Please help to make a decision re house purchase

Errata

Anything wrong with this plan?

You need to decide between buying a home and making an investment. Once you and your OH decide which it is things should be much clearer.

pardal51

It sounds as if you liked House 2 and that is the one you want. If so and you can afford it and it is not overpriced go for it.

I set a ceiling I as the max. I want to spend (FTB). Even though we can afford to borrow more, I don't want to do it because:

1) It will be our 1st house, i.e., you need to start with something than upsize;

2) I still think that price will come down in the following months, therefore I don't want to pay over the odds for a property.

As a FTB we are in a "good position", no chain, mortgage arranged, solicitor appointed, no need to move from our rented acommodation within a timelimit. Therefore patience is key. It is a tiring, frustrating and irritating exercise.

Good luck

Fly_Baby

Graham_Devon wrote: »

Forget the investment part. It has to be your home first.

Quite a few people have said don't go ahead, but you seem determined to do so, so not sure what else people can say really.

Sounds like a lot of money to be spending on a home that you have so many reservations about.

I am not determined at all! That's exactly the problem... I am just talking through my thoughts.

And you are right, I don't want to lose the deal because similar houses sell for 20K more in the area, which in fact translates into 30K (including stamp duty) - so it is a bargain - bt of course only if I really want/need it, otherwise it would be stupid.

Graham_Devon

Fly_Baby wrote: »

I am not determined at all! That's exactly the problem... I am just talking through my thoughts.

And you are right, I don't want to lose the deal because similar houses sell for 20K more in the area, which in fact translates into 30K (including stamp duty) - so it is a bargain - bt of course only if I really want/need it, otherwise it would be stupid.

Sorry, you sounded determined to like it.

Probably because you are seeing it as an investment later on?

I'd forget this part. Things change, quickly. You can always buy any investment property if you wish, in any area, when you feel ready to do so. You have to live in this place, as a home. If things don't pan out, and you won't be using it as an investment, you still have to live in it as it's your home.

Fly_Baby

Errata wrote: »

You need to decide between buying a home and making an investment. Once you and your OH decide which it is things should be much clearer.

Well, he thinks it can be both...

And he doesn't like (or rather doesn't want to pay that much) for the other house.

But that's an entirely different dilemma.

Errata

Fly_Baby wrote: »

Well, he thinks it can be both...

And he doesn't like (or rather doesn't want to pay that much) for the other house.

But that's an entirely different dilemma.

So did all the people who found their property in negative equity in the late '80s and again now.

sharnad

Fly_Baby wrote: »

A question - maybe daft, in which case forgive me.

Do I have to love the house? If I know (well, hope) that it is not going to be my home for the rest of my life, if I just need it to "sit out" a few years until my child secures a place in a good school and then be free to mover wherever - would it make it a good investment? To buy a good house (the house itself is good) at a cheap (in comparison) price, and then be able to either sell it as cheaply and hence easily, or to leave it as our pension fund and rent it out?

Anything wrong with this plan?

Sitting it out for a few years may end up making you unhappy and you will be stuck with the house. If you are the kind of person who can live with the things that you mentioned that cant be changed and can get stuck into what you can change then you may want to buy it, if you have young kids and think parking away from the house will be hard then I wouldnt do it

Where on the hill is it top middle or bottom

Janie2008

If it doesn't feel right I would walk away.

Also consider the lack of parking outside could put off future buyers if you need to sell.

mudshark

My philosophy - better to have the right house than the right price.

Some people care more than others about where they live and if it's only for a few years then matters less but beware you might get stuck there for some reason. My current house is meant to be my last so really didn't want to compromise about certain things.

Fly_Baby

sharnad wrote: »

Sitting it out for a few years may end up making you unhappy and you will be stuck with the house. If you are the kind of person who can live with the things that you mentioned that cant be changed and can get stuck into what you can change then you may want to buy it, if you have young kids and think parking away from the house will be hard then I wouldnt do it

Where on the hill is it top middle or bottom

It is nearer the top.

I have put up with many things in flats but those were rented so I perceived them as temporary and it didn't matter that much. For my own house, I wanted it to tick all the boxes. And I guess it is down to me whether I agree to something less than perfect or I do not.