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Whether to buy here or somewhere else

(6 Posts)
riverrunsthroughit Sat 08-Jan-11 14:27:47

Hi

We have rented a house for a number of years and want to buy somewhere in the next year. Talking to the landlord, he has decided that he would like to sell so has given us first refusal.

It makes sense in a lot of ways but I was rather hoping to get somewhere else (it's not the largest or prettiest of houses) but the market here (like most places!) is very stagnant at the moment and there is nothing around we like better. At least by buying we are pumping money into our mortgage rather than someone elses but it means we aren't as flexible if something else we really want comes along.

I really don't know what to do and thought I would ask on here for advice. This will be our first bought house (we have always rented) and I think that I am looking at it through rose tinted glasses rather than being practical - or should I? We will hopefully have saved enough to take another step up the ladder in a few years so would look to move again then. The ll has had some estate agents to come in and value and has gone with one of those but how do we get a private valuation?

Also, we would want some work done (double glazing, building work, new kitchen and bathroom etc.) so how do I go about getting quotes. Please tell me it is easy!

Thanks in advance ... Any advice gratefully recieved! I am now thinking we should buy it as it is easier than moving but is that just me being lazy ... Any views anyone?

Jeremyess Sat 08-Jan-11 15:17:50

I would look around so that you get an idea of the value of it yourself. An estate agents valuation for the vendor is likely to be well above what anyone will pay for it. Use websites such as houseprices.co.uk to see what people in the area are actually paying. You can pay for a surveyor to value the house but choose someone that knows the local market well.

But to be honest it doesn't sound like the house is for you. If you will want to move in a few years then remember that the value of the house may not rise (you could lose money because of the fees to buy/sell) or you may not be able to sell it. In your position it sounds as if you have the ability to rent and save, you could do this and then buy somewhere you love in a few years. Good luck with what you decide.

lalalonglegs Sat 08-Jan-11 15:52:39

I'd second Jeremy's advice about valuation but once you have got what you consider a realistic value are you likely to be able to get something better for your money. You will save yourself a lot of upheaval by staying put so can your current house be made more spacious and attractive with some work?

I'd bargain hard with the landlord as he will (a) save agency fees and (b) save any void period if he does sell to you so it's well worth it from his point of view.

riverrunsthroughit Sat 08-Jan-11 16:50:51

Thanks for the answers.

We know it is worth about what they want - we have been looking for a while - but are also aware that the valuation is for the sellers and not buyers.

I think, market permitting, we shouldn't have too much problem reselling. No houses have come on the market in this village and not sold within a few months - but I am aware that this may change.

I am a bit concerned now that the ll has thought about selling and we could be out on the street (although I don't really think it would get to that!)

Hmm ....

Jeremyess Sat 08-Jan-11 17:53:50

If he does put it on the market when being rented then the usual course of action would be for you to receive notice once an offer is accepted (check your lease, it is usually 2 months). You should have plenty of time to find somewhere.

riverrunsthroughit Sat 08-Jan-11 18:15:47

Thanks Jeremyess. I am fairly sure they wouldn't "do it from under us" ... and it is just hassle with 2 young children to find somewhere else!

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