Buying first house

youdsy

youdsy

youdsy

Soldato
Joined
14 Feb 2011
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2,740
Hi all! I’m just after some advice.

is it best to buy a small house first time or invest in something substantial?
I can buy a 5 bed detached house for 250K or a 3 bed terrace house that’s not as desirable for 125K. I’m trying to deduce if it’s best to jump in deep end or start off small first time, investment/profit wise.

if you were me, single 28 year old with 60K in bank, what would you go for ?
I can provide links to property if interested.

cheers
 
Why do you need a 5 bed property as a single person? Monthly costs will be unnecessarily high.

Start small if that’s all you need :)
 
If I did it all again I’d borrow as much as I could on interest only trackers.

I’ve spent a fortune chipping away at a tiny amount of mortgage and locking myself into rates that dropped soon after.

All from listening to the parents, pay off your mortgage, fix your rates etc etc
 
youdsy said:
is it best to buy a small house first time or invest in something substantial?
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Remember that a substantial house will have more more substantial ongoing and maintenance costs. A terrace house will shift far more quickly too when you come to sell.
 
Maccapacca said:
If I did it all again I’d borrow as much as I could on interest only trackers.

I’ve spent a fortune chipping away at a tiny amount of mortgage and locking myself into rates that dropped soon after.

All from listening to the parents, pay off your mortgage, fix your rates etc etc
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Your parents probably owned their first homes in times when interest rates were nuts though and what we see now is to them nothing more than a blip.
 
Dis86 said:
What crap hole is the 5 bed detached for 250k in?
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Probably a place a reasonable distance outside of a major city which may very well be, by most people's standards, perfectly nice.

I can relate to the OP somewhat, so my two pence would be to not stretch yourself financially unnecessarily.

If you intend to use the additional rooms to subsidise your outgoings then it could make sense but don't rely on income from them for the decision to be financially viable.

You're in a position to retain some of your deposit whilst still achieving a decent LTV, never hurts to have some cash behind you.
 
BennyC said:
Probably a place a reasonable distance outside of a major city which may very well be, by most people's standards, perfectly nice.
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Check my location. You cannot get a 5 bed detached up here in any decent area for that price and this region has the lowest property prices in the UK. For a semi-reasonable area you're looking at £350k upwards for that size property.
 
Dis86 said:
Check my location. You cannot get a 5 bed detached up here in any decent area for that price and this region has the lowest property prices in the UK. For a semi-reasonable area you're looking at £350k upwards for that size property.
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This is what I’m thinking. Prices local for me are going up. If I get something like this now, 5-10 years time could be with 350K plus potentially
 
youdsy said:
This is what I’m thinking. Prices local for me are going up. If I get something like this now, 5-10 years time could be with 350K plus potentially
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It's an old, large house. Make sure you go in to it with your eyes open. It will have substantial upkeep costs and monthly bills.



Oh and try not to end up with 472 cats. Please.
 
Dis86 said:
It's an old, large house. Make sure you go in to it with your eyes open. It will have substantial upkeep costs and monthly bills.



Oh and try not to end up with 472 cats. Please.
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Im very hesitant to do so.

Just bouncing my thoughts around in here to be honest.
 
youdsy said:
if you were me, single 28 year old with 60K in bank, what would you go for ?
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I bought my first house at 155k with 70k deposit on my own. I was earning 25k at the time so it was about as much as I was comfortable paying. I think if you can afford it and you have job security then go big. It'll make the next step easier in years to come.
 
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