good time to buy??

dave1988

right ive been thinking about buying my own little place for months now got more than needed for my deposit etc and other bits but dont know if to take the plunge its just as i want my own place and everything but scared something will go wrong help!!!

hazyjo

Often the case with FTBs. Scared to take that first step.

Do as much research as you can beforehand. Area is probably key (location, location, location!).

You often learn from your first place what you don't want in the future. It's hard as you have zero experience of what's important. Start thinking about it, what's essential, what you don't want...

Take someone with you on viewings who can point things out, preferably someone who's had their own place and can see pitfalls of things that you'll be likely to miss or consider.

Things may go wrong, that's the way property-buying works in the UK (presuming you're in England/Wales!).

Whereabouts are you looking? Would be a good idea to get lots of feedback/opinions if possible!

Jx

CynicalScotsman

Things may go wrong, that's the way property-buying works in the UK (presuming you're in England/Wales!)

Im not sure what your trying to say here?

dave1988

yeah im in england and after somewhere in stoke on trent the places ive looked at arent too dear really but dont know whats holding me back!!

cattie

If something is holding you back then perhaps you're not quite ready to buy just yet. It's a big step, but you have to feel confident that you are doing the right thing & not go rushing headlong before you're absolutely certain that you want to take on the commitment of a mortgage & associated bills.

Running_Horse

If you're too scared to buy a property, best to spend your life hiding under a stone and never do anything just in case it goes wrong. Marriage and kids are even scarier so just stay single.

Manchee

Running_Horse wrote: »

If you're too scared to buy a property, best to spend your life hiding under a stone and never do anything just in case it goes wrong. Marriage and kids are even scarier so just stay single.

Thats pretty harsh tbh. OP didn't say he was too scared to buy, he said he was scared something might go wrong and asked if it was a good time to buy.

OP - Its never easy making big decisions, but I think you're prob the only one who can say if its the right time for you or not. Welcome to the forum

Running_Horse

I was scared when I got married and became a parent. Something might have gone wrong. It either is the right time for their circumstances or it isn't. Nothing I can say will influence that.

Davesnave

CynicalScotsman wrote: »

Im not sure what your trying to say here?

I think jo means that it's in the nature of house buying for things to go wrong, especially if you're not buying in the Scottish system, which requires more commitment from the start. Buyers and sellers can pull out up to exchange without serious penalty.

One in three purchases in E&W collapses for some reason, but anyway, very few people achieve that 'perfect' property first, or second(!) time around.

It's best to start out knowing that the whole thing will likely be stressful, just as other big life events are stressful and have large financial implications. If it all goes smoothly, then that's a bonus.

LDN2ESP

Hello

In my part of South East London there is a short supply of available properties for sale and the better homes/flats are being snapped up within days rather than weeks.

IMHO, I believe the Government deposit help, kicking in at the start of January 2014, is one of the factors prices in London are on a quicker rise than in the past 3 years. THe current good weather, the recent Olympics and being based near some good schools also help the rising prices.

I Would say that if you have the ability to purchase/get a mortgage? Move fast if you live in London as any current deposit you have now will melt away by January 2014. I expect my own s/d house (standard road nothing flash) to rise over the next 6 months by at least £3-5000.

Davesnave

LDN2ESP wrote: »

Move fast if you live in London as any current deposit you have now will melt away by January 2014. I expect my own s/d house (standard road nothing flash) to rise over the next 6 months by at least £3-5000.

And if enough people post stuff like this, then maybe it will be a self-fulfilling prophesy, eh?

Some of us decided very early on in life to get the hell out of London and the SE. It's not something I've ever regretted, but each to his own.