First time buyer - help!

[DuchessofHaphazard]

So, I've never bought a house before, and am going to view one in a couple of days. DP is not a first time buyer, but unfortunately will not be with me.

What should I be asking? Would be v grateful for any advice.

Also, the first house I'm going to see has dropped in price quite a lot (from £290k to £270k and now to £250k). It's been on the market a while (at least since May last year). Would making a lower offer (if we did decide to go ahead) be likely to be accepted? And how much lower would be reasonable? (it's right at the top of, realistically slightly over, our budget).

Depends on what you want from the house.
Is parking important to you? what are the neighbours like? what is the council tax band? is it double glazed, centrally heated etc. What direction does it face (ie does it get sun in the morning/afternoon/evening etc).

Why are the current owners moving? Have they got somewhere ready to move into?
As to the price, they may be reluctant to drop further, as they've already come down a lot. Go onto zoopla.co.uk (or .com, I can't remember which) where you can look at similar properties in the same street/area and see how much they sold for.
I imagine they will be expecting to drop under the £250k mark as this is the stamp duty threshold.

Initially on the first viewing you just want to look at the general size, layout. Does it meet your needs and your future needs - in a market like this you could be stuck there for a long time, so if you want more DC then factor that in.

Then look at the decor - even if you don't like it, is it clean, well kept of a fair standard?

In the kitchen and bathroom look for give away signs like are the tiles well grouted and clean? Have they been neatly trimmed etc. Any staining that may indicate leaking taps etc.

If it is, then on a second viewing take someone with you, and look into deeper detail.

Remember if there are faults they can be either a nighmare money pit or very easily resolved so you might want to ask someone to come with you on a second visit who is more in the know.

You also want to scope out the house a bit from the outside. Visit at school and rush hour - how bad does the traffic and parking get? Have a drive around on an evening - are there groups of kids hanging around etc. We were all for buying one house untill we saw the the kids 'hung arround' right over the road on an evening. You would never have expected that from the day time atmosphere.

And don't be frightened to snoop. You don't have to be over invasive but don't just stand in the door way of each room, walk around, ask if you can see in some cupboards etc.

WRT the price, always offer lower, and in this climate I would advise not stretching yourself too much says the woman who bought a house £50k over her max budget . I agree they will not expect the full 250 for the stamp duty, but they may be expecting all but that.

If you think the house is worth the money (and agree check on zoopla and up my street), then I would suggest an opening offer of 235. Shy bairns gert nowt as they say. And be prepared to go up to 247 (or whatever you feel comfortable with). Remember to sell yourself as well, first time buyer, mortgage approved that kind of thing

Check when last sold, and for how much via Land Registry:
www.zoopla.co.uk/house-prices/

Gives an insight into their position, although not foolproof. Maybe they bought at peak, or maybe they bought in 1997 for tuppence.

Also, check what similar properties in the area have sold for, and bear in mind that prices are on a downward trajectory in the main (without knowing anything about the area in question). You ought to hear alarm bells in your head if the recent sold prices for similar properties in the area are under what you might be expected to pay for this house.

Do not be afraid to make low offers (20% below asking). If the original price was miles too high, it doesn't mean it is a bargain now. If it has been at £250k for a while, then that is also too high, and therefore you should under no circumstances pay that amount. They may not wish to part with it for less, as is their right, but if other places in the area look better value, walk away.

This is a stern paragraph. Always bear in mind the EA is paid to extract as much of your money as possible. They don't care if you can afford it or not. Under no circumstances should you go over your comfortable budget. Be clear what your maximum is and stick to it. If the agent comes back to you looking for you to up any offer, do not feel obliged to do so. They would do it regardless of your offer in many instances. Interest rates can only go one way from here. Do not become a casualty to squeezed living standards and rising mortgage payments. You are in a strong position as a buyer in the current market. Do not be afraid to use that advantage.

Lastly, if you don't have to buy, then dont feel you have to. Prices are going one way from here, and it ain't 'up'.

Good luck.