My Journey as a First Time Buyer!

Saver-Rob

Yeh I keep an eye out but just dont have the chance to be an avid viewer at the moment.

Saver-Rob

No massive update really other than payday has upped our savings to £58,500

VKay

Fantastic Rob- i'm so impressed!

We had offer rejected today. Like you i'll just keep putting money away- We'll get there in the end.

slowlyfading

I just wanted to say hello and that I've just read through the thread. I'm 22 and am saving for a house deposit, though I'm going back to uni in Sept so it may be not as quick as you, but I think that if you are ready for it, which you certainly seem to be, I don't understand why you shouldn't go ahead and buy somewhere. You're obviously clued up on what has to happen, and if you dont now, when will you? Some of the responses on this thread make me feel a bit sad as they're missing the point - you obviously feel that you and your gf are at the right place where living together is an obvious option, and you've done amazing to get your savings to that amount already! I'll keep with this and see how you progress, and get some tips along the way!
s x

before_hollywood

wheresmydoshat wrote: »

i recently worked out what i had paid in rent over the last ten years, approximately £40k.

dead money perhaps, but if i'd purchased a house just before the price crash i'd have just about lost the same amount on the value.

those of us that rent should take our opportunity to be smug, afterall most homeowners have been ramming it down out throats for years !

its a never ended argument, you get a few years of ''i've made x amount of money from my house'' erm, no you havent its only worth the price you get paid when you sell it and you still need somewhere to live , then it goes to ''i've saved x amount by renting'' again thats nice for you.


i dont own a house at the moment as i was priced out of the market years ago, i'm borrowing 3.5 times my pre tax income and planning to buy somewhere i can stay in, home ownership is nice, but i want to be mortgage free one day, preferably while i am still young enough to enjoy it

elliott2

Brummybloke is absolutely right! Saver-Rob. Do not buy with your girl friend however long you have been together. No no no!

GrammarGirl

Just read your entire thread and would like to say well done for saving such a HUGE amount of money!

As for all the comments about your relationship... I would always suggest living together before you buy, but really the decision is yours! My OH and I rented together for 2 years before he went home to save some cash and I continued renting with friends. We're now on the saving for a deposit band wagon but will be renting again (together) while we do it. Living at our respective parents' houses is neither practical nor enjoyable for us, and if that means it takes longer to save, then so be it.

I do understand your position though, and wish you the best of luck.

Saver-Rob

Thanks for all posts people. Its nice to get feedback. I know this thread is a little boring right now but things are so busy @ work that things have gone on the back-burner.

I will keep updating with anything important though!

Saver-Rob

It seems a very long time since I updated this, and it has been. There are some quite big developments...

We have found a property that fulfills our criteria and has some things we had not imagined we would be able to afford in a fantastic location. The property is listed at £175,000 however even the estate agent said that the property would not achieve that price. We made our first offer at £150,000 which was rejected and the owners stated that £160,000 would be closer to the mark. We went in again at £152,000 which was again rejected but the figure of £155,000 was thrown back in our direction, though no clear indication as to whether the £155,000 would be definately be accepted. £155,000 was what we had already decided was our maximum and final offer.

We then made our last offer of £155,000 on the basis of the property being removed from the market immediately and no further viewings permitted. I also wanted an answer by Noon the next day. We ensured the estate agent reiterated to the vendor that:

1) We were first time buyers with no chain
2) We were keen to proceed
3) Our offer was subject to survey
4) It was our full and final offer and there would be no further negotiation.

To cut a long story short, that offer was rejected and we even went as far as to put down an offer of £160,000. That was the maximum we were prepared to spend on a house, full stop.

That offer was also rejected. I have a feeling this property will still be on the market in the coming months. But for now, the search continues...

VKay

Oh well Rob- sorry you have had a disappointment. Sounds like an odd situation, wonder why didn't they accept your final offer?!They may come back to you...

Remember your savings are growing all the time- it'll all come together in the end. I'm trying to save £1k per month and hope it'll make a big difference eventually when we find something we love. Chin up!