A question for the regulars planning to buy houses

penguine

lemonjelly wrote: »

I'm waiting to see something that is value for money.

Same here. We've been looking at houses, on and off, in our area for the past 5 years or so. Our budget has always been about £300k and we've been looking at 3-beds. Over that period there have only been a couple that weren't cramped, in a bad location, or in need of a lot of work. Those few decent properties got snapped up quite quickly.

At the moment, there's not much on the market that I'm even interested in.

I don't have a specific trigger, and we're not waiting for the bottom of the market (that could take years, and our daughter is 6 now, and I don't want her to still be living in a flat when she starts secondary school!). I just want a decent house that I feel we'd be happy to live in for years, and I don't want to be mortgaged to the hilt to buy it.

penguine

Afriend wrote: »

Hi Pobby, my thinking it this; home ownership is close to being an essential item, especially with council waiting lists as long as they are, people are doing what they can to secure a property.

People stuck on council waiting lists aren't usually in a position to buy a house.

Pobby

lynzpower wrote: »

Im not 100% sure but IM sure I read graham bought a shared ownership flat, like I did

In london they are just not selling and HAs cant even rent them out. I was lucky to get out while I could, thank god for wise owls on mse!

I hope I got this wrong graham??

I remember when you got out of that place Lynz. Was a brilliant move, can`t remember, 2006, 2007?

I am interested as to why HAs can`t let them out?

lemonjelly

penguine wrote: »

Same here. We've been looking at houses, on and off, in our area for the past 5 years or so. Our budget has always been about £300k and we've been looking at 3-beds. Over that period there have only been a couple that weren't cramped, in a bad location, or in need of a lot of work. Those few decent properties got snapped up quite quickly.

At the moment, there's not much on the market that I'm even interested in.

I don't have a specific trigger, and we're not waiting for the bottom of the market (that could take years, and our daughter is 6 now, and I don't want her to still be living in a flat when she starts secondary school!). I just want a decent house that I feel we'd be happy to live in for years, and I don't want to be mortgaged to the hilt to buy it.

Wow, are you me?;):D

Seriously, this is pure reason here.

Triggers could change daily. Calling the bottom is nigh on impossible. But that isn't the issue. The issue is making a purchase of a home which will make you happy, meet your needs, and at a price you feel is fair and reasonable.

lemonjelly

Pobby wrote: »

I remember when you got out of that place Lynz. Was a brilliant move, can`t remember, 2006, 2007?

I am interested as to why HAs can`t let them out?

The flats in particular are glorified leases. Problem is all the charges which come with the SO properties.

SO houses have been more successful, as you don't have the associated charges, maintenance costs etc. In addition, flats have been hammered as being overpriced since market peak, so FTB's are naturally scared they'll buy a flat & be stuck in NE for years.

In addition, speaking as someone who did have some involvement with a HA who did SO, I feel that the HA's can add numerous costs on unreasonably, don't have the staff/experience to deal with SO tenants/OO's effectively, and there can be difficulties relating to selling an SO property.

Speaking as someone involved in the sales of them, wouldn't advise anyone to touch a SO flat. A house, perhaps less of a risk & will bring less issues.

I also think SO will burn the fingers of HA's for years to come.

skap7309

Cleaver wrote: »

For the regulars on the board who are saving a deposit and waiting for their time to pounce (Graham? Ad? Mgpfgna9? Brit? Mr Matey? Dunno if they are correct, apologies if not) do you have a trigger point as to when to buy? I.e., a certain price in your head? Or a percentage drop? Or when you perceive house prices have bottomed?

Gotta say before i reply, good read this thread!

To answer, erm, when my not so secretive target has been reached. There ya go - question answered.

To add, lower house prices just add as a bonus in the sense of bigger floor space, therefore the further they drop the happier i would be.

Harry_Powell

Graham_Devon wrote: »

As I'm in there.

This is very simple for me.

When I can reasaonably afford it. It's that simple.

HPI is once again outstripping my ability to save the deposit at the same rate. I say "reasonably" as I have said many times before, I don't want to be a slave to a mortgage and not be able to do anything else I like to do, or lose the place as soon as something happens in life.

I'm not gonna jump in to something I can just about afford, as would be the case at the moment.

I owe you an apology Graham, for some reason I thought you already had a home and so just couldn't understand why you were cheering on house price falls and so decided you were simply being politic and trying to be popular with the majority 'bears' on this board. I totally understand your position now and so apologies for my confusion.

In response to the OP, we're currently in the process of buying and have used the same 'naive' method as he did when he bought. We're buying because we can afford to, because we want our own home and because we're sick of renting. However we're not so naive that we haven't tried to make the most of our money by negotiating a very keen price, we've put down a decent deposit and so even if prices fall a further 20% we'll still be in positive equity.

I am finding that as the sale goes through I have less interest in house prices and more interest in the items in my local B&Q. I simply cannot wait to move in with my GF and start living our new life . As the old saying goes, "Some people know the price of everything and the value of nothing", I used to be one of these people, but not for much longer.

IveSeenTheLight

leveller2911 wrote: »

I am a realist so if it happends it happends if it doesn't then I will still live my life,thats more important to me.

:T
What a brilliant attitude to have. I'm the same, make the best of what you can.
:T

leveller2911 wrote: »

Also looked for self builds groups but they seem to be a thing of the past....Land prices are the main barrier.It always use to be land was 30% of the build cost, now its nearer 100%

My F-I-L built his own home as one of these groups albeit 30+ years ago.
Would scare the living daylights out of me, but if your in the trade it was a good option.

It has been great having his knowledge whenever we have taken on home improvement projects. I've learnt so much from him (although probably still a fraction of yours and his knowledge)

IveSeenTheLight

mewbie wrote: »

I work in a shop, get about 12k a year. Live at home. No chance of buying anything. But my mates and I have one night out a week at SlapUps which is the club where the Birmingham City footballers sometimes hang out. My mum says if I could get a footballer I wouldn't have money worries like her and dad ever again.

When I get depressed about house prices and never having a hope, my dad says you shouldn't believe everything you read on the internet. He says they are going to get a whole lot cheaper.

They will do if I marry a centre forward.

Mewbie, no offence meant, however it's getting to the point where I'm finding it not worth reading your posts.

You seem far more interested in trying to make funny comments than seriously contributing to the discussion / debate.

I can't tell if it's worth responding to or let you have your relief by babbling on.

It would be nice to discuss properly instead of having the comic butting in all the time from the back of the class

lostinrates

There are still some self build groups. I know, for example ther is one in Bath.