My Journey as a First Time Buyer!

Saver-Rob

Zandoni wrote: »

I can't understand why any FTB would take the plunge now. Why not wait until they reach the bottom and then you can get a bargain.

Why do you need to buy now?

I didnt know you could see into the future! I think its a very dangerous thing to advise first time buyers against purchasing now. For some people it is right, for some it would be wrong. Saying house prices are going to continue falling is a big statement and it may influence some people into not buying and regretting it later.

I'm not saying you're wrong - I dont know either but I see it more as individual cases rather than a blanket DO or DONT buy.

Thanks for the post, anyhow.

kelloggs36

Rob - which areas are you looking?

Zandoni

Saver-Rob wrote: »

I didnt know you could see into the future! I think its a very dangerous thing to advise first time buyers against purchasing now. For some people it is right, for some it would be wrong. Saying house prices are going to continue falling is a big statement and it may influence some people into not buying and regretting it later.

I'm not saying you're wrong - I dont know either but I see it more as individual cases rather than a blanket DO or DONT buy.

Thanks for the post, anyhow.

Of course I can't say for certain, but I'd be amazed if they don't continue to drop with the way the world is at the moment.

But one thing I'm sure of is there is no way I'd recommend that anyone buys a house for the first time in a falling market. Why not wait until they bottom. it could save thousands, it's just not worth the risk, and I could not live with myself if I don't try stopping someone making an expensive mistake.

[Deleted User]

maisymoo77 wrote: »

The mortgage we have in mind allows us to overpay 20% of our monthly repayments off the capital. By fixing at 6-7% we are avoiding (hopefully) the hyperinflation rates of 11-14%. This was our rationale for wanting to buy now:)

Hi Maisy,

Why do you believe rates will hit 11-14%? Interest rates will go up but i would honestly only predict 7-8% max.

I find this thread quite interesting as i am in the same boat, first time buyer with £35k saved. Instead though im looking at renting for about a year or so before taking the plunge, this will cost me about £4500-5000 in rent, which is less i believe than prices will fall by.

Obviously people have different priorities but to buy before the market hits the bottom doesnt logically make any sense.:money:

Saver-Rob

kelloggs36 wrote: »

Rob - which areas are you looking?

Hi,

We're down south but I prefer not to say exactly where on this forum at the moment. When it all comes together I may do.

Prices are not bad, in some cases we could afford a detached that needs work but we did today look at a reposessed semi which was fantastic in both size and structurally but needed an enormous amount of work - double glazing, kitchen, bathroom and central heating before any of the minor bits like decorating! The previous occupants had wrecked the place!

Saver-Rob

Supercharge_Me wrote: »

Obviously people have different priorities but to buy before the market hits the bottom doesnt logically make any sense.:money:

How do any of us know if my area has hit bottom? How do we know if it has overall hit bottom? Does it matter too much if it does drop by a few thousand more on my house if I'm going to live there for 10 years?

I think people waiting for this apparent "bottom" seems like grasping at thin air. When will anybody know?! It wont come on the 6 o'clock news saying that today is officially rock bottom and tomorrow prices will start to rise again.

Zandoni

Saver-Rob wrote: »

How do any of us know if my area has hit bottom? How do we know if it has overall hit bottom? Does it matter too much if it does drop by a few thousand more on my house if I'm going to live there for 10 years?

I think people waiting for this apparent "bottom" seems like grasping at thin air. When will anybody know?! It wont come on the 6 o'clock news saying that today is officially rock bottom and tomorrow prices will start to rise again.

You'll know because it will be all over the news. We are not talking a few thousand we are talking 20% of your house price. Then you can double that because thats how much you will be paying in interest.

Anyway I've tried, I wont keep on at you it's your money to throw away how you see fit.

Saver-Rob

Thanks for your advice. Best of luck jumping in at exactly the best moment.

Zandoni

Saver-Rob wrote: »

Thanks for your advice. Best of luck jumping in at exactly the best moment.

My house is all paid for, trust me I don't wont them to keep going down I just know it's inevitable, seen it before.

Anyway good luck to you, it's nice to own your own home.

Saver-Rob

Yeh I'm really looking forward to it and have even been clearing stuff out here that I dont want to take with me.

I keep seeing furniture in shops that I want but I know I really ought to get a house first...

Cheers.