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First time Buyer
pad1231
Posts: 17 Forumite
Evening all, Im currently in the process of buying my first house as a singleton at the age of 30 after having an offer accepted and subject to a survey later in the week and the usual checks. I currently live at home with parents and generally have low costing hobbies so have been fortunate enough to have decent savings over the years as well as a little help from inheritance.
The property is a 3 bed end of a small block of terraced houses so more or less affectively a semi detached house although its about 20% smaller then many semi detached houses in the area i managed to get the property for around 40k less then those properties but it does require some work hence why i managed to get 10k off original asking price. It would need a new kitchen at around 3-4k and a new boiler/radiators at around 4-5k id imagine as well as another 3-4k bringing it up to a better standard with thing like carpets and curtains etc. It would also benefit from a bit of wall paper stripping and repainting as it looks like it was decorated in the 80s and not touched since but I'm hoping to do most of that work myself.
Im in the position where id be paying back around £500 a month and leaving myself with between £700-£900 a month on average to use on everything else (all the bills/food but enjoyment fund also) Does this seem reasonable? Providing everything goes to plan i see myself having around 20k left in the bank as well as a safety net for unforeseen future work.
Id guess I'm just nervous as if its the right thing to do with all the BREXIT fear mongering and id obviously lose my first time buyer status if i was to find a partner and decide to move house again. I do enjoy living with my parents and they have made it easy for me to do so but sometimes do worry that because of that they've made me a bit soft.
The property is a 3 bed end of a small block of terraced houses so more or less affectively a semi detached house although its about 20% smaller then many semi detached houses in the area i managed to get the property for around 40k less then those properties but it does require some work hence why i managed to get 10k off original asking price. It would need a new kitchen at around 3-4k and a new boiler/radiators at around 4-5k id imagine as well as another 3-4k bringing it up to a better standard with thing like carpets and curtains etc. It would also benefit from a bit of wall paper stripping and repainting as it looks like it was decorated in the 80s and not touched since but I'm hoping to do most of that work myself.
Im in the position where id be paying back around £500 a month and leaving myself with between £700-£900 a month on average to use on everything else (all the bills/food but enjoyment fund also) Does this seem reasonable? Providing everything goes to plan i see myself having around 20k left in the bank as well as a safety net for unforeseen future work.
Id guess I'm just nervous as if its the right thing to do with all the BREXIT fear mongering and id obviously lose my first time buyer status if i was to find a partner and decide to move house again. I do enjoy living with my parents and they have made it easy for me to do so but sometimes do worry that because of that they've made me a bit soft.
0
Comments
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Sounds great! don't worry - it doesn't all have to be done immediately - we lived in a tip before we sorted out all the bits. Finances seem fine, if you like the house go for it. Ignore Brexit.
You sound like a nice person with realistic expectations and appreciations, I wish you well!0
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