Another first time buyer/mortgage thread - buying alone!
Discussion
Evening all,
I'm after a bit of guidance/input from you guys. I've been thinking lately it's time to buy a house, but I'm really not sure where to start, and the clock doesn't stop ticking, does it. I know the right thing to do would probably speak to someone in a bank etc, but as per usual it's got to 1am and I'm thinking I had better ask my pals on a car forum first...
I'm 24 now, and want to be in my own house by 25. That's about all I've got to so far. Can't really decide where I want to live (other than away from 'home'). I've got a new job starting in Harrogate soon, but the prices up there to buy alone are a bit steep so I guess it will be somewhere within 20 miles. The crux of the purchase will be somewhere to keep my Interga (selling it is not an option), preferably a decent sized garage, which again puts me out of luck with Harrogate on my current earnings anyway.
Financially, I hope to have around 12-14k saved, and will be earning just north of 30k pa. I've been looking at houses around 120-140k with this in mind, using the 10% rule, but I fear I might have forgot to count in some hidden costs/legal fees which I'm hoping some of you can explain in some detail for me?
If I were to stay in the area that I grew up in - a 2/3bed semi with a garage could easily be had for >120k. I found a perfect house recently for 105k (modern, big garage, lovely garden, 3 bed semi). Might be a bit of a shock to some of the forum, but it is truly grim around here so ideally I do want to move on. WF9 postcode, if anyone is curious!
I'd like to know if any of you have had similar experiences really, with buying on your own. I'd rather not rent... but moving out needs to happen soon. I'll have a better grasp on my finances when I start the new job as I'm currently self employed and have money tied up in the business, so I guess I'll keep on dreaming for a little while longer.
Is there anything I should start doing in the meantime to improve my house buying experience to come? Other than be extra stingy with my wallet...
Quite an open thread as per usual with me, but looking forward to anyone who fancies having a chirp in...
Cheers
Dan
I'm after a bit of guidance/input from you guys. I've been thinking lately it's time to buy a house, but I'm really not sure where to start, and the clock doesn't stop ticking, does it. I know the right thing to do would probably speak to someone in a bank etc, but as per usual it's got to 1am and I'm thinking I had better ask my pals on a car forum first...
I'm 24 now, and want to be in my own house by 25. That's about all I've got to so far. Can't really decide where I want to live (other than away from 'home'). I've got a new job starting in Harrogate soon, but the prices up there to buy alone are a bit steep so I guess it will be somewhere within 20 miles. The crux of the purchase will be somewhere to keep my Interga (selling it is not an option), preferably a decent sized garage, which again puts me out of luck with Harrogate on my current earnings anyway.
Financially, I hope to have around 12-14k saved, and will be earning just north of 30k pa. I've been looking at houses around 120-140k with this in mind, using the 10% rule, but I fear I might have forgot to count in some hidden costs/legal fees which I'm hoping some of you can explain in some detail for me?
If I were to stay in the area that I grew up in - a 2/3bed semi with a garage could easily be had for >120k. I found a perfect house recently for 105k (modern, big garage, lovely garden, 3 bed semi). Might be a bit of a shock to some of the forum, but it is truly grim around here so ideally I do want to move on. WF9 postcode, if anyone is curious!
I'd like to know if any of you have had similar experiences really, with buying on your own. I'd rather not rent... but moving out needs to happen soon. I'll have a better grasp on my finances when I start the new job as I'm currently self employed and have money tied up in the business, so I guess I'll keep on dreaming for a little while longer.
Is there anything I should start doing in the meantime to improve my house buying experience to come? Other than be extra stingy with my wallet...
Quite an open thread as per usual with me, but looking forward to anyone who fancies having a chirp in...
Cheers
Dan
Managed to find the link to the 105k house mentioned in the OP - looks like it sold for £98k!!! Jeez.
http://www.rightmove.co.uk/property-for-sale/prope...
If I could get over the fact of living around here for a few more years, it would have been a great starter I think.
http://www.rightmove.co.uk/property-for-sale/prope...
If I could get over the fact of living around here for a few more years, it would have been a great starter I think.
Thanks for the replies!
The house I posted is a lot for the money. I'm somewhat regretting not making enquiries about it when I found it a couple of weeks ago. On a quick mortgage calculator last night, I didn't see a reason why it couldn't have been paid off in 15 years. Hmm!
I might keep this thread going, to track my progress, if that's okay with the mods?
The house I posted is a lot for the money. I'm somewhat regretting not making enquiries about it when I found it a couple of weeks ago. On a quick mortgage calculator last night, I didn't see a reason why it couldn't have been paid off in 15 years. Hmm!
I might keep this thread going, to track my progress, if that's okay with the mods?
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