First time buyer- advice needed

wsharp

whathavewedone wrote: »

I think if I were a first time buyer I would be tempted to buy a newbuild house because of not having to do anything to it so there wouldn't be any hidden costs.

The only thing that would worry me is that the value of these properties is expected to fall by more than second hand properties. Even without that consider how dated the estate will look in 8-10 years time (when you might want to sell). If you look at estates built in the 90s, 80s and 70s you will see what I mean.

I would wait a bit to see how much further house prices fall. Save up a bigger deposit. If in a year's time you can get a 3 bedroom Victorian terraced or semi in good nick and a decent area for the same price that you can currently get a 3 bed new build then I think you would be getting better value for money. You might even get it for less.

The houses I am comparing with is about 4 years old which they asking for 195k.Do you think this will have big differences as to a brand new?

wsharp

kennyboy66 wrote: »

This is an excellent tactic when you don't actually want to buy a house, but have plenty of time on your hands to waste and have some internet fantasy about being a great negotiator.

No doubt similar properties will continue to fall in price over the next 12 months but this kind of behaviour is delusional.

If I was a seller I would accept the £170k, let you get a survey, arrange a mortgage, engage a solicitor and at the point of exchange would then demand £175k.

Can they do that at least minute to put the price up?

kennyboy66_2

wsharp wrote: »

Can they do that at least minute to put the price up?

Afraid so - it potentially leaves a buyer out of pocket, but you reap what you sow.

As with most things in live, "Do unto others......." is not a bad code to live by.


The best advice really is to be patient. I reckon you have at least 2 years (and probably 5 years) during which prices will fall or stagnate.
Use that time to save another £10k and add in further falls and houses priced around £250k now may well be in reach.

wsharp

kennyboy66 wrote: »

Afraid so - it potentially leaves a buyer out of pocket, but you reap what you sow.

As with most things in live, "Do unto others......." is not a bad code to live by.


The best advice really is to be patient. I reckon you have at least 2 years (and probably 5 years) during which prices will fall or stagnate.
Use that time to save another £10k and add in further falls and houses priced around £250k now may well be in reach.

Thanks for your advice. Our situation may need to explain a bit here... we are planning to start up a family and we already have a very large deposit. So from what you say, we should consider new ones rather than to buy 2nd hand?

Yakubu22

kennyboy66 wrote: »

This is an excellent tactic when you don't actually want to buy a house, but have plenty of time on your hands to waste and have some internet fantasy about being a great negotiator.

No doubt similar properties will continue to fall in price over the next 12 months but this kind of behaviour is delusional.

If I was a seller I would accept the £170k, let you get a survey, arrange a mortgage, engage a solicitor and at the point of exchange would then demand £175k.

Would you really do that -deliberately put a spanner in the works just to spite someone? If i knewa seller was trying to pull a stunt like that I'd be furious

piggeh

kennyboy66 wrote: »

This is an excellent tactic when you don't actually want to buy a house, but have plenty of time on your hands to waste and have some internet fantasy about being a great negotiator.

It's my number one fantasy as it goes, I often pleasure myself whilst thinking about it.

Yakubu22

piggeh wrote: »

It's my number one fantasy as it goes, I often pleasure myself whilst thinking about it.

If I knew where you live, I'd take a pee through your letter box

whathavewedone

wsharp, from the point of view of value and quality of build there is no difference in a brand new build and one built 4 years ago.

It sounds like you have your heart set on this house. If that's the case and you have a big deposit and don't intend to move for some years just buy the house that you want when you want it. Maybe try to negotiate the price down a little

wsharp

whathavewedone wrote: »

wsharp, from the point of view of value and quality of build there is no difference in a brand new build and one built 4 years ago.

It sounds like you have your heart set on this house. If that's the case and you have a big deposit and don't intend to move for some years just buy the house that you want when you want it. Maybe try to negotiate the price down a little

Thanks for your reply. We tried to negotiate a bit, but they just getting more greedy... My husband is quite keen on this house (and this is the only house we both would agree on) and I personally would prefer a new build which is much cheaper than this one and brand new (money not really an issue tho...)

SlimJ_GBR

They can obviously see your very keen on the house, hence trying to get you to increase the price. I would personally go back and say my offer of £185k no longer stands, and offer £170k then tell the agent to call when they want to do a deal.

The market is falling after all, £170k for their property in the coming months may have been a great selling price which they failed to take.