FTB she'll shock: compromise vs future plans

catoutthebag

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! It's difficult for others to give advice though because there's so much personal opinion. What do your parents think?

They are annoyingly supportive and "do what you fancy" type.

Flats in nice areas sell. I've had family/relatives with flats in nice area. They always sell. I just have to swallow the service and ground charges if 70-100pcm.

catoutthebag

jezebel wrote: »

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).

As long as there's parks nearby I'm happy (and there are)

I lived in a flat for 2.5years. Drying clothes indoors was fine.

Can still add some value to flats I think.

I can't afford a terrace in a decent area.

Currently weighing up terrace in not great area vs flat in very great area. Tough decision.

A garden would be great eventually.

hohum

I think when you're buying you do have to compromise, and for me it's about quality of life.

When we started looking - we've looked at LOADS of houses and really taken our time - my boyfriend in particular had to do a bit of reality adjustment. In particular with regards to how much work (and money) you can put into a house that needs refurbing/redecorating, how much that work costs, and an accurate assessment of our DIY skills. Fortunately I have access to be able to say how much a job could cost, but we were looking at houses that needed repointing, new windows, complete gutting, all rooms replastering, moving soil pipes etc and he was saying 'sure we can do it ourselves'. :rotfl:No.

For me, outside space was mega important. For him a cellar or garage was mega important. Not having a commute over 30mins on public transport turned out to be very important (we viewed a lovely property that we were tempted by but was just too far out for us). The price was important too - I didn't want to be somewhere with high running costs because we have a variable income. I was happy to compromise on how hot right now where we lived was, and happy to have some work to do on getting a place to look nice. I don't really need nice places to eat on our doorstep: there are nice places nearby and places that deliver!

The house we offered on actually needs a full skim and plaster on the living room, and has awful, awful carpets but the kitchens fine and the bathroom is liveable. This feels much more within our capabilities.

I say keep viewing properties because you do start to get a sense of what is a non negotiable and what you can live with. take chances on properties too - the one we're in the process of proceeding with was a bit of a punt as it only had four photographs, the wrong postcode in the listings and had been on the market for months.

I also really narrowed down the area where I wanted to be to literally a few hotspots of streets that I consider are relatively undervalued and will benefit from forthcoming infrastructure work. Then I just kept checking and checking for months. I also highly recommend walking round the area. There are some 'not great' areas that are actually fine, and there are some not great areas that are really not great. Where I narrowed it down to there's one estate to the left, and one to the right, but below and above it's more desirable and those few streets I focused on are a little oasis.

I responded because I read your first post and thought that maybe your expectations were a bit high? This is your first home, it's not a forever home so it doesn't have to be perfect. Just right in the ways that you need it to be.

catoutthebag

hohum wrote: »

I think when you're buying you do have to compromise, and for me it's about quality of life.

When we started looking - we've looked at LOADS of houses and really taken our time - my boyfriend in particular had to do a bit of reality adjustment. In particular with regards to how much work (and money) you can put into a house that needs refurbing/redecorating, how much that work costs, and an accurate assessment of our DIY skills. Fortunately I have access to be able to say how much a job could cost, but we were looking at houses that needed repointing, new windows, complete gutting, all rooms replastering, moving soil pipes etc and he was saying 'sure we can do it ourselves'. :rotfl:No.

For me, outside space was mega important. For him a cellar or garage was mega important. Not having a commute over 30mins on public transport turned out to be very important (we viewed a lovely property that we were tempted by but was just too far out for us). The price was important too - I didn't want to be somewhere with high running costs because we have a variable income. I was happy to compromise on how hot right now where we lived was, and happy to have some work to do on getting a place to look nice. I don't really need nice places to eat on our doorstep: there are nice places nearby and places that deliver!

The house we offered on actually needs a full skim and plaster on the living room, and has awful, awful carpets but the kitchens fine and the bathroom is liveable. This feels much more within our capabilities.

I say keep viewing properties because you do start to get a sense of what is a non negotiable and what you can live with. take chances on properties too - the one we're in the process of proceeding with was a bit of a punt as it only had four photographs, the wrong postcode in the listings and had been on the market for months.

I also really narrowed down the area where I wanted to be to literally a few hotspots of streets that I consider are relatively undervalued and will benefit from forthcoming infrastructure work. Then I just kept checking and checking for months. I also highly recommend walking round the area. There are some 'not great' areas that are actually fine, and there are some not great areas that are really not great. Where I narrowed it down to there's one estate to the left, and one to the right, but below and above it's more desirable and those few streets I focused on are a little oasis.

I responded because I read your first post and thought that maybe your expectations were a bit high? This is your first home, it's not a forever home so it doesn't have to be perfect. Just right in the ways that you need it to be.

Thank you! Your last paragraph sums it

Over the course of the week I've realised location is important.

I'm young and free to choose.

I will most likely go for a 1 bed in a nice established area. It will be cheap. Costs as low as possible

Keep excess savings in a cash isa. When time comes to move ill have another deposit for a house.

Rent out the flat. There's always a demand for them in this sought after area.