I promised myself I wouldn't get dizzy over house-buying...

northern_at_heart

We're FTBs and have our mortgage AIP, but haven't yet found anything we want to buy... until yesterday! We've mostly been looking at smart, large, newish flats as there are very few houses in our price range (£200-250K - this is in an overpriced SE area, needless to say!) and we are quite restricted area-wise due to our work transport situations.

But yesterday we saw a lovely sweet Victorian terrace which has been done up beautifully inside and has a garden, etc etc. It's towards the top of our price range: the asking price is £240K. Apparently since it went on sale a week ago, they have had about 10 viewings and already sold it once, to someone who then pulled out. So it's obviously caused a great flurry of interest.

Looking on t'internet, the vendor paid £190K for it back in 2004, but has obviously spent a lot on doing it up and even extending the kitchen. We offered £225K initally which was rejected straight away, and we were told my the EA that the vendor has already rejected one £225K offer and 'won't consider anything less than £235K'. Now we're still quite new to this and trying not to be silly and lose our heads over it, but to me it seems we just just accept that this is a really good, fair-priced house, and that the owner will have no bother selling it. But part of me thinks we don't want to be naive and just believe everything they tell us, offer the asking price and forever-after wonder if we paid too much?

Is it always a mistake to offer the asking price, bearing in mind our intial offer was knocked back immediately?

Also, I'm now so in love with the idea of a little house instead of a flat, but are there any downsides (other than the possibility of 'old building' problems, but this house has new plastering, new wiring, new boiler)? No ground rent, no lease issues... Hmmmm. Any advice gratefully received!

Savvy_Spender_South

Too many houses are lost over a 5k "principal" if it was marketed at 260 and you haggled 240 would you be happy in your new home?

You could be raising a family in a house in the next couple of years if you spread the cost of 5k over the next 25! fact is, it is in your budget do you really want to see it fall away for the sake of blah blah...

Doozergirl

No doubt at all that a freehold house is a beeter proposition than a leasehold flat. All that service charge adding to your costs every month.
If the vendors of the house have done a genuinely good job on it then hopefully maintenance costs will be low for a good few years. Depends on whether they've done the important stuff

Norma_Desmond

I wouldn't even consider a flat if I had the funds to buy a house.
Our house is 200 years old and of course came with some of the problems of age BUT at least we can choose when to renovate / repair, and as long as it's safe, structurally sound and doesn't let the rain in (often ), we can take our time with it as an ongoing labour of love.
We took a friend's son to see some 'luxury' flats a couple of years ago and we were astounded at how small and shoddy they were; the lad ended up buying a lovely little Victorian terrace with its own tiny garden for a lot less than some of these 'apartments'.

Oh and as for offering full asking price, we did because this is our 'forever' home and it was still a pretty good price because of the work to be done.

northern_at_heart

Thanks for your comments - it's so helpful to have some perspective on this. The idea of a house rather than a flat is just so new for us, I want to be sure that it really is everything I hope it is, and that I'm not just seduced by 'ooohhh, stairs' and 'oooohhh, grass'. It has a separate small living room and small dining room rather than the open-plan we've been used to, but I think this is a good thing? What have others found?

We haven't children at the moment but they are probably on the cards in the next 5 years or so, so in the long term I'm sure this is a better bet. We just expected a little bit more haggling when we bought our first place, but as Savvy Spender South says, if this was originally marketed higher and we haggled down to £240K, I think we'd be very happy!

I'm clueless about buildings really, but there was no sign at all of any cracks, damp or anything. (We would of course get a proper survey - eeek!) The house has been completely rewired in the last 5 years, has a new combi-boiler and new double-glazing - what else comes under 'important stuff', Doozergirl?

Any more comments very welcome - we need all the advice we can get, especially about old terraces v new flats. Thanks everyone!

mufi

northern_at_heart wrote: »

It has a separate small living room and small dining room rather than the open-plan we've been used to, but I think this is a good thing? What have others found?

I've now lived long enough to see open-plan become fashionable twice, with a long intermission in the middle when common sense prevailed. Separate rooms, especially if you have children, are far more practical.

Trust me, in twenty years time, young people will be wandering around the currently contemporary homes laughing their socks off at laminated floors, leather sofas, magnolia paint, stripped floorboards, water features, decking, white bathroom suites...

BTW the house sounds lovely, and that's what I'd go for. Good luck.

Norma_Desmond

Separate rooms for me too!
It's lovely to shut the door on a room that's less than tidy.