Potential first time buyer, uncertain about whether or not to take the leap

Maybe_its_because

MS1982 wrote: »

It's not a lovely place, and I wouldn't be excited about moving in, but it would be a lovely feeling to know that the payments are doing something useful.

The temptation is to rush into these things - and I understand you don't want to be paying rent for longer than is necessary. BUT.. I'd say take the time to buy the right property rather than the first one which is tolerable. Think about it from a sellers point of view - ie YOU in X number of years....you need to think about who would want to buy it then.
Its a fine line, but don't force yourself to buy something just for the sake of it, there are properties out there worth buying.
Get yourself registered with EAs who are based in your viewing area and keep in regular contact with them so you are on their radar when they get new instructions. That method seems to be working for us.

Thrugelmir

Maybe_its_because wrote: »

BUT.. I'd say take the time to buy the right property rather than the first one which is tolerable.

Agree totally. Take your time. When you find you home you'll know it. In the meantime continue to save. Long term owning your home will pay back.

MS1982

Hmm. Estate agent tells me that an offer of £135k just came in and said I'd probably get it if I can better it slightly. No thanks.

LittleMissAspie

Gosh, buyers are like buses aren't they, nothing for 7 months and then two come along at once

Please don't buy anywhere that you wouldn't be excited about moving into. Buying is EXPENSIVE, I don't just mean the cost of the property but legal fees, mortgage fees, moving fees. Buy somewhere you're happy to live in for 10 years.

kidmugsy

MS1982 wrote: »

Hmm. Estate agent tells me that an offer of £135k just came in and said I'd probably get it if I can better it slightly. No thanks.

There's always the old ploy of offering £124999 for the house and £500 for curtains and carpets. Worth keeping up your sleeve for the next one.

OneBrightStar

I am in a similar situation but planning to move out of london. Flats are expensive as they always have building maintenance charges attached to it which could run in thousands over a year.

MS1982

OneBrightStar wrote: »

I am in a similar situation but planning to move out of london. Flats are expensive as they always have building maintenance charges attached to it which could run in thousands over a year.

That's on my list of things to ask before a viewing: how long is the lease, what's the service charge, what's the ground rent?

MS1982

Because of various landlordy-type things it now makes a LOT of sense for me to aim for a purchase by October, or I'll need to have another spin on the London rent-a-go-round, with all the random fees and charges, credit checks and disappointments that this involves. Can anyone point me towards a good non-fee-taking mortgage broker who can get me an agreement in principle so I can go flat-hunting armed with the ability to make quick decisions?

MS1982

Ok, I had a look on MoneySupermarket and saw that N&P was a good bet for my situation - going purely on the total paid over 5 years figure - and have arranged for them to call me about an AIP on Monday. Now to arrange some viewings...

MS1982

Update: I've got an agreement in principle with the Post Office for £130k. Problem is that there's nothing non-depressing in London for that...