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Property/DIY

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Original poster

the financial side of buying a new house - in my situation what would YOU do?

43 replies

Tortington · 17/01/2008 16:52

sorry to bloody bore you with another thread on houses from me.

if you were buying a house would you

a) buy a house that you could pay mortgage off in 5 years - nice house not much to do - but the area isn't the best also not the worst but deffo not the best.

b) buy house in good area but be slave to the bank for 25 years and slave to the economy and slave to yur employer. bu bloody nice house.

OP posts:

bossykate · 17/01/2008 18:03

oh, and my two are still pretty young so space is a factor for me for quite a while.

Original poster

Tortington · 17/01/2008 19:56

thank you for you help xxx

OP posts:

lalalonglegs · 18/01/2008 06:48

There must be some middle ground - surely these aren't the only two houses for sale in the area? "Bad" areas tend not to pick up in a recession - while there is always the off-chance of gentrification during a boom. Having lived in a neighbourhood for several years that I didn't like very much, I would opt for location every time.

BTW, is one of these the ex-auction house?

WideWebWitch · 20/01/2008 10:46

Does this mean you didn't get the auction one custy? I was thinking of you recently and wondering. I think in your position I'd go for some kind of middle ground if I could. So a nice house in a nice area and a small ish mortgage, maybe a 10 yr one?

Original poster

Tortington · 20/01/2008 10:54

yes www - i didnt get it i am gutted

went to look at two yesterday and one of them is "perfectly adequate" in a ticks most of the boxes ...i suppose way

put in a n offer it was refused - and am not bothered in the slightest.

i did however pump the taxi driver on fri night for information regarding areas. and he was most helpful

i think i am still in mourning for this other house.

my take on the housing market is that where we live on the south coast outside brighton - people are being cautious, but i think that spring will come around and there will be a flurry of activity - along with i recon that the B OF E will maintain or cut slightly the interest rates to increase confidence int he market - i think things will remain stationary pretty much at least for the next year.

i thin that if property prices are hit anywhere it wil be midlands and oop north.

all hail me new chancellor custy.

although everyone said b here i think i am going to go with - quite comfortable life and give my kids the best prom and a deposit for them to get on property ladder.

OP posts:

Dottydot · 20/01/2008 11:08

(b) because being a slave to the bank doesn't bother me - I've always been in debt so might as well get something nice and be in debt!

WideWebWitch · 20/01/2008 11:38

lol custy at new chancellor. Did someone else buy that house then? Did you up your offer? I am sorry you didn't get it.

noddyholder · 20/01/2008 12:10

I think the annual spring flurry is unlikely to materialise this year.Things are at a bit of a standstill atm as people really still believe that property is king.Here in Brighton there are starting to be a few significant drops.Several houses in the 275-290 bracket will now accept offers around 250 so that is quite a drop.We offered very low on a development project last week 25% off and there was one other bidder who upped their offer by 3k and got it which surprised me

Shout · 20/01/2008 13:14

I think house prices could go down by 30%over the next 4 years and will likely remain flat for a few more years.We have all forgotten the last crash and that it was 1996 before prices started to move up and 2002 before the crazy increases started.

I intend to rent and will look to buy when it is cheaper to have a mortgage.

NKF · 20/01/2008 13:17

It depends on so many other factors I'd say. Your age, how you like to spend your money. What plans you have for the next 10 years. Also area? When you say not the best area, are you talking dangerous or just shabby?

Original poster

Tortington · 20/01/2008 17:14

not even shabby - more of a could do better - nowt special!

www- looks like they accepted an offer from teh auction company and were stringing us along incse it fell through. We got a letter of apology from the Estate agent ( completely diff compnay) and they said they wouldnt ever deal with them again.

OP posts:

silkcushion · 20/01/2008 17:25

Depends on so many different factors.

If yr eldest is 18 - how til you are child free? You need to think of which property would suit you with teenagers and then a quiet period when they bugger off, followed by them all moving back in again in between partners/flats etc.

I agree re interest rates. I don't think house prices will reduce significantly in the next few years. Probably just stop rising at silly rates.

How old are you and dp? How established are yr careers? If in 20s (unlikely with an 18yr old methinks) then definitely push to limits of finances cos yr income increases so much in years to come that it gets easier.

How quickly do you need to move? If not urgent then keep looking. Housemoving is so prohibitively expensive with bloody stamp duty etc that you have to be sure of the place yr buying. imo you hvae to love it (unless in a rush to relocate). Don't underestimate location if resale value is important to you but of it's not then I presume the cheaper place is not in a real dump of an area.

Long post where I just sat on the fence sorry

georgie34 · 20/01/2008 19:45

b, definitely. We did 'a' about five years ago because it was the adequate, safe option, but I was never happy there. Now mortgaged to the eyeballs but living in an area we love and want to stay. And as it's an area everyone else loves too I'm pretty confident we can sell in a hurry if we need to...

Quattrocento · 20/01/2008 19:47

Custy

It really depends on how old you are. If over 40 I'd go for (a) because the likelihood is that you are towards the top of your earning capacity.

If you are in your early thirties, go for (b)

Original poster

Tortington · 20/01/2008 19:49

i am 35 dh is 38

kids are 18 and twins 14

i really think i want to go for something i could afford on my wages alone. i dont want to seek out perfect house at mega mortgage and feel trapped. thanks so so so much for your advice everyone - it has really helped me get my head straight

OP posts:

Original poster

Tortington · 20/01/2008 19:49

i am 35 dh is 38

kids are 18 and twins 14

OP posts:

EachPeachPearMum · 20/01/2008 21:14

'a road off the sea'...

Why are you even asking these questions then?

selby · 20/01/2008 22:47

If you intend to stay in this house for quite a while, definitely 'b' otherwise 'a.' We've moved around every few years for better jobs and are about to move yet again (now in our mid thirties but with 2 pre-schoolers) and always opted for 'a' or rather up and coming areas which were also easy to sell on to fellow commuters. We haven't quite got to the stage of wanting a 'dream' house since we are still intending to be job mobile for another few years (and anticipating DH's career path still to peak). If relocating for new job, always negotiate a decent relocation package if you can - that's my tip.

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