Buying a House

[Amy SF]

Just a general point but one thing I would do if I was buying a smaller house is to get a builder or carpenter in to build some storage as a lot of the more modern or new build houses in the UK can have inadequate storage.

The more storage, the better. In fact, the more built-in storage you have, the less furniture you'll have to buy. Probably cheaper in the long run to have closets and drawers added than to buy furniture, unless you can get some good deals on used furniture. If you end up moving to a different house, the furniture you take with you may not work in its new home, which means having to sell it and replacing it with new furniture. Built-in cabinets would obviously be better.

Of course, there are those who get a great deal of enjoyment out of having certain pieces of furniture in their home as attractive and unique showpieces, so this is just my own opinion about storage.

 

[RascalsMom]

Don't be afraid to ask. Remember, the worse that can happen is the seller counter offers or says no. In my offer, I asked them to pay all closing costs and to leave a riding lawn mower that was on the back patio.

 

[flyingsnail]

^It is usually better to buy than rent over here as house prices have been increasing dramatically in recent years in certain parts of the UK. My house would be almost double the cost if we were renting it.

Unless you are speculating on future appreciation, in general, a big boom in real estate prices often results in a situation where its cheaper to rent. In the major metro areas in the US, its often cheaper to rent than own. Not sure how it works out in the UK.

 

[Andy_T]

If you end up moving to a different house, the furniture you take with you may not work in its new home, which means having to sell it and replacing it with new furniture. Built-in cabinets would obviously be better.

But, furniture you can take with you. The built-in cabinets you can not.
E.g. in a kitchen, it can make sense to buy an additional free-standing kitchen cabinet that you can take to a future house (granted, much less of an issue when buying then when renting, as you might not envisage to move again soon).

 

[shyvas]

^It is usually better to buy than rent over here as house prices have been increasing dramatically in recent years in certain parts of the UK. My house would be almost double the cost if we were renting it.

The successive UK governments haven't seemed to have much of a cohesive housing policy and we are building far less houses than we need as a country so demand is outstripping supply. I would actually love a house price crash but people over here have been predicting it for about a decade now.

Just a general point but one thing I would do if I was buying a smaller house is to get a builder or carpenter in to build some storage as a lot of the more modern or new build houses in the UK can have inadequate storage.

It is the same over here and I couldn't afford to rent my flat( €850) if I was a tenant. A one bedroom flat in my area costs € 220 000 plus 8 to 10% of the usual costs (closing) paid directly to a Notary. A small house with a small plot of land costs € 320 000. You can easily double or triple that if you want a more decent sized house and bigger garden.

The true cost of buying property abroad - Telegraph

 

[peacefulveglady]

we tried to get a house down south in 2012 and with red tape because we were andstill disabled little , we had to have FHA loan that didn't go too well planned, so we went after underwriters , we got awarded something , so we decided to relocate to our native area in northern IL. So we got a small duplex for a cheap price, the only thing is we are 30 mins from some family and friends.... We have another FHA loan. It was better to purchase a house and cheaper then renting here.

 

[RascalsMom]

Definitely ways get an inspection. Talk to neighbors a little if you can and see how they feel about the neighborhood. Drive by at different times if you can, to see how traffic is, or noise levels after dark, etc.
Pay attention to how far it is from the places you go the most.

 

[AeryFairy]

Unless you are speculating on future appreciation, in general, a big boom in real estate prices often results in a situation where its cheaper to rent. In the major metro areas in the US, its often cheaper to rent than own. Not sure how it works out in the UK.

It depends over here - for us, owning is going to be cheaper than renting. For what we're looking at, the mortgage on a 3/4 bedroom house is going to be 50%-75% of what we are currently paying in rent on a 1 bedroom flat*. No contest.

But then, owning is only cheaper if you can afford to own... You need a lot of money up front, and the relative certainty that you'll be able to continue paying for a long time. So for a lot of people, renting is actually the cheaper option.

*(It is a gorgeous flat, though. I'm gonna miss it )

 

[PTree15]

Good luck with your house search, AF! People have offered great advice here. I don't have much to add, as I want to buy a home at some point as well. I did own once, but I wasn't involved in the actual purchase (it was with my ex, who already owned the house and just added me to the deed). I will definitely come back to this thread when I'm ready to start looking.

 

[RascalsMom]

It depends over here - for us, owning is going to be cheaper than renting. For what we're looking at, the mortgage on a 3/4 bedroom house is going to be 50%-75% of what we are currently paying in rent on a 1 bedroom flat*. No contest.

But then, owning is only cheaper if you can afford to own... You need a lot of money up front, and the relative certainty that you'll be able to continue paying for a long time. So for a lot of people, renting is actually the cheaper option.

*(It is a gorgeous flat, though. I'm gonna miss it )

I thought I would miss my last rental, which was actually slightly bigger than my house. (3bdrm compared to two, same number of baths but one was HUGE with a huuge tub.) but I don't. At all. I don't think you will. You'll be too focused on whats YOURS!!!!!!!

 

[das_nut]

Oh, nearly forgot, very important, with any house you are seriously considering, you should have it checked for the presence of asbestos. If it turns up in an inspection, that may be a deal-breaker for you, or, if you really want the house, it will have to be removed.

Not necessarily in all locations, depending on where it is or what condition it is in.

 

[Moll Flanders]

I'm starting to lose my nerve as my husband has a problem with his eyesight that may affect his job and I'm thinking getting ourselves into an extra £100k worth of mortgage debt might be a bad idea. At the moment we have savings that would clear 25% of our current mortgage debt so we have a good buffer. I think if we do move house we might have to settle for a much cheaper house in a much worse area than where we wanted to move to. Great. Also if my husband lost his job we wouldn't need to be near a train station so we could move to almost anywhere in England. I'm not sure whether to wait for another year and save up. What is going on with interest rates, why are they so low? I keep thinking there is going to be an almighty crash.

Grr.

 

[shyvas]

I'm starting to lose my nerve as my husband has a problem with his eyesight that may affect his job and I'm thinking getting ourselves into an extra £100k worth of mortgage debt might be a bad idea. At the moment we have savings that would clear 25% of our current mortgage debt so we have a good buffer. I think if we do move house we might have to settle for a much cheaper house in a much worse area than where we wanted to move to. Great. Also if my husband lost his job we wouldn't need to be near a train station so we could move to almost anywhere in England. I'm not sure whether to wait for another year and save up. What is going on with interest rates, why are they so low? I keep thinking there is going to be an almighty crash.

Grr.

That is also what I was thinking. Interests rates have never been so low.
Perhaps it would be a good idea to buy a smaller house and move out of London as planned ?

 

[AeryFairy]

We've got our first viewing! Eek.

 

[Amy SF]

We've got our first viewing! Eek.

Take lots of notes and pictures.

 

[Moll Flanders]

That is also what I was thinking. Interests rates have never been so low.
Perhaps it would be a good idea to buy a smaller house and move out of London as planned ?

Yes, we probably won't be doing anything until we know for sure about his eyesight and what it means. I keep making plans and something goes wrong.

 

[shyvas]

We've got our first viewing! Eek.

How did it go ?

 

[AeryFairy]

How did it go ?

It got cancelled

Got some more lined up though.

 

[Second Summer]

We went to look at an apartment. It was nice enough, but small and had no real private outside space. Also, there is a busy and noisy road near there, so the communal outside area wasn't the most quiet place. So, we're still looking, but it seems very difficult.

 

[shyvas]

It got cancelled

Got some more lined up though.

I'm certain that you'll have many houses to view in your area.

We went to look at an apartment. It was nice enough, but small and had no real private outside space. Also, there is a busy and noisy road near there, so the communal outside area wasn't the most quiet place. So, we're still looking, but it seems very difficult.

Can you afford to buy a house in your price range and area ? Living in a flat is not ideal,however it is better to buy one than rent. You could always sell it later on when things get better.