FTB Help Please

[allysally]

I'm a FTB and currently in a rental property and have always been in rented accommodation. So having the opportunity to buy is a massive deal.

I've a small budget. 175k Max.

We viewed a property at the weekend that was 150k but needed a good 15-20k worth of work. Four bedrooms which is ideally what we need but we are currently in a three bed rental so could make do with another three bed. We put an offer in but weren't successful.

Going to view another property this coming Saturday. Advertised as 170k but could move straight in. Has a new kitchen, bathroom, new patio, new central heating and double gazing, etc. Less aggravation obviously but it's three beds and looks a bit smaller even than our current three bed rental.

Should I consider it or write it off due to size? What's better as a FTB, a property ready to move in or one that needs work?

Also, I'm trying to get finances together to work out how much all the fees are going to cost and moving costs, etc.

All I've got so far are;

Mortgage Fees
Mortgage Advisor Fees
Solicitor Fees
Removal Costs

I would also need an extra months rent probably so I can have a months overlap so I guess I'd have to have either a month or two paying both rent and mortgage.

Transferring utilities etc

Anything else? So much to think about. Any advice? Anything I haven't thought about?

That was long and a lot of questions

Depends on your circumstances financially but a house @150k then a further 25k on works. So for instance if you have deposit of 15k that will go down as deposit on mortgage do you have another 25k to do works

As first time buyer be a better option to get one to move in, of course if you have the 25k for works that's definitely the way you will get dream house kitchen you want bathroom tiling etc

Theres that many factors we would need to know about really

@daddy2kids

30k Deposit.

Would have 12-15k Max for Renovations. (Leant by a family member if renovations needed doing)

The house we are viewing Saturday, the new kitchen and bathroom are both to my taste and would have been what I'd chosen anyway!

I also hate DIY so knowing I wouldn't need to do any is quite appealing!

I suppose my main concern is the size. Kitchen is quite small. Not much worktop space or cupboard space.

if its not what you want keep looking, worst thing you could ever do is get the wrong one
Seems like bad idea to get into debt with family member for 12-15k for renovation works and can guarantee unless you take builders etc you will run over that. depends on age of house if old need to think about furure issues aswell ie roof damp etc

If you don't like DIY / aren't handy I'd avoid a doer upper as you probably won't enjoy the process. I love it and between me and other half can do quite a lot but I didn't factor in getting fed up/bored of decision making!

I have never moved into a house where everything has been perfect, simply because I've never had the money! I think if a house fits the bill for you, if it is dry, structurally sound, relatively up to date and everything works, you are almost there. All the things you want to change can be done over a period of time, they don't have to be done immediately.
If you want a 4 bed, wait until you find one. Don't buy a house just because you think 'it will do' and there's nothing else suitable. I did that once and it was a big mistake because I grew to hate it and moved again within 13 months.
But if you don't like diy or the thought of builders, probably best to get a house that needs minimal work, eg a lick of paint.

@Lucisky I'm crap at DIY. Even painting, I'm messy and rubbish at it.

DP on the other hand is great at DIY and is happy to go for a house that needs lots of work. He'd save loads on costs as he could fit bathroom, kitchen, etc, himself.

A four bed would be more beneficial than a three bed but we are currently in a three bed anyway and finding a four bed on our budget is proving difficult. The only ones we have found are ones where the property requires a large number of work and we've been outbid by investors.

No where is going to be perfect but I'm struggling to work out what for me is a deal breaker and what I could potentially compromise on or sacrifice.

@Kamma89 Yep, I hate DIY and would hate the process. I'd love somewhere that's ready to move straight into but I'm also quite fussy in my taste and like the idea of buying somewhere that needs doing up as I could make it my own and chose the decor, etc.