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Buying a house tips please

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6y, 4m agoPosted 6 years, 4 months ago
Hi I'm fed up of renting and have saved up about 20grand so am gonna buy a house...

I've read a lot of stuff on moneysavingexpert but wondered if anyone here had any tips they want to share, for example if you have recently bought a house and discovered something in the process that you wish someone had told you about.

Even just one tip if you think it useful to a noob please post it, I'd be awesomely grateful!

I'm thinking of spending about 90k ish which should get me a nice end terrace or an ok semi detached so far as I can tell from looking at rightmove.co.uk.
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6y, 4m agoPosted 6 years, 4 months ago
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#1
main tip from is is to work out the length of mortgage you want (25 or 30 years etc) then work out what you can afford to pay in total each month including all bills. work out how much the bills will be (mine roughly 300) then what your left with mortgage payment. make sure you can pay it all comfortably
banned#2
Check the wall plaster is in good nick by tapping various points and listening for hollow points. The wall paper might just be holding the house up.

Don't look at one house and get your hopes up. The seller pulled out on day of signing losing us about £1k in fees.
#3
Our first house we bought was a terrace house, it was done up by a builder, beware! they know all the tricks of the trade. This house was full of anaglypta wall paper, when we took it off to redecorate, the walls came tumbling down! they had to be rescreeded. All the windows were painted shut! we had to have all windows and doors replaced. We were only 20 in 1983, didnt know what we were doing, although glad we got on the property ladder. So watch out for a place done up by a builder!

If you get a flat, always check if you have ground fees, management fees to pay per year, ie, for maintenance on your roof which is shared with others, or maintenance of garden, maintenance on new security system etc. I knew someone who had a flat but had to pay these things because all the other tenants voted for a new security system to be put in and so she had to pay her share. The roof needed repair, so although she was below tenants who had the roof, she still had to pay.

Good luck!
banned#4
work out what you can afford using an interest rate higher than current rates as they are bound to go up a fair bit in the mortgage term
#5
Take out Redundancy cover with mortgage ;)
#6
csiman
work out what you can afford using an interest rate higher than current rates as they are bound to go up a fair bit in the mortgage term


+1... Very good advice, interest rates are at a record low at the moment, they will go up in the future, budget for that event.
#7
Never Chase after a house.
Always start with a cheeky offer first.. then move upwards..
Start with at 20%-30% =below listing price is a good start

Use house price website to finds its market value..

Edited By: keluar on Aug 02, 2010 11:43: addition
#8
I'm on my 3rd house now and the advice i'd give you is .... location, location, location:-

The house i'm in now needs a lot of TLC, i've still got woodchip wallpaper but the area is absolutely amazing. I plan to stay a long time 8+ yrs so for me it's worth investing in the property. It's easy to renew plumbing, electrics, kitchen, etc., but you can't change the area.

Things that I found helpful were:-

Drive round the area - all times of the day and night to see what happens in the neighbourhood. You don't want a mini ASBO hotspot on your doorstep!

Look at the neighbours gardens front and back when viewing a house, do they care about their own property. It's helpful to think in the long term of when you move from the same house, if the neighbours take care of their property it'll make your house look nicer and hopefully get more offers/buyers.

Is it on a busy corner - nightmare for getting in/out of your drive.

Check the postcode on Your text here lots of useful tips on there.

Think about the sun on the property - south facing backgarden usually means really dark in the front part of the house. North facing gardens - hardly any sun. North east - sunshine from morning to early evening (depending on how close neighbouring properties are you might lose the sun around 4pm).
#9
kirsty and phil always say a first house u should be able to make money back on. so look for something with the potential for u to change it to add value.

although personally...bleurgh....would hate to do the work!
#10
I would say don't be instantly put off if an area has a bad reputation, I would never have dreamed of living where I do now a few years ago because of the areas rep, but times were hard and so we looked at some house around here and were suprised to find that people had made an effort to improve the area and all the bad people had long since gone but sadly the rep had lived on (they are even planning on renaming the area to get rid of the rep - can't see that working but hey ho)

Anyway as a result got a 3 bed house for a crazily low montly mortgage and used some spare cash to do it up, been there 9 months and prices have almost doubled in value.

We now pay half what we were paying in rent for a flat and we have a house with a garden and have had no problems with neighbours whatsover.
#11
magicbeans
kirsty and phil always say a first house u should be able to make money back on. so look for something with the potential for u to change it to add value.

although personally...bleurgh....would hate to do the work!


What do they know?, they are just a pair of plonkers.
#12
dcx_badass

20-30% you having a laugh. 6% is the max drop we're prepared to take on ours. Tell someone to get lost if they offered a 10% drop, nevermind 20 or 30.


A house, like anything is worth what anyone is willing to pay for it.

Some sellers are desperate to sell.
#13
You are very lucky, the area I was in declined in the 5 years I was there. My new neighbours also used to also live in there and they moved out 15 years earlier as they could foresee it worsening.



Edited By: mrsj2008 on Aug 02, 2010 13:05: name
Edited By: mrsj2008 on Aug 02, 2010 13:06: ....
#14
Get your mortgage in place (at least a confirmed offer) first so you know exactly what you can afford. You will need approx 20% deposit. Don't go for "interest only" as none of the loan will be repaid and 10 years down the line you'll still owe what you borrowed and your house may not have gone up in value. Too may people think the house value will go up or their salary will increase so they can change it to a repayment later but there are no guarantees that this will happen. Overpay if you can, even £25 a month can knock months off the term.

The Nationwide are usually more competitive than the High St banks as they are a building society so don't have to pay shareholder dividends.
#15
magicbeans
kirsty and phil always say a first house u should be able to make money back on. so look for something with the potential for u to change it to add value.

although personally...bleurgh....would hate to do the work!


Phil the bankrupt you mean....
#16
Do you have children?
check out local amenities, parks, schools

Get full address of property and get some home/car insurance quotes before you buy so no nasty surprises, on the property itself, make sure you view at all times of day, morning, afternoon, night etc and also weekends,if happy i would offer a bid 10% below asking,(subject to satisfactory survey) i call this an exploratory bid myself lol and has recently worked for me, if the survey details problems you or agent where not aware of then try and negotiate further on price to allow for repairs,also when viewing a house, take a pal or 2 with you, the more sets of eyes scanning a property the better
#17
tallpete33
magicbeans
kirsty and phil always say a first house u should be able to make money back on. so look for something with the potential for u to change it to add value.

although personally...bleurgh....would hate to do the work!


Phil the bankrupt you mean....


:{ o wow!!!
#18
should think of your first house as an investment... so you can upgrade to a nicer place in future..
Just remember, your first house should never be your last house

Edited By: keluar on Aug 02, 2010 21:00: addition
#19
you can source your own mortgage online, source your own life insurance ( you MUST have this when you have a mortgage) , Source your own income protection online. ( again you MUST have with)


When you say MUST I assume you mean should? Because you don't have to have life insurance to get a mortgage, I was told that you do but when it came to sorting it all out there was no mention whatsoever about having to have it, I never proved that I did or didn't have it and the Halifax never asked. It was only the adviser at the estate agents that told me I had to have it.
(As it happens turns out I get it through work so didn't need to set it up myself but I didn't find that out until I had bought and moved into my new house.)
#20
very good tips

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