Should I stretch myself?

[Sparkzz]

The initial message was deleted from this topic on 02 December 2018 at 19:57

[Greendubber]

Thats a lot of house for the money.

[768]

If you're young enough that your income is still increasing, yes. Otherwise maybe.

[grumbledoak]

It's pretty normal to max yourself out and make some sacrifices when you buy your first house. I wouldn't let the fear stop you.

[rog007]

As usual, plan for a rate increase and medium term sickness. If you can cover that you may be fine. Does it need anything urgently doing to it? If so, can you cover that whilst stretched?

[BoRED S2upid]

That's not a 24 year olds house if I were 24 again I wouldn't be busting my gut for that.

[lee_fr200]

I would! It's a lot of house for the money with scope of development and the potential to go up a lot in value

Go for it

Also don't forget you don't have to ask the asking price put an offer in at 20k lower

[TA14]

grumbledoak said:

It's pretty normal to max yourself out and make some sacrifices when you buy your first house. I wouldn't let the fear stop you.

Yep. Is that the going rate round there? If so it looks like a great house + sheds + garage

[S10GTA]

It will cost you circa 10k to move in the future. This house is pretty much future proof. That would sell it to me.

[Sparkzz]

lee_fr200 said:

I would! It's a lot of house for the money with scope of development and the potential to go up a lot in value

Go for it

Also don't forget you don't have to ask the asking price put an offer in at 20k lower

That sounds positive. I must admit this whole process is terrifying me, I haven't got anyone to seek advice about buying from and really don't know what sort of offers are appropriate to make. I have considerable practical skills so doing the work and maintenance is fine, but the financials are lost on me.

Thanks

[okgo]

rog007 said:

As usual, plan for a rate increase and medium term sickness. If you can cover that you may be fine. Does it need anything urgently doing to it? If so, can you cover that whilst stretched?

Did you click on the link?

Get involved. I borrowed 5x income to buy my first place at a similar age to you.

[ILoveMondeo]

If you buy something smaller/cheaper or without some of the cool stuff that place has like extra space, potential to extend, garage, garden etc. etc you'll only be wanting to move again in a few years.

If it means no flash cars, or fancy holidays for a few years, then get it done, you've gotta live somewhere, and it may as well be nice!

If it'll be a REAL struggle, then may be worth economising a little, also if you've not sure if you're going to stay in the area or your career may take you other places, might be worth keeping a little in reserve and getting something a touch cheaper.

I've no idea on the area, but looks like a lot of house for the money even for a "cheaper" part of the UK.

[RammyMP]

Go for it. Negotiate the pool table in to the sale!

I maxed myself when I bought my first house, was skint for a year or two, pay got better then sold the place and doubled my money. Didn't regret it!

[768]

Sparkzz said:

I'm 24 and in final year of my degree (part time) I'd expect my income to stay where it is, but I'd hope for an increase as my qualifications develop.

I'd do it then, personally.

[Benrad]

Do you know the area? I lived in Cockfield for six months, just down the road, and I hated it.

Also houses around there are cheap for a reason, very difficult to sell and don't rise in value. I wouldn't recommend maxing yourself out to buy a house in that area. When it comes to buying houses it's always best to buy in the best area you can, even if it means getting a smaller house if that's all you can afford. Try to buy a small house in Darlington, Durham or Newcastle depending on where is convenient for work. Personally I ended up moving to Northallerton and love it. If you want to chat about what it's like getting on the housing ladder in the area drop me a message. I'm 26, bought my first house in Northallerton when I was 24 so was in a pretty similar position

[Busa mav]

Do it !

Back in the mid 70's I worked in a drawing office as a junior, and when asking advice for how to get a mortgage , and how much to borrow.

A few of them said:

Work out what you can afford, forget that, and just get as much as you can borrow and get the best house you can.

I owe them guys so much.

[Benrad]

Just realised... OP you didn't just sell a blue hot hatch to buy a van and enjoy mountain biking do you? Your dilemma sounds an awful lot like a lad I work with if it's not you!

[StuTheGrouch]

Based on my experience, yes. Our mortgage repayments were fairly high due to the rate at the time; when we remortgaged with a better LTV the rate had dropped too and so our repayments dropped massively. At your age I'd be looking at a longer term initially and then reduce that (or make over payments) when finances aren't so tight.

I doubt you'd lose money on that place, so if prices keep going up it should be a shrewd purchase. Lovely house too.

[mikeiow]

RammyMP said:

Go for it. Negotiate the pool table in to the sale!

I maxed myself when I bought my first house, was skint for a year or two, pay got better then sold the place and doubled my money. Didn't regret it!

This!
Do remember you are in the BEST position you will perhaps ever be in - FTB, no chain - so do make a lower offer in a positive manner: certainly you could start at 250K - you can ALWAYS go up (but never down!), and for sellers (if they are keen to sell), dropping 5-10% is not unreasonable.
If (when!) the first offer is rejected, you have a conversation with the agent to get the vendors situation in more detail - then you creep up a bit, and as said above, make sure you get the pool table ;-)
Good luck!

[Condi]

If you can getting a lodger can make life a whole easier. You can earn £7500 a year, which the mortgage company wont take into account for affordability, but will pay most the mortgage and some of the bills. Go for a 35 year term, borrow as much as you can, overpay where possible.

At least you dont have to do anything with it, although an energy rating of F suggests that new boiler, new windows, and possibly some insulation would be sensible investments.