First property purchase?

[Bushman1]

What was the price of your first property and where are you from?

I'd like to see if im crazy going for a property of £295k for my first place. I live in the Scotland to clear things up where property is cheaper then London and SE.

Edit: It would be a good indication to know if you bought with a partner or not.

[Myc]

I would always recommend spending as much as you can reasonably afford on your home.

For example -
If house prices go up 10% over 5 years your £295k house will be £324.5K. If you but a £150K house it becomes £165K. When after 5 years your cheaper house has become to small and you want the bigger house the cost to move has increased by from £145k to £159.5K not to mention Solicitors and Estate Agents Fees.

Plus if you go for a bigger house but find money gets a bit tight you can always rent out a room or two and bring in extra revenue.

I just jumped back on the property ladder for the first time in a couple of years and paid £290k for a house and I'll be the only one paying the mortgage. Just remember to factor in utility bills and Council tax when doing your sums.

[mike9009]

I am from South Wales and my first property was £33k.

Now to fill in some more relevant details.....

First property I bought was in Leeds in 1997.

Maxing out a mortgage might feel like a good idea, as mentioned in the post above. The likelyhood is that you will not stay there forever (job change, kids, catchment areas etc etc) As you grow older your priorities change.

A larger property also brings higher bills, repair costs, council tax etc.. Do you really want to tie all your monthly income into maintaining a house? Got to live a little too.......

Also, property prices go down as well as up..... (unlikely - but everyone thought that in 2007!)

Mike

[TonyF55]

My first house was in Grays, Essex. paid £47,500 in 1999 (2 bed eot) sold it after 10 months for 60k as we felt we were just to far from friends/family. We bought this house just to get on the ladder instead of renting, I was only 22.

[Bushman1]

I think these days your money doesn't get you much space especially where I'll be happy to live.

I know all about bills and council tax as I'm currently renting and the council tax is very similar to what I'm currently paying.

[Simpo Two]

£43K, 3 bed semi, 1987, Chelmsford.

Good job I jumped on when I did - 16 months later I sold it for £70K. It made more than twice as much as I did.

It was easy then - 3.5x salary, get mortgage, buy house.

[lukefreeman]

22, £110,000. Joint application borrowred 2.5x our annaual salary.

COuld have stayed at home till 30, amassed a huge deposit, but I'd rather ust live on my own earlier in a smaller house.

[Shirt587]

West Midlands, bought Oct 2012, 280k. We had been renting and saving for the thick end of six years in order to put down a sizeable deposit...

[98elise]

3 bed terraced in the south east, 39k in 1988.

A couple of years later it was work 69k when I put it on the market.

We then went through a property crash/correction and I finaly sold it for 42k about 5 or 6 years later.

Boom and bust is not a new thing!

[AB]

Bushman1 said:

I think these days your money doesn't get you much space especially where I'll be happy to live.

I know all about bills and council tax as I'm currently renting and the council tax is very similar to what I'm currently paying.

£300k gets you a lot of place in Scotland.

Our first place a few years ago, £210,000 for a relatively large 3 bed semi with good loft conversion (man cave now!) on the Wirral.

The OH is earning a lot more than she was back then and I want to move, she's having none of it.

[uuf361]

1996, 2 bed EOT in Sussex, £64,950.......still own it now......but no longer live in it - bought on my own, as have subsequent house purchases.....

[Charlie1986]

we bought in the SE in 2010 for £275,000 then sold last year for £310,000 so not to bad for a new build, Now looking at buying next few months whilst if rather peacefull

[WTD]

SE London for 135k in March 2002

[Du1point8]

bought first property 2007 in SW london by myself for £310k.

Its now floating around the £630-650k mark.

So not bad progress for 7 years.

[gregf40]

How can anyone say without knowing how much you earn or what your deposit is?

[Bushman1]

I'm on £65k a year tax free pay full NI. Deposit is roughly £50k can have £60k by completion.

[Du1point8]

Bushman1 said:

I'm on £65k a year tax free pay full NI. Deposit is roughly £50k can have £60k by completion.

Is that deposit actually deposit?

Or is it 35k deposit, 5-10k stamp duty and rest for kitting out new place?

Some people say they have saved the money, but then they forget that they haven't thought about stamp duty, or they didn't think to include money for white goods, etc... so if they didn't sacrifice some of the deposit money, they would be sitting/sleeping on the carpet as they have no money left to pay for anything.

[Bushman1]

Du1point8 said:

Bushman1 said:

I'm on £65k a year tax free pay full NI. Deposit is roughly £50k can have £60k by completion.

Is that deposit actually deposit?

Or is it 35k deposit, 5-10k stamp duty and rest for kitting out new place?

Some people say they have saved the money, but then they forget that they haven't thought about stamp duty, or they didn't think to include money for white goods, etc... so if they didn't sacrifice some of the deposit money, they would be sitting/sleeping on the carpet as they have no money left to pay for anything.

It's actually deposit I have furniture already and will be getting another lump sum of cash available at my disposal in a few months times I currently save £1250 a month and £2250 when I'm out the country working.

[James723]

Bought my first place (2 bed apartment) in mid 2011 for £247,500. I'm in Woking, Surrey.

[Napper]

Bought my first place in 1998 for £44k in north east England on my own. I sold it 6 years later for £105k but still wished I'd bought something when I was younger. I was 28.