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

beanielou

Hope you can make the right decision for you. 

Debsnewbudget

Exciting times, does it have a garden?

savingholmes

I agree on not letting £3k lost incentive stop you.

I'd try a lower offer if you are keen.

Good luck whatever you decide.

themadvix

As far as I’m aware, it’s a buyers’ market out there at the moment, so seller is likely to take an offer under - did you sound out the EA about this? Even if it’s over the H2B limit, you’re unlikely to be losing that £3k *and* having to pay full asking price.

Staffordia

Karma is right, you shouldn't let the 3k bonus be the main driver as to whether you buy a property or not. If this one fits your criteria and you can see yourself there long term, then 3k is neither here nor there. You don't know if your rent will increase again in April, that 3k could be cancelled out very quickly. 

I would definitely view it again and sound out the agent on potential pricing. Good luck.

TallGirl

Sounds super exciting it is so expensive to move so I would go for the long term option and in the right location. London is so so expensive you want to get it right if you are paying that much for it. It will soon be April and as you say your rent could go up again. Good luck with the second viewing definitely take someone else with you who knows you well and can be a second pair of eyes. Also take lots of pictures (if allowed) as it does help afterwards. 

LeighofMar

The London flat sounds lovely and you definitely are working the numbers and using cold, hard math and not just emotion, so that is very good. Doing a test run of living as if you had the 2k+ mortgage payment is so smart and something everyone should do to get a real look at their budget before buying. 

Watty1

Exciting times on here.  The test run is a great idea, better than my just give it a go and muddle through.

Sistergold

Oh @LadyWithAPlan, nice to see that you have started looking. Hope you will find something you like soon. 

The danger in all this is once you are used to having over £100k in a fund can be “nice to know it’s there” and so you might just find you are tempted to keep saving and hold onto it. The larger the deposit you have the harder it might be to let go. 

I was down for a bit after I bought as I paid over £100k deposit and also spent around £60k on renovations before moving in. Still depressing to think about it even now as one day you are “rich” then just like that it’s all gone! 

@LadyWithAPlan, think covid and think how we were all stuck in our homes? Think how of how house prices became ridiculous cos of the scramble for space? When I was on holidays in America over summer on their news covid was on the rise and I must say when covid comes up I am like what now? 

Eventually you just need to bite the bullet and not get caught up in another political/property spiral. When I was renting I had to move as flat I was in was sold. I know rental is affordable now but who knows! Ofcause there is the nice possibility of saving until you can buy for cash in which case no worries of mortgage payments! 

So much easier if you can just buy and start a plan to bring it down to the monthly payment which you like. Maybe keep looking you might fall in love with a particular must buy property? Xx

Humdinger1

Sad if your plans to combine a steam hammer with a tannery have been thwarted @Cheery_Daff! Now on p86 of your diary @LadyWithAPlan and am utterly riveted. Congratulations on all your achievements...you dodged a bullet with Grossly Unsuitable Boy.  Love Humdinger xx