House Buying Tips

jaime_mg_2

So assuming we are willing to take a punt on the house market not going too far south (although my better instincts tell me this is quite likely) and figure that we should get on while we can, (we are newlyweds and the nesting instinct is strong...!) has anyone got any tips on buying a property as a first time buyer?

Either what to be aware of, what to avoid like the plague and what are good negotiating and MoneySaving pointers?!

All help greatly appreciated!!

Jaime x

dougk_2

Personally - Avoid flats and maisonettes that are leashold - Do freehold only or "shared ownership" via the various housing agencies.

Shared ownership schemes are often good as you pay a lowish rent on the % you don't own and and allow you to get a footing on the market.

If you buy an older house budget more for repairs, upgrades etc.

d.ylan

common-sense as it might seem, id strongly recommend getting a full survey of any property you're bidding on done (in the region of £300 I believe).

I only bring this up because you mention being a first time buyer, and that was the position I was in 6months ago, and I wish to buggery that someone'd mentioned to me about the different survey levels because I was shafted with £6k's worth of work needed on mine not apparent on any of my own visits. I'd never buy another house without a proper survey -- everyone just assumed I knew I apparently had the option of a full survey and I had no clue!

Woby_Tide

why avoid flats or maisonettes that are leasehold, as a lot of first time buyers can usually only afford properties like flats etc. that's taking out a big chunk of your prospective market?

bridiej

Ditto what Dylan said - the survey is the most important thing and you shouldnt cut costs on that (Other than phoning around for the best price for a good survey that is!) as it could cost you dear in the long run, especially with older properties.

jaime_mg_2

While we are ideally tryoing to get a freehold property - what is the minimum lease we shoudl realistically consider - presumably at some point they become not very vaulable?

Woby_Tide

anything over 75 years is technically OK though depending how long you hold it would become less appealing, anything over 90 or so would be good especially if you only intend on staying for a shortish period of time say 5 years

itgirlinuk

Some mortgage lenders refuse to give you a mortgage for anything less than 50 years lease. Some do and some dont. The reason being the lease-owner can decide not to offer lease at the end of the lease period - which means the flat is no longer yours.

And with regards to freehold properties, I have found during my house hunt that you get freehold flats (meaning share of the freehold) and these flats are at the top of my list, personally. If its a leasehold, then you pay monthly maitenance and a lump-payment every 5 years or so for structural maitenance. I'd rather avoid this constant expense, if I can.