Worried First Time Buyer - In Too Deep?

Guy_Montag

I'm with the most people. Try renting together before you buy.

To counter poppyolivia's story about her grandfather being big in property. Several of my family from the generation before that (I guess it was around the 10s & 20s) left this country, but kept on their houses here - let out to tenants. While away seeking their fortunes (or husbands) the laws changed which meant on their return they had sitting tenants. In at least one case the tenant outlived the owner, in others they had to sell at low prices to people who had the patience to outwait the tenants (or would get rid of them some other way).

vivatifosi

amosp,

If you are unsure now its for a good reason. I really liked a development and wanted to live there when it was new. This was during the last downturn. I looked at the numbers and couldn't afford it at the time as my OH was doing a PhD so we only had one salary coming in.

Eventually we moved to the same estate. Sure it took a while, but I got my house in the end, exactly where I wanted it. If the houses aren't one-offs it is unthinkable that they won't come back on to the market at some point in the future if that's what you really want. Oh, and when they come back on, someone else has gone to the problems of buying the carpets, curtains, built in wardrobes (and in my case dodgy artex for the walls), which may save you a couple of quid.

What I'm trying to say is don't do something now if you think you can do it better in the future and you'll feel better leaving it until you're financially more stable.

PasturesNew

poppyolivia wrote: »

I haven't had great jobs believe you me...I'm talking about the same income as OP....I have turned 32 and paid off 2 morgages.

Neither of which were for £138k or your maths doesn't stack up.

jaype

Just imagine - in a house together with no money to go out, so you're stuck together all weekend and every night with no break, having never done this before... added to that, you have financial pressures as every pack of cream doughnuts she picks up as a 'treat' for the night in is pushing you closer to the financial edge. Been there, did it at the same age as you, split up after 3 months. Thankfully we were renting. Even if prices remain stable, if you can't cope and split up and sell, you've chucked away solicitors fees, stamp duty etc. It really is worth a try with renting first - you truly don't know someone's habits till you live with them and see how annoying they can be. Likewise, you have no idea how realistic your budget is - for instance, does she like the house at tropical temperatures all year round? If you're an extra jumper, turn down the thermostat type of bloke then this too will drive you insane! Sorry to be unromantic, but there's nowt like cohabitation to kill the dream!!!

PasturesNew

gfplux wrote: »

Where has this idea come from that new builds are more expensive than "second hand". Until the last few years no one on these or other boards would have agreed with that statement. however it is now taken as correct. have builders managed to brain wash young people.
When ever I bought new build in the 60's, 70's and 80's I bought them because they were cheaper than second hand allowing me to get more for my money.

I simply loaded up RM, keyed in my town name, choose "new" and found the first new house for sale that wasn't SO.

From £132k http://www.rightmove.co.uk/viewdetails-7880010.rsp?pa_n=1&tr_t=buy
2 beds. CF3

Then I keyed in CF3 to search for 2-bed houses.
There were 43 cheaper than £132k
Cheapest was £95,000.

Then I looked for: First comparable one I fancied, under £132k, newish build.
I found this at: £109,950 http://www.rightmove.co.uk/viewdetails-19707617.rsp?pa_n=1&tr_t=buy

Or I could have this for £118k
http://www.rightmove.co.uk/viewdetails-19063337.rsp?pa_n=2&tr_t=buy

I have a choice of 43 houses cheaper in the same postcode area. Not mingers. Not old wrecks.

At least when you buy 2nd hand you know how the area's going to turn out. When you buy on a new development it can take a year or more before finding out next door does banger racing and the kids want to be in Led Zepplin and practise daily.

poppyblue_3

just to give you an idea, me an oh are on similar budget and bought at £80k and we haven't found it easy with lots of unexpected costs since we moved in - car, gutters falling down, garage roof leaking, although we have managed it, it has been tight and our repayments are £200 less than yours a month, so i would really think about having some extra money spare as you never know when you need it.

also, you have good rate but is only fixed for two years and what happens then...two years does go by quickly and your circumstances may not have changed.

don't want to put you off, it's great to own somewhere but would definitley consider something cheaper just so you have that safety money.

p.s our life insurance is £11 a month, worth checking money supermarket for best deals

NinaSwiss

To OP, I also agree with test driving living together .... Its great to be positive but you just cannot predict the future and quite frankly it will be money well spent (dead money or not).

You might be lucky to find somewhere cheap to rent and split the costs. Flatshares are not such a bad idea either. I have been renting in a 2-bed flatshare in a nice area for a year and half for £340 PCM inclusive of all utility bills (increased from £280 in nov 07). Some would even let rooms to couples and if you dont mind living with other people...you will save ALOT.

This might seem very simplistic but I dont see the point tying yourself to a mortgage if it means not been able to have a life. You might think you dont have a life right now but if you are too tied up in the mortgage.... you are also deciding to have no room for anything else other than paying mortgages in the near future... There realy is more to living.

poppyolivia

PasturesNew wrote: »

Neither of which were for £138k or your maths doesn't stack up.

Never said it was!:p And for all you know my hubby could be mega minted!;)

jackkelly

Hi all,
To add my 2p worth, having read thru the whole thread. It does strike me why do you need a 3 bed semi detached house with garage as a FTB
You really don't know someone til you leave with them, when me and my now hubby moved into our 1 bed rent flat together we nearly killed each other, all our little quirky ways which seemed cute when we weren't together day in day out, became bloody infuriating :mad: and we both had to get past this and work out how to live together, I can't imagine this stress plus financial pressures.
We have now 8 yrs later and 2 kids we have moved into our first 4 bed house, we have worked our way up. (still not a semi/ detached yet) our mortgage is about the same as yours £142000 and our combined income is nearly £50000 and we still have to watch the pennies ( I don't have to pay childcare either) cars will fail MOT's and washing machines will break, and a short break somewhere is nice very occasionally.
I would say rent first or buy a cheaper place, 2 bed flat so if an accident does happens as these babies have a way of upsetting the best lay plans.You are under no pressure to move ASAP.
Just think about thats all
Cheers

Phirefly

amosp wrote: »

Salaries are £11897 and £14197 hence the difference in pocket money.

As I saw I do expect a wage increase soon and I am considering taking on a part time job on top of my current one.

I'm sorry OP, I've not read the whole thread, not least because Ms. P. New will slap my wrist for slacking, but I'd like to offer a different perspective.

Everyone on this site is always banging on about moneysaving - naturally - oooh, quick, buy a million stamps before the price goes up, spend hours ratching through the internet to save yourself 20p off your big shop etc etc but I'm starting to find the whole ethos tiresome.

I'm more interested in money MAKING these days. If buying my cordless digital handsets on John Lewis online means I get free next day delivery, peace of mind, and excellent customer service, thats good enough for me. I don't care if I could have shopped around for hours and saved myself 5p, I'm on an hourly rate now and its hammered home how valuable time is.

What I'm saying is, what you should be doing is putting all your efforts into upping your income. Regardless of the current climate, if you really want to buy a house, you just do and thats that. A house is a liability, not an asset, but if its important to you and you can afford it, then do it. If not, don't. Everyones going on about financial pressure and not stretching yourself - well I tell you what, I'm GLAD I've got financial pressures - it spurs me on to work my ar*se off to make sure I meet those pressures and then some.

You're young, you're starting out, you're SUPPOSED to not have much pocket money, you're SUPPOSED to eat beans on hand me down plates on a sofa you found on ebay. You've got Mrs. Amosp to entertain you of an evening, you don't need to go out on the razz as much...

I better get back to work...