House Buying - Moneysaving Tips

nikkickchloe

jules888 wrote: »

Just put our house up for sale and want to buy another one,no mortgage and have savings to put towards buying another house.I dont blame sellers for wanting nearer the asking price.I feel even more nervous about it all reading this thread.Its all got ridiculous!

All is not lost, we received a full asking price offer for our house, on a first viewing...... :eek:

We then put in an offer on a house which wasn't on the open market yet £15k below the asking price, it was rejected but he accepted our next offer of £10k under

Complete next Friday......

pred02

Hi,
I am new to the process and have two specific questions:

1. I make about £45.5k (will probably go up to £50k in Sept) and would like to get a Mortgage for about £200k. I will put down approximately £85k in deposit making my overall budget of £285k. The mortgage payments will be approximately £1050/month which is about £100-£150 more than I currently pay in rent. Can I get a mortgage for £200k?

2. I am am non-EU citizen on a Tier 1 visa that will be extended in January. Have been with my current employer for a bit over 2 years and before that I have been living in the US. My credit record should be decent (paid credit cards, utilities on time, lived in one address for over 2 hyear) but I know that I do not have voter roll registered as I am non-EU.

Are there going to be any restrictions with banks giving me a mortgage and what can I expect from the process?

Many thanks!

sejdee

jules888 wrote: »

Just put our house up for sale and want to buy another one,no mortgage and have savings to put towards buying another house.I dont blame sellers for wanting nearer the asking price.I feel even more nervous about it all reading this thread.Its all got ridiculous!

I don't blame sellers for wanting nearer the asking price either, but it's a buyers market at the moment. Don't see what you mean by ridiculous? It's just the way the housing market is at present.

We have just bought another house, and had to go within 2K of the asking price. We were hoping to get it for a bit lower and probably could have held out for a while, but we know it'll make a wonderful home and wanted to secure it quickly.

Make sure you have priced it realistically (lots of research) and if your not on any time pressures to sell, you may well get near the asking price or even full asking price. You maybe lucky and sell it quickly at full asking price. Who knows!

redfragglebiker

We're first time buyers with a deposit of 45k and we know we can borrow between 140-150k at the moment.
Seen a lovely house currently on at £169,995 needs minimal work but the bathroom would need replacing some time in the next few years, not much of a garden and seen similar houses in the area sell for anywhere between £140k and £160k... was thinking of an offer around £155k but not sure if this would be okay or not?

If anyone needs more info let me know but I'm all a bit new to this malarkay!

Cheers guys

sejdee

How long has it been on the market, and have they received any other offers?

Find out as much as you can about the property, the area, and recent sales of similar properties.

Don't just put an offer in, but back it up with your reasoning for the offer amount, and your position and ability to proceed with purchase.

redfragglebiker

Thanks Sejdee... Having done a search in the area two similar houses seem to have gone for around the £150k mark. Thank you so much for your advice as I now have some "back up" for our potential offer

dustystar02

thoughts please?

We are buying a new build on a local estate. The developers are Morris Homes and they will buy our current house off us. Originally we wanted a 4 bed etached but they have all gone so we went for a 3 bed detached at £201k, they offered us £83k for our current home (we expected £90k) and knocked the 3 bed down to £199k.

We wanted more off so were willing to walk away when a 4 bed came up (originally reserved then they cancelled). 4 bed on at £229k, they are offering it to us for £220k with turf, fencing, flooring but will now only give us £81k for ours.

Any ideas why this is? Can they reduce the price for our house like that? We're still very keen so are planning to go ahead and reserve, they aren't budging on offering us more for ours.

Badabing12

Hi guys,

Some fantastic advice on here, I've managed to read a fair bit but admittedly not every page so apologies if this has been answered.

We are first time buyers looking at putting an offer on a new build. We think we are in a fairly strong position, we have no chain, we have £11,000 deposit at the minute and can move in at any time.

The house we are looking at is a three bed semi detached new build, with an asking price of £174,995. We are awaiting an independent mortgage advisor to come back to us, but have had a previous advisor suggest we qualify for the firstbuy scheme and could borrow the money required.

The property is part of a 20 plot development and is not due to be completed until October time, with the whole development completed by April next year. There are 5 of the type of house we want, but only two particular plots we want.

The property doesn't come with any turf, fencing, white goods, carpet or flooring, although they are of course offering these at a price.

We have looked at a similar property in a less desirable location that is slightly bigger in size and slightly smaller asking price with turf. In general research shows similar houses in areas we would be prepared to live start around £130-180,000 so this one we are interested in is near top end asking price, without really offering anything extra in size or perks.

We were told by the company without even asking that we are desirable buyers as the interest they have had in general is held up by chains and they also said there is room for negotiation on price. They said make a sensible offer and they would see.

So, I'm looking for some advice in general really, but what constitutes a 'sensible' offer? We really like the property (or at least we will when it's built) and location is good for us. What are we prepared to pay? Well given our little bit of research and what we would be getting we aren't sure we would want to pay more than £150,000....would going in at £140,000 be classed as a derogatory offer? We want to be taken seriously as if we miss out on this plot, we would go for the one next door which is yet to be released.

Many thanks in advance!

dbk85

I have been looking at a new build 2 bedroomed property by Bovis. The asking price is 114,995. The sales lady mentioned they may be able to knock a couple of thousand off when viewing the property. I have been emailing to see if there are any further reduction, first she offered £2,500 reduction on price and 5% deposit paid. Carpets and tiles, washing machine and fridge/freezer. We have mentioned two bedroomed properties (not new build) in the same area are for sale between £80,000-£90,000. She says she has asked the sales director and the best they could do is £5,000 discount on the plot price, carpets, tiles, fridge/freezer and washer, and turf to the rear garden. Effective price is £104,495. I emailed back saying I still feel it's too much for the area and mentioned again the other properties at £80,000-£90,000 and she ha said as they have sold at this price previously they won't reduce it any further, and the only thing they can offer me know is an allowance of £695 and that is absolutely the final reduction. They said they just don't have the leeway to reduce like the second hand market.

As well as other properties, they have built 10 2 bedroom houses, 4 have sold. The sales office is now only open by appointment only, is this a sign that they are struggling to sell?

Advice needed for further reductions, could I ask for legal fees to be paid or a further reduction in the price or increase in the advance and does anybody know how these "advances" work?

sejdee

dustystar02 wrote: »

Any ideas why this is? Can they reduce the price for our house like that? We're still very keen so are planning to go ahead and reserve, they aren't budging on offering us more for ours.

This is all part of the negotiations, and they can offer you what they want for yours. Main thing to consider is the cash to exchange, not the actual values of either property, and I wouldn't get too hung up on this. If your happy with the deal and it's affordable, then go for it.