First time home buyer - what to look out for?

[Metamorfosis]

I'm hoping to get my foot on the property ladder shortly, having only ever rented privately before I'm a but clueless and wondered if any geeks have recently bought a house (or ever, I suppose) and could guide me a little. What to look put for etc thanks in advance, Kate x

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[Mobile Manicure]

I'm hoping to get my foot on the property ladder shortly, having only ever rented privately before I'm a but clueless and wondered if any geeks have recently bought a house (or ever, I suppose) and could guide me a little. What to look put for etc thanks in advance, Kate x

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TIP 1.

Location, location, location. Make sure that whatever you buy is re-sellable. My brother in law bought a private house next to a council estate. He has had it on the market for 5 years. No one wants it because of the location.

 

[alexno4]

Go see a couple of mortgage brokers for free advice to see how much you can borrow, I found they overestimated how much I could get and it was a tough time getting a mortgage to borrow the money I needed once I found my house.

 

[Metamorfosis]

Thanks, I'm hoping to avoid the mortgage thing and pay in full, which will probably mean compromising slightly on area but not too much I hope. Got lots of places to look at but they don't seem to be what I'm after yet

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[sallyyummymummy]

See an independent financial advisor. We have one and she has saved us a small fortune! Make sure whatever you do you have a proper survey done. It may seem expensive but its better to have peace of mind that theres no major problems with the house.

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[Amandahartly]

You'll be on a high interest rate at forts as all first time buyers are....try & find a 2 year fixed rate. We could only find 5 year so we've been paying nearly 6% which is extortionate. My friends have bought houses since & had 2 years & been able to remortgage & get a good 2% (thereabouts) rate afterwards x


HairBy Amanda

 

[Metamorfosis]

I'm not getting a mortgage so won't need to worry about that but will definitely get a survey done, thanks

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[dandelionpoppy]

Get some financial advice; you may find it's better to get a mortgage and invest your lump sum. Hope it goes well!

 

[sallysally]

If you are a first time CASH buyer you are in a very fortunate position where as you will be able to negotiate on really good price as there is no risk of you not been able to get a mortgage and pulling out the chain.things will move quicker too with the buying process.

Have a look at surrounding properties (of the houses you are interested in)on right move and what they sold for in recent years so you know you are paying above the odds

You may even want to consider repossession properties at auctions too as they are always a lot lower in price as the bank just want them sold regardless of the price.

Maybe even consider a run down property you could modernise and do up then double your money in the future if you sell.

If you can avoid a mortgage that would be great but I wouldn't comprise on the right property for the sake of a small mortgage.

If you have got 100% equity then my main concern would be not to lose it if you should sell in the future by buying a new build as they generally do drop in price.

 

[Teenyx]

TIP 1.

Location, location, location. Make sure that whatever you buy is re-sellable. My brother in law bought a private house next to a council estate. He has had it on the market for 5 years. No one wants it because of the location.

I'm pretty sure that you mean that it's not a great area but from the way you've put it sounds a little snobby. Obviously every location is different and some estates are worse than others.

I bought an ex-council house three years ago and most of the houses are privately owned. Never had any trouble. Probably doesnt apply to OP but ex-council houses can be a good investment.

 

[Teenyx]

Also congrats at being able to 100% fund it yourself

 

[Kristalinx]

Go for the best location and most expensive property you can afford. It will make re selling should you choose to that much easier if your house is really desirable.
Also be very wary of new builds, my cousin is stuck in a teeny little house that she cant sell because it was so highly priced as a new build.

 

[Metamorfosis]

I like the idea of buying at auction and renovating, that's what my partner does so he would do all the work. Has anyone had any experience of this?

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[Lusciouslocks]

Me and my boyfriend have just bought our first house, we have bought it from a part exchange company who buy the houses of people who are buying one of there new builds so they can commit to buying. We got a real good deal on a 3 bedroom house, the only down side is we have to wait till august to move in, so there new house will be built. All paperwork has been exchanged and we just loved it so much. Just hate waiting....

Anyway my point is you can get a real good deal buying this way because that dont want to keep hold of the houses they buy off there clients and because there already making big profit off the new house they've sold they can sell the house for cheap!


LusciousLocks&Me

 

[Mobile Manicure]

I'm pretty sure that you mean that it's not a great area but from the way you've put it sounds a little snobby. Obviously every location is different and some estates are worse than others.

I bought an ex-council house three years ago and most of the houses are privately owned. Never had any trouble. Probably doesnt apply to OP but ex-council houses can be a good investment.

No, I'm not being snobby. The council estate he is near is notorious for trouble. There are some other council estates nearby which you wouldn't even know are council estates. I'm not tarring all council estates with the same brush. It's just not wise to pay premium for a private house 3 doors down from hell's waiting room. My point is "LOCATION" and know your area.

 

[lila22]

No, I'm not being snobby. The council estate he is near is notorious for trouble. There are some other council estates nearby which you wouldn't even know are council estates. I'm not tarring all council estates with the same brush. It's just not wise to pay premium for a private house 3 doors down from hell's waiting room. My point is "LOCATION" and know your area.

I agree, there was a couple of new developments in Newcastle near a council estate and was tarred with the fact it's a council estate!
Silly really as I lived in a council area until I was four, then moved to quite a posh area and my mum always said how much nicer, more welcoming the people were from the council estate.
They lived in the posh area for 30 years in the end and never got a leaving card or good luck off any of the neighbors when they left!!xx

 

[Teenyx]

No, I'm not being snobby. The council estate he is near is notorious for trouble. There are some other council estates nearby which you wouldn't even know are council estates. I'm not tarring all council estates with the same brush. It's just not wise to pay premium for a private house 3 doors down from hell's waiting room. My point is "LOCATION" and know your area.

Yeah that's why I said it was the way you had written it.

I agree, there was a couple of new developments in Newcastle near a council estate and was tarred with the fact it's a council estate!
Silly really as I lived in a council area until I was four, then moved to quite a posh area and my mum always said how much nicer, more welcoming the people were from the council estate.
They lived in the posh area for 30 years in the end and never got a leaving card or good luck off any of the neighbors when they left!!xx

The older council estates are more than likely to be privately owned as people bought them back when. plus side is council tax is normally quite low

 

[sallyyummymummy]

I like the idea of buying at auction and renovating, that's what my partner does so he would do all the work. Has anyone had any experience of this?

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Before we got together my partner bought our house that needed completely renovating. We got together 6 months into the renovation - that much needed doing that it took 18 months but saying that he did most of it weekends & evenings after work. But if your other half is going to do it hopefully it won't take as long. But the plus was that he made a really good profit when we sold last year enabling us to buy the house of our dreams that we'll be moving into in hopefully june.

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[gillian w]

Don't buy anywhere near a river