To those BUYING in these difficult times....

djacobs73

Hi All,

Thought I'd join the gang.

We've just had an offer of £300k accepted on our dream "forever" home. Even though our mortgage will "only" be £200K, I'm nervous that the £100k deposit we've saved so hard will melt away with falling prices.

Other half is probably right when she tells me not to worry as its meant to be our forever home anyway. Our dream of a house like this one doesnt come on sale often so if we let this go, we may not get another chance for a long time. Still worried though!

Anyone else worried?! Or is it the usual buyers nerves?!

Cheers,
Dave

tim_n

Got the call yesterday - we got it for the price we wanted to pay, £230k down from £298 bit of a jump from a flat to a 4 bedroom detached house but I'm not complaining! Except about the commute - location was sacrificed for size of garden!

lauraland

tim_n wrote: »

Got the call yesterday - we got it for the price we wanted to pay, £230k down from £298 bit of a jump from a flat to a 4 bedroom detached house but I'm not complaining! Except about the commute - location was sacrificed for size of garden!

congrats! thats some mark down you achieved - well done. fingers crossed it all goes smoothly

SG27

djacobs73 wrote: »

Hi All,

Thought I'd join the gang.

We've just had an offer of £300k accepted on our dream "forever" home. Even though our mortgage will "only" be £200K, I'm nervous that the £100k deposit we've saved so hard will melt away with falling prices.

Other half is probably right when she tells me not to worry as its meant to be our forever home anyway. Our dream of a house like this one doesnt come on sale often so if we let this go, we may not get another chance for a long time. Still worried though!

Anyone else worried?! Or is it the usual buyers nerves?!

Cheers,
Dave

Hi djacobs.

This is definitly something that worries me! Although we have a very large deposit, 40%, I'm still worried about it again eating up by price falls! But we are in no rush and will wait to find the perfect place. And we intend to get a good deal on it too. If the price is too high we won't pay it and look somewhere else!

Viewed two today. Does anyone else find that they always smaller than they seem in the pics? Even when they don't use those ridiculous wide angle lenses!

Good luck.

Simon.

HelenDaveKids

SG27 wrote: »

Hi djacobs.

This is definitly something that worries me! Although we have a very large deposit, 40%, I'm still worried about it again eating up by price falls! But we are in no rush and will wait to find the perfect place. And we intend to get a good deal on it too. If the price is too high we won't pay it and look somewhere else!

Viewed two today. Does anyone else find that they always smaller than they seem in the pics? Even when they don't use those ridiculous wide angle lenses!

Good luck.

Simon.

I think its a worry no matter what you do, wait... don't wait... Suppose its all about balancing the risks and going with the heart. Get keys to our new house on Friday, our old one wasn't even on the market when offer accepted but knew it was the ONE and felt worth the risk. Just hope ours sells quickly now....:eek:

sjcollett

JuniorSherlock - I understand about not wanting to be messed about but if you like this house - hang in there! The short term pain will be worth the long term gain.

To all of you who are worried about price falls eating into your deposit you have saved - think about the decimation having to pay rent to a landlord would do to your savings! (not to mention your sanity!)

Orpheo

sjcollett wrote: »

JuniorSherlock - I understand about not wanting to be messed about but if you like this house - hang in there! The short term pain will be worth the long term gain.

To all of you who are worried about price falls eating into your deposit you have saved - think about the decimation having to pay rent to a landlord would do to your savings! (not to mention your sanity!)

This is a stupid, stupid argument considering the amount of interest you pay on a mortgage over the term. Every few months that I don't buy the house price falls are paying my rent. This year I have saved my annual rent plus mortgage interest twice over just by not buying.

The argument that paying rent is dead money is about as valid as the argument that buying potatoes is dead money. Absolute rubbish.

Furthermore, I don't pay my landlord out of my savings, I pay rent out of my income. Currently, the interest on my savings each month is 25% of my rent. The upshot being that I pay only slightly more in rent than I would if I bought at the top of my current price range, but I have no additional costs whatsoever towards upkeep of the property. Meanwhile, house prices fall, my deposit grows. Sweet.

Eric1

SG27 wrote: »

Does anyone else find that they always smaller than they seem in the pics? Even when they don't use those ridiculous wide angle lenses!

Your calculator is your friend. Measure the square footage of the living space, not including stairs etc, and compare it to that of your current home.

sjcollett wrote: »

To all of you who are worried about price falls eating into your deposit you have saved - think about the decimation having to pay rent to a landlord would do to your savings! (not to mention your sanity!)

Money paid as rent to a landlord is no different from money paid as interest to a bank, insurance payments, maintenance costs or whatever. It is just money.

SG27

I do work out the square feet but it always seems to smaller than I imagine. I think maybe I'm always expecting there to be something more for the prices that are being asked.

Viewed four houses today and yesterday. One I was told by the agent that the vendor needs the asking price as soon as we got through the door so that viewing was a waste of time. Other three were better but not what I'm looking for.

Got to make something up for when they ask for feedback now.


We are both living with our parents so paying no rent just a bit of house keeping each. So time is on side. The longer we wait the bigger our deposit

Made_Without

djacobs73 wrote: »

Hi All,

Thought I'd join the gang.

We've just had an offer of £300k accepted on our dream "forever" home. Even though our mortgage will "only" be £200K, I'm nervous that the £100k deposit we've saved so hard will melt away with falling prices.

Other half is probably right when she tells me not to worry as its meant to be our forever home anyway. Our dream of a house like this one doesnt come on sale often so if we let this go, we may not get another chance for a long time. Still worried though!

Anyone else worried?! Or is it the usual buyers nerves?!

Cheers,
Dave

I'm super worried - but I do think this must be normal.

I think for a forever home, you should try and relax and enjoy the experience. I'm buying a place which I don't see as a forever home (who knows) but it's the 'right-home-for-now'. I've seen prices since the time I had my offer accepted come down I just I hope that when I come to sell in some years time, that someone else sees what I saw in it.

C*F