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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not be excited about buying my first home

85 replies

Beafortea · 17/07/2022 13:54

I'm a first time buyer and have been saving for 15 years for a house deposit. I've viewed about 12 places over the past couple of months. And I'm so disappointed and disheartened by what I can afford. I'm considering an offer on the best flat of the bad bunch I've seen so far, but I'm not remotely excited about buying it or moving in. It needs so much work and is in a slightly rough area with nothing much going on. Other than having two bedrooms I've compromised on everything else I would have liked (no parking, no bike storage, no balcony or communal garden/outdoor space). The bathroom will need gutting immediately, it's vile. The kitchen will need doing as soon as I can afford it. Oh and the communal/entrance stairwell smells of urine.

Isn't moving into your first home meant to be exciting and happy?

OP posts:
Sswhinesthebest · 18/07/2022 08:12

My friend has a one bed with a nook in the hallway, perfect for her desk.

Have a look at some one beds just for comparison purposes.

Mysteryuser · 18/07/2022 09:14

How are you getting to London/ Leeds/ Reading? Is it by train, and I guess driving to Essex/ Surrey to see family? Or is it always driving?

Lalosalamanca · 18/07/2022 09:20

I would look at moving to a more affordable area.

ilovemyboys3 · 18/07/2022 09:24

I wouldn't buy now! House prices are at their highest. At some point in the future house prices will crash and at that point you'll be in negative equity and stuck. I would wait and buy when places are cheaper so you can get something better

lolarosea12 · 18/07/2022 09:37

I'm a first time buyer (albeit in a more affordable area of the country). Im in a similiar position where I have been pushed to buy because im going to get priced out so I've had to compromise on some things too - but the house I have under offer at the moment I can really see the potential and I can see myself making it a nice home. If i didnt I would stay in my rental even though its draining my bank account

It sounds like this isnt quite the right place for you - it is hard when so many people in the UK and family etc are focussed on home ownership. It not worth having more money if your home makes you unhappy (especially if you WFH).

D0lphine · 18/07/2022 10:48

ilovemyboys3 · 18/07/2022 09:24

I wouldn't buy now! House prices are at their highest. At some point in the future house prices will crash and at that point you'll be in negative equity and stuck. I would wait and buy when places are cheaper so you can get something better

How sure are we that there is gna be a crash though?

People thought I was daft to buy in 2019 because there would be a crash after brexit deal, but now I'm glad I did!!!

Original poster
Beafortea · 18/07/2022 12:29

@lolarosea12 People are intent on home ownership because it's the best value option. The rental market is a scandal. I can't stomach paying 50-60%+ of my salary to rent a room in a grotty flat when I could be paying 30% of my salary in mortgage repayments in order to actually own my own home.

@D0lphine I don't believe there is going to be a crash. There may be a stagnation in prices if inflation continues to go wild, but no crash. Demand continues to far outstrip supply. With people having hybrid/remote working options confirmed permanently, house prices are just going to continue to go up everywhere too as people buy further afield.

OP posts:
Sooverthisnow · 18/07/2022 14:28

@Beafortea Kings Langley is a nice area. Villagey feel but only 1/2 hour commute to London .Nice high street with a variety of shops, restaurants and pub.
A quick check on Rightmove brings up about 10 properties, 1 bedroom, all in your price range

whosaidtha · 18/07/2022 14:44

Beafortea · 17/07/2022 18:25

Im not looking in London - I don't think you could buy a parking space in London for 250k. Have looked at 'cheaper' areas of Surrey, Berkshire, Hampshire, Sussex. I grew up in Essex so not hugely keen to live there, but within travelling distance. I'd love to move to Yorkshire but can't really afford to rent first to see if I like it.

My main fear is also becoming very isolated, and just being stuck at home all the time. I'm currently renting with my partner in a dead end commuter town with nothing. We hardly ever go out because there's nothing to do and no community/clubs or anything. It's quite miserable. But I don't think I'm going to have much choice in the matter, will just be another compromise.

Move to Yorkshire. You'd get a 3 bed semi in a nice area with garden and parking for £250 where I live.

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