First time buyers A bit behind!

gillian3011

Just after some general advice really. We should have bought a house years ago but we didn’t for lots of reasons, life has got in the way and  we’re now 37 and 40. 

We’re just saving for a much deposit as we can and then we hope to buy a house. Given that we’re a few years behind most I’m not sure wether to go for the long term house with a larger mortgage (manageable!) and start chipping away at it, or to try buying small/cheaper and moving every couple of years to try to maximise profit. 

I know it’s difficult to give an answer not knowing full financial info but just thinking generally how to give us a jump to ‘catch up’ almost. Thanks

Thrugelmir

Calculate the costs in moving and you may think otherwise about every couple of years. Then there's the stress and hassle.
Buy a home not an investment. 
. 

amandacat

Every time you move you will have solicitor fees, estate agent fees, removal costs, stamp duty. Plus the upheaval and the stress of selling/chains collapsing etc. If you can afford to buy a long term home you’ll probably be better off in the long run. If you do have to get something smaller initially, try and at least get yourself something you could stay in for a few years before moving. 

gillian3011

Thrugelmir said:

Calculate the costs in moving and you may think otherwise about every couple of years. Then there's the stress and hassle.
Buy a home not an investment. 
. 

Thank you. I was thinking of going straight for the long term home as our kids will be starting secondary school in the next few years so I do think being somewhere long term will be better.  

I’ll take a look at interest rates on shorter term mortgages and overpayment options also. Other than save save save is there any other useful things to look at? Thanks 

kuratowski

gillian3011 said:

Other than save save save is there any other useful things to look at? Thanks 

Do you both have LISAs (or HTB ISAs, if already opened)?

gillian3011

kuratowski said:

gillian3011 said:

Other than save save save is there any other useful things to look at? Thanks 

Do you both have LISAs (or HTB ISAs, if already opened)?

kuratowski said:

gillian3011 said:

Other than save save save is there any other useful things to look at? Thanks 

Do you both have LISAs (or HTB ISAs, if already opened)?

Yes we got the LISA’s a fews ago so not much in yet but building on it. 

EverythingIWant

I was once told, go as big as you can reasonably afford for your first home and you won’t regret it. We saved the hassle of needing to move again for at least 10 years, to be fair could be our forever home but probably not as I want a detached double garage one day..! 

ACG

Im not sure maximising profit works. If your cheaper homes go up in value chances are so will the more expensive ones. 
You then as others have said also have solicitors, stamp duty, valuation fees potentially, moving fees and so on. It can work if you are buying cheaper "project" properties but you have to get it right otherwise they can be money pits. 

gillian3011

EverythingIWant said:

I was once told, go as big as you can reasonably afford for your first home and you won’t regret it. We saved the hassle of needing to move again for at least 10 years, to be fair could be our forever home but probably not as I want a detached double garage one day..! 

Thanks, that make perfect sense. I’ve been looking at bigger houses that seem work thinking they’d be cheaper but they seem to price them the same for their potential’! I feel very out of the loop on how housing works right now, doesn’t seem to be a chance to find a bargain or add value as they are already priced at market rate even with substantial work needed!