Are first time buyers still a good choice?

[Popuntilyoustop]

Other than cash buyers of course...

I'm a FTB and have started searching for a house. I'm not new to this as I nearly purchased a flat two years ago, but it all fell through after 2 months as it was deemed unmortgageable (free holder was absent but my solicitor didn't find this out until a couple of months later). It all worked out for the best of course as I would have ended up buying a money pit, but it seems as though now is the worst time to buy with the property shortage and high demand...

I'm purchasing by myself which also makes things harder, although I do have a decent sized deposit thanks to a family member (only recently gifted hence why I've not looked to purchase anywhere for the last two years). I'm viewing a house on Friday which is 2k above my budget (possible wiggle room with this but I need to take into consideration what my mortgage payments will be as well if I offer full price). I noticed this morning that the advert had been taken down by the agents so phoned to double check the viewing was still going ahead and they said they had to remove it as there's been so much interest. It's a 3 bed semi with a drive and a similar price to terraces/flats in the same area so I'm not surprised it's popular.

It's likely I will put an offer in if the viewing goes well (frankly, I love it already without having even seen it yet) but are FTB a good choice anymore? I've seen plenty of threads saying yes but others saying we can be a right nightmare, get spooked by surveys etc. Would someone like me put you off?

I'm trying to not get my hopes up and I was once given some great advice on here that I shouldn't think of it as my house until I have the keys in my hand!

Great to hear some feedback from the other side, thank you @hannahcolobus. That sounds really stressful and I can see why it would put you off selling to FTB's again. I'm a similar situation in that my dad is gifting me the deposit, therefor he does want to be involved, come with me to viewings and give his opinion. I do worry slightly that he might hinder my chances if he thinks I'm offering too much on properties, although he'd probably say that I do what I want anyway haha!

When my offer was accepted on the previous property, the agents told me it was because the vendor liked that I was FTB, trying to get on the property ladder and was actually going to live in the flat and not rent it out (the other offers were from landlords). I like to think some sellers actually prefer this but it could have just been a one off. I would imagine most sellers don't care who they sell their property to as long as they get what their asking for (which of course there's nothing with)

I remember one set I sold to tried to reduce after a down valuation

You say this as though it's a bad thing?

😆

If the house is marketed at 2k over what you can afford then it is very unlikely that you can afford it. My friend bought recently and we were looking at houses about £40,000 less than her budget with the knowledge that we would end up bidding up to her budget limit. We are in a particularly hot area but in a rising market you have to assume that most houses will go for more than they are marketed for and search with this in mind.

Having bought and sold a fair few times, FTBs are generally a nightmare. But you’ve almost always got to have one at the bottom of a chain, so if it’s your buyer then the chain is shorter and it’s maybe better to be dealing with all the wobbles yourself, rather than knowing someone else further down the line is!