Buying as a FTB in this market

[Motherofalegend]

I’m going to view a property next week. I have an AIP, which I re-did due to the economy and it’s lower than I’d had previously, but as expected.

so viewing a vacant property next week, is there any advice you could share with me as a FTB, nearly 40 and 2 kids (primary and nursery ages)?

I know it’s not the ideal time, but there should be a reduction on asking price, I’m sick of renting (landlord may increase in Feb) and rates are only going to get higher, plus this month had saved enough for a 5% deposit (it’s taken years with nursery fees etc).

thanks

What is an AIP?

Your best strategy is to stay in property you buy for a decent long time, at least 5 years, for purchase not to be a money loser.

Rest is up to attitude of seller, whether they truly 'need' to sell.

AIP, is an agreement in principle.

AIP is agreement in principle.
Look at the fuse box, check it looks like a modern system.
Look at the boiler and take a photograph, you can then get info on its age and likely longevity.
Make sure it’s freehold, check all rights of way, parking and access with neighbouring properties.
Are there mains drains or septic tank, septic tanks can be expensive if they go wrong.
Have a good look at the immediate neighbours and homes and gardens are they well kept, maintained?
1 problem family can cause the whole area a lot of problems!
If you can stand back and look at the roof, if it’s an older property ask if there is any asbestos.
Good luck.

Good luck. Is it an older property? Is so I would check to see when it last sold, if it had a history of being sold every few years (could indicate an issue). You can find that out by looking at sold house prices on the street.
if it was me, I would check windows, heating system, walls to see if there are major cracks etc. Realistically could you move in and not do any work for the next few years (I say that as these are all things we should have checked and didn’t). What is parking like etc. if you really like it get a full survey and then based on what that throws up you could potentially negotiate if there was something that wasn’t visible to the naked eye.

I would think it’s not a bad time to buy as a FTB. You’re going to get stamp duty relief as part of the mini budget. From memory it’s not SU up to 250k then relief up to 650k I think it was. Double check. Obviously house prices are also on the way down. So good luck! ♥️

Oh yes I also agree with PP, as a first time buyer it might be a really good time. I know interest rates have risen, but the market has slowed down and they are forecasting a drop in house prices so if you’re not dependant on a sale to make your purchase youre in a good position!

You should really take along someone who is knowledgeable about services and building. They should be able to judge what may be required. How old is the property? Is it insulated? Old places bleed heat and you should bear this in mind. How old is the boiler? How are the electrics? What about water pressure upstairs and the shower? Why, in a boom, is it empty? What condition is the drive and fencing? Do all the doors and windows work correctly? In my opinion, you need to keep a couple of thousand in your pocket when buying an old house.

Also, you mention you redid your AIP? Do it again. With the change in rates, at the very limits, people have just lost 30% of their borrowing power.

Thank you for this.
It’s an ex/council house on an estate majority owner occupied. Decent sized bedrooms and won’t need stiff doing too it, just a deep clean and decoration in the short term. The bathroom isn’t great, but a good scrub and redecoration would manage that for a time. Long term an extension for the kitchen would be good, but for me it’s about having stability and paying it off before I get too old!

it has a drive for two cars and a big garden. Neighbours houses look fine, bat one which looks unloved, which is opposite. This house I don’t believe has been sold before, and people tend to stay for some time. When houses do come up, they sell quickly. Given the market, this is now overpriced (and was without), so I’d be offering a lot less.

would consider a conservatory in the short to mid-term to have a kitchen diner, with an insulated roof.

@C4tastrophe I re-did the AIP about two days ago, thought it was best. Took a good chunk off what I could borrow, as expected.