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  • FIRST POST
    • Mortgage Moog
    • By Mortgage Moog 13th Oct 16, 12:20 PM
    • 138Posts
    • 28Thanks
    Mortgage Moog
    How long did you/will you spend in your first home?
    • #1
    • 13th Oct 16, 12:20 PM
    How long did you/will you spend in your first home? 13th Oct 16 at 12:20 PM
    Having recently bought my first home I find there's an interesting split between people who buy cheap to move on within a few months/years and those that aim high to get the place they want right from the start.

    How long did you spend in your first property? Has anyone moved on to their second and regretted leaving the first? I'd be interested to hear everyone's stories.
Page 4
    • Trina90
    • By Trina90 13th Oct 16, 9:28 PM
    • 52 Posts
    • 73 Thanks
    Trina90
    Been in our first home 1 year and 3 months. I'd never moved home before, had been in my parents' house since birth, so the idea of buying just one home was something I was looking for, didn't like the idea of moving from one to the next, to the next. Saved up and got a 3 bed in case our family extends some day.
    • lippy1923
    • By lippy1923 13th Oct 16, 9:35 PM
    • 1,055 Posts
    • 2,994 Thanks
    lippy1923
    Brought our first home (2 bed semi) over 6 years ago and still there now. I have to admit we are outgrowing it now we have a son. The toys alone need their own room! If we ever have another child, we will have no choice really but to upsize.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • carguy143
    • By carguy143 13th Oct 16, 10:11 PM
    • 95 Posts
    • 37 Thanks
    carguy143
    How do you cross the road if there are no traffic lights in the whole town?
    Originally posted by boliston
    The town has a series of well lit footpaths connected by footbridges and subways across major roads. I think there's one, possibly two zebra crossing in the old part of the town but I never really have reason to go there. I walk 1.5 miles to work and only have to use said bridges and subways.
    • amateur house
    • By amateur house 13th Oct 16, 11:52 PM
    • 76 Posts
    • 66 Thanks
    amateur house
    I remember finding out a few months back that you can't get a mortgage on a property above commercial property. Did you know you also can't mortgage any property with more than one kitchen? Not sure why but I remember reading that. I think it's something to do with two kitchen properties being classed as commercial.

    Thanks for taking the time to share your story.
    Originally posted by Mortgage Moog
    Things must have changed since we bought our house, 20 years ago now. It had been split into flats and had 3 kitchens. We turned it back into a house so it just has one kitchen now.
    • MobileSaver
    • By MobileSaver 14th Oct 16, 12:06 AM
    • 1,060 Posts
    • 1,461 Thanks
    MobileSaver
    I think it all boils down to the fact that renting, in the short term anyway, is cheaper than buying.
    Originally posted by Quizzical Squirrel
    Unless you're talking about the VERY short term of say less than a year then I've never understood this. You would think most landlords do it for a profit so it's hard to see how renting (i.e. paying the landlord's mortgage at commercial rates) can be cheaper than buying (i.e. paying your own mortgage at residential rates) in the vast majority of cases.

    But I can rent that money pit, house and land, and it doesn't matter to me that it will soon need a new 50K roof or there's some other issue whose expensive remediation is keeping the landlord up at night. Not my problem.
    Originally posted by Quizzical Squirrel
    Not my problem either. In 30 years of home ownership I've never had to replace a roof, boiler or any other expensive remediation. I'm sure somebody somewhere must have to pay out for these things but I don't think it occurs anywhere near as often as the HPC crowd would like you to believe.

    I have however made a very handsome profit on my house purchases and subsequent sales over those 30 years which would still leave me one very happy bunny even if I had had to pay out £50k for a roof.

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    • bownyboy
    • By bownyboy 14th Oct 16, 12:47 AM
    • 318 Posts
    • 375 Thanks
    bownyboy
    We bought our first home together in March 2009. We had rented together for 3 years previously so knew what each other wanted.

    It helps if you both want the same thing or are able to compromise! We knew the moment we saw our house that it was our 'forever' home.

    7 years later we still love our house, although we might rent it out in a years time for a year and rent somewhere else for a change (we're lucky living in surrey so able to make use of huge increases in equity).
    early retirement wannabe
    • Old Git
    • By Old Git 14th Oct 16, 4:50 AM
    • 4,164 Posts
    • 3,664 Thanks
    Old Git
    rented for several years .first house I bought was a 2 bedroom mid terrace .It was owned by the bank .It was all I could afford .I stayed six years .Now I own four houses .
    "Do not regret growing older, it's a privilege denied to many"
    • worried jim
    • By worried jim 14th Oct 16, 6:34 AM
    • 7,677 Posts
    • 11,325 Thanks
    worried jim
    Where did you live while renting it out?
    Originally posted by Mortgage Moog
    Still with parents.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Davesnave
    • By Davesnave 14th Oct 16, 7:40 AM
    • 20,759 Posts
    • 83,642 Thanks
    Davesnave
    I spent about 4 years in my first property, and then someone else caused much of it to be gutted by fire.

    It was scary at the time, but the best thing that could have happened.

    I went on a fast-track course in basic building and creative accountancy. I also learned lots about hiring and firing, thanks to some incredibly lax and incompetent loss adjusters.

    As a result, 6 months later, the house was vastly improved and we enjoyed another 6 years in it without doing any DIY.
    'Only the mediocre are always at their best.' Jean Giraudoux
    • King_Nothing
    • By King_Nothing 14th Oct 16, 7:44 AM
    • 731 Posts
    • 934 Thanks
    King_Nothing
    FTB a 4 bed detatched, shouldn't need to move for a long while yet.
    • Mortgage Moog
    • By Mortgage Moog 14th Oct 16, 7:57 AM
    • 138 Posts
    • 28 Thanks
    Mortgage Moog
    Lived in it for 25 years...

    Shared it for 3 years, rented it for 10 years, then bought and owned it for the remaining 12...

    ..it never ever was 'home' though!!!
    Originally posted by basil92
    Where did you consider to be home during all that time then?
    • Mortgage Moog
    • By Mortgage Moog 14th Oct 16, 8:00 AM
    • 138 Posts
    • 28 Thanks
    Mortgage Moog
    We haven't bought yet so maybe I shouldn't be answering, but my plan when we do buy (later 2017/early 2018 is the target) is to find somewhere that we could be happy in for 10+ years. We've got 2 kids already so we'll be looking for a family home rather than a typical starter home, and I've no interest in moving about every few years. I'm looking forward to finally feeling settled and getting some stability!
    Originally posted by x-caitlin-x
    That's how I felt when I was planning but within days of moving in I started thinking of when I'd be moving next. Not because I don't like it but because the whole process was a lot easier than everyone made out and I realised it's not such a massive deal to move home so long as you're prepared.
    • Mortgage Moog
    • By Mortgage Moog 14th Oct 16, 8:16 AM
    • 138 Posts
    • 28 Thanks
    Mortgage Moog
    I think it all boils down to the fact that renting, in the short term anyway, is cheaper than buying.

    My home and its immediate setting, not just the location, are incredibly important to me since I'm at home so much.

    When I rent, I can afford my perfect house with a land setting ideal for me.

    When I buy, I can only afford one or the other. The perfect house or the perfect immediate setting.
    I can't afford both without taking on a money pit and I'm not comfortable with that in this economic climate.

    But I can rent that money pit, house and land, and it doesn't matter to me that it will soon need a new 50K roof or there's some other issue whose expensive remediation is keeping the landlord up at night. Not my problem.

    When I have bought, I've had no choice but to compromise on either house or land. I've always chosen the house as the priority but have come to learn that no matter how spectacular it is, a cage is never going to feel like home to me. Outside the cage matters more.

    That's what I'm trying to apply to my next home purchase as I hunt.
    I'm finding it very hard to turn my back on fabulous houses with compromised settings but I've learned the hard way where my priority should lie.
    I hope I get it right this time. This time it really matters.
    Originally posted by Quizzical Squirrel
    This sounds like the position I'm in. I could either have rented where I really wanted or bought 5 miles down the road and be paying half as much each month on a mortgage than I would have on rent. I decided to buy because although I sometimes have to drive 10 to 20 minutes further home than is ideal, it'll be worth it in as little as 8 months from now when I'll be in a position to start moving back to the area I was living before.

    Next time I'll be buying there and not renting so I see this next 8 to 12 months as a kind of holiday that I'll look back on in years to come and be glad that I made the sacrifice. I may rent again in the short term (6 months) to avoid being in a chain.

    I've struck lucky with my first place. I couldn't have asked for a better seller, estate agent or anything. It was all done up just 3 years back so nothing needs doing while I'm here and even if it did then it's leasehold so the cost is shared between 6 flats with the option of paying over 3 years if any work that needs doing costs more than £1000.
    • casper_g
    • By casper_g 14th Oct 16, 10:38 AM
    • 944 Posts
    • 824 Thanks
    casper_g
    When we bought our first place (about 5 years ago) we waited until we could afford a newly-refurbished three bedroom house that we wouldn't outgrow in a hurry - e.g. as the family grew. Waiting wasn't a problem as our rent was relatively low and we were able to save good money every month. We looked at places that needed work, but when we found somewhere that was already done to our taste it made sense to buy it. As we both work hard in jobs with decent pay it wouldn't make sense to spend our time doing work that could more conveniently be done by others prior to moving in!

    In the end we sold and bought a new place after three years due to relocating. The house sold easily as it was still in shiny "newly refurbished" condition. We were lucky that the price had risen about 40% in three years, partly due to the general market conditions and partly due to a significant improvement in local transport links in the time we'd been there.
    • cloo
    • By cloo 14th Oct 16, 10:41 AM
    • 734 Posts
    • 487 Thanks
    cloo
    I stayed in my first home for 4 years, then let it for over 8 years because my (then future) husband didn't want to live in the area. Would have happily remained in that house and area the whole time personally, as it would have been much less expensive and we could have moved to somewhere larger sooner, but neither do I regret moving to the next property.
    • DanceOrDino
    • By DanceOrDino 14th Oct 16, 10:43 AM
    • 13 Posts
    • 10 Thanks
    DanceOrDino
    We've just bought a house way better than we thought we could afford. We borrowed a bit from the Hubby's parents to fund it, but not much. So we're aiming to stay there for as long as we can!
    • AylesburyDuck
    • By AylesburyDuck 14th Oct 16, 11:13 AM
    • 486 Posts
    • 1,093 Thanks
    AylesburyDuck
    22 years and counting...
    ,
    Fully paid up member of the ignore button club.
    If it walks like a Duck, quacks like a Duck, it's a Duck.
    • *BigBird*
    • By *BigBird* 14th Oct 16, 12:58 PM
    • 946 Posts
    • 5,061 Thanks
    *BigBird*
    9.5 years, until the addition of 2 kids and me working from home meant we were getting a bit snug in our 3 bed house. We moved to a 4 bed with study at the end of last year and that's us done unless we want to downsize in the future.
    You can do anything, make anything, dream anything. If you change the world, the world will change.
    • clockworks
    • By clockworks 14th Oct 16, 1:13 PM
    • 442 Posts
    • 177 Thanks
    clockworks
    Bought my first place in Sept 2009 2 bed flat ( got married ) and then moved into our current place in March 2013 a very big 3 bed 2 bathroom bungalow.

    2 kids later we're looking to move now into a 5 bedroom house. Hope to stay here a minimum of 5 years.
    • MobileSaver
    • By MobileSaver 14th Oct 16, 5:51 PM
    • 1,060 Posts
    • 1,461 Thanks
    MobileSaver
    When you buy or let historic grade II* listed houses
    Originally posted by Quizzical Squirrel
    Ah, so not a normal residential property then; it almost goes without saying that you'll be out of pocket if you buy a listing building.

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