First time buyer, looking for any advice

Rosepod5

Hello
I am currently looking for my first home and had seen a couple properties that interested me to have a second viewing (Market very quiet in December).
The first one, in my opinion, were asking a bit too much money for it based on others sold on the same street.
The second thought that was the one but on the second viewing the estate agent had already drained all the water before we arrived and heating was set about 12-15 degrees. The rear sliding door also would not open but the agent contacted me today to say they were repairing it this week. The estate agent keep pushing that it is a bargain/good price I would be getting the house for but I’m unsure because there is nothing to compare it with on the street from recent sales.
Being completely new to this, I really appreciate any advice.
- Asked about how old the boiler was and last serviced but they didn’t know.
- Opened the windows and found a few handles loose (assuming that’s a easy fix) but then others were locked.
Should I be insisting on this information?
Should I be asking/looking at more things?
There was new property ads going up all the time during October when I first started looking but have had to wait until now for the funds to be there. Hoping more come on in January.
Thank you in advance

enjoyyourshoes

Get a survey before you buy.

Cakeguts

For bargain/good price think there is a problem. Either it needs a lot of money spent on it (a lot of things are broken and need replacing) or it is in a not very good area.

Houses that appear cheap are either not in good condition or not in a good area. They always have some sort of problem. Popular areas are more expensive than unpopular areas.

ACG

November/December tend to be slow months for new properties. People do not want the hassle in December with everything else and buyers also have other things to deal with.

January should see a pick up but generally speaking the market does not get going until around March-April time I tend to find.

As someone else said, you are only going to get a bargain if there is a problem or in a low demand area. There are exceptions but it you are unlikely to get a bargain on a property that is fine.

Rosepod5

The property has been on the market since July, so alarm bells have been ringing. The owners advertised for £229K and the minimum they will take is £220K.
I think the right thing to do is wait until all the Christmas period is over and see what properties start being advertised.
There just seems a lot of cosmetic work that would need doing and unsure whether I’m expecting too much for £220K.

goodwithsaving

Rosepod5 wrote: »

Hello
I am currently looking for my first home and had seen a couple properties that interested me to have a second viewing (Market very quiet in December). Which part of country?
The first one, in my opinion, were asking a bit too much money for it based on others sold on the same street. As above.
The second thought that was the one but on the second viewing the estate agent had already drained all the water before we arrived and heating was set about 12-15 degrees. Drained what water? The rear sliding door also would not open but the agent contacted me today to say they were repairing it this week. In which case, go back for another viewing and check if true to their word. The estate agent keep pushing that it is a bargain/good price I would be getting the house for but I’m unsure because there is nothing to compare it with on the street from recent sales. Go on the general area. Get advice. Ask a friend to view with you perhaps. An estate agent wants to sell....
Being completely new to this, I really appreciate any advice.
- Asked about how old the boiler was and last serviced but they didn’t know. I'd know last service off the top of my head. Is there a sticker on it? Have you checked the model to see if it's an old/current model? Ask who their engineer is and phone him or her to ask.
- Opened the windows and found a few handles loose (assuming that’s a easy fix) but then others were locked. Go back again and test them. Surveyor might open and close a few but don't rely on this. Are they misting up? Are there keys for them readily available?
Should I be insisting on this information?
Should I be asking/looking at more things? Ask whatever you want. I'd view area at night, daytime (different times), speak to neighbours, build impression of area, check taps and water pressure, have a look at how old the plug sockets look and how many fuse boxes there are etc
There was new property ads going up all the time during October when I first started looking but have had to wait until now for the funds to be there. Hoping more come on in January.
Thank you in advance

If it isn't right, don't buy something for the sake of it. You are unlikely again to be in the fortunate position of being chain free and not having to rush.

The one I'm buying (not a FTB) has been on the market since August, doesn't bother me, I can make my mark on it, love the house and the price I'm paying is about right.

Cakeguts

Rosepod5 wrote: »

The property has been on the market since July, so alarm bells have been ringing. The owners advertised for £229K and the minimum they will take is £220K.
I think the right thing to do is wait until all the Christmas period is over and see what properties start being advertised.
There just seems a lot of cosmetic work that would need doing and unsure whether I’m expecting too much for £220K.

If there aren't lots of people putting in offers then £220k is too expensive for what it is or where it is. A house will sell if the price is right. What is probably happening is that the sellers won't go under £220k but no one will pay that much for the house so it stays on the market. This just means that the sellers are not serious about selling.

PhilE

Ask if the vendor is aware of any foundation issues, if there has been any underpinning done that they are aware of. That can be one good reason why a property hasn't sold, and you wont find out until well into the conveyancing unless you ask now.

You can ask if there is any interest in the property, if there have been any offers and if there have been any negative surveys.

Look for any obvious signs of subsidence, a big crack in the wall that may have been recently filled in. Small, hairline cracks also take note of, but they are most often nothing to worry about.

Ask if there have been any issues with the neighbors, which have caused them to make a complaint. By law they have to inform you of any issues. Of course, they might not disclose that they have to knock on a neighbors door at 1am every Saturday night, but if the owner complained to the council there is a record and they must say what the complaint was.

Ask if the house was broken into.

Walk by the house as often as you can, at all the hours you can. Loud parties? Barking dogs? Area safe enough?

If you can't get the boilers age and they dont know when it was last serviced (!) then I would take the brand and serial number. Contact the manufacturer and ask them if they could tell you the boilers age. If the vendor says that there have been no problems with the heating/hot water, then you may just have to give it a service.

But if they haven't serviced it for years, that's not good generally speaking. Do the radiators look old? Any rust showing? If there's rust on the outside, there's rust on the inside turning into sludge. That's how boilers get damaged and eventually pack up. Especially if they haven't been serviced.

Look for obvious signs of prolonged condensation on the windows, some windowsills I saw when viewing properties had completely deteriorated due to condensation. And that raises alarm bells about mold.
Get the age of the windows, ask if they are still under guarantee.

When where the electrics last checked?

If you are a serious buyer with cash/mortgage ready to go and really interested in the property, ask whatever questions you feel necessary.
Check the taps, open the windows, take photos if the EA showing you around is ok with it.

Crashy_Time

Cakeguts wrote: »

For bargain/good price think there is a problem. Either it needs a lot of money spent on it (a lot of things are broken and need replacing) or it is in a not very good area.

Houses that appear cheap are either not in good condition or not in a good area. They always have some sort of problem. Popular areas are more expensive than unpopular areas.

https://www.theguardian.com/business/2017/dec/18/desperate-uk-homeowners-are-cutting-prices-warns-zoopla

Margot123

Assume the worst and hope for the best. At the same time keeeping a contingency fund of arounf £5k to hand.

If you like the property and have done all the 'legwork' as suggested above, then go for it, but never assume anything will be more than 80% perfect.

cloo

Length on market isn't necessarily an alarm bell ringer... our current house had been on for a while, but it was only that it needed modernisation and the owners were holding out a little I expect until they accepted they'd not get near the asking (plus they'd lost one buyer who didn't get their mortgage during this time)

Accept that in most houses there will be countless things to fix, so don't get too caught up in window handles and that kind of thing.