First Time Buyer - any tips?

  • Thread starter Thread starter uv
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uv said:
Cheers for the comments so dar chaps :)



We already have an agreed mortgage 'in principle', and the one we're looking at is a lot less than our maximum, which is nice!

I've been looking on Rightmove/PropertyFinder for the past year now, and we've been in talks with both our FA and a mortgage advisor. I've been waiting until the market feels 'right', and I think it's now time to take the plunge!

I'm seriously interested in ~8, and although this first one is the smallest, it's also a new build so won't require any work doing :)
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Thats basically exactly what I've been doing and had a few views of a flat and house just to get an idea of what to expect to walking in and looking around.

I also have something agreed in principle as far as a mortgage which is upto 190k I believe with 15% depoist and all that jazz, but I'll be aiming that high! Probably more like 170k.

I keep getting told to "wait a bit longer" but the problem is I've been waiting a "bit longer" now for what feels like at least 1-2 years (although only JUST got to the point where we can start proceedings if we so wish). I think house prices are still officialy dropping in my area...just. I think the next 6 months will be a good time and things will pickup soon. If I leave it too late I might not get a deal where people are hopefully desperate to sell :)

New builds do have the attraction of having less to do but at the same time like you said, buildings need a bit of character!

Other than the great suggestions here regarding checking the area at different times and maybe meeting neighbours...have you thought to check into how much bills will be roughly and all that carp?
 
Knubje said:
New builds do have the attraction of having less to do but at the same time like you said, buildings need a bit of character!
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I've been told by several people (including my dad, a plumber) to avoid new builds like the plague. Whilst they look fine and often come with tempting deals, the standards of the work are pretty low. My dad retires in a few years and he's so glad he won't be working on any of these new builds in 10 years time when the real problems start to show. We're currently renting a new build flat (about 3-4 years old) and I can see exactly what he's getting at.

Its a pity, because for first time buyers like myself the offers they put on the table can be pretty decent.
 
I'd have to agree with taht as well, you should see the state of my soon to be brother in laws brand new house.
It's less that 2 years old and falling apart already :( and most of the neighbours houses don't look any better. Tiles comming loose, shody pointing and joinery, untreated wood work, and the whole estate is built on the flood plain lol.
He paid top whack for it too.
Me and the gf are looking into buying at the moment, hopefuly find something cheap that needs some work.
I've been in the building and maintenence trade for 15 years now, and can quite happily cope with anything bar gas work and connecting up to the consumer boards for legal reasons.
 
Knubje said:
I keep getting told to "wait a bit longer" but the problem is I've been waiting a "bit longer" now for what feels like at least 1-2 years (although only JUST got to the point where we can start proceedings if we so wish). I think house prices are still officialy dropping in my area...just. I think the next 6 months will be a good time and things will pickup soon. If I leave it too late I might not get a deal where people are hopefully desperate to sell :)
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I think it's a good time to buy now. Round here the prices have dropped a bit, not much, but I can't see them going much lower. They've been about the same for at least the last year. I think people have too much to lose with their massive mortgages and can't afford to drop their prices.

As it goes I'm in the middle of trying to buy as well. Estate agents have given different responses depending on the area but generally the message has been put in silly low offers to start with because there's the "you never know" element but it also gives sellers a more realistic idea of what people want to pay.

The market down here is very flat. Sellers aren't moving their prices so places aren't selling. The agents have said things won't get moving again for some time.

I think decide what you want the property for. If all you want it for is an investment then you have to be brutal about the price, brutal about how much you spend on it afterwards and you have to be prepared to walk away from a lot of places. If you want it as a home then you can afford to go over that threshold. If you think on a 5 year plan then the market will have recovered by then, so even if you buy it for say £10K over the lowest value it went to you will be unlikely to lose that money in that timeframe. It also means you can spend a bit of money on it while you're there and not worry about it being a money pit.
 
lokkers said:
I've been told by several people (including my dad, a plumber) to avoid new builds like the plague. Whilst they look fine and often come with tempting deals, the standards of the work are pretty low. My dad retires in a few years and he's so glad he won't be working on any of these new builds in 10 years time when the real problems start to show. We're currently renting a new build flat (about 3-4 years old) and I can see exactly what he's getting at.

Its a pity, because for first time buyers like myself the offers they put on the table can be pretty decent.
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Quite shocking about that really! I think the advantage of older buildings other than the character is that everything hasn't been HEALTH AND SAFTEY!!!111ONE overkilled, such as the new regulation electric sockets and all that jazz.

I appreciate that someone may have a disability and its a pain to have it lower down, but do they not realise how inconvienient it is to have power in the middle of the wall instead of running down by the skirt?

Tbfh I think you should be allowed the Electric points wherever you damn well please in your property if you pay for the work to be done...

Dunno where that came from :D!

But yeah, I think for the same reasons mentioned above I won't be going for a new development, purely for the fact that they are too much money for what they are normally. I'd much rather get a reduce rate and change things once I'm there.

Exciting times ahead!


Jonny69 said:
I think it's a good time to buy now....
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Yeah I think now and in the next few months is going to be good. From what I can see on the usual sites, houses around here have been on the market for quite some time and with a firefox addin I have installed, it tells you of any changes made to the advirtisement of the property on that site.

Effectivley we can see that some properties have been on the market since Jan 08 and are STILL on today, started off at 200k and now they are accepting offers of 160k+

Me and the OH are definatley looking to pick a nice place for what we can afford with a small garden and 3 bedrooms. Finding a place we want to stay in for 5-10 years is going to be the key objective. We aren't in it to make money, we just want a house, our OWN house and not throw money at a landlord. Like you said given the timing we should be in a good position because the only way is up and the current market is just probably starting to get a hint of movement.

Best starting some serious property viewing soon I think! As we have pretty much been given the ok for getting a mortgage with the money we have saved and our credit history...etc.
 
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Most important - proximity to exchange

Have there been any killings in the house? - extra money for Ghost Busters :(

Where is the closest pub - and is it rubbish?

Where are you going to get more beer and pizza when you are too drunk to drive?

Is the house party compatible?

Does it look cool on google maps?
 
Hypno said:
Most important - proximity to exchange

Have there been any killings in the house? - extra money for Ghost Busters :(

Where is the closest pub - and is it rubbish?

Where are you going to get more beer and pizza when you are too drunk to drive?

Is the house party compatible?

Does it look cool on google maps?
Click to expand...

Does it have Ric-proof door/window locks?
 
Don't go new build, you are asking for trouble. They are likely to devalue and you are in a time where the builders are desperate to stay afloat and may not be quite as worried about quality control. Feed on someone else' misfortune, get a repo or a one where they have had to sell. This month saw a 3.6% rise in house prices, the largest since 2002 and whilst one month does not a recovery make, it does mean there is more confidence coming back into the market. The service sector has also started to show signs of recovery, though this is still very weak. Maybe prices have bottomed out, maybe not but they have to be close. I am aware of several financial institutions that are about to launch some major mortgage campaigns including the more conservative lenders so there is more confidence in the money system.

In terms of what to look for, area is massively important. You might be in lovely area but if you have bought on a thoroughfare to or from a scutty area you are in trouble. Check which way your garden faces. a west-facing back garden will make your property more saleable and may even add value. A full set of double glazing is doable for about £500 a window for decent units, so if you spend £10k less because it isn't double glazed, you are on to a winner. You could probably refit the kitchen with the change in most places.

Decor is so unimportant it is unbelievable - paint and paper is cheap, areas and neighbours are more difficult to rectify. Plus, nicely decorated houses are easier to sell and go for more money, in general. Again, beat them down by £5k because of how it looks, use that to buy carpets and decorating gear and you ahve the advantage of having the decor you want.
 
Hypno said:
Most important - proximity to exchange

Have there been any killings in the house? - extra money for Ghost Busters :(

Where is the closest pub - and is it rubbish?

Where are you going to get more beer and pizza when you are too drunk to drive?

Is the house party compatible?

Does it look cool on google maps?
Click to expand...

As sad as it sounds these things are really on my list - all apart from the killings. :(
 
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