Saving for my first morgage

ilovepaulsboutique

Ive just turned 24 and sold my car for a better savings.

I've saved £20,000.

I don't want to be too far considering I don't have a car anymore, so I've been looking at area around where my parents are.

A few yeas ago the flats were going for £110,000-£120,000.

Most are under offer £90,000-£100,000 right now.

I did however just miss a good chance. There has been a few needing moderation going for £75,000-£85,000. My mums friend was showing at offers around £80,000, but didn't bother since the ready to move in are going for not much more, turns out she accepted £75,000.

There is a flat I do have my eye on. It's one in the same stair as my parents. However it's been empty for 5 years because the woman moved into her mums house. When my brother moved out my mum asked if she was willing to selling and the woman asked how much is the area going for. My mum said about £110,000-£120,000. She said shed accept about £110,000.

My brother ended up moving else where. Anyway our roof needs done as the woman got water in her roof with bad winds over winter. One neighbour let me see the house who was watching it, saying she'd be lucky if she got £70,000. Everything was original from when the flat was built in the 1970's.

I got the owners number and phoned the owner that night to ask if she'd sell, turns out the another neighbour's family bet me and is doing it up for her before selling the flat.

It's now been done up and their kind of doing up was cheap paint to look nice, no re wiring or anything. They've the original doors and painted the the same colour as the stair (burgundy). It looks cheap and tacky. There's no central heating.

The owner has told me when she sells it I'll be first to know.

How much would you offer? I was thinking £85,000 because there's still abit of work needing done. Or push the offer to £80,000. The max offer id go is £90,000 because that's average price and it's going to cost me buying new doors, heaters and re wiring etc.

ACG

We cant say what we would offer, we dont know the property, area etc etc.

Are you sure your income would support what your after? For a Mortgage of £80k, you would need about £20k give or take.

robatwork

Can I suggest you (or a mod) repost this into the house buying board as it's more relevant there and you may get more replies......

You're not in love with this place so start very low, whatever your lowest offer is in your mind minus a few thousand... that way you can only go higher

sweetilemon

There will need to be a home report done which will show the value which will give you a better idea.

gazfocus

Also factor in the cost of getting gas connected to the property if it doesn't have it

Bufger

I think this should be on the house buying,selling,renting board.

OP - only you know that property. Personally I would look at it like this: A house is most likely to be the biggest purchase of your life. You have TWENTY THOUSAND POUNDS to put against it, would you rush in and buy something thats incomplete? would you choose something that will also suit you in the future?

if you had £200 to spend on a Pauls Boutique back i'm pretty sure you'd spend the day in town and shop around before making your choice. You have time on your side so get on a property website, put in your maximum budget and ideal area and have a look at what you can get. When i did this I spent days looking at houses in my budget, when i looked at the house im in now I thought it was at least £20k more expensive than the others but it wasnt! you can get some really suprising bargains out there so shop around.