Buying your first property - how demoralising? - General Discussion

lemoncurd · 22-04-2007, 15:46

In just over two months, I have to leave the property I rent (been here 5 years now!), so I'm taking the opportunity to bite the bullet and get on the property market. I figure that if I don't do it now, I never will (I've been putting off for too long just because of the cost).

Well, I've been searching now for 4 weeks and still haven't found what I'm looking for. I've just spent the entire day driving around Bristol, looking at properties that fall within my price range and seeing if there are any other areas I'd consider. I'm aware it's all about compromise, and I am prepared to compromise (in fact, I *want* really badly appointed houses, because I figure I'm going to rip it all out and do it my way anyway!), but I'm just so bloody indecisive, I can't fathom exactly *what* I'll allow to give (commute time, space, no garden, parking, neighbours, no local pub

).

Arrrrgghh! Somebody make my mind up for me!

lc

ps. Anyone selling a house in Brizzle?

PamelaL · 22-04-2007, 15:48

Sorry can't help, long time renter here as well and have no idea about buying a house. Although I do know that buying one in the UK is something I'm never going to do.

Good luck though Lemoncurd.

Is Bristol expensive?

saggy1 · 22-04-2007, 15:52

Took me a year of looking and hating something about every property I looked at to find my home...I walked in and simply said "I could live here" and that as they say was that!Don't compromise on what you want if you have enough time to keep looking,in my experience it'll only leave you wanting to find somewhere else.

Good luck and I love the name of where you want to live!

PamelaL · 22-04-2007, 15:55

Here Lemoncurd I found you one.

This is nice.

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

paulyoung666 · 22-04-2007, 15:57

whatever you do , dont get just a 'valuation survey' done , get a 'warts and all ' survey done , that will cover all the problems you may not want to encounter

22-04-2007, 16:05

Quote:

Originally Posted by PamelaL

Here Lemoncurd I found you one.

This is nice.

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

Does that cat come with the house?

Agent Krycek · 22-04-2007, 16:05

4 weeks is no time at all, I've just finally sold a house to someone that's been on our books for well over 2 years - put it this way when she registered she was single, she moved into her house last weekend with husband and 9 month old child

Location is vitally important, try and not get put off by rubbish decor etc, see through it, although saying that most people will make their minds up within about 30 seconds of being in the house.

paulyoung666 is right, depending on the age of the property get your own survey done, it'll cost a bit, but it will flag up possible future problems, plus sometimes it can be used as a bargining tool in price negotitations.

grotbags1975 · 22-04-2007, 16:10

i think alot of first-time buyers are purchasing in the easier european markets and renting them out until they have enough cash to buy here

elena · 22-04-2007, 16:17

Yep, location I would say is the most important thing in some regards. The decor and suchlike can be tolerated until you're ready financially to put your own stamp on the property. Much more important is good area, good amenities etc.

If it were me I'd compromise on garden - perhaps make sure you've got an area where you can sit outside with people. But it's not me so it's really up to you.

lemoncurd · 22-04-2007, 16:29

Quote:

Originally Posted by PamelaL

Here Lemoncurd I found you one.

This is nice.

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

LOL! Thanks Pamela, but I've actually already looked at that one! (and noticed the cat)

Not quite the right area & already a bit too well done up!

Oh, and yes, Bristol *is* expensive!

etldlrl · 22-04-2007, 16:32

Quote:

Originally Posted by paulyoung666

whatever you do , dont get just a 'valuation survey' done , get a 'warts and all ' survey done , that will cover all the problems you may not want to encounter

Yes. You need a Full Structural Survey when buying a house. A Homebuyers Report is sufficient if it is a leasehold flat. If buying a leasehold flat make very sure that your solicitor checks that the block buildings insurance policy is OK, that there is a sinking fund for repairs and that repairs really are being done.

Other tips:

Remember that estate agents work for the seller, not for you. Treat them with suspicion. Do not let them rush you into anything.

Remember that the insurance salesmen does to estate agents or banks are scum. Refuse to talk to any "tied agent". Get your mortgage and insurance from a reputable independent broker or shop for yourself around and buy direct. If anybody starts talking about "interest only mortgages" or "endowment mortgages" with the implication that these are good things then punch them and leave.

These things always take longer than they say, so don't panic if the schedule slips a bit.

lemoncurd · 22-04-2007, 16:37

Quote:

Originally Posted by Agent Krycek

4 weeks is no time at all, I've just finally sold a house to someone that's been on our books for well over 2 years - put it this way when she registered she was single, she moved into her house last weekend with husband and 9 month old child

Location is vitally important, try and not get put off by rubbish decor etc, see through it, although saying that most people will make their minds up within about 30 seconds of being in the house.

paulyoung666 is right, depending on the age of the property get your own survey done, it'll cost a bit, but it will flag up possible future problems, plus sometimes it can be used as a bargining tool in price negotitations.

Yup, decor is *not* on the list of priorities. When I'm viewing houses, I'm thinking which wall could feasibly be knocked through, whether planning permission is likely etc. - all the things that a buyer *should* be considering. I've viewed some stinking hovels in which the previous tenant has keeled over and haven't been cleaned in 30 years, let alone decorated - and loved them! Unfortunately, what I've decided to max out on for that property hasn't been enough.
I am trying to keep very disciplined in the offers (I've done two so far) - basically, looking at what neighbouring houses have gone for in the last year, deducting costs to attain same level of appointment and then adding 5% for market adjustments......and steadfastly refusing to pay over what it's worth. I guess eventually, I'll get the right house at a fair price, I just seem to have exhausted everything thats on the market right now....
Oh, and yes - a full structural is a given.

lemoncurd · 22-04-2007, 16:42

Quote:

Originally Posted by etldlrl

Remember that estate agents work for the seller, not for you. Treat them with suspicion. Do not let them rush you into anything.

LOL, I'm sure Agent Krycek isn't at all suspicious, but yes, I am aware of where their priorities lie. The annoying thing is that a week ago, I'd found a lovely property in a good area (I did the commute in rush hour to check) fairly close to the city centre, and put in a very good offer, with instructions that I would be flexible for the elderly lady who was having to sell it to move to a retirement home (a previous deal had fallen through because some developers had tried to push her when she wasn't ready to move). The agent came back to me and said another, slightly higher offer had been submitted. I was suspicious and said I'd leave it at that. What do you know, a week later and they are still marketing it with no offers on.

elena · 22-04-2007, 16:48

Quote:

Originally Posted by lemoncurd

LOL, I'm sure Agent Krycek isn't at all suspicious, but yes, I am aware of where their priorities lie. The annoying thing is that a week ago, I'd found a lovely property in a good area (I did the commute in rush hour to check) fairly close to the city centre, and put in a very good offer, with instructions that I would be flexible for the elderly lady who was having to sell it to move to a retirement home (a previous deal had fallen through because some developers had tried to push her when she wasn't ready to move). The agent came back to me and said another, slightly higher offer had been submitted. I was suspicious and said I'd leave it at that. What do you know, a week later and they are still marketing it with no offers on.

Might be worth giving them a quick ring to see if it's still available? If they say yes you could always ask what happened.

Geeg · 22-04-2007, 16:55

I don't think I could ever deal with what seems an incredibly complicated and uncertain method of buying and selling houses in England.

22-04-2007, 17:00

You seem to be doing all the right things Lemoncurd so I guess you just need to be patient until the right property at the right price comes along.

You said you have to move out of our current home in just over 2 months. Have you got a contingency plan? It's highly unlikely, even if you find the perfect property tomorrow, that you will be able to move in in 2 months time and it would be awful if you ended up homeless

Hathor · 22-04-2007, 17:00

I looked at 30 to 40 houses. Then one day, I went through the front door of one, and I knew almost immediately 'this is the one'. Still happily here 8 years later

Inkblot · 22-04-2007, 17:39

Quote:

Originally Posted by etldlrl

Remember that estate agents work for the seller, not for you. Treat them with suspicion. Do not let them rush you into anything.

My experience as a seller is remember they don't work for you either. We were rushed into accepting an offer from a buyer, given misleading advice and when her offer fell through the agent took ages to find us a new buyer. Who mysteriously turned out to be the original one.

I haven't yet tried finding out how far I could throw an estate agent, but it would definitely be farther than I could trust one.

snuffle_-_uk · 22-04-2007, 18:07

Quote:

Originally Posted by paulyoung666

dont get just a 'valuation survey' done

i've heard those referred to as 'drive-bys'... lol

Agent Krycek · 22-04-2007, 18:11

Quote:

Originally Posted by lemoncurd

LOL, I'm sure Agent Krycek isn't at all suspicious, but yes, I am aware of where their priorities lie. The annoying thing is that a week ago, I'd found a lovely property in a good area (I did the commute in rush hour to check) fairly close to the city centre, and put in a very good offer, with instructions that I would be flexible for the elderly lady who was having to sell it to move to a retirement home (a previous deal had fallen through because some developers had tried to push her when she wasn't ready to move). The agent came back to me and said another, slightly higher offer had been submitted. I was suspicious and said I'd leave it at that. What do you know, a week later and they are still marketing it with no offers on.

Give them a ring, higher offers do come in, and a week later are withdrawn, although I'm a bit surprised that agents hasn't contacted you about it. I take it you did get written confirmation of your offer from the agents.

Best advice for a buyer, get to know the agents in the areas you're mainly looking, pop in regularly and phone them, try and build a relationship with them and so they know exactly what you're looking for. Then, when something suitable comes in, you should be one of the first names in their mind to get round the property, especially as you're in a great position to move. If my valuer comes back with a property, I'll always have 6 or 7 people off the top of my head who I know are looking for that sort of thing, and they're the first people I'll ring and get round there, because they've built up a relationship with me and I know exactly (as much as you can) what they want.

snuffle_-_uk · 22-04-2007, 20:37

Quote:

Originally Posted by etldlrl

If anybody starts talking about "interest only mortgages" or "endowment mortgages" with the implication that these are good things then punch them and leave.

interesting point. me and my friend have a joint interest-only mortgage.

long term, they're bad news because lots of peoples investments seem to be coming up short when it comes to paying up mortgages with the proceeds. however, over the short term (5 years) that i anticipate our particular houseowning 'project' will last, we wouldn't pay off very much of the mortgage by going onto a repayment mortgage. being on interest-only gives me a bit more monthly cash in my pocket, which i appreciate having. I don't have quite enough cash-flow month on month for a repayment mortgage, although i could just about squeak it if necessary.

if the market holds, we'll be able to pay the bank back easily. if the market drops, we'd be in trouble no matter what sort of mortgage we were on.

swingaleg · 22-04-2007, 20:46

Quote:

Originally Posted by Geeg

I don't think I could ever deal with what seems an incredibly complicated and uncertain method of buying and selling houses in England.

same here geeg..........I've been renting for around 30 years...........it's not the money involved, it's the hassle that's puts me off buying............

nadiasantos · 22-04-2007, 21:26

Quote:

Originally Posted by swingaleg

same here geeg..........I've been renting for around 30 years...........it's not the money involved, it's the hassle that's puts me off buying............

The hassle of buying lasts a few weeks.

The money wasted on renting is for your entire life.

At least mortgage money is something you can get back (or at least a proportion of it anyway).

Bought our first place in 1984 for £18000
Sold in 1988 for £57000.

The place we are in now was £81000 in 1999,now valued at over £220000.

I'd say that was worth a bit of hassle wouldn't you.

Of course its a bit difficult for first time buyers now to get a foothold in the market if they have ordinary jobs.

But I would advise anybody out there to keep away from the rental market unless absolutely necessary.

Its money lost forever

Somner · 22-04-2007, 21:30

Me and my girlfriend have been looking at properties in Birmingham for a few months now. Recently however we have decided we want out of the city and over the last couple of days we began to look at properties in my home village. We went to see a couple today and both have fell in love with one of them! We are so excited now but the only problem is she won't be in a position to buy for as what could be as little as two weeks or as much as two months.

A little OT, but some Estate Agents can be rather snobby! We're both 20 and we've had one who on walking into the office promptly said "Sorry we don't do lettings" and another who obviously thought we were a pair of time wasters and was very miserable with us during a viewing and very happy when the next (and older) couple turned up!

Well they'd be gutted to know they've just lost a customer who will be paying in 100% cash. Some people can be complete tossers.

nadiasantos · 22-04-2007, 21:33

Quote:

Originally Posted by Somner

Me and my girlfriend have been looking at properties in Birmingham for a few months now. Recently however we have decided we want out of the city and over the last couple of days we began to look at properties in my home village. We went to see a couple today and both have fell in love with one of them! We are so excited now but the only problem is she won't be in a position to buy for as what could be as little as two weeks or as much as two months.

A little OT, but some Estate Agents can be rather snobby! We're both 20 and we've had one who on walking into the office promptly said "Sorry we don't do lettings" and another who obviously thought we were a pair of time wasters and was very miserable with us during a viewing and very happy when the next (and older) couple turned up!

Well they'd be gutted to know they've just lost a customer who will be paying in 100% cash. Some people can be complete tossers.

I think an Estate Agent would be more than happy to let a cash buyer go..

Not only will they lose out on a possible commission for arranging a mortgage they will also lose out on a life insurance policy too.

Only the seller would be thankful for the cash sale as there was no chain

22-04-2007, 15:46	#1
lemoncurd Forum Member Join Date: Nov 2002 Gender: Male Location: Bristol Services: Freeview (Fusion FVRT200 DVR); BeUnlimited 8Mb Posts: 23,335 Blog Entries: 1	Buying your first property - how demoralising? In just over two months, I have to leave the property I rent (been here 5 years now!), so I'm taking the opportunity to bite the bullet and get on the property market. I figure that if I don't do it now, I never will (I've been putting off for too long just because of the cost). Well, I've been searching now for 4 weeks and still haven't found what I'm looking for. I've just spent the entire day driving around Bristol, looking at properties that fall within my price range and seeing if there are any other areas I'd consider. I'm aware it's all about compromise, and I am prepared to compromise (in fact, I want really badly appointed houses, because I figure I'm going to rip it all out and do it my way anyway!), but I'm just so bloody indecisive, I can't fathom exactly what I'll allow to give (commute time, space, no garden, parking, neighbours, no local pub ). Arrrrgghh! Somebody make my mind up for me! lc ps. Anyone selling a house in Brizzle?

22-04-2007, 15:48	#2
PamelaL Forum Member Join Date: Jun 2004 Location: Worcestershire Posts: 55,230	Sorry can't help, long time renter here as well and have no idea about buying a house. Although I do know that buying one in the UK is something I'm never going to do. Good luck though Lemoncurd. Is Bristol expensive?

22-04-2007, 15:52	#3
saggy1 Forum Member Join Date: Oct 2006 Location: The 'cathouse' Posts: 4,187	Took me a year of looking and hating something about every property I looked at to find my home...I walked in and simply said "I could live here" and that as they say was that!Don't compromise on what you want if you have enough time to keep looking,in my experience it'll only leave you wanting to find somewhere else. Good luck and I love the name of where you want to live!

22-04-2007, 15:55	#4
PamelaL Forum Member Join Date: Jun 2004 Location: Worcestershire Posts: 55,230	Here Lemoncurd I found you one. This is nice. http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

22-04-2007, 15:57	#5
paulyoung666 Forum Member Join Date: Jul 2005 Gender: Male Services: virgin 10 mb bb , sky HD Posts: 5,556	whatever you do , dont get just a 'valuation survey' done , get a 'warts and all ' survey done , that will cover all the problems you may not want to encounter

22-04-2007, 16:05	#7
Agent Krycek Forum Member Join Date: Feb 2004 Location: Stalking David and Jake Services: Whatever David or Jake require Posts: 21,297	4 weeks is no time at all, I've just finally sold a house to someone that's been on our books for well over 2 years - put it this way when she registered she was single, she moved into her house last weekend with husband and 9 month old child Location is vitally important, try and not get put off by rubbish decor etc, see through it, although saying that most people will make their minds up within about 30 seconds of being in the house. paulyoung666 is right, depending on the age of the property get your own survey done, it'll cost a bit, but it will flag up possible future problems, plus sometimes it can be used as a bargining tool in price negotitations.

22-04-2007, 16:10	#8
grotbags1975 Banned User Join Date: May 2006 Location: notts Services: sky/ntl Posts: 3,187	i think alot of first-time buyers are purchasing in the easier european markets and renting them out until they have enough cash to buy here

22-04-2007, 16:17	#9
elena Forum Member Join Date: Jun 2004 Location: London Posts: 11,621	Yep, location I would say is the most important thing in some regards. The decor and suchlike can be tolerated until you're ready financially to put your own stamp on the property. Much more important is good area, good amenities etc. If it were me I'd compromise on garden - perhaps make sure you've got an area where you can sit outside with people. But it's not me so it's really up to you.

22-04-2007, 16:55	#15
Geeg Forum Member Join Date: Nov 2002 Location: Here, There and Everywhere Posts: 18,344	I don't think I could ever deal with what seems an incredibly complicated and uncertain method of buying and selling houses in England.

22-04-2007, 17:00	#16
poppyholiday Posts: n/a	You seem to be doing all the right things Lemoncurd so I guess you just need to be patient until the right property at the right price comes along. You said you have to move out of our current home in just over 2 months. Have you got a contingency plan? It's highly unlikely, even if you find the perfect property tomorrow, that you will be able to move in in 2 months time and it would be awful if you ended up homeless

22-04-2007, 17:00	#17
Hathor Forum Member Join Date: Nov 2004 Location: Babylon and Ting Services: I reject your reality, and substitute my own! Posts: 8,957	I looked at 30 to 40 houses. Then one day, I went through the front door of one, and I knew almost immediately 'this is the one'. Still happily here 8 years later

22-04-2007, 21:30	#24
Somner Forum Member Join Date: Aug 2006 Posts: 3,170	Me and my girlfriend have been looking at properties in Birmingham for a few months now. Recently however we have decided we want out of the city and over the last couple of days we began to look at properties in my home village. We went to see a couple today and both have fell in love with one of them! We are so excited now but the only problem is she won't be in a position to buy for as what could be as little as two weeks or as much as two months. A little OT, but some Estate Agents can be rather snobby! We're both 20 and we've had one who on walking into the office promptly said "Sorry we don't do lettings" and another who obviously thought we were a pair of time wasters and was very miserable with us during a viewing and very happy when the next (and older) couple turned up! Well they'd be gutted to know they've just lost a customer who will be paying in 100% cash. Some people can be complete tossers.