Put in an offer or wait?

Pixie537 · 2022-01-10T16:29:10+00:00

I’m a ftb who began searching in December. I found a one bed flat that needs work doing to it but is in a lovely area and I think it has a lot of potential. It’s up for £350 but other 1 beds on the street have sold for around £400 (I’m not looking to flip it and sell it on, I want it to be my home but I also imagine I will eventually need something bigger than a one bed and obviously I don’t want to buy somewhere that’s going to lose me money when it comes to moving on) However, I’m also aware that I only started looking, should I hold out and try and see if any two beds in my price range or one beds that don’t need work doing come up? I’m really unsure of what to do because im worried if I wait too long, the property I have seen will go but having said that I’ve only just started my search, I don’t want to rush into making an offer if something more suitable comes up.

parietal · 10/01/2022 16:33

if you love the flat and are prepared to do the work, put in an offer. It will still take 6 weeks for you to get a survey & get the paperwork sorted, so if something much better appears in those 6 weeks, you can drop out.

emmathedilemma · 10/01/2022 16:49

You don't say what your price range is. If £350k is your max and done-up 1 beds have sold for £400 then you're unlikely to get a 2bed in that area within budget. If your budget is higher than £400 and 2bed properties have sold within your budget, or you're willing to compromise on area, then hold out.

Original poster

Pixie537 · 10/01/2022 16:56

@emmathedilemma

You don't say what your price range is. If £350k is your max and done-up 1 beds have sold for £400 then you're unlikely to get a 2bed in that area within budget. If your budget is higher than £400 and 2bed properties have sold within your budget, or you're willing to compromise on area, then hold out.

£400 is our budget, two beds have come up in an area a bit further down the road (still nice but not as much as I love this area) in this budget. I think you’re right though, I’d never find a two bed in this exact area for under £400

OP posts:

lastqueenofscotland · 10/01/2022 17:33

In that case OP it depends on how important location is or space is to you.

BluebellsGreenbells · 10/01/2022 17:39

I would ring the agent and tell him you are interested in the flat, and will make an offer to leave on the table. Ask if they can inform you if other offers are received.

Kite22 · 10/01/2022 17:49

You say you have only just started looking, in December. How many properties have you looked at ?

The young people I know who are buying at the moment have all said that you need to get in to properties and see several, so then you become clearer about what you actually consider important over what you think you want before you start looking.
They do it on all the 'Find me a property' shows ...... offer a choice of a larger property slightly outside the area you have been looking, vs a small property right on the spot you think you want to be. It is very personal as to which is what you really want for yourself now. One isn't a better choice than the other.
Are you wanting his one because it is less than you could spend, so feel it is a good deal?
Is the area more important than the space?
etc

Original poster

Pixie537 · 10/01/2022 17:55

@Kite22

You say you have only just started looking, in December. How many properties have you looked at ?

The young people I know who are buying at the moment have all said that you need to get in to properties and see several, so then you become clearer about what you actually consider important over what you think you want before you start looking.
They do it on all the 'Find me a property' shows ...... offer a choice of a larger property slightly outside the area you have been looking, vs a small property right on the spot you think you want to be. It is very personal as to which is what you really want for yourself now. One isn't a better choice than the other.
Are you wanting his one because it is less than you could spend, so feel it is a good deal?
Is the area more important than the space?
etc

So far we have viewed five, this is the only one I’ve liked and the first one In an area I love.

Having lots of space isn’t important to me but We are 24 and 25 so I’m just thinking about a few years down the line when we could want to start a family.

Currently I live in a flat smaller than the one I’m thinking of offering on and I’m quite happy here so the extra space would be a bonus but isn’t my determining factor, it’s more concerns about the future and outgrowing it quickly

OP posts:

Roselilly36 · 10/01/2022 18:03

It’s a difficult decision, if it was going to be a long term home and you love the flat & the area I would say go for it.

But, the flat only having one bed you may want to move to a larger property in a couple of years, according to Halifax & other financial businesses, property blogs etc are no longer predicting big growth in 2022 property prices.

This may hamper your plans if you want to move short term.

Good luck with whatever you decide to do, personally if I was in your shoes I would wait a while.

Xfox · 10/01/2022 18:32

@Roselilly36

It’s a difficult decision, if it was going to be a long term home and you love the flat & the area I would say go for it.

But, the flat only having one bed you may want to move to a larger property in a couple of years, according to Halifax & other financial businesses, property blogs etc are no longer predicting big growth in 2022 property prices.

This may hamper your plans if you want to move short term.

Good luck with whatever you decide to do, personally if I was in your shoes I would wait a while.

Surely if prices see little growth, that would be a GOOD thing for OP if they want to upsize in the short term as the price gap between what they have and what they want to move to will be smaller? Mind, trying to predict and play the property market is a bit of a mugs game!

OP - buy whatever makes you happy coming home to :) I'd maybe think on how much work is needed and how long you are prepared to live with a work in progress, as getting trades in is neither quick or cheap at the moment. But go with what feels right for you :)

Original poster

Pixie537 · 10/01/2022 18:55

Thanks everyone! I could definitely imagine being at home here, it’s only a 15 minute walk to my work and town.

It would however need a new kitchen, bathroom and carpets although we can afford this

OP posts:

Roselilly36 · 10/01/2022 19:01

@Xfox not if OP needs the equity to upsize.

So many blogs have been rewritten recently, financial squeeze, inflation. How can it not affect the market?

emmathedilemma · 10/01/2022 19:53

If your budget is £400k with a mortgage then do you have the cash to do the renovations if you only mortgage up to £350k?