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Original poster

DD searching for first house and not finding it

35 replies

Havey · 27/09/2024 07:52

DD (single) looking to buy first property - wants a house not a flat and 2+ bedrooms as considering resale value and perhaps need to rent a room in the future.

Rightmove calculations tell her that with deposit and the mortgage she can get, she's looking for something around £180,000. For this she can get an ex Council 3 bed semi in an okay area that needs some work on the decor/ new bathroom and kitchen; a 50% co ownership 2 bed semi in a nicer area with less work needed; a one bed cluster house also in a nicer area in fairly good condition. These properties exist in very short supply but nothing she'd feel comfortable in area - wise or could imagine refurbishing due to cost of tradespeople. She's not precious about decor etc and would clean and paint etc but doesn't have funds or skills for plastering and fitting new kitchen etc.

She's asked for support / inspiration. Already involved in gifting of deposit funds to add to what she's saved so have done my financial bit!

What is she missing? What could be out there that would suit her? She doesn't want to move area so prices mentioned are what property go for in her area.

OP posts:
OnlyFrench · 27/09/2024 12:47

First thing to do is go to a decent broker and get a mortgage agreed in principle. London and Country have been great with my kids.

I'd compromise on property rather than location.

MiddleAgedDread · 27/09/2024 12:55

Of the options you mention I wouldn't personally go for the 50% shared ownership and I think a 1 bed house would be harder to resell than a 2 bedroom flat. People seem to have a snob-factor about living in flats but realistically, for many of us (myself included!), it's what all can afford if we want to live in a decent area and personally I put a nice area and a 30minute walk to work and the city centre as a higher priority than a garden, driveway and an hour commute on public transport!

Spectre8 · 27/09/2024 13:07

MiddleAgedDread · 27/09/2024 12:55

Of the options you mention I wouldn't personally go for the 50% shared ownership and I think a 1 bed house would be harder to resell than a 2 bedroom flat. People seem to have a snob-factor about living in flats but realistically, for many of us (myself included!), it's what all can afford if we want to live in a decent area and personally I put a nice area and a 30minute walk to work and the city centre as a higher priority than a garden, driveway and an hour commute on public transport!

It's not a snob factor about flats it'd the lease and the ground rents etc that put people off. With a house eocne the mortgage is done there are no ongoing costs other than maintenance. My parents always encouraged us to buy a hous ever a flat for those reasons.

Obviously not every can buy a house but if you have a choice....

DaveWatts · 27/09/2024 13:12

The ex council semi sounds fine - she can do it up as and when, save up for a new kitchen etc. Shared ownership comes with all sorts of caveats and I would worry about being able to sell it again.

Outnumbered99 · 27/09/2024 13:20

See a mortgage broker, not necessarily the one mentioned upthread, that might help.

But otherwise its either compromise on property or area, or find more money from somewhere. Can she save for another year?

NewFriendlyLadybird · 27/09/2024 13:31

Havey · 27/09/2024 09:10

Of course, you're all right. She has to compromise - cut her cloth - she can't have it all unless she gets really lucky and that's not seeming likely

Had hoped there'd be BTL landlords selling off their portfolios but not seen any evidence of this

If BTL landlords are selling off their portfolios they’re not going to do so under market price.

Insidelaurashead · 27/09/2024 13:42

I bought an ex council house in a not so great area, because it was all I could afford. Fast forward three and a half years and I met my DP, but we aren't in a position to buy together yet so when my mortgage came to an end I took out a 2 year fix, with a plan that we'll buy a better house, together, in a couple of years

You can't have the perfect house first time, you have to compromise

Peonies12 · 27/09/2024 13:46

Location is key, better to buy a flat in a better location. Especially when younger.

flipent · 27/09/2024 14:01

I don't really understand the need for a new kitchen comment.
Unless the house has been seriously neglected, kitchens last for decades. It may no be to her taste - but as long as it functions you can live with anything.

My first house, the kitchen was not in great condition and wasn't to my taste at all - but it was functioning and painted the cupboards very cheaply to make me feel like it was more 'mine' but it took years for me to be able to look at replacing it. A lick of paint does wonders.

Half of the fun of your own house is being able to make changes yourself and change things slowly. It brought me a huge amount of pride saving for each project.

VWGal · 27/09/2024 14:08

Spectre8 · 27/09/2024 07:55

A fat dose of reality. Either save up more or compromise on location or type of house

I agree with this. I mean this kindly OP, but most people can’t afford everything they want (house rather than flat, spare bedroom, minimal work, preferred area) for their first home, and a lot of folks won’t ever be able to afford all of that.

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