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

tux130582

thanks for all the replies, still dont think we will rent sorry to offend anyone. I dont mind living at home i understand what you are saying though.

We have already looked into what areas we want to move to and the ammenities etc so hopefully thats sorted.

I think we will have to just keep on saving and making cheeky offers hoping that one will be excepted on the cheap and the prices do come down a bit.

boinging_2

tux130582 wrote: »

thanks for all the replies, still dont think we will rent sorry to offend anyone. I dont mind living at home i understand what you are saying though.

We have already looked into what areas we want to move to and the ammenities etc so hopefully thats sorted.

I think we will have to just keep on saving and making cheeky offers hoping that one will be excepted on the cheap and the prices do come down a bit.

The one thing you must do is get out of the mindset that the Estate Agents value is the holy virtue. What you offer for a property is what you believe its worth is not a "cheeky offer" - just don't be disappointed if they don't accept it.

secondtoughest

I'm in Bristol too and I'm waiting. Bristol hasn't yet had the huge influx of new builds that some northern cities have, although there has been a fair bit of development. I think space is the issue here.

I've lived all over, and the prices in Bristol are astronomical for what you actually get. I guess that doesn't really help when our jobs, and I assume your family & friends are here.

Good luck anyway, and let us know how you get on.

poppy10_2

tux130582 wrote: »

thanks for all the replies, still dont think we will rent sorry .

Quite right! :T

The Bank of England has just cut rates by 0.25%, so prices will be soaring next year. You need to get on the property ladder now,before prices rise out of your reach. I recommend a 100% interest only-mortgage at 6x your annual salary. New builds are great value at the moment.

Good luck! :j

tux130582

is thsi supposed to be sarcastic poppy? its wasted on me

firsttimetom

tux,

ignore Poppy. He/She posts just to wind up people who think house prices will crash (Poppy is probably a struggling BTL landlord trying to change sentiment). I certainly beleive there will be a big correction and it will not hurt to wait for 6 months or so.

Renting, even for a couple of months would be such a good idea, as you could really get to grips with exactly how much it is goingto cost you. Being able to afford the mortgage is one thing, but don't forget about gas, electric, water, phone, food, tv etc.

One tip I read the other week for putting in low offers is as follows. Lets say you are looking at a house worth 230,000. Put in an offer for 210,000. If you get it, are happy with it and can affordit then great. If they don't accept, leave it three weeks and put in an offer of 205,000 saying something like 'I'm concerned that the value of property is falling and beleive it is now only worth 205,000'.

Good luck what ever you do. I'm also a first time buyer, but I'll be leaving it for at least 6 months to see what happens.

nicola1982_2

I would say the best time to buy is when your personal circumstances are least likely to change, so for example when you're in a secure job, you know how many children you want (or you have them), you are in a committed relationship/married etc. That way you know you will be in a home that will last you a long time and you'll be happy with.

Gorgeous_George

Calling the bottom of the cycle is nigh on impossible. I'd buy when prices start to rise again if you want to maximise your purchasing power.

You can 'design' your ideal house by looking at your parents home and those of your friends.

GG

chriz1000

Right now for a £230k house unless it looked very good value for money I wouldn’t even consider putting in a starting offer for more than £200k. This is a testing time on the market and most people who have decided to sell there property are doing so as they believe there’s going to be a serious crash. To be fair this situation at the moment is similar to how people panic buy petrol when they think the price is about to go up steeply or there’s going to be a shortage. No one except perhaps a few people at the top know for sure if this is going in the direction of a small dip or a full blown crash.
The estate agent may laugh off the offer, but stick to your guns.
Get them to put it forward to the seller no matter what they say, remind them you are a first time buyer with a mortgage in principle who can move quickly, and if you don’t buy through there agency you will through someone else’s. Perhaps even put a low offer in on a couple of similar properties at the same estate agent, let them know the seller who comes back with the something matching your offer will win your business. Obviously be prepared to them to come back with a negotiation, but I wouldn’t give the agent too much of a hint that you are willing to negotiate to begin with.

My mum is an estate agent, and it’s a tough time for them at the moment, apparently with some agents its the letting side of business thats just about keeping staff from redundancy.

It’s an unusual time for buyers, if you play your cards right you can just about get the agents to work for you rather than them working for the sellers.

PasturesNew

nicola1982 wrote: »

I would say the best time to buy is when your personal circumstances are least likely to change, so for example when you're in a secure job, you know how many children you want (or you have them), you are in a committed relationship/married etc. That way you know you will be in a home that will last you a long time and you'll be happy with.

ha ha ha

Yes. So never then.



Good advice.