First time buyer, low income

JenKKR

Hi all, I'm relatively old to be a FTB as I'm 42 with 3 semi grown children. We live in Scotland. We currently rent our flat from a private landlord and have done for the past 13 years. 
Lately I decided that as I was settled with my job etc that id like the security of owning a home plus we have sort of outgrown the flat we are in as it has a tiny box room for bedroom no3. 

I started looking recently and found a property in the same town and the hour is a 4 in a block lower flat with a back door and back garden. 

I have a mortgage in principle and viewed the house tonight. I guess I'm just looking for some reassurance that its normal to feel sick. I dont earn a massive amount (27k) and id be buying it on my own. Our current flat is quite spacious in terms of living room and two of the bedrooms however the box room isnt suitable now my daughter is 19.
The flat I viewed is a decent size but id probably have to compromise as one bedroom is massive which id probably give to my sons as they share and me and my partner would take a smaller medium sized room.
Is it normal to compromise in some way or is this a sign its not right for us? I dont want to get carried away then have buyers regret but equally I need to be realistic about what my finances can afford. I was going to place an offer subject to a damp inspection as higher readings were picked up on the home report survery.

If you got to the end then id appreciate any feedback, positive or negative. 

Tabieth

Yes it’s normal to compromise. No property will tick all the boxes. But, there’s a big difference between feeling nervous and feeling sick. How many properties have you viewed? It took me many, many viewings before I realised what genuinely mattered to me, rather than what I thought mattered. I’m now in a terraced house that I love and I’m so happy with (despite initially being convinced I needed a flat with a dedicated parking space). There were earlier viewings that, at the time ticked all my boxes, which I know now were all wrong for me. So, give it time and view lots of different properties. 

Also, how old are your children? I assume a daughter of 19 will be moving out at some point? Do t forget to consider changing circumstances. 

Myci85

Totally normal to compromise, especially if, like us, you're FTB in mid life when you need to afford a house big enough for a family, without the option to start off small and work your way up the ladder. 

We viewed quite a few places and I think that helped us to decide what compromises we were happy to make, and which were too much. We always wanted an older, character cottage really, but that just wasn't feasible, so we bought a 70s ex council house in a village we love, with lovely big rooms. A year in and I'm so glad that we didn't compromise on space. One day our teens will no doubt fly the nest and then we can decide whether to downsize to the character cottage, or if actually we're still happy with the location and space we have now and stay put. 

JenKKR

I think my head is just in a bit of a spin at having to make such a decision. Im not good at decisions. 

My "children" are 21, 19 and 16. My two sons are autistic and currently share a room, my budget won't stretch to a 4 bed. Yes, my daughter will eventually move out but I dont want her to be forced I to going too soon due to the current room situation. 

Ive only found two properties I like and only one of them is within my budget so thats the one i've viewed. 

It will need new windows, but not straight away and some reder work, gutter fix but the damp being a cat 2 on the home report has me a bit worried. Home in on for offers over 117k, home report values at 135k. 

Chief_of_Staffy

I say you go with what feels right, not what ticks all the boxes. Practicalities can be overcome.

I moved into my current house on Friday. The first thing I did was negotiate the sticky 1970s lino to take a shower. The shower coughed, spat a cupful of brown water into the tray and stopped working. Then the light went out. In my towel I went and found the bathroom and had a glorious bath in 3 inches of tepid water, which took almost half an hour to accumulate and much of which ended up over the floor when I pulled the plug. I'm now typing this in the most habitable room, with curtains held up by gaffer tape and a floor that makes for sea sickness. But I have a farmer's field at the back and I'm a brisk walk from the mountains and I love this place.

Herzlos

Buying houses is a huge thing and naturally terrifying, but once you're in and settled you're not likely to regret it. 

Plus if the current place is no longer suitable you're going to have to move anyway, so it may as well be to your "own" place and not rented if you can do so. Worst case is that you sell and move in a few years as your needs/finances change again, best case is that it's yours forever. 

Albermarle

Does your partner not have an income to help with housing costs ?

lincroft1710

If you expect your daughter to be moving out, there is really little point in you buying and moving just because her bedroom is small. It was small when she was 16, 17 and 18.

Many 3 bed houses have a small 3rd bedroom and it is the norm where there are 2 children, the youngest has to put up with Bed 3. Where there are 3 children of different sex, 2 same sex share Bed 2, different sex has Bed 3. 3 same sex, either youngest or eldest has Bed 3. These sleeping arrangements have been happening for decades.  

EssexHebridean

It's one of the biggest financial decisions - if not THE biggest - you will ever make - entirely logical to feel a bit of anxiety around it! 

Make sure you love - or at least like - the place you're looking to buy. Can you imagine yourselves living there?  Those things not applying are valid reasons to not buy somewhere - not a few compromises about rom arrangements (which will gradually become less of an issue anyway as nest-fledging happens!)

JenKKR

lincroft1710 said:

If you expect your daughter to be moving out, there is really little point in you buying and moving just because her bedroom is small. It was small when she was 16, 17 and 18.

Many 3 bed houses have a small 3rd bedroom and it is the norm where there are 2 children, the youngest has to put up with Bed 3. Where there are 3 children of different sex, 2 same sex share Bed 2, different sex has Bed 3. 3 same sex, either youngest or eldest has Bed 3. These sleeping arrangements have been happening for decades.  

Thanks, hers isnt just small, its tiny. A single bed a chest of drawers thats it. I wasnt in the position to afford to buy a house when she was 16,17,18 which is why we have persevered until now. 

I have 2 sons and one daughter. My sons 21 and 16 share and my daughter has her own tiny room. 

JenKKR

EssexHebridean said:

It's one of the biggest financial decisions - if not THE biggest - you will ever make - entirely logical to feel a bit of anxiety around it! 

Make sure you love - or at least like - the place you're looking to buy. Can you imagine yourselves living there?  Those things not applying are valid reasons to not buy somewhere - not a few compromises about rom arrangements (which will gradually become less of an issue anyway as nest-fledging happens!)

I do really like it but can't say I love it. Yet. I think within my limited budget I'm unlikely to walk in to something that doesn't need anything doing. Nothing is urgently needing done and I can imagine us living there.