What do you wish you'd known as a 1st time buyer?

avacapri

for me, soundproofing and sound, in general, is a big one, and the area - think big about schools and work when making a decision.
but the biggest is debt, do not be tempted by buying now pay later or interest free deals, do not use the credit card - basically do not enter into any long-term financial commitment, you need to get used to the cost of the house and as a FTB you will not be used to that yet.

moneyistooshorttomention

keithdc wrote: »

some caution here... A good estate agent will pick up on these vibes. We had more than one offer on our house-all at a similar amount. We went with the people that had seemed to the estate agent to be more enthusiastic on basis they had an emotional attachment.

Maybe not so much vibes per se...

When I sold my FTB house the EA said he was a bit puzzled that a buy-to-letter didnt make a 2nd offer (after I'd turned down their first one) and was commenting on how "enthusiastic" another woman had been about what she would do to the house (including extending it into the side return) - where I was thinking "She sounds like a bit of a fantasist".

But he did tell me my buyer would be the one buying it - a combination of she was obviously visualising how she would arrange the house and he spotted her about-to-be-primary-school age child with her and presumably knew the reputation of two of the nearest primary schools. That being - I thought it was likely my eventual buyer would have a child about to be primary school age and would want the fact my house has a nice little primary school/with nice "mummies" and nice kids visibly seen going to it only about round the corner from my house. Near enough one would have to fall into the catchment area for being so close - but far enough one wouldnt have those children playing near enough to the house to be heard.

seven-day-weekend

Buy a do-er upper, but one that is liveable. You will get a better house for your money then can spend time making it your own. You can live with a pink bathroom or a 90s kitchen for a while

Also remember you can change the house but not the area. Make sure it is somewhere you want to live.

lookstraightahead

Hmm from my experience ....

I bought with my ex at 21 (30 years ago gulp) without anticipating a) a house price crash, b) stretching much too far and then interest rates topping 15%, c) not thinking about location and having to move when promoted d) divorce. I'm not saying, and certainly not hoping, that you will go through these things, but in hindsight having a house so early was a chain around my ankles which eventually meant no house and having to rent (another chain around my ankles later in life).

Not saying don't buy but do what you're doing now and be sensible, think long and hard about your future plans, save anyway, and remain flexible.

00ec25

that failing to get a few % knocked off the price really was not the disaster it seemed at the time when selling many years later.

estate agents do not work for you, they work for the person who pays them, the vendor

Trixsie1989

seven-day-weekend wrote: »

Buy a do-er upper, but one that is liveable. You will get a better house for your money then can spend time making it your own. You can live with a pink bathroom or a 90s kitchen for a while

Also remember you can change the house but not the area. Make sure it is somewhere you want to live.

Yep this!! Our house needs a complete overhaul once we are finally in... However, for now the only essential things are fixing the roof, having a full asbestos survey and getting an electrical survey to identify what needs doing. Everything else can wait and be done gradually

kerri_gt

If you are view a house and planning to do x,y,z to it, take the Indian cost you think it will be and double it. We were shocked at some of the costs of tradesmen, doing it yourself can still add up with extra materials / things required to prep / finding you need that wall under the wallpaper skimmed once you start removing it, and be prepared for things not to go 100% to plan when doing any kind of work to a property.

DD265

These are really helpful, please keep them coming!

Callie22

seven-day-weekend wrote: »

Buy a do-er upper, but one that is liveable. You will get a better house for your money then can spend time making it your own. You can live with a pink bathroom or a 90s kitchen for a while

I would also say really look into how much 'doing stuff up' can cost - it is a real eye-opener when you start getting quotes and realise just how expensive it can be, especially if you're not the DIY type and you will need to get people in. We bought a 60s-built house that has pretty much the original kitchen and bathroom, both were 'liveable' but they're something we want to change (and in the case of the bathroom, will have to do so soon). Whilst I wouldn't say that we're naive we did underestimate a bit just how much things like bathrooms and kitchens can cost, especially when you factor in labour costs. We've had to save a bit longer than we planned to for the bathroom so when you're thinking about 'liveable' do be realistic and think about whether you can live with it for longer than you're planning to. You do also need to be a bit realistic about things like ceiling prices too - you might look round and plan an extension, and an attic conversion, and so on, but you have to think about whether things like that would be worthwhile, especially if you're not planning to stay somewhere long term.

Another thing that we wish we'd known is that it just isn't as black and white as people make it out to be. You'll hear a lot of people say things like 'the worst home in the best area is better than the best home in the worst area' and whilst that's true, that's not really the reality for most people. Certainly as bog-standard limited-budget FTBs we felt that we were mainly looking at average homes in average areas and it was all much of a muchness. It really came down to what we felt was going to work best for us in terms of things like parking (an absolute must for us), outside space (an absolute must for me) and layout.

cherylsurrey

If you are thinking of buying an ex local authority/council flat, call the council or housing association up and check if they are planning on doing any major works in the next few years and how much roughly they will be, before you put in an offer. It is amazing how expensive these bills can be running into the thousands, and you can make an offer taking this into account.