FTB advise

XemzX

Hi all, newbie here so be gentle
I'm in need of some advice from more knowledgeable than myself as this is driving me crazy.
I'm in a first time buyer looking for my first home. I have been looking for quite some time now and am in a fortunate position to buy a home in cash. Saving since I was a teen and being careful with money mean I have a healthy deposit and my parents have said they would loan me the remainder - the same amount I would get from a mortgage so makes sense borrowing from my parents.
My home hunt, so far, has been a roller coaster. Over the past couple of years I have viewed a wide selection of properties from one bed flats to 2/3 bed ex local authority houses.
I recently had an offer accepted on a one bed terrace house but pulled out after the survey showed structural problems..
I am being increasingly frustrated at the moment, after looking for so long to finally, thinking I am getting somewhere to only discover I am back to square one.
I have since viewed a 2 bed ex local authority house in a nice area. It is roomy, has a nice garden, accessible for work and family members. The only issue is it has a flat roof. I have been told to be wary of them. After having the survey on the previous house it has made me really wary. Does anybody have experience with flat roof houses?
I do not want to be just going for this house just for the sake of it either due to frustration of waiting.
Everybody keeps telling me when you find the right home you will know its 'the one' the crazy thing is a had that feeling with a previous property in my search and got as far as putting an offer in but was put off by family members concerned it was only one bedroom.
I'm feeling a bit lost and not really sure what to do or what sort of property to look for.
Sorry for the long post. Can anybody relate to this or am I the only one?

Kynthia

At some point you need to make the leap and actually complete on a purchase. We all get scared and wonder if we're buying the right place at the right price, but if you let that fear stop you then you'll never own your own home.

Perhaps I'm wrong and you've just been incredibly unlucky with the properties you've wanted, and that there have been very good reasons you shouldn't buy them. However no property is perfect and you'll always gave to compromise on something and pay a little more than you think you should.

So the main things to remember are:
Everywhere will need ongoing maintenance and the survey will make it sound like a wreck. Check whether the problems realky are more than normal aging of a property that needs upkeep.
Buy somewhere that meets your needs for at least five years. As buying and selling costs are expensive you save money by doing this and don't feel trapped if the market means you are best waiting a bit to sell.
Don't buy anywhere that you either can't let out (due to the lease) or doesn't have a spare room. Both isn't vital but it means should you ever get in dire financial straits rather than be unable to pay the mortgage you could get a lodger or move home and let it for a bit. It just gives you a little flexibility.
Don't buy somewhere you'll struggle to sell. I don't mean places that have a slightly reduced market like on a main road or no off road parking. What I mean is if you aren't planning to own for a couple of decades and love the place, don't buy somewhere with a short lease with off-putting restrictions on it, somewhere unmortgageable, non-standard construction, with a large pylon actually in the garden, etc.

iantojones40

It sounds like this latest house hasn't really grabbed you and flat roofs certainly can be problematic.

As you're a cash buyer, not requiring a mortgage (and I'm guessing still living at home?) I really wouldn't be rushing into any property purchase right now, the outlook for the property market is a lot less certain than it was a week ago.

booksurr

you obviously have no idea what you actually want other than a vague desire to be "on the property ladder"

realistically....
1. how many bedrooms do you need right now? Why are you limiting yourself to a small space you will soon outgrow?
2. are you afraid to have a mortgage?
3. how long do you intend to live there before you need more bedrooms / bigger garden/ off road parking / more living space
4. if you can afford a 1 or 2 bed for cash why not buy something better using a mortgage so you have a bigger price range to look in.

I agree with relatives who scared you off a 1 bed. If you can buy that without a mortgage, then you should buy at least a 2 bed or better yet a 3 bed with a small mortgage. You will soon pay that off, and by then will either be in a position where you have no need to move because the wife and kid fit into the house so you stay put, or you can sell and buy somewhere better. A 3 bed will be a much more marketable property that will appeal to many more buyers than a 1 bed ever would

MerrilyA

The survey shouldn't put you off. If there's something you don't understand you can always ask for clarification. Many houses are old and will have some sort of issue and may need some sort of repair. The only thing to be concerned about is structural issues if you're not in a position to call on experts to get it sorted.

I'd say ultimately you need to make the decision not your family or anyone else. Of course you can get advice and talk things through with people but the final decision is left with you.

Do you have a list of all your requirements, have you put down what is a necessity and what is a 'nice-to-have'? Having a clear sense of what you're looking for will enable to move with more certainty.

I would say anything that is clearly out of the norm e.g. flat roofs perhaps you should avoid for your first buy.

Hutch100uk

I can relate to your problem as I felt like this. We had only been looking for 9 months so not as long as you. This might sound negative but, you're unlikely to get this amazing feeling of 'the right house' unless you are loaded and can buy any house you want. YOu just have to be clear on what are key requirements e.g. number of rooms, garden, garage etc but you always have to be prepared to compromise. I would avoid a flat roof. I work with structural engineers and they always say they can cause problems.

XemzX

Thanks all for replies.
@Kynthia You are right it was fear holding me back at the beginning and thinking back there were many properties that were suitable when I started my search. Thanks for your advise on the main things to look for.
@iantojones40 The house itself is lovely and I can imagine myself living there it is just the flat roof and my limited knowledge on flat roofs that gives me concern.
@booksurr You are absolutely right when you say I do not know what I want. I have a small budget due to low income so am limited in what I can afford in my area. I have looked at larger properties further afield but did not feel comfortable with the commute. The reason I have chosen not get a mortgage is because they will the amount they can lend me based on my income is the same amount my parents would lend me interest free so it made sense to borrow from my parents. I would be unable to afford to borrow from them as well a mortgage unfortunately.
@MerrilyA I do agree not to let my parents influence me in future. I do regret not going for the house they put me off. It's the house that 'got away' so to speak.
@Hutch100uk It's nice to know someone can relate.

I have a second viewing booked for the house with the flat roof. I plan to go armed with questions regarding the roof and have a good thorough look at the house again and take it from there.
Thanks all for advise.

cashbackproblems

i am in a very similar situation to you so can relate, though now i am a lot more certain on the type of thing i am looking for. Be clear what you want and its you who has to live there not your parents, plus its your first home it doesn't have to be perfect

i have been looking for 12 months + now and offered on a few flats last year but was outbid, bear in mind after Brexit prices will most likely be falling over the next 12-24 months so should make it easier for FTB long as long as you have a stable job. Don't rush into anything and offer 10-20% lower the true value as this is the prediction of how much they will fall by gradually.

Davesnave

cashbackproblems wrote: »

Don't rush into anything and offer 10-20% lower the true value as this is the prediction of how much they will fall by gradually.

Oh, if only one could offer the amount prices will eventually fall to in a declining market! However, it doesn't work like that. No one ever knows where the market will go.

The OP is struggling to find a place, so it probably isn't going to help them much if they demand 10 - 20% off anything they fancy, although it would be fantastic if they got lucky. Yes, they shouldn't over-pay, but putting a figure on it is impossible without more background.

The advice to buy something that would suffice for a good number of years is sound, as moving is expensive, and not needing to sell is preferable during stormy economic conditions. That's why I agree with the parents here about the limitations of a one-bedder.

OP, don't read too much into other people's comments about 'falling in love' with houses, or 'knowing it's the one.' Often, this is emotionally-acceptable shorthand for, 'The house had no huge down-sides.'

Know what your essentials are. Something will fit.

Cakeguts

Find out how much it would cost to replace the flat roof so that you know the worst case. As you are already good at saving money and being careful you should be able to keep enough money saved for maintenance. All property needs maintenance.