Future Proofing my life: Deposit saving then MFW journey in under 13 years

LadyWithAPlan

I am still thinking of putting low  but increased offer on the flat say £381k (on for 425 and she come down to 420k). What with the economy etc at present I really dont want to go to the higher level of my borrowing ability - 80,000  more  for my new home .. need more deposit or that extra 2 days a week work or get the programme done.

Short term goal is Oct 16th my programme is launched

Free Money - £290.50  of £130  target 
Just sold something else on ebay  £36.10 after p+p and fees - some unused fragrance . Need to add some more on there and FB Mktplace. Eyeing up my wardrobe but I remember all the clothes I sold and now miss so needs to be dresses I have never worn and will not wear - may try Vinted - has anyone had any luck?

TT 90p to round up to ... but then ....

Extra Income £205
but somehow my excess spending on entertainment has meant just £188.97 in bank 
£49.52 left from the extra large dentist charge on the CC 
£40 gone into my SIPP as its being woefully under funded this year as I save so little bits help ease my heart on that
£25 PB
£25 ISA - part of house savings
£49.45 Marcs savings acct



27/09/21  £70,437.45/100K   
I am so near to the next £500 which means I can colour in a box on my visual house board .. where can I find that extra £63??? Unlikely this month as Tuesday I am seeing friends over from LA - they don't drink so I wont either but will still be £10 to £20 for drinks - will avoid dinner though they probably will want to go eat out  - so again excess. 
Thurs is dentist again .. I also will go over budget also as need to get train to the dentist £33 and also see parents so I am not spending anything else this last week.

NSD - aiming for one today and Wed. so current 7/10 NSD but hopefully will get to 9/10 for the month.

Sept savings Goals   £1436.41   Goal  £2818 pm 
I am below my monthly savings target as I have not been paid a large invoice I am due..
Good news is though I have sold stuff, had a bit of extra income and largely stayed on budget...

LadyWithAPlan

So the estate agent kept calling me like mad yesterday .. I spoke today and they said they had received another offer on the flat I offered 375k last week, so they asked us both to put a full and final offer in today. I did at 385k and then was told both our offers were rejected but she would sell for 400k...

Its been on the mkt for at least 5 months was at 450k and dropped in Aug to 425k  - given there is a done up flat on her road for 400 also 2 bed, 1 bath but a balcony as opposed to a needing everything doing - she has been there 40yrs,  shared garden and the storage outdoor space - .. I think she has been oversold what it is worth - its east london.

So I have told them 400k is overpriced and I may/may not come back. I am hoping she will come back to me but either way I am done with offers on it.

I may email Kirsty and Phil and I am still thinking on a low offer on the N london one but that is 475k and  further out. It is all done. I am putting looking on hold for 2 to 3 weeks and getting the programme done.

Spending
Grocery spending -   £143.86 of £170 - hopefully it for Sept.
I bought some unnecessary sweets yesterday for £1, will add to total - planning no to add as have a full fridge. Just making chicken stock now to freeze and will make beetroot soup when I am back Saturday .

I met up with a couple  friends and spent  just £6 .. as they nicely picked up tab so I offered to paid the service charge, plus £4 in travel. However this is already over my entertainment budget - so this  and my train fare tonight will have to come out of either EF or my Oct income. At least we me declaring a £1000 flat in each of my 2 bank accts (from my EF)  I can see  immediately where I overspend

Sistergold

@LadyWithAPlan, if the flat has been on the market for 5 months during the stamp duty holiday and not sold then you are taking the right approach not to allow to be pushed to unnecessarily increase the price. When I was buying I got the impression sometimes that the other buyer was really non existent as later they would send me an email that if I still wanted the house the seller would accept £££ or if I could increase to ££££. The best is just be realistic what you want to pay and don’t budge too much unless you are happy to. Xx

LadyWithAPlan

Sistergold said:

@LadyWithAPlan, if the flat has been on the market for 5 months during the stamp duty holiday and not sold then you are taking the right approach not to allow to be pushed to unnecessarily increase the price. When I was buying I got the impression sometimes that the other buyer was really non existent as later they would send me an email that if I still wanted the house the seller would accept £££ or if I could increase to ££££. The best is just be realistic what you want to pay and don’t budge too much unless you are happy to. Xx

You make a very valid point I had not thought about, if indeed it has been on the market pre SD holiday then it really must be overpriced. The cheeky estate agent (despite doing this 'full and final bid' between (theoretical) 2 buyers yesterday - although as you say it might be just me.. and they were trying to get a higher offer out of me.-) - has emailed and called me today to confirm my higher offer which has been rejected and to say if I wanted to put in a higher bid let them know.  I was polite and did not ask if they were on dr**s.

I checked on the planning for the conservatory at the flat as its awful and apparently the conservatory has been on since 1989 and is now deemed 'fitting of property' - I don't know what that means but Google leads me to believe that it to do with fixtures and fittings - so its basically screwed onto the wall.. Which - if that is correct -  will mean I cant do an extension but only replace a conservatory so colder etc ... 
The area in front of the kitchen window and at the front is for sole use of me but not part the demise of the flat so  I cant extend there either..

Sistergold

LadyWithAPlan said:

Sistergold said:

@LadyWithAPlan, if the flat has been on the market for 5 months during the stamp duty holiday and not sold then you are taking the right approach not to allow to be pushed to unnecessarily increase the price. When I was buying I got the impression sometimes that the other buyer was really non existent as later they would send me an email that if I still wanted the house the seller would accept £££ or if I could increase to ££££. The best is just be realistic what you want to pay and don’t budge too much unless you are happy to. Xx

You make a very valid point I had not thought about, if indeed it has been on the market pre SD holiday then it really must be overpriced. The cheeky estate agent (despite doing this 'full and final bid' between (theoretical) 2 buyers yesterday - although as you say it might be just me.. and they were trying to get a higher offer out of me.-) - has emailed and called me today to confirm my higher offer which has been rejected and to say if I wanted to put in a higher bid let them know.  I was polite and did not ask if they were on dr**s.

I checked on the planning for the conservatory at the flat as its awful and apparently the conservatory has been on since 1989 and is now deemed 'fitting of property' - I don't know what that means but Google leads me to believe that it to do with fixtures and fittings - so its basically screwed onto the wall.. Which - if that is correct -  will mean I cant do an extension but only replace a conservatory so colder etc ... 
The area in front of the kitchen window and at the front is for sole use of me but not part the demise of the flat so  I cant extend there either..

Flat is likely to be overpriced already, if you are really keen then that’s okay but if you feel you can get a better flat then best wait. Also at present tradesmen are a bit difficult to get so in as much as doer-upper is good it still needs to be in lovable condition. 

Grogged

Estate agents only work for themselves and never the seller or buyer.
At least that's been my experience over 6 moves in different areas.

I'd stick to your guns, especially if there is a similar property nearby that's ready to move into.
They are obviously trying to pump the property to no success.
Wonder what they are telling the other interested party (assuming they exist).

At least you now know what you can get for your money and a feel for the local market.

Always wondered what Phill and Kirsty are like in real life.

Suffolk_lass

Re the conservatory it is suggesting she cannot take it with her, and if you wanted to replace it, you could do like for like without planning consent. However, every council will have climate change targets and if you were to put in a planning application for a garden room with insulation and roof with windows (to prevent heat loss) to replace it (possibly with low-energy underfloor heating) it would be extremely unlikely to be refused and the increased privacy for neighbours might be a brownie-earning point. A local architect will know what the planners locally like

LadyWithAPlan

Suffolk_lass said:

Re the conservatory it is suggesting she cannot take it with her, and if you wanted to replace it, you could do like for like without planning consent. However, every council will have climate change targets and if you were to put in a planning application for a garden room with insulation and roof with windows (to prevent heat loss) to replace it (possibly with low-energy underfloor heating) it would be extremely unlikely to be refused and the increased privacy for neighbours might be a brownie-earning point. A local architect will know what the planners locally like

Thanks for this with the clarity and also the planning idea,
I am currently pausing home hunting although I may put a low ball offer in for the N London flat.. Share of freehold and small  garden but it is a bit out..
But at the 475k asking it would push my budget.. I would much rather buy 400 to 425 otherwise the mortgage will be huge 

Good thing is I can move quickly but I have time, no pressure and can keep looking as needed whilst saving more so I feel I am in a good position.
I figure most people  never had enough money, you always want the next step up house when buying  etc - if I only had an extra £100k etc, but for me it's about establishing a base that I can travel from, and always come back to whilst saving for my sipp as well. I can always upgrade in 5 years. 

I am surprised how calm and wise I am about this, thus is rare for me as I am normally I want it and I want it now.. Maybe I have not seen the one house to fall in love with though as opposed to the practical I like it, I can afford it, it will work for my life. 

Sistergold

@LadyWithAPlan, yes if you see a house to die for you will throw all caution to the wind, you will be surprised how quickly you will afford what you thought you could not afford before! I went down that path of this is it and between being overpriced and the renovations, I am still in the process of clawing back as we speak! But being so in love I still don’t regret it and now with the crazy price increases I am now in the positive or so I think. I think with time since it’s a home even if you go over a bit you are sure to catch up especially in London. Also for a place you love the love bit is priceless! Xx

Suffolk_lass

Sistergold said:

@LadyWithAPlan, yes if you see a house to die for you will throw all caution to the wind, you will be surprised how quickly you will afford what you thought you could not afford before! I went down that path of this is it and between being overpriced and the renovations, I am still in the process of clawing back as we speak! But being so in love I still don’t regret it and now with the crazy price increases I am now in the positive or so I think. I think with time since it’s a home even if you go over a bit you are sure to catch up especially in London. Also for a place you love the love bit is priceless! Xx

I completely agree. If you love it, you will make it work. We did.