FTB she'll shock: compromise vs future plans

catoutthebag

Running_Horse wrote: »

I can see three options.

1. Nice area but bad property.

2. Bad area but nice property.

3. Continue saving while living with parents.

We can't always have what we want in life. I would like a bigger detached house, but am perfectly happy in my little family home. If you get on with your parents then why not stay and keep saving for what you want. If you are desperate for independence then work out what you are willing to give up to get it.

Living with parents while house prices rises and interest rates remain low though?

Maybe the sacrifice may be a flat in preferred location rather than house.

People are assuming 'nice area but bad property'. This is incorrect. The flats are 'nice' in a 'nice area'. Just they're flats with charges and leases thst have to be considered.

When I take a trip to the upcoming (rough around edges) areas ill get a better idea.

ognum

catoutthebag wrote: »

Living with parents while house prices rises and interest rates remain low though?

Maybe the sacrifice may be a flat in preferred location rather than house.

People are assuming 'nice area but bad property'. This is incorrect. The flats are 'nice' in a 'nice area'. Just they're flats with charges and leases thst have to be considered.

When I take a trip to the upcoming (rough around edges) areas ill get a better idea.

Do you have parents or friends that have some property knowledge, I feel you need someone to sit down over a glass of wine or cup of coffee and work it through. When someone I know was buying we sat down with a spreadsheet and talked it all through to help them clear their thoughts.

Find a good friend who will do this with you, take them on a few viewings as well

amii1989

catoutthebag wrote: »

How do you feel about service charges and the ability to resell when the time comes?

Absolutely fine. My ground rent and service charge combined will be £115 per month, but that's money I would otherwise had to spend on repairs and looking after the land of a house.

Reselling is no problem at all. I have a long lease on the flat (over 90 years) and it's in a good area - flats will always be in demand with FTBs.

If I was you, I'd draw upon a parent or friend to have a chat with you about the various aspects of buying. Honestly - taking on the responsibility of a house is an immense cost and there are a lot of expenses you may not have thought of which amount and surpass the service charge on a flat. I was in your exact situation (and had your exact chain of thought) twelve months ago - and I needed that time to research and investigate the costs and responsibilities associated with owning a property.

catoutthebag

I have already done a spreader to include all the fees and stamp duty, even budgeted on individual bits of furniture I would immediately need like bed.

I have worked out how much I currently have saved and how much I will have in 4 months.

I am getting all required paperwork together.

I have done lots of research recently also.

Being self employed I have worked out how much I need to earn too.

I have also taken into additional income by a potential lodger.

I think it's a case of finding out what compromise I can make
- 1 bed flat. ..easily done
- 2 bed flat nice area or 2-3 bed house in not nice area are both affordable and would allow potential lodger if I needed (might feel cramped in flat without getting in the way of each other?)

I just need to look into a broker and getting something in writing regards to mortgagee

Edit yeah couple friends recently moved. One into a flat with a scheme and he detests the charges but not sure if he was fully aware of them. And another got a house with partner. He is all for 2bedders and lodgers. Not sure he's keen on flats. Will ask them too

Pete9501

catoutthebag wrote: »

How do you feel about service charges and the ability to resell when the time comes?

We watched our service charges go from £1400 to £2400 in 4 years on a 4 bed town house, 10 years old. Thankfully we moved just before Xmas and the bills have come right down, some in part due to down sizing but also not paying hefty charges for every little thing that needed fixing.

Missus_Hyde

Running_Horse wrote: »

I can see three options.

1. Nice area but bad property.

2. Bad area but nice property.

3. Continue saving while living with parents.

We can't always have what we want in life. I would like a bigger detached house, but am perfectly happy in my little family home. If you get on with your parents then why not stay and keep saving for what you want. If you are desperate for independence then work out what you are willing to give up to get it.

IMHO I would always go for a nice area, even if the property was tatty and needed work doing to it.

You can always improve the property, but can't unfortunately change the location unless you move again .

NICHOLAS_2

catoutthebag wrote: »

Funny how 5 people liked duchy post despite it being untrue and me clarifying. Funny how they completely got the wrong end of the stick yet 5 people embarrassingly followed like sheep to 'like' their post. Weird. Ho hum.

I don't think your views are anything to be frowned upon. I would be reluctant to get in a relationship with a girl if she was skint.

My mom and dad ended up getting divorced over money, and as we see when people get divorced, money is the most talked about topic and i would imagine it's the main reason most people get divorced in the first place.

Love and stuff soon wears off when your bills start piling up

dirty_magic

I think I'd go for a house rather than the flat if it were my decision, as long as the area wasn't really bad! It's difficult for others to give advice though because there's so much personal opinion. What do your parents think?

jezebel

Not sure if you need any advice at this stage. I went through the stage of the flat vs house decision a few years ago when I bought my house, I ended up with a house in a less nice area than the urban apartments I was looking at for a similar price.

My house needed (and still needs) work doing to it but have slowly redecorated/recarpeted etc to my style. It's worth working out what you actually need and what you can live without if you're buying toward the top end of your budget - for me the bathroom will do but the lounge was a must in the first weeks (pink and orange on unplastered walls!).

If you do buy somewhere that needs work, can you stay with your parents whilst you make it more habitable? I did this for two months and it took some of the strain off with builders/plasterers in the house. This also depends on the type of relationship you have with your parents.

Gardens are a lot of work if you have a house, if you've only ever lived with others and don't have the time or wont to do this then it's also a considerable factor. I find mine a pain, but wouldn't trade it for the world that i have somewhere to hang washing and sit out if I want to (though obviously some flats have shared/private gardens or terraces). Every one of my friends that has a flat without outside space wishes they had a garden.

Have you worked out the cost of moving to your second step house vs extra equity? Five years on my house is worth what I paid for it but hasn't gained anything, I have built up equity but also know moving to a second step is probably going to cost me a few thousand in fees/moving costs etc. This might be a factor in whether you stay at home (see above re: relationship with parents) vs own place.

Good Luck with whatever you do, buying a house is never easy and it's always hardest first time (I'm told).

Davesnave

dirty_magic wrote: »

I think I'd go for a house rather than the flat if it were my decision, as long as the area wasn't really bad! I

So would I, it's more flexible.

My DD bought a 2 bedder for £130k in a desirable area (Midlands) last summer. First impression, I thought, "Help!" but that's exactly what others had done. At least I listened and looked before opening my mouth.

Others had passed over it because the front bay had been removed, so it was ugly, and it had only a rudimentary kitchen/bathroom and some horribly shot plaster. However, it had a recent heating system and a newish roof, with enough room to go upwards, if required.

Now, there's a simple kitchen, no walls/ceilings with huge holes in them, a functional bathroom and a lick of paint has transformed formerly dull (dark blue!) rooms. It's no palace, but she's warm & dry.

I doubt if she'll stay there very long term, but the future is never 100% clear, so a house in a good area with the capability to add an extra bedroom is a no-brainer.

I'm not sure if the OP is up for that sort of thing. As someone else said, dealing with re-plastering etc is not for everybody, but just keep saying "It's only dust!" and you may come through with half your sanity.