buying first house last minute nerves

coolblonde

Hi
Im just about to fill in my bank details on my stamp duty form and pay for the mortgage arranegement fee ect and it has now hit me that i really am buying a house.
I have worked really hard day and night to get the deposit together i have got a rubbish wardrobe and can't remember what vodka or having nights out are like or when i last laughed as i have had to scrape together evey penny for what seems like forever. All this hard work i have put in and it worries me what if the house goes down in value in the next couple of months. The house im buying is a semi detached on the outskirts of liverpool. Liverpool being the capital of culture 2008 is my only hope that houses won't go down in value. Im planning to do the house up as quick as possible and planning to put the house up on the market before the end of next year as im worried that once the capital of culture ends so will the rise in prices in Liverpool. I'm looking forward to the thought of having my own place and can just about afford the payments on the mortgage and just about having a life but am petrified of loosing money. Should i hang on for a few extra years then buy when the capital of culture is over and possibly house prices in the city may have gone down by then.Any adivce would be greatly appreciated

pawpurrs

Bite the bullet, and go for it, if you can afford mortgage repayments and prices go down then you just stay put, you have to live some where. I take it at the moment you are renting? And having to pay rent?

What is the purpose of selling so quickly?

coolblonde

Thanks :beer: Pawpurrs for your good advice, all advice is greatly appreciated. Im planning to sell the house in another year as i predict the house prices in the area im moving to may fall when the capital of culture 08 ends. I've worked so hard for this money im emotionally and physically exhausted. I don't want to buy now and live to regret it in a few years time when houses could be cheaper and im paying lots of money back to the bank.
I work in Liverpool which is great if i move house as the commute will only be 20 minutes instead of 50 minutes. Im currently living at my mums which isn't the greatest of places as my room just about fits my furniture not even a bed so im sleeping on the settee. I get on with my mum so could probably put up with this arrangement a while longer and i don't think she minds having me at home although she has other children at home of school age. Anyone got anymore advice?

cuffie

You need to start somewhere. Who is to say that house prices won't rise and you won't be able to get on the ladder at a later date? Remember, if your house goes down in price, so does the next one you are buying.... Go for it - you'll be pleased you have your own space. All the money you have worked for and earnt going into a house - you'll come home to it every day and be proud of what you've achieved. xx

tomstickland

I bought my first place a few months ago and I love it. It's made my life so much better now I have my own place.

Everyone has moments of fear when they committ to something like a house purchase.

I'd advise against trying to ride house price rises/falls and opt to buy because it provides a house to live in.

WindyMiller_3

The best way to think of it is that you are buying your own space, as long as you can meet your repayments then no one can come along and force you out - its your space - your little part of the world that you can close the door and feel secure in.

It should be a home first and an investement second.

House prices go up and go down, once your on the ladder your on the ladder and are pretty much shielded from price fluctuations if you stay on the ladder.

I dont know in which suburb you have bought, but people would be surprised about how much prices have increased in liverpool. Liverpool is now more expensive than the wirral etc (like for like). I also think that the 2008 capital of culture has died down a bit, and prices in liverpool are simply keeping tabs with other north west areas.

Good luck in your new home, you should be proud of the work you have done to achieve your own place :beer:

Windy

backtomum

Well done for saving up - you've achieved a lot. Ultimately the decision rests with you to buy a house - but I would be very wary about buying at the peak of a housing bubble! Liverpool house prices are artificially inflated at the moment - due in part I'm sure to the Capital of Culture!!! The signs are already appearing that houses are not moving - I know as I work for a group of chartered surveyors - and the words 'artificially inflated' are their words not mine. I would hold on for now - until some sense has come back into the market - why lose the money you've saved - suicide in my opinion. With another interest rate on the horizon you will be very lucky if you can flip a house!

coolblonde

:beer: :j Thanx very much Cuffie, Tomstickland, windymiller and backtomum i'm really pleased with all the advice you have given me. I'm still quite unsure what to do as all advice is good i know once i move in i wil be pleased i brought my own place but with the comments from backtomum who seems to know about the Liverpool property it makes me think twice. If anyone could advise me further i would be very greatful. THANK YOU

F_T_Buyer

I don't understand why you would be selling this in a year? Is this property intended as a home? Or an investment?

Surely the costs of buying will outweight any capital gains you 'think/hope' you will make.

I'm sure you've read this site, and the arguments people like me have put forward to why prices will fall (btw i'm calling the peak, Quarter3 2006). It just seems like massive risk, for little gain.

Could you afford the loss? It sounds like you're emotional about the money you have saved (and rightly so).

Sapphire

coolblonde: it sounds to me as though you'd like to be persuaded not to buy the place. It's very difficult to give advice, because some sources (often those who have an interest in the matter) say that prices will never go down, while other sources say there's going to be a house price crash of varying magnitudes.

Personally, I do think the economy is rather rocky in general and that there is worry and uncertainty around. You only need to read the papers - despite the spin of interested parties - as well as websites such as the housecrash forum and often here as well. Also, remember what happened with the dot.com boom? People thought that would never end, either. I would say that it is risky right now to buy property in order to try and get a quick return on it - but that's just my opinion. :cool:

Stubbsy05

Just do it, you know it makes sense!

I'm 21 and have just signed everything over for buying my first flat. I'm still gonna have a life. Plus now with my own place the lads can come round rather than us havng to go down the pub all the time!

Are you streteching yourself on the price of property you're buying?

As for worrying about property prices, if you hestitate now, how much longer before you decide to buy somewhere!