FTB she'll shock: compromise vs future plans

ukcarper

If this is going to degenerate into one of those who had worse threads perhaps it should be moved to debate house price board. House prices have always gone up and down in relation to earnings there have been times in the past when prices were very near to what they are now. You have to deal with situation as it is when you want to buy and compromises normally have to be made, I had to move 20 miles from where I would have like to have bought that was in early 70s.

ognum

ukcarper wrote: »

If this is going to degenerate into one of those who had worse threads perhaps it should be moved to debate house price board. House prices have always gone up and down in relation to earnings there have been times in the past when prices were very near to what they are now. You have to deal with situation as it is when you want to buy and compromises normally have to be made, I had to move 20 miles from where I would have like to have bought that was in early 70s.

I agree, that's what the OP has to decide, what to comprimise on. For me, if I was single and in my early thirties I would buy a flat in a location I want rather than a house a car ride away, but that's me and sadly I'm not in my 30s

Caroline_a

It wasn't easier it was different. Many families only had one breadwinner, and mortgage rates were sky-high. Additionally, most people furnished their first houses with hand-me-downs from relatives and friends - new furniture was very rare with first time buyers unless everything was on credit! And at the interest rates were horrendous, so people with credit struggled a lot!

nubbins

dirty_magic wrote: »

If there's no rush for you, maybe think about saving a bit more first and buying something you really like. There's no point buying something you don't really like; the future doesn't always go as planned and it would be horrible living somewhere that doesn't feel like home.

The only problem with delaying and saving is that the market could rise faster than the OP can save. Who knows what the market will do but if there was a bit of rise this year they could be financially worse off. Obviously it can work the other way but I would be placing my bets on a rise over the next two years rather than a fall.

ukcarper

ognum wrote: »

I agree, that's what the OP has to decide, what to comprimise on. For me, if I was single and in my early thirties I would buy a flat in a location I want rather than a house a car ride away, but that's me and sadly I'm not in my 30s

Only OP can decide what to compromise on but flats do bring additional costs (ground rent and service charge) but for a single person I can't see anything wrong with buying them. The only thing I would add is that I'm not sure buying is the right thing if you do not intend to stay there for long.

ognum

Caroline_a wrote: »

It wasn't easier it was different. Many families only had one breadwinner, and mortgage rates were sky-high. Additionally, most people furnished their first houses with hand-me-downs from relatives and friends - new furniture was very rare with first time buyers unless everything was on credit! And at the interest rates were horrendous, so people with credit struggled a lot!

I think you are stereotyping first time buyers in both times, this was not true for everyone.

At least the money that first time buyers saved for a deposit got a good interest rate return.

The OP has to live for today not wish for the past which had good and bad points and was different for everybody as it is today.

ognum

ukcarper wrote: »

Only OP can decide what to compromise on but flats do bring additional costs (ground rent and service charge) but for a single person I can't see anything wrong with buying them. The only thing I would add is that I'm not sure buying is the right thing if you do not intend to stay there for long.

Flats have service charges and houses have to be maintained, you pay the money you take your choice.

ukcarper

ognum wrote: »

Flats have service charges and houses have to be maintained, you pay the money you take your choice.

Some service charges are a lot more than maintenance costs and quite often don't include major repairs. The only thing you can do is work out the costs and make your own mind up.

Thrugelmir

catoutthebag wrote: »

Any advice appreciated. Maybe I'm just having a 'wrong frame of mind day'!

A property will become a home when you've placed your own stamp on it. A tin of paint and some new floor covering can quickly transform a property. Look past what it looks like today to what it could be.

A cheap area today will be tomorrows up and coming area. As life revolves around cycles. Buying now may pay off handsomely in a few years time.

dirty_magic

nubbins wrote: »

The only problem with delaying and saving is that the market could rise faster than the OP can save. Who knows what the market will do but if there was a bit of rise this year they could be financially worse off. Obviously it can work the other way but I would be placing my bets on a rise over the next two years rather than a fall.

I thought about this but the OP doesn't seem sure of what she wants. She said she's hoping to find a partner and buy together in a few years, but there's no guarantee this will happen.

I think it would be mistake to buy something now that she doesn't really like on the basis of it being temporary if it doesn't turn out to be that way.