First time buyer here - needs some idea of budgeting and other questions

dean_ham

Hi everyone im a 22 year old FTB from south wales. I'm currently looking at buying my own home as i feel the time is right now to move out of my parents house and get myself on the property ladder and my own space, but i have a few questions.

First of all we know that houses arent selling and i feel this is an ideal opportunity for me to get a bargain on houses that arent selling. After looking on rightmove.com for the past 4-6 months i see the same houses forsale and dont seem to be shifting. How cheeky could i be to estate agents offering £100,000 for a house on the market for £110,000 - £115,000 that has been on the market for months.
Such as :-
http://www.rightmove.co.uk/viewdetails-18341468.rsp?pa_n=3&tr_t=buy
http://www.rightmove.co.uk/viewdetails-16250380.rsp?pa_n=3&tr_t=buy

Your talking a 10%-15% reduction there and i dont want to get into the estate agents bad books as a time waster as im a newbie to all this.

Onto budgets:

I have a salary takehome per month £1750, but when i have the oportunity of overtime this can rise to £2200ish if i put the effort in but this is not guaranteed each month.

What sort of budgets am i looking at when buying a house? Im looking at getting a mortgauge of £90,000 (£10,000 deposit) but if the house doesnt need any work doing to it i could look at putting down (£15k-17.5k).

This is what i can work out per month, please mention anything i may have forgotten. Bearing in mind living on my own + gf on the weekend, no children.
Mortgauge £550 (£90k over 25 years)
House insurance, mortgauge insurance £20
Council Tax £80?
Gas £50?
Electric £50?
Water £50?
Tv licence £10
Sky + sky broadband + sky telephone + line rental £40?
Car money (insurance + servicing + bills) £100
Petrol £35
Pension £100
Mobile £25
===========

Grand total of £1100 outgoings per month.

Is there anything else im missing out ? do the budgets look ok?
Think i would struggle a little living on £600 a month + saving + holiday Oh well bring on the overtime, time to live in work

Thank you for your time

gordonstights

Costs I don't think you have mentioned are:

Mortgage valuation fee - basic survey/full survey approx £270 - £500
Solicitors conveyancing fees - £400? +
Mortgage application fees (if paid upfront) - £200 +

Of course I am only quoting costs from my own experience, so just make sure you find out how much and if/what apply to you.

Good luck

dekh

food, entertainment, christmas, holidays, presents
Are you sure you have your car budget right insurance for under 25's aint cheap. plus you'll have to buy a replacement eventually.
maintenance on the house.

poppy10_2

dean_ham wrote: »

i dont want to get into the estate agents bad books as a time waster

The market is dead at the moment, Estate Agents are spending their days twiddling their thumbs and playing solitaire - they'd welcome the chance to waste some time with you.

As an FTB with no chain and a hefty deposit, they will be desperate for your business. Start off at least 20% below asking price.