first time buyer...when to buy?!?

lynzpower

if 210 is the max you have then thats the max you have. Dont offer 215!!

Doozergirl

You mustn't go on those figures. Some houses can still be overpriced at 10% less than asking, others will appear a bargain at asking. The 'average' house doesn't exist when you are one person looking for one house.

That's why I say to get to know the marketplace, be able to compare asking prices and draw your own informed conclusions about what they're worth. Then that price is your maximum and you start lower than that. I don't think that 10% below asking is unreasonable for a starting offer. Then keep any subsequent increments very small.

Some people insist on making one low final offer, but I don't think it gives people enough time to worry and so they reject it outright expecting another to follow. It's a game - if you can get under their skin so they can can almost reach out and touch that sale, they are more likely to stretch that bit further. To get the best price out of someone you have to be prepared to play a long game and wait between offers.

tux130582

thats exactly what I was thinking we put in a low offer on a house we like get it rejected and go off for 2 weeks or more, and maybe offer 1-2k more? keep waiting to try and get the bargain, the people in the house we looked at today are going to move away to devon, we were thinking we could maybe offer alot less on the basis that we wont put them under any pressure to move out and they can take their own time to find the perfect house in devon? is this a good move?

PasturesNew

tux130582 wrote: »

dont really fancy renting as all that rent money would mean a bigger deposit.

Renting might mean you have a smaller deposit saved.
But it might also make you realise what you want/need out of a house without having fully committed.

Every home I've had has made me realise different things about what I want/don't.

Important things like type of heating, type of shower, orientation, parking needs, flooring choices.

If you rented somewhere first, it would at least help you know better what you DO want out of a house. It's not about how many rooms you have or what colour the walls are painted. Enjoying a house is about more practical things, like how it functions with your lifestyle.

The one I am currently renting was chosen by me because of where the sun is in the late afternoon/early evening. Proximity to bus stops/train. Since moving in I've realised I should also look at being able to walk to a corner shop/garage (preferably 24 hours) and where is the nearest chipshop/chinese. You'd be surprised the long, long list of things that make up the perfect house. And it's not until you've been inconvenienced or annoyed by a property that something goes on your "wish list" for the perfect house.

You don't say if you've lived alone before. But there are other things to be learnt, like budgetting for bills and the all important 'is this person I am living with annoying the tits off me'

I'd say renting should be seen as the sensible choice for many reasons. So you might spend a few grand renting. If the market's falling, you'll be "saving" those drops!

Turnbull2000

tux130582 wrote: »

appreciate what you are saying with regards to renting first but we both see it as dead money.

I'm sorry, but that's sentiment of a bygone era when buying was cheaper than renting. It's a very short-sighted and silly cliche to say the least.

lynzpower

but if the OP is living with parents anyhow, I expect rent IS dead money, its likely to be WAY more once bills and what not are included.

If they are happy where they are then moving to rented IS dead money. It isnt as flexible as living with the parents obviously, and it costs to move house ( what 300 quid for van, plus credit checks and all that jazz)

OP may as well stay put!

Lavendyr

If there's the option to live with parents - and you can bear to - while saving up for an even bigger deposit, there is likely no harm in doing so at the moment, as the market is experiencing a slight downturn.

Renting is good experience for all the reasons PasturesNew mentions above, however. If you've not lived away from home beore it is a good opportunity to test the waters - and also to make sure you're ready to live together (presuming you haven't yet, if you're still at home) without making such a huge commitment as buying a house together. Even a houseshare together with some other people might be a sensible option for a while, as it would keep bills down while also giving you an idea of what it's like to live together.

Just some additional thoughts to throw in there. If you do decide to buy, good luck to you - you are in a very good position with such a solid deposit.

PasturesNew

lynzpower wrote: »

but if the OP is living with parents anyhow, I expect rent IS dead money, its likely to be WAY more once bills and what not are included.

Yes, but budgetting for bills is an essential part of the affordability of a mortgage - and the desire to borrow shedloads.

It might be that the OP decides they'd rather buy a smaller place and keep their social life.

lynzpower wrote: »

If they are happy where they are then moving to rented IS dead money. It isnt as flexible as living with the parents obviously

All parents are different. I had to leave home as I had no privacy or rights. Certainly couldn't invite a friend round, or choose what I wanted on the TV. Everything I did was questioned/mocked and sneered at.

Your own space and privacy is often a delicious luxury worth paying for

lynzpower wrote: »

it costs to move house ( what 300 quid for van, plus credit checks and all that jazz)

I rented furnished and I've not been buying "stuff". I moved in using my small car in 1 trip; I expect to move out the same. This is possible if you see renting as being a 1-2 year option and aren't trying to build a life there. So no van.

lynzpower wrote: »

OP may as well stay put!

He might. But we're giving him food for thought.

Magentasue

An important consideration is location - if you fall in love with a house in a 'good location' and can get it for a good price, I'd go for it now rather than wait until prices are a little lower but only be able to afford less desirable houses.

If you're not in a hurry, you can snap up a bargain while there aren't so many buyers around. Houses in the best locations are more likely to make a profit in any market, especially at the lower end of the price range and will always be easier to sell.

chriz1000

I’m in Bristol too, looking at buying for around the same price as you. Hope we both don’t fall in love with the same property!
One website I have found to be quite handy is http://www.propertysnake.co.uk you can see how long most properties have been on the market and if they have dropped in price and on what dates