problems with surveys, as the surveyors are not well aquainted with concrete walls, so tend to err on the side of caution, and give a generally negative review of the house, hence the mortgage company decline to lend, when, in reality, there is nothing wrong with many of the houses. Alan.

[dom]

Some mortgage companies will take them on anyway. You may also need to find a specialist insurer willing to offer structural cover. Mortgage company can advise, or have a look at

used trade as Slater Marchant).

[Piers Finlayson]

As well as problems getting mortgages I guess there may also be problems getting buildings insurance - although I'm sure cover will be available, again, from specialists.

[Bob Minchin]

"Concrete Cancer" is the problem. Local authority put loads up round here after WWII and sold them cheap to tenants in the 80s & 90s and then had to offer to buy them back at full market price when they started crumbling and the owners could not re-sell because no one could get a mortgage. Nearly all the owner accepted and made 10's of £k overnight. The council repaired them by building a structural brick skin round the outside and rented back to the original occupiers. Cost the ratepayers a pretty penny. No lender will touch them still. Bob

[Fredxx]

The houses in question say on the description for a cash purchaser only as a mortgage was unobtainable.

As you say they do represent a reduction and would be ideal for a "cash" buy to let. But even at such a reduced price, they seem very difficult to shift. Also being a semi, it's not practical to rebuild.

[Fredxx]

I guess there's a premium to pay in the form of increased interest. I also presume insurance is hard to come by. But the real value of a house is its resale value, which puts me off them, yet at the reduced price, they still take years to sell.

[Andrew May]

Depends how often they come on the market. One wonders whether it one had the cash available it would be worth buying at a discount and renting. Then buying the other half when that comes on the market also at a discount and knocking both down and replacing with a pair of new semis. Or two or more detached or a block of flats depending on the size of the gardens etc.

Andrew

[Owain]

It may well have a very limited and foreseeable lifespan. It is very likely to have appalling thermal insulation (U value of 1.86 W/m2K is quoted for Orlit houses in one of the case studies), cold bridging, condensation and dampness. The exact problems depend on the individual house type. They can be renovated, usually by using some form of structural external cladding, which bolts through the concrete panels to the framework and stops everything falling off. Eg

the cladding is done the property may be mortgageable - indeed it may be possible to get a mortgage to do the work - but the property will still be blighted as 'non-traditional construction' or 'prefab'. Also if there are large numbers of surrounding properties that have not been refurbished then the area may be planned to be demolished, leading to the possibility of living in the middle of a building site for several years or being compulsorily purchased.

Owain

[tony sayer]

In article , Fredxx scribeth thus

I've bought and sold a couple .. no problems with mortgage and or insurance. Not all of this type of house are exactly the same, some were built a lot better then others...

Put that another way, I doubt if someone would give one to you FOC;)...

[Invisible Man]

Around here mortgages are not available unless they are bricked - this appears as a brick outer skin but no idea if there is any other work carried out. Bank loans are available to those who can satisfy a bank they are a god risk. I have not heard of any mortgages secured on unbricked properties

[tim....]

There was a "Homes under the hammer" non standard construction, that was knocked down and rebuilt (at a profit!)

tim

[dennis]

Smiths houses are frequently repaired by supporting the floors and roof on props, ripping the walls out and rebuilding in brick/block. It costs about £40k-£50k. Its actually cheaper to pull them down and rebuild but only if you can do both halves at the same time.

If you can get one for a reasonable cash price you can easily make a profit and they usually have a lot more garden than modern builds.

[Martin Bonner]

I had no trouble getting a mortgage on my mud hut with wattle and daub extension (twice).

There were some bits of brick, but most of the house was clay lump.