First time buyer – should I continue with my purchase?

AdrianC

paisted wrote: »

Negatives

1. The flat has no outside space, which is scary. Even a Juliet balcony would add something

Seriously...?

Jox

Irrespective of the financial implications...outside space is quite handy, I have lived in a flat for 11 years and have a little balcony outside where I hang my washing on a clothes horse and now put my 2 year old son's pram there....we're looking for a house after so long in the flat, he can't share a room with us forever! Where will you put your bikes?

paisted

Jox wrote: »

Irrespective of the financial implications...outside space is quite handy, I have lived in a flat for 11 years and have a little balcony outside where I hang my washing on a clothes horse and now put my 2 year old son's pram there....we're looking for a house after so long in the flat, he can't share a room with us forever! Where will you put your bikes?

It has a big feature window in the living room, which helps. But while I would much rather have a balcony, and the bikes will be a challenge, we'd rather deal with that than live in the stix with a larger place.

There is nothing more to be said on whether we proceed with the property.

Davesnave

spunko2010 wrote: »

How many BTLs do you have again? Or were you the property developer flipping homes? I get confused by the VIs on here.

Of course, the OP should listen to this sage with his subtle mocking tone. What a fool - waiting for prices to drop!

I've no vested interest, apart from a 26 year old daughter who cannot afford to buy yet, nor do I see anything wrong with waiting for prices to drop:

• if they are dropping
• or if you can wait for them to do so
• or until a good deal comes along

After all, that's what I did.



During the last crash, I didn't tell other people what they should do or question their judgement, nor was I naive enough to imagine what I did had the slightest effect in national terms.



Everyone ploughs a lonely furrow in the vastness of the housing market. Those who pretend they're best mates, helping others to take part in a drive for 'fairness' is just ridiculous, besides being dishonest.


If you want to know, I wouldn't buy what the OP wants to buy, but it's none of my damn business if he and his partner have made that decision in full consideration of what they know.

ruelle

OP, I know someone who got £30k off his house purchase after the EU vote. I pulled out of a sale and they offered me £10k off. Sellers are scared and most likely expecting you to ask for a reduction BUT I would only do this if you are prepared to potentially lose the property - and it sound like you've got your heart set.

jimpix12

Davesnave wrote: »

I've no vested interest, apart from a 26 year old daughter who cannot afford to buy yet, nor do I see anything wrong with waiting for prices to drop:

• if they are dropping
• or if you can wait for them to do so
• or until a good deal comes along

After all, that's what I did.



During the last crash, I didn't tell other people what they should do or question their judgement, nor was I naive enough to imagine what I did had the slightest effect in national terms.



Everyone ploughs a lonely furrow in the vastness of the housing market. Those who pretend they're best mates, helping others to take part in a drive for 'fairness' is just ridiculous, besides being dishonest.


If you want to know, I wouldn't buy what the OP wants to buy, but it's none of my damn business if he and his partner have made that decision in full consideration of what they know.

I apologise i must have got you confused with someone else on here.

Davesnave

I am the one with sheep.

They are a really bad investment, even long term!

Crashy_Time

Davesnave wrote: »

I am the one with sheep.

They are a really bad investment, even long term!

Worked for the bankers long enough.

pink_petal

Brexit aside, I would not recommend buying somewhere that you'll outgrow so quickly. Three years ago we decided to move from a flat to a house, at the time we had a choice between buying a two bedroom mid terrace and a three bedroom end of terrace. The three bedroom was bigger all round and bigger garden etc but also £30k more. We decided that we didn't really need 3 bedrooms, we weren't thinking about a family at that point and were planning a wedding so thought we would be better not to take the max mortgage and still be able to have a life and money to spend.

Fast forward three years, I am now pregnant and we are having to look into flooring our loft (expensive!) for extra space as hubby uses the spare room as an office at the moment. We could kick ourselves for not going for the three bedroom but we're tied into a mortgage deal for another two years.

Think long term for sure!

Crashy_Time

pink_petal wrote: »

Brexit aside, I would not recommend buying somewhere that you'll outgrow so quickly. Three years ago we decided to move from a flat to a house, at the time we had a choice between buying a two bedroom mid terrace and a three bedroom end of terrace. The three bedroom was bigger all round and bigger garden etc but also £30k more. We decided that we didn't really need 3 bedrooms, we weren't thinking about a family at that point and were planning a wedding so thought we would be better not to take the max mortgage and still be able to have a life and money to spend.

Fast forward three years, I am now pregnant and we are having to look into flooring our loft (expensive!) for extra space as hubby uses the spare room as an office at the moment. We could kick ourselves for not going for the three bedroom but we're tied into a mortgage deal for another two years.

Think long term for sure!

You can`t really put Brexit aside though, any more than you can China slowdown or unrest in strategic regions, it will all have a bearing on credit markets at some future point, Brexit just speeds up the demise of the EZ IMO, and again IMO, that demise is the point at which central banks lose control of interest rates.