Is finding a home mean to be this hard?

leypt1

Hi all,
Slightly different from my previous posts - we're FTB who've been looking for our first property for at least 4 months. In that time we've seen 40+ houses and flats across a large and growing area of SE London and still feel no closer to finding somewhere. We've placed 3 offers in that time so it's clearly not impossible (one we pulled out because of major works bills, one because the lease was advertised as being 63 years longer than it actually was, and we were outbid on the last), but we're becoming jaded and exhausted, and are finding it increasingly difficult to spot the "good" in places rather than the bad. On top of everything we've been bunking with parents (in North London, 1.5 hours journey from our search area) since our tenancy ended in August, and have 6 weeks until they move to Scotland and we have to figure out a short-term let/B&B.
The fundamental issue is probably that we just can't afford the ideal house in anything approaching a good location, and we struggle to know where to compromise and what's "a good buy".
Welcome any house-hunting tips, war stories or just anyone wanting to share their own frustrations!

Blue_bell_20

We are up north, been looking to buy since last June. Although we are more relaxed about it, viewing houses around work, in a 3 mile radius. We are also settled in a rental house that is nice. We have put two offers in, one was quite low and they got asking price within a few days of it on the market (strangely enough the vendors/sellers still live there 10 months later. Maybe a slow sale or they changed their minds). The other offer we put in a few weeks ago, only slightly below asking, but it’s higher than any (similar) house on the road sold for, so hesitant to increase any higher. We have a few more viewings lined up this week. The estate agent never got back to us about the offer, but then again they have been quite bad so far in communication/rudeness so I’m not surprised. 

Blue_bell_20

A short term b&b could add up- unless you can get a good deal with them. Holiday rentals might offer good deals if you say you’ll likely be there for x months? Ask for a week or month discount, especially in the winter?

leypt1

Blue_bell_20 said:

A short term b&b could add up- unless you can get a good deal with them. Holiday rentals might offer good deals if you say you’ll likely be there for x months? Ask for a week or month discount, especially in the winter?

Yes very true! We've actually been thinking of air b&bs - the platform has a specific option for searching for long-term stays. I am a tad worried that being of no fixed abode won't be good for our mortgage application though.
Sorry to hear about your second offer! I've developed a new and healthy hatred of estate agents through this process - hopefully you'll hear back soon as they do have a legal obligation to pass it onto the sellers?

Blue_bell_20

leypt1 said:

Blue_bell_20 said:

A short term b&b could add up- unless you can get a good deal with them. Holiday rentals might offer good deals if you say you’ll likely be there for x months? Ask for a week or month discount, especially in the winter?

Yes very true! We've actually been thinking of air b&bs - the platform has a specific option for searching for long-term stays. I am a tad worried that being of no fixed abode won't be good for our mortgage application though.
Sorry to hear about your second offer! I've developed a new and healthy hatred of estate agents through this process - hopefully you'll hear back soon as they do have a legal obligation to pass it onto the sellers?

Oh yes, they did say they would pass it on, so maybe the seller is deliberating, or maybe they’ve decided not to accept it. Either way we are going to continue looking for now. 

Hopefully you can find an Airbnb that gives a good enough deal. I guess as long as it’s similar to renting then it’s worth the flexibility. If it becomes too expensive compared to a fixed term rental, would a 6 month rental be worth a back up option? Then going periodic after that? I can’t offer any advice regarding the fixed term address, I’m quite new to the process.

zenbuddhist

If in six weeks' time you haven't found anything, is it worth getting a longer term rental in SE London, where you are looking? I.e a six month rental or a one year with a six month break clause? That way you won't feel so desperate and can wait for the right place. Plus the whole process seems likely to take a few months anyway, from spotting the right place to completion

theoretica

That you have put so few offers in (especially if you only count the one you didn't withdraw) does seem to me you simply have expectations that don't match the reality of what is available. Do you know if the places you have viewed and not offered for have sold for prices in your budget?  Different city and different time, but when I was a FTB I made half a dozen offers over about 2 months before one was accepted.  Didn't end up with bargain of the century or a place as nice as my parents can afford but did end up with something fairly in line with where friends and colleagues at a similar career stage lived.

MovingForwards

Expand your search areas.
Write a list of must have, would be nice to have, can live with out.
Compromise and accept you may not get exactly what you want, where you want it and for the budget you have.
Taking 16 months and only 3 offers means something is wrong somewhere.

I'm aware this year has been difficult, but being 90 minutes away means you cannot act quickly if something pops on the market.

leypt1

theoretica said:

That you have put so few offers in (especially if you only count the one you didn't withdraw) does seem to me you simply have expectations that don't match the reality of what is available. Do you know if the places you have viewed and not offered for have sold for prices in your budget?  Different city and different time, but when I was a FTB I made half a dozen offers over about 2 months before one was accepted.  Didn't end up with bargain of the century or a place as nice as my parents can afford but did end up with something fairly in line with where friends and colleagues at a similar career stage lived.

This felt very near the bone!  yes I agree that our expectations are high and probably shifting. We've felt a lot of discomfort about offering on places which we've really liked but which haven't felt like the "sensible" option in terms of longevity or potential to add/keep value, but maybe this is placing too much pressure on ourselves given our age and budget? 
Another thing we've struggled with is offering a certain amount on a place when we can see from the land registry that the asking price is way more than similar properties  on the road have sold for - but we have typically been proven wrong when the place flies off the market!
It just feels like a huge decision and we're very anxious about putting a foot wrong

leypt1

zenbuddhist said:

If in six weeks' time you haven't found anything, is it worth getting a longer term rental in SE London, where you are looking? I.e a six month rental or a one year with a six month break clause? That way you won't feel so desperate and can wait for the right place. Plus the whole process seems likely to take a few months anyway, from spotting the right place to completion

Thanks - I think this is something we'll have to seriously consider if we still haven't found anywhere in say, 2 weeks 

theoretica

leypt1 said:

theoretica said:

That you have put so few offers in (especially if you only count the one you didn't withdraw) does seem to me you simply have expectations that don't match the reality of what is available. Do you know if the places you have viewed and not offered for have sold for prices in your budget?  Different city and different time, but when I was a FTB I made half a dozen offers over about 2 months before one was accepted.  Didn't end up with bargain of the century or a place as nice as my parents can afford but did end up with something fairly in line with where friends and colleagues at a similar career stage lived.

This felt very near the bone!  yes I agree that our expectations are high and probably shifting. We've felt a lot of discomfort about offering on places which we've really liked but which haven't felt like the "sensible" option in terms of longevity or potential to add/keep value, but maybe this is placing too much pressure on ourselves given our age and budget? 
Another thing we've struggled with is offering a certain amount on a place when we can see from the land registry that the asking price is way more than similar properties  on the road have sold for - but we have typically been proven wrong when the place flies off the market!
It just feels like a huge decision and we're very anxious about putting a foot wrong

I thought of it rather as two transactions - a sensible financial one and then paying a chunk more on top to get the place I wanted to live in rather than choosing just on price.  I had enough of a deposit to be clear of negative equity and preferred to spend the money on where I lived all year than on holidays etc.