First Time Buyer - buy now or wait?

Mabsa_guy

Hi all,

I am 37 years old and a First Time Buyer. I have saved enough over the last few years and managed to save enough for a good deposit - about 30% to buy a decent 1 bedroom house. 

I was keen to start looking around and buy in the next few months. However, with the recent developments, I am unsure on whether I should still go ahead or wait to see what happens. My main concern is that the interest rates will continue to increase and I am worried that if I wait 1 more year, the deals will be even worse. On the other hand, I am currently renting a nice place where I have a good deal and if I wait a few more months I will be able to save even more for a deposit.

If you were a FTB in my shoes - would you buy now or wait? 

spoovy

If you can afford to buy now, buy now; trying to time the market is a mug's game. Plenty of mugs will tell you otherwise mind.

Mutton_Geoff

If I were a FTB I wouldn't buy a one bed place, house nor flat. You'll outgrow it in no time.

Ksw3

For a one bed house I would wait I'd also wait if I was buying a flat. 

We are FTBs buying at the moment but fortunate that we are buying a 3 bed which I hope will be less susceptible to downturns. 

[Deleted User]

There is no straightforward answer, only you can decide. I am a FTB, same age (37) and similar position. I had an offer accepted on a property recently and for me, it feels like the right time. Who knows what will happen a year or so down the line? The market/ mortgage situation could be worse. Essentially, there is never going to be the 'right' time to buy, but you have to determine whether it's right for you and your circumstances. Good luck!

MFWannabe

Mabsa_guy said:

Hi all,

I am 37 years old and a First Time Buyer. I have saved enough over the last few years and managed to save enough for a good deposit - about 30% to buy a decent 1 bedroom house. 

I was keen to start looking around and buy in the next few months. However, with the recent developments, I am unsure on whether I should still go ahead or wait to see what happens. My main concern is that the interest rates will continue to increase and I am worried that if I wait 1 more year, the deals will be even worse. On the other hand, I am currently renting a nice place where I have a good deal and if I wait a few more months I will be able to save even more for a deposit.

If you were a FTB in my shoes - would you buy now or wait? 

Why not start looking and see if there’s anything you like enough to buy?  If there is that will answer your question 

If there isn’t then you’ll be no worse off and carry on as you are for a bit longer 

A__L

Are you in a position to buy a 2 bed? We are first time buyers who are waiting to see if we will get a mortgage approved on a 3 bedroom house. It is a scary time but I feel like if you want to stay in the property for a long time, depending on your situation, it may be worth buying now. But then it depends how long you are willing to wait as no one can predict the market.

If I was in your position and I could buy on my own and had the funds, I would try to get a 2 bedroom property in case I ever needed more space or wanted to rent a room out in future - or the entire property.

boxer234

Where are you living now ? I was renting and would have been paying £300 more a month plus I have two dogs and was getting nervous about finding another rental if needed.  

Mabsa_guy

boxer234 said:

Where are you living now ? I was renting and would have been paying £300 more a month plus I have two dogs and was getting nervous about finding another rental if needed.  

I live in a houseshare with one person in London zone 4 and I only pay £650PCM with all bills included, which I think is quite good. 

A__L said:

Are you in a position to buy a 2 bed? We are first time buyers who are waiting to see if we will get a mortgage approved on a 3 bedroom house. It is a scary time but I feel like if you want to stay in the property for a long time, depending on your situation, it may be worth buying now. But then it depends how long you are willing to wait as no one can predict the market.

If I was in your position and I could buy on my own and had the funds, I would try to get a 2 bedroom property in case I ever needed more space or wanted to rent a room out in future - or the entire property.

It might be a bit of a stretch but I could potentially buy 2 bed - I would have to look for somewhere a little bit further though but it might be worth it. Just for context, I currently live in East London but I am looking to buy in Essex (somewhere commutable to London - for example Basildon or Southend)

boxer234

If you are saving a good chunk I might be tempted to wait.  However I waited at the start of covid and prices went up,  there is no way of knowing what will happen.  Your a similar age to me and I just wanted to get on paying the mortgage off.  Why not keep an eye out see what you can get. 

Mutton_Geoff

A__L said:

I would try to get a 2 bedroom property in case I ever needed more space or wanted to rent a room out in future - or the entire property.

Renting out a whole property is a business, not a sideline to home ownership. The OP might want to decide if they wish to use their money to buy a home or start a business, the two are quite separate issues but this forum is full of wannabe and accidental landlords who end up losing money/suffering grief because they didn't view lettings as a business.