Viewed first house tonight - FTB

[mechsympathy]

parakitaMol. said:

.....you might miss in your excitement and be more inclined to have a rose tinted view.

Particularly as this is the first house you've looked at and presumably you're excited about getting your first place together.

Luke Pearson said:

Its just been dropped by approx 30k and we may make an offer which is around another 15 - 20k below that. The owner currently has no mortgage on the property and has also not been living in it for the past 8 months.

As ive never done this before, is this a wise idea or going in too low, as we have had a mortgage offer and of course have no upper chain.

ETA: House was dropped to £150k [if this makes any difference to you lot]

You (hopefully) have done lots of research and know whether this is a good deal or not. If they've just dropped the price though they might find it hard to swallow a further drop. Alternatively they might be realistic now.... Either way you can't start too low IMO.

If they own it outright but haven't lived there for 8 months then have you found out why?

[mouseymousey]

parakitaMol. said:

mouseymousey said:

Do most first time buyers get their parents to give prospective houses the once over then?

Ignore this type of comment.

It is a good idea to take someone with you if you've not bought a house before. The agent will be simply interested in the sale and not your long term wellbeing.

Parents will give good advice and support, if not parents then a freind who has maybe owned a few houses. First time buyers may not have the experience to notice things that could cost them a large amount of money in the first couple of years or things about the external location / poisition of property that you might miss in your excitement and be more inclined to have a rose tinted view.

Good luck.

It was a question, not a comment.

I didn't know of anyone, before this thread, that had done that. If you do your research enough then I don't see why it's needed, that's all.

[Luke Pearson]

sgathore said:

Was it being rented in those 8 months the owner wasn't there, or just completely empty?

Nope been completely empty as far as im aware of, apparently the owner has moved in with their partner.

[Luke Pearson]

NoelWatson said:

Luke Pearson said:

We have a healthy deposit,

How much is healthy? 40%?

Urm around about 20% but that was in december when they wanted a min of around 15% but that offer lasts untill end of feb time.

Although we are going in again in a few weeks as now the rates are lower.

[Mike400]

mouseymousey said:

parakitaMol. said:

mouseymousey said:

Do most first time buyers get their parents to give prospective houses the once over then?

Ignore this type of comment.

It is a good idea to take someone with you if you've not bought a house before. The agent will be simply interested in the sale and not your long term wellbeing.

Parents will give good advice and support, if not parents then a freind who has maybe owned a few houses. First time buyers may not have the experience to notice things that could cost them a large amount of money in the first couple of years or things about the external location / poisition of property that you might miss in your excitement and be more inclined to have a rose tinted view.

Good luck.

It was a question, not a comment.

I didn't know of anyone, before this thread, that had done that. If you do your research enough then I don't see why it's needed, that's all.

For us it was because we were scared of buying the house with our hearts and not our heads - we had fallen in love with the place, pictured the way we wanted everything and as a result didnt feel in a position to decide on a rational basis. My folks had a look around and didnt see anything we hadnt - so in hindsight we didnt need them really, but it was just nice someone else confirming what we thought about the place.

Still there near five years later, and still love the place.

[NoelWatson]

Luke Pearson said:

NoelWatson said:

Luke Pearson said:

We have a healthy deposit,

How much is healthy? 40%?

Urm around about 20% but that was in december when they wanted a min of around 15% but that offer lasts untill end of feb time.

Although we are going in again in a few weeks as now the rates are lower.

My concern is that unless this is a mortgage deal of a long duration, it may be tricky when you come to remortage (although SVR rates aren't too bad (at the moment))

[sleep envy]

mouseymousey said:

If you do your research enough then I don't see why it's needed, that's all.

research is not substitute for experience

[scotal]

sleep envy said:

mouseymousey said:

If you do your research enough then I don't see why it's needed, that's all.

research is not substitute for experience

He's right you know.

[Dakkon]

mouseymousey said:

Do most first time buyers get their parents to give prospective houses the once over then?

I took my Dad on the second viewing of my first house for the same reason as the OP, my Dad has a lot more experience buying houses and will view from the head rather from the heart.

[sleep envy]

besides, even though I've more knowledge of property in my little finger than both my parents combined I still like to involve them in my life - they appreciate it

for me there is no stigma

[scotal]

Luke Pearson said:

NoelWatson said:

Luke Pearson said:

We have a healthy deposit,

How much is healthy? 40%?

Urm around about 20% but that was in december when they wanted a min of around 15% but that offer lasts untill end of feb time.

Although we are going in again in a few weeks as now the rates are lower.

Who are you using? Are you tied to that particular lende? Do you really have an offer or an AIP?
(They arent the same thing)

I hate agreeing with Noel (he's a miserable bd you see) but what sort of duration are you looking at on the incentive? Can you afford the mortgage if rates are rising when you come to the end of the incentive?

[scotal]

sleep envy said:

besides, even though I've more knowledge of property in my little finger than both my parents combined I still like to involve them in my life - they appreciate it

for me there is no stigma

Knock it off, you're just after your families secret ragu recipies, passed on by word of mouth since time immemorial.

[2something]

scotal said:

sleep envy said:

mouseymousey said:

If you do your research enough then I don't see why it's needed, that's all.

research is not substitute for experience

He's right you know.

I have to agree, after buying a couple of places I now look for a lot of things that would never have crossed my mind first time around. Taking along a builder you know and trust isn't a bad option either, they are very good at spotting work that needs done and can give you a rough price

Edited by 2something on Friday 9th January 09:31

[sleep envy]

scotal said:

Knock it off, you're just after your families secret ragu recipies, passed on by word of mouth since time immemorial.

already got them

I'm after my dad's Browning 12 bore

[scotal]

sleep envy said:

scotal said:

Knock it off, you're just after your families secret ragu recipies, passed on by word of mouth since time immemorial.

already got them

I'm after my dad's Browning 12 bore

The mean streets of Tottenham getting a bit tough?

[sleep envy]

'Nam maaaaan!!

you'll never know, you weren't there!!!

[richyb]

dave_s13 said:

jimbo65 said:

mouseymousey said:

Do most first time buyers get their parents to give prospective houses the once over then?

No

I did. It's a good idea if you've no idea about central heating, windows, roofs, loft insultion, surface drainage, fascia boards, rendering, wiring, gutters....etc etc etc

All things that I used to get a fair chunk knocked off my house with help of my dad (who's a QS).

Bit like buying your first car, much better to take a second pair of more experienced eyes.

I think taking someone else with you who knows what they are doing has got to be a good thing. Its very easy to get excitable when you view a new place/car so a knowledgable friend/family to keep you grounded.

[Nolar Dog]

I'd offer 110k insisting it's all I can afford but clearly reminding them of my excellent position of a mortgage offer and no chain.

Good luck!

[scotal]

Nolar Dog said:

I'd offer 110k insisting it's all I can afford but clearly reminding them of my excellent position of a mortgage offer and no chain.

Good luck!

Dpends how much they want the house. Ifthey say this is as far as we can go, and then get turned down, the op is going to look a bit foolish going back with a higher offer.
Save the "I've begged stolen and borrowed a bit more" for the second and final offer.

[Luke Pearson]

thinfourth2 said:

go view a few more to see if they are also perfect or maybe a bit more perfect. Viewing one house only is madness

Oh yeah of course, we are viewing another 2 saturday