Please advice me on what to do

Davesnave

If you are on a fairly low income, you already know how important it is to be mortgage free.

9/10 is pretty good, but I've been watching the market for a long time and I know that if you don't get that 'almost perfect' house, another one soon comes along. (The perfect one never does though!)

You may know how secure your job is, and if you do, that has to be a consideration. If you don't, play very safe.

Personally, with the economy being as it is, I'm waiting a bit. Option c is my choice, but I wouldn't tell someone else exactly what to do, because personal circumstances vary so much.

Dithering_Dad

If I were you, I'd look at all the current costs I have renting and I'd look at the costs I'd incur if I owned a house (i.e. not the actual one-off costs of buying but the month to month costs of living). If buying is cheaper than renting (or not much more expensive) then it's a no brainer.

If buying is significantly more than renting then I'd factor in other variables such as whether I was sick of renting and being at the whim of a landlord, whether the area I'm buying in is nicer than where I currently rent (and how good the schools and other facilities my family would use are).

I'd also calculate how much you will save if you buy now (i.e. low long-term fixed interest rates, stamp duty holiday, builders & decorators clamouring for work and willing to do good deals for any renovations you need doing, etc.) than if you bought later when the economy is looking better - because we will see an upswing in the economy a good while before we see on in the housing market.

I bought my first home in the last recession/HPC and bought before the end of the slump, but I never lost money as house prices fell because I negotiated a deal below the bottom of the market. I'd suggest you keep looking for your bargain and keep offering what you think the properties are worth to you - but don't simply base your buying decision on whether you think the bottom of the market has been reached, because we won't know it has until we're up the other side and by then the economy will have picked up and home owners won't feel so gloomy and be quite so desperate to sell.

Good luck mate.

econo_2

macaque wrote: »

drex_123

Don't accept the earlier offer. Just don't. Those people were foolish and greedy. If you are desperate for this particular house, you need to think about knocking at least another 20% off the price (lenders are looking for deposits of 40%. What does that tell you?)

Never forget that house prices are intimately linked to income. Your best option by far is to wait for a few months (at least). This is why:



http://news.bbc.co.uk/1/hi/business/7878206.stm

What appears forgotten in the daily newspaper stories is that when we see these drops quoted in percentages they are an average or broadly spoken figure. They take no account usually for regional or even smaller house price influences.

While you maybe right saying 'knock another 20% off', I can't see you are basing it on anything but a country average.

There are areas close to my home that have seen about a 15-17% drop and are now holding steady. If I was in the market for a house and offered 20% lower now I'd be laughed at.

silvercar

spam, reported.

hethmar

for gawds sake! reported.

ad44downey

pandamonia wrote: »

chuck you are a grade A !!!!!!.
k

Believe it or not, you're far from being the first to have come to that very same conclusion. :A

pandamonia

ad44downey wrote: »

Believe it or not, you're far from being the first to have come to that very same conclusion. :A

i guessed as much.

pandamonia

chucky wrote: »

just a couple of snippets for you - let's see how much of a mug you really are



i then had to explain the warped logic of how you thought house prices would drop
http://forums.moneysavingexpert.com/showpost.html?p=18393219&postcount=312

you then answer this


so your either talking rubbish in this thread or the other one - don't you remember about all the lies that you tell? :rotfl:

i'm still in awe at you affording £700 a month on a BMW and then thinking it's your right to get a house at the price that you decide... :rotfl:

What exactly is your point?

i have an expensive car, so what? - are you so red with envy you keep bringing it up?

so what if im looking to buy a house? - ill make my purchase within the next 18 months when i think its wise, me and my gf are saving over £1600 a month towards a deposit after we get back from our holiday end of this month.

We are in no rush and when we do buy it will be well below market current value due to insulating any further falls.

Not to mention my mortgage will be fixed for 5-10 years and only over 15 years not 25.

So i make my point again.

Now isnt a good time to buy but its a good time to get ready to buy. - which is what im doing, so im also taking my own advice.

ess0two

Panda your past posts are proof you are lying,so expect people to take with a pinch of salt what you post.

pandamonia

ess0two wrote: »

Panda your past posts are proof you are lying,so expect people to take with a pinch of salt what you post.

wrong - you and your little bum chums think that.

fact is im not.

but this doesnt matter since the OP asked for advice.

so grow up and stop being a !!!!!! like your bf chucky