first time property buyer

[Amazin]

Any tips and advice would you give to someone buying their first property? Someone mentioned that the government is helping first time buyers?

 

[vvaannmmaann]

https://www.gov.uk/affordable-home-ownership-schemes/overview

 

[Davek0974]

Make sure you have plenty of headroom in your mortgage repayment ability, the interest rates are silly but wont always be so.

Get a structural survey.

Good luck

 

[Steve Sellers]

The government is helping first time buyers alright. Helping first time buyers to buy overpriced new build houses, and lining the pockets of building companies whilst placing young people straight into negative equity. Total fiddle if you ask me!

 

[rayvellest]

Well, I don't own a property myself, but I'm hoping to get on the property ladder soon, and I what I'm trying to do is to gather as much information as I can about the topic. The best help you can get is the one you give to yourself, take everything you hear with a grain of salt and always double check what people tell you against other sources of information.

 

[owas]

We are desperate to buy our first home, and with paying £550 a month rent, and never missed / delayed one payment for a small three bed in North Wales I am sure we can afford one. The problem though is getting the deposit together. But i have heard the principality are doing 95% mortgages. I was wondering if someone with cash to spare, lending us the deposit, for either re-payments, or a share in the property, would be this be seen as long term investment?

 

[Talay]

The government is helping first time buyers alright. Helping first time buyers to buy overpriced new build houses, and lining the pockets of building companies whilst placing young people straight into negative equity. Total fiddle if you ask me!

I agree but the trade off is worth it.

Say you pay £500,000 for a property which in truth is worth little more than £400,000. Over time you will claw back this £100k and more but if you cannot get on the property owning bandwagon, you will be stuck in rentals as the house prices move ahead without you.

It is not for those wanting to trade in after only a couple of years but for final house purchases or if you are prepared for a decade or more then the madness actually makes sense.

 

[Matt1959]

blimey you're optimistic - overpay by £100K and claw if back through rising prices after 10 years???!!! There are some that say they aint stopped falling yet...I dont disagree with help for purchases but make it for established properties not new builds. For every Government incentive, they'll be private companies taking advantage of them for their own ends...

 

[Amazin]

are there any signs of the market fallings yet? I don't think it matters thats much in London because the price is going up 5% per year? Is the old houses better than the new ones?

I have a budget of £300k and ideally with off street parking but its challenge considering the budget and location.

http://www.bairstoweves.co.uk/buy/p...se-in-london,e15-for-gbp-299,950-ref-2100704/

that looks good

 

[Beachcomber]

http://www.bairstoweves.co.uk/buy/p...se-in-london,e15-for-gbp-299,950-ref-2100704/

that looks good

At first glance what instantly springs to mind is:

- Looks like there could be a partial flat roof. These can be an ongoing nightmare if they have had bodge after bodge on them. Make sure you get a very good idea of it's condition.

- Kitchen extension. Is it single skin or cavity wall? Our first house was very similar and the kitchen / bathroom extension on that was always freezing cold and damp.

Other than that I'd check the state of the electrics / consumer unit (fuse box) quantity and position of sockets and whether you can handle that decour without suffering migranes.

 

[businessfunding]

To OP

In addition to deposit, you need to be very clear on up-front costs and affordability

On the house you linked, if you pay the asking price, stamp duty will be £9,000

Then you need to factor in survey costs (would certainly go for full survey on this type of property) legal fees (including searches etc) and preliminary repairs required - you mortgage provider might retain cash against some work being undertaken.

Depending on your situation, you might also need to immediately buy white goods, curtains etc and possibly furniture

These costs add up more than you think...

 

[tony84]

Do your research, if your looking at a new area. Drive round there in the day and at night.
Do not trust the estate agent as far as you can throw them and do not use their mortgage advisor - if their advisor knows you can afford a £300k mortgage... so does the estate agent. You will find it harder to haggle the price lower.

There is a new govt scheme that can help if you have a 5% deposit.

 

[Steve Sellers]

There is a new govt scheme that can help if you have a 5% deposit.

Which one is that Tony?

 

[tony84]

Take your pick...
https://www.gov.uk/affordable-home-ownership-schemes/overview

There are also schemes if your in certain occupations - the army for instance has Equity loans available and "Long Service award of pay" which can be used to fund a deposit.

 

[Amazin]

Thanks Tony.

what do you all think of this property? It is very attempting because of the off road parking space

http://www.zoopla.co.uk/for-sale/details/28322085?search_identifier=47af7fd767b518f09cde6bfadb56f1a1

thats relatively new property right?

 

[Steve Sellers]

Wow a house like that in Hull would cost 60k ish. Crazy prices in London.

 

[Amazin]

Wow a house like that in Hull would cost 60k ish. Crazy prices in London.

are you suggesting that house is crap?

 

[Steve Sellers]

are you suggesting that house is crap?

Erm no. I am suggesting a price band i would expect to pay for a similar house in Hull. That does not mean it is "crap".

 

[greengecko]

Erm no. I am suggesting a price band i would expect to pay for a similar house in Hull. That does not mean it is "crap".

Up North is always going to be cheaper, although I believe the cheapest properties in the UK are in Wales.

 

[User_is_Online]

My property tips would be get a survey, put largest deposit down you can and try to buy in an up and coming area. Someone mentioned that Battersea area is getting redeveloped, new tube line and Amercian Embassy is moving over that direction....

 

[Root 66 Woodshop]

pfft..

This is what you want mate

http://www.pearsonferrier.co.uk/commercial-featured/horncliffe-mansions/

Classic!

 

[Amazin]

help! I viewed this 5 bedroom property in Plaistow and I love it. Unfortunately 2 of the bedrooms are loft conversions. Someone told me that the problem with that is they are not properly insulated. In winter the bedrooms in the loft will be very cold. Is that actually true?

 

[trebor8]

I'm no techie but heat rises.
I find loft conversions to be the warmest rooms in the house and during summer nights can be too stuffy

 

[Davek0974]

I'm no techie but heat rises.
I find loft conversions to be the warmest rooms in the house and during summer nights can be too stuffy

Yep, my parents have a loft room, it used to be a bedroom but was very stuffy most of the year, unbearable in the summer. Must have at least one opening roof window or it will be unbearable.

 

[Amazin]

thank you so much guys! what a relieve to know! will come back if I have more questions

 

[BizGurl]

pfft..

This is what you want mate

http://www.pearsonferrier.co.uk/commercial-featured/horncliffe-mansions/

Classic!

That is gorgeous!

 

[BizGurl]

You wanna get yourself up north man, you get yourself a nice 5 bed detached house complete with gardens and garage in a nice area with that budget.

 

[Root 66 Woodshop]

We use to investigate Horncliffe Mansion when it was a Restaurant. The previous owner was extremely interested in what we were able to discover.

Even more interestingly, when she bought the property some 15-16 years ago it wasn't in as bad a state as it is now, but all the walls were plasterboarded throughout. She decided to take it all off and was amazed at what the plasterboards were hiding.

About 75% of the home had baby blue walls with white cherubs all over it, the ceiling was absolutely amazing with a similar design.

One of the rooms in the back was all oak panelled and she decided to use it as the "gentleman's smoking room".

Another room she decided to call the "sunflower room" mainly because it faced the garden (which funnily enough had sunflowers growing in it ) and was a right lil suncatcher...

After two years of owning the property and running the restaurant a family member brought to her an early Christmas present... it was the original plans of the property... The plans clearly showed "Sunflower Room" and "Smoking Room".

Unfortunately though, the current owner had a bit of a hissy fit, when refused planning permission to turn the conservatory into a swimming pool he decided to leave the property alone, squatters, kids, thieves totally destroyed the internals of this once amazing location.