First time buyer... eager for advice

[HomesRUs]

I've name changed for this - in case I mention financial stuff.

We are finally in a position to buy a house.

We're currently in South London, but have been priced out of the 4 bed house market. We're looking in Walton-on-Thames.

So far we have:

• Found a mortgage advisor (recommendation from a friend, we have a first meeting next week).
• Saved what we think is a healthy deposit (to be confirmed by mortgage advisor, I guess - until then we don't even know what sort of budget we have, but both DH and I have decent credit ratings and income).
• Found a school (and applied for a place, it's independent, so a little ore predictable than state re: catchment areas/intake).

We haven't advised DD's current school yet - but will before we go too far.

We're in a rental ATM, and have a 2-mo notice period (having lived here for 15 years, and know the landlord well).

Any advice is GREATLY appreciated!!

Decide on what you want and what you are willing to compromise on, and what you aren't.
Walton is nice, but be willing to consider other areas.
Get a full survey if it's an old house, and have some spare money for repairs, decorating and furnishing.
View more than once and check the things that are likely to irritate you.
The house will look different when empty.

Thank you - that's all EXCELLENT advice.

My only worry with viewing more than once is what happens if it's snapped up in the meantime? I guess I just have to get used to the idea that we may not get our first choice.

I'm a bit worried we want to move faster than the process would allow, we'd love to start DD in a new school at the start of Autumn term - but we'd be reliant on little/no chain their end, and the process being very smooth.

I think it's the sense of not-knowing, until we've spoken to a mortgage advisor we don't even know our budget other than broad stroke estimates.

You can make an offer after viewing once.
How exciting for you!

Don’t give notice on your house or school until you’ve exchanged. This can make timing really tricky but it’s better than being left with nowhere to live

Don’t get excited until exchange! I told everyone the first time I had an offer accepted on a house… 10 months and 4 properties later, I ACTUALLY bought a house!

This is my concern @hereiamagainn - I just want to move fast - and I know this is not a fast process.

And I want to not be disappointed. And I know it's a potentially disappointing process.

You’re too late to give notice for an independent school to avoid paying fees for the autumn term so allow for double fees for at least one term. You need to give one term’s clear notice.

Check the flight path noise for WOT. I think the plans are on a 3 week roster so visit more than once. Also do your school run/work commute from the house you are interested in at the time you would be doing it.

Don’t forget to allow for SDLT and removals costs plus house insurance for both buildings and contents.

Good luck!

You may be luckier and savvier than me. I think I was probably a typical flakey nightmare 1st time buyer tbh.
1st house I pulled out as it had dry rot.
2nd house was a do-er upper and I vastly underestimated how much it would cost to do it up!
3rd house I only offered on out of panic as there was hardly anything for sale and prices rocketing up at the time. I realised it was a mistake and pulled out.
4th house was the lucky one!

Based on my own experience, go for a newer house, if you can. I adore period houses, but as a first time buyer I just did not have the backup funds to deal with any nasties that could be thrown up by an older house. A survey will find major structural stuff, but the state of the floor under the bath, the wiring behind the walls, the weeds growing in the chimney… you won’t know about until after you’ve bought it! I found that too stressful and am in an almost-new build, even though it doesn’t have a lovely fireplace.

We have accounted for that, we know we'll likely pay for Autumn Term in two schools.

Good call about the flight path!

Ditto doing the commute - we're aiming to be within 20 mins walk of the school, DH needs to commute into Fulham twice a week (either by train or car - he can access his work from Putney station easily), and I commute into Woking rarely... so it should be okay, but it's definitely worth doing some rush hour test runs.

Movers and insurance, we hadn't factored in from savings, things like that, and solicitors fees, and surveys we plan to take from our monthly income - but maybe we should do some maths to make sure that's feasible.

Thank you!

All the extra fees are not too much. A couple of grand for a solicitor, grand or so for moving, less than a grand for survey.

It’s the stamp duty that’s the biggie! Don’t forget the stamp duty!

Dry rot is probably an EXCELLENT reason to pull out.

I'm happy getting a cosmetic doer-upper, if we hate the decor, that's fine - we can fix that over time. But we're trying to avoid a structural doer-upper as we have precisely zero skills in doing anything up.

I feel the same about newbuilds vs. older homes. Our current place is Victorian (single glazed, creaky floorboards, a nightmare to keep warm, but beautiful high ceilings and fireplaces) - but you're right, newer is definitely a safer bet. Controversially, I quite like the look of 1950s and 60s builds - but those probably count as older these days (when I was a kid in the 80s they were quite modern seeming).

That's what we were thinking - about the smaller bits. And yes, stamp duty - it's in the spreadsheet, and will be from savings - it's a huge consideration.

I am from the area. It’s nice. Didnt realise how nice when growing until I moved away 🤣

That's lovely to hear!

My mum is also from the area, but not for decades, but I have always felt really warm towards it as it reminds me of visiting my grandma as a kid.

If you’re first time buyers, can I offer a bit of advice from an “oldie”.

Focus on school and transport (which, from your posts, it seems you are already doing).

Focus on the area - does it feel relatively safe.

Focus on the property being structurally sound.

Does the layout work for you? Does it work long-term? Would you want to extend or sell and move on after a few years?

Does it have the outside space you need.

Do not focus on the interior decor etc. Do not focus on having a ready-made/insta-worthy home from the get-go. As long as the “bones” are there then you can turn it into your ideal space over time.

If rooms need updating, take the opportunity to do as much as you can yourself. Save your money for electricians, plumbers, etc and do as much of the painting and easier stuff yourself. It’s hugely satisfying to see a room transformed where you’ve had a big hand in it. You might be knackered for a couple of weekends, but it’s worth it.

Most of all, enjoy that moment when you pick up the keys and open your front door for the first time. You can move home many times after, but there’s nothing like the feeling of opening the door of your first ever home.

It is so lovely. I am opposite to poster above. But then I work in the field so know everything wrong with new builds.

I wouldn’t touch one if you paid me. I would go for the oldest house I could. They are usually excellently built. It’s only because people didn’t know how to look after them that they got fucked up during the transition from breathable to non breathable materials. Ie. Putting upvc and gypsum plaster in a no cavity house.

The older the less likely it’s been fucked about with.

I’m sure you are aware, but there is no FTB relief on SDLT above £625k

@ThankmelaterOkay Stamp duty is brutal.

We need to confirm our actual budget with the advisor, but we're currently looking online in the 650-850k range. It seems there are properties between 625 and 675... And between 800 to 875... But very little in the 700s. Based on my maths I suspect we should aim for 850k max.

The lower price properties are usually smaller (we'd like 1300 ft2 plus).

@Furries we are totally agreed that we'll try not to be swayed by cosmetics. It's hard to visualise the potential in an outdated house, but we'll really try.

In good news I am not a fan of sleek, shiny, black and white kitchens, I would feel better about replacing a 1980's kitchen than a newer, but not to our taste, shiny one.

We need it to be immediately livable, but not immediately beautiful.

Oh right. Thought Walton would be way higher than the threshold.

Stamp Duty for FTB
£625000 = £10000
£625001 = £18750

So if you are at the £650k range, I’d be pushing a lower offer in (if reasonable) at £625000

There's plenty in Walton in the millions. But that feels a bit of an over extension as a first time buy.

We're actually early 40's but got stuck in the London rent trap for too long and I was too busy partying to take advantage of 100% mortgages in the early 2000's 😂