FTB - Freaking out... plus opinion on houses sought

NewShadow

Sorry... been putting off this thread but I can't sleep and I need someone to give me a reality check.

I'm buying a house. *freaking out* This year. That's what I'm doing... buying a house - I know this is a tiny thing to some people but I've never done this before and I'm a bit of a control freak so the unknowns are killing me...

I was all geared up to move last year and work have said they'll transfer my job to the office no problem, but then Brexit happened - or more to the point didn't happen - and everything was tossed in the air... Now the Government's shutting down DExEU on the 31st Jan, I'm back on track to relocate.

I can move anytime, but it would be easiest, work wise, for me to move over the Summer, so I'm trying to work back and guess that means I need to make an offer somewhere by April/May to move June or later?

Particulars

35, single, been with my current employer since 2012, will be staying with same employer.

Houses I'm looking at range from £115k to £160k.

I currently have £32k saved toward the house purchase and expect this to be close to £35k by April.

The bulk of these funds are currently located in a LISA and ISA with £4k on one side to be paid into the LISA in April for the bonus.

My current gross annual salary is £31,750; takehome is approx £1,800

I have two defaults on my record from 2015 - both satisfied in 2015. No defaults or late payments since 2015.

Possibilities

I am looking to purchase within a fairly small geographic area and, at this time, I have four potential properties that I am keen to view - down at the bottom I'll post my 'important criteria' list:

[links removed]

Request for advice/views:

My £32-35k will need to include any fees - broker/ mortgage arrangement/ solicitor - but not any moving costs. I'm not sure what I should be budgeting for fees so would appreciate your guidance on affordability.

One - the cheapest - is in close proximity/across the road from a pub, so I'd appreciate your view on if that would be mortgageable before I fall in love with it...!

I'd also more generally like your views on if any are completely unrealistic for me - one is up for £160k - and if you'd have any serious concerns about any based on the listings/what you'd want to check out during a viewing?

Finally - any words of wisdom, any 'I wish I'd known...', any productive planing or lists I can start working on...


Important criteria list: in rough order of importance:

Proximity to work - [postcode removed]
Min 3 rooms which aren't the kitchen/bathroom - ideally two bed + home-office + lounge/other room
Decent - not galley - kitchen + space to actually eat at a table
GCH/double glazing
Somewhere to dry clothes that isn't the middle of the lounge
Space for a full size freezer in kitchen or garage
Accessible storage for things like coats/hoover

Would vaguely like a 'real' solid/multi fuel fire or a chimney which can convert back
Would vaguely like wet room for washing machine/drying
Would vaguely like space for a dishwasher
Would prefer a porch/sunroom/space for a catico than a 'garden'.
Paved preferred to lawn.


All comments welcome.

Thank you in advance

Cakeguts

First one is ex council and looks as if it might be non standard construction which means that you might not be able to get a mortgage on it.


2 Do you have a car? There is no off street parking and parking in the road is a problem that is why there is a marked disabled bay.


3 Hope you like train noise/road noise.


4 Also looks like non standard construction.


I don't think you are going to like living in any of the areas that the houses you have picked are in. Basically you are looking for a 3 bed house for the cost of a 2 bed or even a 2 bed flat in a better area. Remember there are no bargains. If a house is cheap it is cheap for a reason. 3 bed houses in decent areas from my brief research of the areas that you are looking in cost over £200k. If you are finding houses under this then that is because the areas they are in or the way they are constructed makes them difficult to sell. Anything that is difficult to sell will be cheaper than anything that is easy to sell.



If you don't know the area that you are buying in you need to rent there first. Some streets that look like nice quiet residential streets at the weekend become huge carparks and rat runs during the working week. If you don't want to live on a street like that you have to know where they are. You are only going to find that out by renting in the area first.

Moneyminded

Have you lived in the area before? If so then you will have a better idea of the location of the houses than most people on here.

You really can't tell much from pictures, you will get a better sense of what you do and don't like from actually looking at the houses in person. Can you arrange a weekend in the area and book a bunch of viewings? It will make it easier to compare like for like and streets/ areas if you see them in relatively quick succession. Chances are that anything that is on the market now may have sold by the time you are looking to make an offer but it helps you to be really clear on what you are looking for.

You mention you want to wait to move until the summer but is there any reason why you couldn't move sooner? Depending on whether or not there is a chain involved in the buying process you will be looking at anything from around 8 weeks (typically) upwards from your offer being accepted to the house purchase being complete. If there is a chain or probate involved it can be a lot longer.

In terms of fees, start asking solicitors for a quote to give you a ballpark figure. Mortgage fees you can have a look for online (personally I prefer fee free mortgages) or speak with a mortgage broker (bear in mind this might incur a cost).

The other thing to be mindful of it stamp duty land tax, bear this in mind when looking at the purchase price of the property.

Lastly, don't panic. You don't have to buy a property at all. Definitely don't rush into it before you are ready and make sure you are certain of the house before you make an offer.

Good luck

Skiddaw1

For what it is worth, I like the mid-terrace best though I wonder why there are so few internal pics this time around? It has character I think and potential for some of your wish list things. Price is low too, so you'd have more in your budget for improvements.



Good luck with the hunt and enjoy it if you can!

NewShadow

Cakeguts wrote: »

Do you have a car? There is no off street parking and parking in the road is a problem that is why there is a marked disabled bay.

Thank you for your comments

I don't have a car - hence the tight geographical location - and I can't drive due to disability so no intent to get one at a later date.

Hope you like train noise/road noise.

I lived in a house next to a level crossing for three years and grew up with chickens outside my bedroom window - it doesn't bother me

I thought the bigger issue would be the pub? Not for me - again, my student flat was behind a pub and as long as there's decent locks on the door and double glazing I couldn't give a monkeys - but for the mortgage company.

Also looks like non standard construction.

I'm assuming I can ask the EA when I view?
Any handy tips for how to confirm if they don't know - waiting till the survey seems a waste of money.

I don't think you are going to like living in any of the areas that the houses you have picked are in.

I'd be very interested in knowing where you got that impression from - I'm 35, grew up in a 'deprived' area and spent the last 10 years living in a 'bad' inner-city area.

My main priority is that it's close enough to the office that I can get into work and, ideally, between the office and train station for when I need to travel elsewhere.

Basically you are looking for a 3 bed house for the cost of a 2 bed or even a 2 bed flat in a better area.

I'm looking for a property with:

- a kitchen with space to eat;
- a bathroom or shower room;
- bedroom for me;
- (double) bedroom for my folks/guests on the odd occasion, and;
- room I can set up as an office and use for crafts.

That can be a two bed with lounge - or I can set the workstation up in the corner of the second bedroom - but I'd prefer the lounge was separate.

If you don't know the area that you are buying in you need to rent there first.

I have worked in the area on and off but you are right that I've never lived there.

I have considered renting but there are very few rentals in the area - most are out in Conwy or LL proper. When that's combined with me having cats - and lots of 'stuff' - your good idea becomes more difficult.

Some streets that look like nice quiet residential streets at the weekend become huge carparks and rat runs during the working week.

You're basically describing the street I've lived on for the last 7 years :rotfl:

I either work from home, will be travelling via train to work on location, or work in the office from 6am to around 5... why should I care about the state of the streets?



Basically - for me - it boils down to me needing to be proximate to the office.

I have every intention of buying this house and living in it for 30 years so don't care about 'resaleability' - I'm on a healthy income and currently at the bottom of my spinal points so can reasonably guarantee affordability for any works required to improve a property to meet my needs over the next 10 years.

My budget is based on my current income - £32k gross pa plus £32k deposit/inc fees.

My initial conversations with a broker have suggested I could borrow between £130-£150k - Do you think my limiting my budget to £160k is unreasonable based on affordability?

NewShadow

Moneyminded wrote: »

Have you lived in the area before? If so then you will have a better idea of the location of the houses than most people on here.

No, but I've spent two/three days at a time living out of the hotel by the train station when I've needed to work out of that office so I have a general feel for the place - not the same, I know, but I've no concerns about 'the area'.

Can you arrange a weekend in the area and book a bunch of viewings?

Thanks for the advice. I've got two weeks booked off at Easter - but can try to get up for a long weekend if you think there's value in that?

You mention you want to wait to move until the summer but is there any reason why you couldn't move sooner? Depending on whether or not there is a chain involved in the buying process you will be looking at anything from around 8 weeks (typically) upwards from your offer being accepted to the house purchase being complete. If there is a chain or probate involved it can be a lot longer.

There's nothing practically stopping me moving immediately - other than missing out on my last £1000 LISA bonus

Work wise - My job is basically events/stakeholder work which is ongoing throughout the year. I've got something booked in roughly every other week.

Most of the stakeholders aren't around during the school holidays/recess - hence it being easiest for me to book 8 weeks off from June/July to move/settle in before it all starts again.

Plus... the idea of moving terrifies me - irrational, I know - hence wanting to put it off and spend more time 'planning'

In terms of fees, start asking solicitors for a quote to give you a ballpark figure. Mortgage fees you can have a look for online (personally I prefer fee free mortgages) or speak with a mortgage broker (bear in mind this might incur a cost).

Thank you - I was worried it might be too early to approach solicitors given I'm not yet sure what house I wanted to buy/don't know what I'm asking for - is there a guide somewhere for the order I should do these things in?

The other thing to be mindful of it stamp duty land tax, bear this in mind when looking at the purchase price of the property.

In Wales it's Land Transaction Tax - and it's 0% on properties under £180,000

Lastly, don't panic. You don't have to buy a property at all. Definitely don't rush into it before you are ready and make sure you are certain of the house before you make an offer.

Good luck

Thanks

I'm just aware that I'm 35 - planning/hoping to retire at 60 and want the mortgage paid off by then... so really want to buy this year.

NewShadow

Skiddaw1 wrote: »

For what it is worth, I like the mid-terrace best though I wonder why there are so few internal pics this time around? It has character I think and potential for some of your wish list things. Price is low too, so you'd have more in your budget for improvements.

Good luck with the hunt and enjoy it if you can!

Yes, lots of character

My favourites are the mid-terrace for £115k and the one with the disability adjustments for £135k - I felt so the bathroom being a wet room is actually a selling point for me. Not sure about how I'd go about getting the lift removed though?

It's the practicalities which always trip me up

MysteryMe

You can't rely on asking estate agent about things like non standard construction, you need to establish facts yourself from independent inspections and surveys. You could ask the vendors, they will be more likely to know but again you can't rely on it so must satisfy yourself through your own enquiries.

JGB1955

I think all of your choices so far are going to cost you loads of money to change them into 'your' home. How about a newer property..


https://www.rightmove.co.uk/property-for-sale/property-86219405.html
or
https://www.rightmove.co.uk/property-for-sale/property-86968664.html

NewShadow

JGB1955 wrote: »

I think all of your choices so far are going to cost you loads of money to change them into 'your' home. How about a newer property..


https://www.rightmove.co.uk/property-for-sale/property-86219405.html
or
https://www.rightmove.co.uk/property-for-sale/property-86968664.html

Honestly?

They feel pokey and sterile...

If I'm going to live somewhere until I'm 80 - which is my hope - then I want it to have some space and character.

With both of those I feel like I'll be constantly tidying away my clutter.

Other than work, I spend most of my time at home and the idea of my only 'free' space being a travel through lounge - meaning I can't close the door on it and have to use that one space for everything...
*shudders*

I'd rather get something with decent bones that I can spend the next 30 years 'improving' than force myself to live in a cookie cutter 'clean' property.

Skiddaw1

Blimey! That's some strident wallpaper in pic 2 of the second house....:)