First house!

[Laura571]

Hi all,

Just wanted some advice/peoples experiences?

My boyfriend and I are looking to buy our first home soon. How long did it take people to find a place they loved?

Plus, any tips on house buying would be appreciated!

Laura x

 

[AmberExt]

I bought my flat the day the recession was declared nov 2009! Moved in that day and immediately knew it was the wrong decision. Moved my mum in and we rent a nice house in the next village now lol. Still, only 20k of negative equity to go ....

Probably not the kind of experience you were after lol!

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[Laura571]

sorry to hear that! Must've been a nightmare! Thank you - I'd love to hear all stories good or bad!x

 

[cheekychick]

My partner & I are in the same position. We just can't find a property we like in a decent area will definitely keeping my eye on this thread.
xx

 

[persianista]

Always buy the worst house in the best road. Remember, everything can be changed apart from the location. Also, try to reign in your expectations. You won't get fabulous bathrooms, a designer kitchen and a large garden in a 250k starter home, the lovely stuff comes a bit further along the ladder.
Always use a local solicitor, as signing etc is much faster than with a cheap solicitor halfway across the country who has to rely on snail mail. Don't let your solicitor slow things down with hundreds of stupid questions about the patio doors and stuff like that, which they will if you let them.
If your mortgage is agreed, 28 days is more than ample for conveyancing and exchange.
You can exchange and complete on the same day, there's nothing to prevent this.
It's cheaper to hire removals midweek than on a Friday.

 

[beauty bits]

Both times I knew the moment I walked in the door but no matter how much you like a house you have to be practicle and check area and fasilities and not go over your budget. I was naughty and viewed what I

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[trooper_x]

Me and my boyfriend did the help to buy scheme it's really good and on a brand new estate it's only an apartment but it's gorgeous. I would deff look in to that !! X

 

[loulou86]

Me and my boyfriend did the help to buy scheme it's really good and on a brand new estate it's only an apartment but it's gorgeous. I would deff look in to that !! X

We did this too, three years ago. Were now looking of upgrading from our 2 bedroom apartment to a lovely 4 bedroom house the scheme is great because you own your house but you will usually have to give a much lower deposit. As we have now been paying into the mortgage for about 3 years we have enough to put down for a deposit for a new bigger house!

 

[trooper_x]

Ah that's great Lou Lou! When they start adding interesting in 5 years we will then sell for a house. Scheme is great couldn't of moved out with out it and love that it's all ours, couldn't of rented!

 

[trooper_x]

Interest* lol

 

[loulou86]

Ah that's great Lou Lou! When they start adding interesting in 5 years we will then sell for a house. Scheme is great couldn't of moved out with out it and love that it's all ours, couldn't of rented!

Yeah that's kinda why we have started looking really. But I think the interest isn't actually too bad. I was told about £70 a month by one person but not sure if that is still right now. Definitely didn't want to rent so was perfect for us. Starting my home beauty business so that's why we need the extra room now!

 

[Meira]

We are in the process of buying a house, went to look at 8 in one evening as had just accepted on offer on our flat and needed everything to move along quickly. Had to pick from the 8 we saw and really happy with our choice. Be prepared for everything to take three times as long as you expect it too. We are 2 1/2 months in and still not got a date for completion/exchange. Best advice is to keep chasing your solicitor as they may be working on lots of other properties so you want to be at the top of the pile!

 

[LocksOfLove]

I say try grab a bargain if your willing to get dirty and do it up (if you don't have money to do it up right away don't worry do a room at a time!) and try put a large deposit down. Just think buy a house for £150k put 10-15% deposit down and then the economy goes down a bit and your in negative equity, just think you do have that mortgage for 15-35 years of your life if you up size a few years down the line and its negative equity you have to find those funds. I work in the mortgage industry and see it all the time. Don't believe the estate agents they always say prices are going up - I wouldn't trust an estate agent with my lip balm no
Mind about future economy tips - just remember they're just trying to make money. You can't predict the economy especially banks getting bail outs left right and Centre and the pound continues to de-value - no comment on that remark! Lol! You get more for your money if your wishing to do it up and it's such an achievement afterwards and increasing the value room by room Wishing you the best of luck xxx

 

[Laura571]

Thanks everyone this is great!! So much stuff you don't even think of...

I'm not sure about the help to buy scheme, I've looked it up online but as we almost have our deposit not sure if it's worthwhile still taking advantage of?x

 

[LocksOfLove]

Another thing (more mortgage related) I'd advise getting life insurances to cover you upon death to clear the mortgage (I know it's something people hate about thinking but seriously plan, I deal with people that have died and got mortgages and if they don't have a policy it's awful on the family) also check your mortgage policy to see what they can offer you if you loose your job or if your self employed how will the mortgage be paid. Some offer concessions (reduced payments) but this is added on as arrears although you won't get any action of the back of this it will effect your credit rating, payment holidays (don't pay for a certain length of time) this will still incur interest that will have to be paid which is added onto the mortgage balance and possibly extend the term of the mortgage and can only be done for 1/2 months. I would get a policy in place to protect your payments if this happens as the lender will only have certain policies in place like some will offer a payment holiday some dont. And it will cover you for a longer period then your mortgage can. It comes at a cost but at least you know your covered. I say think of the situations you may face (it's potential it can hit any of us!) and plan for it. Xxx

 

[AcidPerm]

It's very exciting buying your first home. Mine only cost me £39k back in the early 90's. I loved doing it up, had fun and learnt lots of new skills. I also loved my neighbours. We became best friends and had lots of joint parties. Great memories. Only moved away because of my job.

However, totally agree with above advice about purchasing some sort of life/mortgage protection insurance.

I have a friend who only insured his life as he was the highest earner. The couple were in their early 30's.

Sadly, his wife died very suddenly and he still has to pay the mortgage, all bills etc. on his own as they didn't take out a joint life policy.

He used their savings to cover funeral costs. Luckily his parents have been really supportive but it's still a horrible situation to find yourself in when you're trying to cope with a sudden bereavement.

I hope you find a lovely home and remember to check out the neighbours

 

[Laura571]

Thank you I'm going to view the first one on Saturday, getting exciting now!x

 

[jemjem33]

Good luck!
We are about to move out of ours Thursday.
We haven't found anywhere else so fortunately someone is lending us their house until we find somewhere.
I am 4 month pregnant too!!!
We have had an offer accepted on one, survey done and awful so pulled out!
We have offered 4 different prices on one and each time they have refused, they are trying to get us to give them money for the rent if they move out sooner for us! I've told them sod off and retracted our offer! We were simply at our absolute max buying it anyway!
Basically I'm trying to tell you don't rush it! View it couple of time! Evening/weekend/night/morning to see where the sun & noise comes from.
I've lost count of what we have viewed and I'm refreshing Right Move every day!
BUT I know something will come along!x

 

[Mobile Manicure]

We bought our house based purely on location. We are on a wonderful street, walking distance to a fabulous village. The house itself (which we bought 5 and a half years ago) still needs a lot of work. We paid the maximum we could afford and over the years we have been doing bits to it, very slowly, as and when we can afford to. However, once it's finished it will be worth so much more than we paid for it as its in a very desirable street with a south facing garden.

My point being, that you also need to think about the future and the possible re-sale value. Will the house make you money or will you end up in negative equity?

 

[Teenyx]

Also, try to reign in your expectations. You won't get fabulous bathrooms, a designer kitchen and a large garden in a 250k starter home, the lovely stuff comes a bit further along the ladder.
.

A 250k starter home?! that's a price most people can only dream of.

First step is to see a financial adviser and make sure you can get a mortgage. Mine was a friend's mum and she said the number of people that go online and use the calculator, think they can borrow 150k, find their perfect house and then don't get accepted for the mortgage or the amount they anticipated.

For a first house I would suggest (if viable of course) not maxing out your budget so you still have money to have a social life and are able to have money for home improvements.