125k First Time Buyer, Where In Norfolk?

gohan2091

I am 32, single male and lived in Norwich all my life. I work at the Norfolk and Norwich hospital and rely on buses as I don't drive (This limits me a lot I know)

I looking for my first property to buy (freehold). I have 30k desposit, no debt and can borrow approximately 95k according to my broker at L&C. This should enable me to get a property for up to 125k. The problem I am facing is I can't find a 1 or 2 bedroom property in Norwich that's within my budget (except auction houses which I'm not comfortable with). There are plenty of Norwich leasehold flats that are within my budget but unless the service charges are super cheap, it doesn't make financial sense as I actually want to own everything of my home.

If I look at areas such as Great Yarmouth, I can actually get a 2 or even 3 bedroom freehold home with good size rooms. However, I understand the Great Yarmouth area is known for crime and anti-social behaviour. There are surrounding areas such as Gorleston and Lowestoft too which also have some houses within my range. I would like to know from local people here what parts around Great Yarmouth should I avoid and which are actually ok?

Or I have the idea of finding a nice 1/2 bedroom leasehold flat and trying to find something with a cheap service charge so I actually have money to spend that's not bills and fees.

FreeBear

gohan2091 wrote: »

I would like to know from local people here what parts around Great Yarmouth should I avoid and which are actually ok?

Anywhere east of Acle, I would avoid. Certainly wouldn't contemplate Gorleston, Caistor isn't too bad, but too close to the race course. Though if you don't drive, getting to the N&N isn't going to be easy.

If you want Norwich, then I'm afraid £125K is not going to get you much at all. That said, it is sometimes possible to find something within budget. I'm currently looking at a mid terrace very close to Norwich city centre in a quiet neighbourhood. It is in need of <ahem> modernising and redecorating, and well under your £125K budget.

Bossypants

Serious question: Would you be able to learn to drive, or is there something which permanently prevents it? I'm in a similar position, being in my early 30's but never having learned to drive due to always living in cities and therefore never having the need for it. Now that I'm looking to move further out, I've realised how much it really does limit me and am looking to learn early next year. My range is SO much wider when I don't always need to be thinking about the nearest bus stop or station.

quantumlobster

There are two things that I would do in your position, OP:

1. Save some more money to increase the amount you can borrow, thus expanding your choices. You've already shown that you're able to do this, because you've saved £30K.
2. Learn to drive - this is a vital life skill, especially outside large conurbations. Again this will expand your choices by bringing cheaper, more rural locations into scope.

PasturesNew

You don't have to go to the expense of learning to drive and owning a car ... scooter/motorcycling is cheaper and you can even get "trendy" 3-wheeler versions if you're a bit nervous about being "a small thing on the roads" ... it would enable you to look off the bus routes at least, even if you only set your limit at 5 miles from work. (Although I appreciate there are only TWO houses within 5 miles in your budget that are not at auction... so not looking good as they're probably not in the best of areas).

Even driving, that road to Yarmouth is utter hell...

Independence means you have the whole of the area to look at and not just where the buses run.

Houses are always better than flats .... flats just "look nicer" in the photos, but "hell is other people".

There are a couple of shared ownership houses too.
But not a great choice.

You need to find yourself a widowed heiress I think. You know it makes sense.

Cakeguts

Owning a freehold house may not be cheaper than owning a leasehold flat. It depends a lot on what each are. If the flat is near to work and you can walk you will save on all travel costs. The service charges cover insurance for the building and maintenance. If you buy a house you have to save for maintenance and you pay the buildings insurance. You have to save all the time you own a house because you don't know how much the next bit of maintenance will cost.



It will depend a lot on what you want to do with your spare time. If you want to spend time out meeting your friends rather than doing garden maintenance then a flat is a much better idea.

MysteryMe

You could buy a one bed house somewhere like Dereham for your budget

Rodders53

Somewhere close by and cycle / walkable should be your aim. Presumably working shifts means buses over longer distances are not too frequent and slow?

You know the bus routes better than I but I do know getting to the N&N by car is a pain from Lowestoft/Carlton Colville as I used to live there.

Car driving: not sure on the staff parking situation? The visitor parking was a nightmare. Motor bike or scooter: not nice in winter ice and dark wet unlit roads.

A transfer to the James Paget @ Gorleston could allow you to buy in that locality just about.

Shared ownership may be a good way to go? Buying a bigger stake over time until you have 100%?

restless6

I’ve just moved to Great Yarmouth.
I live in the north end - Northgate hospital area- it’s the nicer end . Ten minutes walk to the beach and very quiet .
Also ten minutes to the train station to get you into Norwich.

Anything this side of the market place is ok .

asus1987

used to live in Norwich
now live in yarmouth. 5 years here . moved due to work.
commuting to Norwich is a pain , but plenty of buses or train

3 bed flat. bought for 82k . one sold in our building for 95 recently . big with 3 double rooms .
service charge you would need to look into . ours is approx 800 a year ( including ground rent and insurance) so not to bad .

terraced houses are about the same money.
James Paget is down the road in goreston if you can transfer there .

greenhill

I'd suggest Gorleston, as long as you buy near the beach. Keep away from the council estates and too close to the high street. I lived there for 3years with work, and was amazed at how nice it was, considering its proximity to Great Yarmouth.
Also, the latest Danny Boyle movie was filmed on the beach this summer. It's released next year and may cause house prices to rise in that area?