Is being a FTB really that much more advantageous when buying a house?

ethank

Do you think that being an FTB gives you a bargaining chip? Remember that being an FTB does not necessarily mean you'll get it cheaper, it means the sales process and legal work is easier.

freeof1

Frankly yes because that's what all the estate agents alluded to.

Now that I've read all the comments above I realise it's unrealistic but when you hear it from every estate agent each time you view a property and tell them your position as a FTB it starts to stick.

MysteryMe

Keep searching, hopefully you find a house that is ideal for you comes up soon. I wouldn't get too hung up on what EAs say. Being a FTB can be good or can be bad for reasons already stated on the thread but the EA is not going to say something that might turn you away from viewing their properties.

Nebulous2

You may not have bought a house before, but have you bought a car?

Sales people are sales people. It's their job to cast some bait and try to reel you in. Like any other job, some of them will be naturally good at it, some of them will work at it, reading up on sales techniques and psychology and some of them will be rubbish at it.

It's good if you find someone you get on with, but remember - they're doing a job, they aren't your friend.

warby68

You're right, its usually price above everything.

If there are multiple offers of the same (or very similar) amount FTB may edge it due to end of chain status. Bit of a generalisation on numbers but it might get you £1k off compared to next buyer but not £5k. So, a teeny tiny advantage in certain situations not the giant bargaining chip the sales people tell you it is.

Don't forget, for a popular house you are probably competing with other FTBs as well so back to price once more for the edge.

Slightly different angle, but if you can afford a second home from the get go rather than a starter property then it can be a good idea to go for it and save yourself another round of fees etc in just a few years. You just might have to pay the going rate. Then, as you will be there for a lot longer, paying a few k more to secure a house you love has little impact over the longer timeframe.

verybigchris

Estate Agents love FTBs. They can prey on their naivety to sell them overpriced conveyancing, mortgage brokerage, home insurance, etc, etc.


The only advantage for a vendor is that they tend to be chain-free.

sillyhilly

We found it advantageous being FTBs - although unlike many experiences as you can see in this thread, we were aware of what we were going into and didn't mess around.

In fact, we were in a 'bidding war' with another and actually managed to get it cheaper than the other offer as were were proceedable, they still had a property to sell, the Seller was on a time critical deadline and we offered a fair price for the house.... None of this "let's go really low and negotiate".

On the flip slide, there were a few properties that we liked and ran into other Buyers who were offering more and, whilst they weren't in a position to go, it was substantially more than we could offer.

Really, it depends on the circumstances of you and the Seller. Sometimes being FTB works in your favour, others you're like any other Joe Bloggs who wants the house.

In your points where you're thinking of going for a smaller house and upgrading down the line... Persevere! That will prove more costly in the long run. Just make sure you're not looking/offering on houses which are outside of your budget, in which case you're almost always going to be outbid.

Nobbie1967

freeof1 wrote: »

Frankly yes because that's what all the estate agents alluded to.

Now that I've read all the comments above I realise it's unrealistic but when you hear it from every estate agent each time you view a property and tell them your position as a FTB it starts to stick.

Maybe the EA really see it as an advantage to them to have a FTB to complete a chain and allow the rest of the sales to go through and get their commission?

Surrey_EA

Dealing with some FTBs can be a little like being stuck behind a learner driver in your car.

We were all learners once upon a time, and all learners generally need to be given a bit more time and space, and can sometimes make unpredictable movements.

Yalpsmol

I think being a FTB is an advantage for YOU to take advantage of (no time pressure, no stamo duty on most houses, help to buy ISAs etc.

Probably not such a benefit to the seller. Especially if youre in rented and arent willing to pay rent and mortgage for a few months after completion. If thats the case your flexibility is no longer really there anyway. No chain below is a benefit to them but if someone can find a buyer with a very small chain or a cash buyer then that benefit is gone too. Added to which the disadvantage of a jittery FTB (ive only just bought for first time so no offence meant and it isnt everyone!) And its swings and roundabouts.

Maybe other buyers have out bid you because theyre desperate to find something because theyre in a chain. In which case they may have paid over value so you might not be doing so bad being able to take your time choosing and a measured approach to your offers.