Everything's changed - what would you do?

fc123

LydiaJ wrote: »

Wow! What a lot of helpful responses everyone.

I've decided that I'm going to buy. As Hamish says, with the money in the bank I wouldn't qualify for housing benefit. And I don't think repossession is at all likely. My jobs, although not 100% secure, are more secure than average, I think. In any case, I'm lucky enough to have a "bank of mum & dad" that would be able and willing to bail me out if I lost my job and looked likely to lose the house (at least they would given how small my mortgage is likely to be, and the other circumstances of why I'm in this situation). Also, for personal reasons now is seriously not a good time for my kids and me to have to slum it anywhere not very nice (although dopester had no way of knowing that).

I've had a few more details through today, and the lump sum is going to be bigger than I thought. I think it will come to about 90% of (house price + stamp duty + survey + solicitors + removals etc) of my dream house. The remaining 10% would be a mortgage of about 1.7 times my new lower income. Disposable income might be a little lower, but petrol costs should be lower because less driving to work. I would aim to get a mortgage spread over a fairly long time but with lots of flexibility to make overpayments, to minimise both total interest and risk of getting into difficulties.

If I don't manage to get the dream house, I'll keep looking a little longer. Houses that I love don't come up very often round here, especially in this slow down in market volume. I don't want to throw endless capital down the drain, but I don't want to buy a house I'll regret later, either.

Lydia

Sounds like a good plan to me. Happy hunting.:D

vivatifosi

LydiaJ wrote: »

If I don't manage to get the dream house, I'll keep looking a little longer. Houses that I love don't come up very often round here, especially in this slow down in market volume. I don't want to throw endless capital down the drain, but I don't want to buy a house I'll regret later, either.

If you know exactly where you want to buy you could go door to door and leaflet drop. Someone did that where I used to live - I ended up selling my house to them. I benefitted from getting what I wanted for my house without the effort of doing it up, and found it easier to buy my next house (I had a cash buyer, better for me). Also benefitted from no agents fees. They got the house for a good price too, fair all round

treliac

LydiaJ wrote: »

I've decided that I'm going to buy.

I've had a few more details through today, and the lump sum is going to be bigger than I thought..........
Lydia

You lucky lady Lydia. Sounds like you know what you're doing. We all take a calculated risk in life but nothing ventured nothing gained.

I'm sure you'll make a good go and likely a big success of whatever decision you finally make.

And, how exciting ..... we've got a real life story to follow. Hope you can keep us posted on your progress (notwithstanding you won't want to give everything away. )

LydiaJ

vivatifosi wrote: »

If you know exactly where you want to buy you could go door to door and leaflet drop. Someone did that where I used to live - I ended up selling my house to them. I benefitted from getting what I wanted for my house without the effort of doing it up, and found it easier to buy my next house (I had a cash buyer, better for me). Also benefitted from no agents fees. They got the house for a good price too, fair all round

I'll probably do that if "the one" doesn't work out.
Thanks vivatifosi.

treliac

vivatifosi wrote: »

If you know exactly where you want to buy you could go door to door and leaflet drop. Someone did that where I used to live - I ended up selling my house to them. I benefitted from getting what I wanted for my house without the effort of doing it up, and found it easier to buy my next house (I had a cash buyer, better for me). Also benefitted from no agents fees. They got the house for a good price too, fair all round

That's a brilliant suggestion viva. I did try and bypass EAs when I sold my first flat. It didn't work and I had to go conventional in the end. But I can see how doing it your previous buyer's way might tempt someone who was just thinking about selling, into going for it.

If I'm ever wanting to move and have my eye on a particular area, I'd give it a go.

lostinrates

Lydia, househunting seems a good idea the more I think about it.

the_ash_and_the_oak

mortaged purchase of something to get a foot on the ladder that you would plan to stay less than 6 or 7 years - the risk is in doing it

cash purchase of something you really like and plan to stay a long while - the risk is in not doing it

Davesnave

vivatifosi wrote: »

If you know exactly where you want to buy you could go door to door and leaflet drop. Someone did that where I used to live - I ended up selling my house to them.

Happened all the time in my road, except in 2008! :mad:

I think people became very sidetracked on this, Lydia was never suggesting that she'd wait a long time. However, the reality is that there's not a lot of new stock around at the moment, so she either goes in with some cheeky offers on stuff that would otherwise be above her budget, or she waits for all those lovely new ones that are waiting in the wings for New Year & beyond.

Of course, she could get lucky at any time. Chances are that anyone releasing a house onto the market now is either ill-advised, or 'well-motivated' for a fast getaway in January.;)

Davesnave

lostinrates wrote: »

Lydia, househunting seems a good idea the more I think about it.

Yes, we tried it, once. Wasn't all it was cracked-up to be, especially as we spent three years on & off getting to know an area 200 miles away from where we eventually bought....

Still, I know how to say 'Maesycrugiau.' Might come in useful, I suppose...:rotfl:

(Sorry, couldn't resist. Know what you really meant!)

the_ash_and_the_oak

Davesnave wrote: »

I think people became very sidetracked on this, Lydia was never suggesting that she'd wait a long time. However, the reality is that there's not a lot of new stock around at the moment, so she either goes in with some cheeky offers on stuff that would otherwise be above her budget, or she waits for all those lovely new ones that are waiting in the wings for New Year & beyond.

fair point!

bit of a weird one - low supply isn't in a buyers favour but low transaction levels are more of a friend to cash (or mainly cash) buyers than borrowers imo. I guess imo if the great one comes then go for it, if it doesn't don't be railroaded into getting something would be my take on it