FTB How did you decide what to buy?
Discussion
Its not going to be a million miles from that point where I have the funds to get a mortgage.
However I am currently thinking about what the best plan of action will be, and was wondering what others did, or whether my train of thought is logical?
Situation is as follows:
We want to buy in the area we live in now, it works for everything we need, and we like it. As far as I see it there are a couple of different scenarios (money wise its all inline with local pricing)
1. Buy a good 1 bed in the best area walking distance to shops/station etc, probably possible under £250k thus minimal stamp but best case scenario only live in it for 4-5 years before having kid requiring a move.
2. Buy a 2 bed (maybe with garden) in an OK location, long walk/bus/cycle to station for £250k as above, fine for probably 5-7 years as 2nd kid would require a move.
3. Buy a good 2 bed (possibly with garden) in same area as above, probably £300-£340k, over stamp threshold s will cost a chunk, but I figure if you're going over 250 you may aswell go over as much as you need to in order to get what you want, I don't see logic in buying at £280k or so, still lots of stamp to pay, and still not a great location. Good for 5-7 years again, maybe make more money on this though as prime location is a good market, maybe its peaked though?
4. Buy 3 bed house in an area a touch further away at £350k or so (probably very top end of what we could afford on current situations and would need to save a bit longer for deposit), certainly a bus or 15 minute ride to station, drive to supermarket etc, but probably a property that would last 10 years.
Now the issue with all of this is that my Mrs isn't that keen on having a kid in a 2 bed flat, I argue that it wouldn't be such an issue as long as its not a shoebox and that plenty of people do it. However as most people in this world tend to have two kids, I agree that you can't have two in a 2 bed flat, so at some point the move to a house would need to be made anyway.
What would you all do? I'm being a bit forward thinking with the kids and all that, but it seems silly not to plan that kind of thing into moving seeing as its likely to happen, we're 25 currently if that makes any odds?
Keen to hear thoughts!
However I am currently thinking about what the best plan of action will be, and was wondering what others did, or whether my train of thought is logical?
Situation is as follows:
We want to buy in the area we live in now, it works for everything we need, and we like it. As far as I see it there are a couple of different scenarios (money wise its all inline with local pricing)
1. Buy a good 1 bed in the best area walking distance to shops/station etc, probably possible under £250k thus minimal stamp but best case scenario only live in it for 4-5 years before having kid requiring a move.
2. Buy a 2 bed (maybe with garden) in an OK location, long walk/bus/cycle to station for £250k as above, fine for probably 5-7 years as 2nd kid would require a move.
3. Buy a good 2 bed (possibly with garden) in same area as above, probably £300-£340k, over stamp threshold s will cost a chunk, but I figure if you're going over 250 you may aswell go over as much as you need to in order to get what you want, I don't see logic in buying at £280k or so, still lots of stamp to pay, and still not a great location. Good for 5-7 years again, maybe make more money on this though as prime location is a good market, maybe its peaked though?
4. Buy 3 bed house in an area a touch further away at £350k or so (probably very top end of what we could afford on current situations and would need to save a bit longer for deposit), certainly a bus or 15 minute ride to station, drive to supermarket etc, but probably a property that would last 10 years.
Now the issue with all of this is that my Mrs isn't that keen on having a kid in a 2 bed flat, I argue that it wouldn't be such an issue as long as its not a shoebox and that plenty of people do it. However as most people in this world tend to have two kids, I agree that you can't have two in a 2 bed flat, so at some point the move to a house would need to be made anyway.
What would you all do? I'm being a bit forward thinking with the kids and all that, but it seems silly not to plan that kind of thing into moving seeing as its likely to happen, we're 25 currently if that makes any odds?
Keen to hear thoughts!
Would appear 2 bed house is in the middle...
There are a few in decent areas around that are around top end of budget, but are they any better than a 2 bed garden flat?
Thanks all, really interesting, and expensive
The most annoying thing of all is that where I live (or would love to settle) there just are not any houses, no stock at all. And if they do some up they're well over half a million.
There are a few in decent areas around that are around top end of budget, but are they any better than a 2 bed garden flat?
Thanks all, really interesting, and expensive
The most annoying thing of all is that where I live (or would love to settle) there just are not any houses, no stock at all. And if they do some up they're well over half a million.
Yes, agree, but then a 2 bed flat is only good for that period between having one kid and then having another (as I said, very rare that people only have one these days) so not sure on that aspect. Just sodding annoying that the typical stock where I want to live are either 2 bed flats, OR £500k ha!
Thanks everyone, I've had a look at the market around in a bit more detail, and it looks like I might have to move a bit further than I thought to get a 3 bed period house (I do live in London Suburbs blue33) but if you want to slum it with the poor you can get a 60's thing for about 350.
Think the best bet then will be to save and save a bit more, have that big lump ready and borrow as much as possible to get the best period 3 bed I can afford.
What do people class as 'affordable' in terms of salary multiple? We have household income of around 90k so perhaps we couldn't even borrow what it looks like I'd need anyway.
Think the best bet then will be to save and save a bit more, have that big lump ready and borrow as much as possible to get the best period 3 bed I can afford.
What do people class as 'affordable' in terms of salary multiple? We have household income of around 90k so perhaps we couldn't even borrow what it looks like I'd need anyway.
I think having weighed it up what we are going to do is aim for a 2 bed with garden slightly further from the station, I've had a look and can still get within a 20 min walk/5 min cycle for around £250k (saving a lot on stamp duty)
I think having looked properly, I would rather buy the 3/4 bed house in a good area, and I just cannot afford to do that at the minute, so by buying a decent 2 bed a little further away that gives us probably around 7 years to save etc and then try and get the good house in early 30's, when hopefully salaries are higher etc.
The ideal will be that I can find a 2 bed that needs work in the good area, but will see what comes up I suppose. Quite lucky in that the 'bad' area is still somewhere most people wouldn't hesitate to live as its very pleasant, just a little further from the station.
I think having looked properly, I would rather buy the 3/4 bed house in a good area, and I just cannot afford to do that at the minute, so by buying a decent 2 bed a little further away that gives us probably around 7 years to save etc and then try and get the good house in early 30's, when hopefully salaries are higher etc.
The ideal will be that I can find a 2 bed that needs work in the good area, but will see what comes up I suppose. Quite lucky in that the 'bad' area is still somewhere most people wouldn't hesitate to live as its very pleasant, just a little further from the station.
Edited by okgo on Monday 25th February 10:42
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff