First time buyer - help!

Natalieee_2

Boppy wrote: »

I would personally go for the house Natalie, especially if you see it as a long term move, more space, big enough for a little family etc.

I have been in a flat before and yes it was cosy but once my son arrived it was cramped and no garden was hard to deal with.

Good luck with it all.

Thanks for that, you seem to understand what it is that im saying ..

The first, cheaper flat is really nice and i was seriously considering it until my grandad said "remember this is not for the short term" which got me thinking, can i see myself in five years in a small flat with no parking or outside space? i dont have a car currently but have alot of friends who visit me and there would be nowhere to park? Also its small, one bedroom, no room for visitors to stay etc.

The other one, the £125,000, is bigger, needs updating eventually obviously, we drove past today and my mum noticed it still had the original windows so they would need replacing in a few years but not right now, but it does have outside space, its freehold not leasehole, small side garden, parking, 2 bedrooms, quite large rooms .. i just cant see them accepting an offer of £15,000 below the asking price

I dont want to get my hopes up to have them dashed if that makes sense? and then i dont want to end up buying something for the sake of it just because i have to move fast

Arrrr i feel sick thinking about it

neverdespairgirl

If you are determined to buy, I'd go for the larger house, not the flat. You are 21 now, but in a few years, you might well want to have children, etc.

Nothing to lose by offering £110k!

Doozergirl

I'd work hard to get that little house for as little as possible and knock the flat on the head totally.

It's so much nicer to own freehold and if the difference in price is that small, I would go for the house. Better for your future in terms of space, no horrible managing agents taking your money for nothing each month and better resale prospects in the future too.

Boppy_2

Natalieee wrote: »

Thanks for that, you seem to understand what it is that im saying ..

The first, cheaper flat is really nice and i was seriously considering it until my grandad said "remember this is not for the short term" which got me thinking, can i see myself in five years in a small flat with no parking or outside space? i dont have a car currently but have alot of friends who visit me and there would be nowhere to park? Also its small, one bedroom, no room for visitors to stay etc.

The other one, the £125,000, is bigger, needs updating eventually obviously, we drove past today and my mum noticed it still had the original windows so they would need replacing in a few years but not right now, but it does have outside space, its freehold not leasehole, small side garden, parking, 2 bedrooms, quite large rooms .. i just cant see them accepting an offer of £15,000 below the asking price

I dont want to get my hopes up to have them dashed if that makes sense? and then i dont want to end up buying something for the sake of it just because i have to move fast

Arrrr i feel sick thinking about it

If you think about it another way, if it needs doing up slightly then you will make more money from the property too if and when you do eventually decide to sell. You have nothing to loose offering what you can afford hun. Go for it!

*Louise*

You would be much better going for the house. I can tell how much more taken by it you are just reading your posts.

Offer the 110k - they can only turn it down.

But if they do turn it down (first offers often are rejected) - try and go back with a second and final offer of 112k, That way they know you want the property (and aren't a time waster) but you just don't have masses of cash.

Good luck.

CHARDONNAY_3

I agree with going for the house over the flat as you have to think of the long-term. If you begin to struggle, you could rent out 2nd bedroom, wouldn't be able to do that in 1 bed flat. I would defo offer £110,000 max. My mums neighbour has just accepted an offer of £92000 for her house which originally went on market in Oct last year for offers over £105,000. Many sellers are becoming more realistic with what they will consider, as they know they could be offered alot less if they wait another 6 months or so.

Also, was just wondering what scheme you got the equity loan from? I have been looking into Ownhome and have a phone application booked for next month. What has your experience been with government equity loan so far?

Natalieee_2

CHARDONNAY wrote: »

I agree with going for the house over the flat as you have to think of the long-term. If you begin to struggle, you could rent out 2nd bedroom, wouldn't be able to do that in 1 bed flat. I would defo offer £110,000 max. My mums neighbour has just accepted an offer of £92000 for her house which originally went on market in Oct last year for offers over £105,000. Many sellers are becoming more realistic with what they will consider, as they know they could be offered alot less if they wait another 6 months or so.

Also, was just wondering what scheme you got the equity loan from? I have been looking into Ownhome and have a phone application booked for next month. What has your experience been with government equity loan so far?

Hi

Thanks for that

I went to look yesterday, liked it, alot of cosmetic things need doing, floor in bathroom a mess, wires abit iffy in bedroom where they have had a tv, also it looks as though all the double glazing units have blown and the vendor was trying to cover it up by keepin the blinds down

I do still like it though, i offered 110 through my agent with a view to going to 112750 .. 110 got rejected, they said bottom they would accept was 120

I spoke to my dad who agreed to give me 2000 so i told my agent to offer 115 as final offer ..

The EA still hasnt come back so ... fingers crossed!!

I think i would be getting a good deal at 115 but im not holding out much hope!!

As far as i know the vendors are in financial difficulty so are desperate for a sale but they were adamant that 120 was the lowest!!!

We'll see!!

As for the grant, i got it through metropoliton home ownership and upto know my experience has been great

I have my own agent who is doing everything he can for me, he offers to come and see me to talk through things, even offers to come with me to viewings .. he is based in liverpool although he travels alot but it is still quite far to come up here!!

I think its a good scheme but from what i can gather the funding is gone now, they are still accepting people but its first come first served so like i said previously, those who have found a property are the ones most likley to get the money

The grant is not yours until you exchange .. which depending on surveyors etc. could be any length of time!!

I have loads of appointments for other places this week so hopefully ill find soemthing soon!!!!!!!!!!!!!!! thanks for everyones help

Any other advice would be much appreciated x

CHARDONNAY_3

Hi there, just wondering how things have gone - has EA come back bout offer of £115,000?

I have filled in application form for mychoice homebuy through the homebuy agent in my area which will be forwarded on to Metroploitan. It's good to hear your experiences with them have been good&I agree it seems like a good scheme.

lynzpower

3. I live in the Lake District .. prices WILL NOT fall enough to make me worry plus i am 21, i will not be planning on selling the property for at least 5/10 years hence why i want to be 100% happy

Just wanted to add that I hope you have discounted the flat, the no outside space and the cat issue would recommend that the flat is a no go, there really is no point.

I dont understand the rush tho, is there REALLY nothing else in your area? I dont know about the lakes but here in london for sale boards are shooting up all over the shop and "SOLD" ones are somewhat thin on the ground.

geoffky

I would not want to be trying to sell a flat in five years time as in five years time this country will be unrecognizable from the one we have today.
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It seems you do not understand the risks you are taking now or do not want to understand them..so i would just go ahead and gamble with you financial future.

I done that at the beginning of the last crash and came out of it a lot wiser than i went into it. but i am afraid to say i had a little problem

...i owed 50k and had the house reposesed because that was the shortfall as the house was worth 40k less than it was before i bought it....and i can tell you negative equity is soul destroying and living in a house or flat that you cannot move from is even worse....go ahead but go ahead with you eyes wide open...