Word vomit! FTB in the SE - impatient... any words of advice?

CheshireeeCattt

Hi all,

First post here - thanks for having me

We are first time buyers, in our mid 20s and early 30s, with a total budget of £337,500‬ which is a combination of our deposit & mortgage offer. Each month we are lucky to be able to save another £500-£1000 but as we are based in the SE of the UK, it's SO expensive and it feels like pennies!
We are looking at all areas between Watford/Reading, but ruling out both High Wycombe and Bracknell for personal reasons... however these are the more competitively priced areas, sods law!

I lived alone for 4 years then moved home following breakdown of a previous relationship but now we've received the DIP/MIP, things seem much more attainable and I'm raring to go! OH has always lived at home and is much more laid back about moving than me, having never experienced freedom, so only shows interest when I send through a property for him to have a look at

We really want a wood burning fireplace (or the ability to remove a gas one to return to original state) and a large garden, along with what I would say is quite a specific list of would like/dislike, but how specific is too specific?
How long is too long to wait to find 'perfect'?
At what point do you think "I need to compromise here"? When you're spending this much money, is it wrong to be fussy?!
If we came across a house listed for £360,000 is it completely rude and ridiculous to offer £335,000?
Should we offer the top of our budget or is this a very rookie and maybe risky move?
Part of our deposit is gifts from family, can they simply send us this money to add to our deposit, or will we need proof of the gift due to money laundering etc?
If they send the money now, and we don't find anywhere for another 6 months, does it even matter if they only need 3 months of statements?
Our DIP/MIP expires at the end of April, could it really vary +/-£10,000?!

In addition, not much seems to get listed at the moment, and when it does it's already sold (WHY DO THEY DO THIS!!!??? :mad: ) the reaching out I've done to a few estate agencies to 'make friends' has made no difference, apparently more flats than houses are being listed so it feels like we are stuck in limbo, unable to even organise viewings.

Not sure on the point to this post, but feeling a bit muddled in my head so writing it down and having some points of view should help - thanks if you made it this far! :rotfl:

Cakeguts

Forget the wood burning fireplace. Most urban areas are smokeless zones. Reading is expensive. Where do you work? If you make a low offer on a house the vendor can just turn it down.

seradane

I'd start by going to view things, even if you're not sure it's right for you, or even if you're not quite ready. This will give you a feel for what's on the market, where you might have to compromise or what's on your must-have list.

Try not to get too far above your budget as you'll inevitably end up falling for something you can't afford! But typically 10% under asking is reasonable if the market isn't very busy - so an offer of 335 on a 360 house isn't insulting, but be aware that your chances of acceptance aren't terribly high unless the seller is desperate. But then it doesn't hurt to try - you never know.

Thrugelmir

CheshireeeCattt wrote: »

We are looking at all areas between Watford/Reading, but ruling out both High Wycombe and Bracknell for personal reasons... however these are the more competitively priced areas, sods law!

My personal choice would be influenced where I worked. The expense and time spent in travelling means that you won't be there to enjoy the property. Start with practicality in mind. The dream house can come later. First step is to simply get on the property ladder. Buy something which be straightforward to sell on.

As spring arrives. There'll be more property listed. Nature of the beast. People looking ahead to new schools, more people die in the winter months, etc etc.

Cash-Cows

You could find something tidy if you compromised on bedrooms. Plenty of 2 beds in your budget.

Skiddaw1

Cakeguts wrote: »

Forget the wood burning fireplace. Most urban areas are smokeless zones. Reading is expensive. Where do you work? If you make a low offer on a house the vendor can just turn it down.

We lived in Reading for many years. Our last house before moving was a 3 bedroom Victorian mid-terrace with a 90 foot garden and many original features (including a working fireplace that we used regularly in the winter). You could certainly find similar with your proposed budget.

MatyMoo

If you are looking to commute between Watford & Reading have you looked at the journey? I spent ten years going between the M1 & M25, never again!

That said, look at places outside the M25 rather than inside. Hemel Hempstead, Chesham are places that spring to mind. Also look at the sides of lower parts of the M40, it’s quite easy to get across to the M4

Skiddaw1

MatyMoo wrote: »

If you are looking to commute between Watford & Reading have you looked at the journey? I spent ten years going between the M1 & M25, never again!

Good point. Mr S did that commute for a while when on a contract in Watford and it was the worst commute ever. How you did it for 10 years is beyond me. :eek:

Chumy

And dont forget to factor in the cost of renovations or other works the house might be needing. So you may need to factor that in when making your offer unless you are happy to wait a while before making any changes!

CheshireeeCattt

Sorry but multi quoting on my phone is not gonna happen!!!

We would like to hold about £10,000 back for a few bits of furniture and bits and bobs, everything else is welcome to wait and/or take 35 years :rotfl:

Chesham/Hemel, some lovely properties but commute to South of Reading an absolute nightmare, no chance!

I've never heard of fires not being allowed, no one I know isn't allowed to burn fires, where is your info from?

10% is good to know and a good guideline, will bear this in mind too, although (unless Estate Agents aren't trustworthy ) apparently many properties are getting dead on asking price due to supply and demand!

We are happy with 2 beds, but it's the location for us which we assume will be a nightmare because we want edge of a town/village, close to some sort of natural area (lake/field/woods), off road parking and not on a main road - waiting game I imagine it will be...

Is anyone able to tell me more about these questions please? I seem to find conflicting info!

Part of our deposit is gifts from family, can they simply send us this money to add to our deposit, or will we need proof of the gift due to money laundering etc?
If they send the money now, and we don't find anywhere for another 6 months, does it even matter if they only need 3 months of statements?
Our DIP/MIP expires at the end of April, could it really vary +/-£10,000?!

Thanks all, you're a helpful bunch :beer:

ciderboy2009

CheshireeeCattt wrote: »

I've never heard of fires not being allowed, no one I know isn't allowed to burn fires, where is your info from?

Take a look at http://www.uksmokecontrolareas.co.uk/index.html