Buying your first property

Auzelia

Auzelia

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Caroline
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I am looking to buy my first property soon and I have already viewed a couple of places.

Some have been newly decorated etc and there is one that was an old mans house and is done up in mulit coloured carpet etc.

For some reason this property has really caught my attention, even though it requires top to bottom redecorating.

The price is also very good, for 3 double bedrooms, plenty of storage and loft space and a really long and wide living room with dining section. Also back front and side garden for £64k.

I keep humming and awwing about it , but I know if I was to buy one of the freshly decorated I would still redecorate as cream really isnt me!

Why is this house hunting so damn confusing?
 
For 64k here, I doubt you`d get a single car garage.....

For me it would depend on how long you could stand living in what is effectively a building site! It`s all exciting to start with, but after three or four rooms, it starts to lose it`s appeal! lol.

mmmmmm. Beige/Magnolia..... yikes.
 
I'm always wary of houses that have been freshly decorated for selling, makes me wonder what horrors lurk under that new wallpaper and fresh paint.

You don't get much for £64k nowadays, sure it's not an offers over price?
 
nope fixed price £70k but the people who had their offer of £64 accepted had to pull out as they made the offer before their mortgage was all completed and couldnt complete the deal in the end. Have seen the valuation and its valued at £68k but the owner had accepted £64k and the estate agent said that they would accept that again.

I live in a council flat atm so I wouldnt move property until the other one is ready to move into as I have a 6 month old and a 2 and a half year old.

aarghgh.. going to view it again on Tuesday.
 
65 grand?

Assuming 25 year mortgage payments,what is the rental value? If things go pearshaped,asking as I don`t follow the current mortgage deals,all mine are old and nearly ended and all straight repayments.

Personally, I would go for old over new.
 
Auzelia said:
nope fixed price £70k but the people who had their offer of £64 accepted had to pull out as they made the offer before their mortgage was all completed and couldnt complete the deal in the end. Have seen the valuation and its valued at £68k but the owner had accepted £64k and the estate agent said that they would accept that again.

I live in a council flat atm so I wouldnt move property until the other one is ready to move into as I have a 6 month old and a 2 and a half year old.

aarghgh.. going to view it again on Tuesday.
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If they lost the £64k buyer then they might be getting desperate, bid them £60k (or less :naughty:) and see what happens....
 
mortgage would be around the £290 mark a month as its only a £45k mortgage.
Rental where I am in the private sector is around the £5 - 600 mark.

Would be a repayment mortgage and not just interest only.
 
Is the 5-6 calender or 4 weekly?
 
Flash In The Pan said:
If they lost the £64k buyer then they might be getting desperate, bid them £60k (or less :naughty:) and see what happens....
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Do you mean " Bid them in the goolies" Graham..........:naughty:
 
that was worked out on the mortgage calculator from the bank website.

hmm..

so im not sure.
 
What about a houseboat at Bowling? If you don't like the neighbours then you just up-anchor...:lol:
 
Auzelia said:
that was worked out on the mortgage calculator from the bank website.

hmm..

so im not sure.
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Sorry,I meant is the average rental of £5-6 hundred four weekly or calender month?

Makes a difference.
 
I would jump at it. if it is somewhere you would like to live.
A paint job and tidy up would not cost much and you will get things the way you like them.
You must get a full survey though. and check the wiring etc.
 
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calender monthly :D

so some months are longer than others just 12 payments a year if you mean that?
 
oohh the bowling houseboats are lovely ... but I really dont think I could live there haha..

what with the **** boat and the lovely smell from dalmuir urgh!
 
Looking at the rudimentary finances and if you want to get on the property ladder,now is a good time to do it,jump ta the old lads place unless you want a featureless new shell,the old property will rebound to where it was faster.

Just my opinion,I don`t know the property market in Scotland,never mind Glasgeeeeee,If it all goes wrong,blame Flashy............;)
 
Auzelia said:
oohh the bowling houseboats are lovely ... but I really dont think I could live there haha..

what with the **** boat and the lovely smell from dalmuir urgh!
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I got offered a lovely one there, many moons ago for 8 grand - should have bought it, mind you at the time I could have had two flats in Paisley (and change) for the same money :lol:
 
gosh! flash! that must have been a VERY long time ago..

and I know now is deffo the time to jump on the property market.

esp with 2 kiddies and living in a 2 bed flat... with No garden for an energetic toddler and a 6 month old who pulls upself into the standing position ....

The more I think about it the more I like it, esp as it has the loft space...
 
fracster said:
Looking at the rudimentary finances and if you want to get on the property ladder,now is a good time to do it,jump ta the old lads place unless you want a featureless new shell,the old property will rebound to where it was faster.

Just my opinion,I don`t know the property market in Scotland,never mind Glasgeeeeee,If it all goes wrong,blame Flashy............;)
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The only caveat is making sure you have the finances in place to cover a rise interest rates -remember the early 90s? :help:
 
oh Im going for fixed rate lol for at least 3 - 5 years ... would like to go more but I need to explore that a bit more...

deffo... It may be more atm but in the long run at least I know where I will stand payment wise and wont have to worry about the interest rates atm
 
Flash In The Pan said:
The only caveat is making sure you have the finances in place to cover a rise interest rates -remember the early 90s? :help:
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I think a 20 g deposit on a 65g mortgage is good going mate.

But yes, I recall a lot of people falling foul in the 90`s...........:lol:.......It is/was called overstretching oneself...........:cool:
 
I STILL think its crazy banks let people borrow 110% etc mortgages and let them use their benefits as their income.

BUT that is a totally different subject lol
 
fracster said:
I think a 20 g deposit on a 65g mortgage is good going mate.

But yes, I recall a lot of people falling foul in the 90`s...........:lol:.......It is/was called overstretching oneself...........:cool:
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Of course it is :thumbs: but at some point soon interest rates are going to be shooting up like Pete Doherty on a Saturday night....:naughty:
 
Flash In The Pan said:
Of course it is :thumbs: but at some point soon interest rates are going to be shooting up like Pete Doherty on a Saturday night....:naughty:
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I think you may be right there Graham, be a good time to buy some neg eq property.............:)
 
Auzelia said:
The price is also very good, for 3 double bedrooms, plenty of storage and loft space and a really long and wide living room with dining section. Also back front and side garden for £64k.
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I know nothing about the housing market where you are looking but £64k for what must be either a semi or end terrace with 3 double bedrooms sounds too cheap to me even in this market. Does that compare with other local properties.
 
it compares with regards that it does need modernising, as similar one sold for £75k the street up but that was newly decorated, with new kitchen/bathroom.

The property is a 4 in a block cottage type property.

and its not in a crap area either, there is one in the rough part of town for £50k but you would be crazy to move there (its one of those if your not born in the estate then your an outsider part of town)
 
Auzelia said:
it compares with regards that it does need modernising, as similar one sold for £75k the street up but that was newly decorated, with new kitchen/bathroom.

The property is a 4 in a block cottage type property.

and its not in a crap area either, there is one in the rough part of town for £50k but you would be crazy to move there (its one of those if your not born in the estate then your an outsider part of town)
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On the face of what you say then it does sound like a bargain in today's market, there is only one direction the value of the property can go.

My son has just done the same, albeit on a higher scale within the M25, but that was a 3 bed det, bungalow, just needed decorating and a new kitchen which he is doing all himself and he is already in the space of a few months seeing a sizeable increase in the value of the finished property.

Best of luck:thumbs:
 
well have instructed the solicitor to make an offer on the property.
Fingers etc crossed please :D

Going to view it again tomorrow to take more measurements (have viewed it twice now)!!

Ekkk... its all so grown up!
Makes having children seem a doddle!
 
Sounds like a good deal. I bought a repo as my first flat and loved doing it up although I still lived with my parents, got lots of help and didn't have 2 kids.

You're probably in a good position to offer a wee bit less than the £64K. I have a 3 year fixed rate deal just now, all I can say is watch out for the exit penalties as mine is 3% of the loan for the first 3 years.
 
Auzelia said:
well have instructed the solicitor to make an offer on the property.
Fingers etc crossed please :D

Going to view it again tomorrow to take more measurements (have viewed it twice now)!!

Ekkk... its all so grown up!
Makes having children seem a doddle!
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Too late with my post :)

Keeping fingers crossed. Oh, have you viewed in the evening? Sometimes nice places aren't too nice in the evening and also worth checking out the parking situation when all residents are home.
 
yep viewed in the evening and during the day, tomorrows is in the morning.
 
The different time of day viewing is always good, but if the structure is sound then i didnt worry decor, id have changed it anyway so i brought a scruffy but sound building wise place. Was only just 18 at the time.

Disadvantage to owning though is that it can be harder to move later, i had a pain in the arse neighbour move in above that has made my place vitually worthless in more then one way, and has left me desprate to move.
 
aww sorry to hear that :(

I live in one of the worst parts of my town atm so anywhere is better than here :lol:

plus im the upper property in the cottage 4 in a block so no need to worry about people above me.

But I know how annoying noisy neighbours are.... summer here is hell!
 
fracster said:
65 grand?

Assuming 25 year mortgage payments,what is the rental value? If things go pearshaped,asking as I don`t follow the current mortgage deals,all mine are old and nearly ended and all straight repayments.

Personally, I would go for old over new.
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i have a 55k mortgage on a house i bought for 66k...... my mortgage payments at the moment are about half the monthly rental value of the property.:clap:
 
64k, and its not a shed :O nothing is less than a 100here and I've seen plots go for more than 64 .....grumbles about never getting a house......
 
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