The buying a house thread

[PokerWoody]

So i'm going to buy a house. I'm a first time buyer, but about 7 years ago at got as close as you can to buying a house before it fell through due to the walls having all there goodness sucked out of them by a near by tree. After that i lost my appitiete for buying for a couple of years, then the prices went so bonkers I couldn't afford to buy anything. Now I think I can afford to buy a house in the area I would like to live in. So we are all systems go go go go for house buyage.

Mortgages/buying a house is one of those subjects where it appears everyone has an opinion as I guess everyone has some experience with it. So in this thread I ask for helpful advice which might help me along the way.

For example, things like this -> New stamp duty offer for first-time buyers <- could be helpful advice. Or any thing else really which you think might help. Maybe some of the hidden costs you have encounterd, or anything which you wish you knew or think you would have found helpful before you bought.

[PokerWoody]

I'm not interested in a flat, it has to be a house - I don't really like flats and think they are over priced anyway. I'd like to live where I do at the moment, so it will be in the Bishopston/Horfield area.

Houses seem to be selling super super quick atm. One came on yesterday which looked good and was sold the same day!

[FirePhil]

Meh, I've thought about buying a house but prob couldn't afford to buy somewhere as good as I could rent so haven't bothered. I guess Lee would be the best person to speak to.

I'll keep an eye out for for-sale signs Matt

[cayton]

This is my comfort zone. I have a house for sale atm (a little far from bristol) we buy n renovate to sell old houses. So any help i can give let me know. A few pointers to think about
Solicitors. Prices they charge vary from one to another, try to get a fixed price then you know where you stand.
Visit small estate agents who are local to the area, these have contacts with new/small solicitor firms who tend to be cheaper.
As Matt mentioned rightmove is a good place to start, Also go to the area you like and check out s/market's notice boards (you may get lucky).
When you get your mortgage most will sell you fixed for 2/3 years but setup costs are huge,(with any fixed rate % cost by the years overto get a clearer picture) This day/age first time buyers are a little limited to what's on offer but best to work out costs over a 5 year period as some mortgages seem cheaper over short term but are not long. Also look out for tie-ins after fixed rate is over.
another thing to consider with mortgages is over payments. while the rate is so low i am paying extra each month (over and above mortgage payments) so the next month my mortgage owed is reduced. This is ideal if you have spare income but check as some lenders will penalise overpayments, some are fixed at 10% and others are unlimited
After you have bought your house/flat the first thing to do is take meter readings gas/lec/water e,c,t, then search net for cheapest supplier (the one the old occupier had may not be the cheapest)
Another thing to consider (not essential) is upto april 2010 you can get grants for loft/c.wall insulation (approx cost for a semi is £300) without grant would cost £800/£1000
I forgot to mention above. If you visit a site called House Prices you can see prices of houses which have been sold over the last 10 years (in that postcode) So will give clues to see if the house's you are interested in are over priced or a bargin.
Things to look for when you have a viewing.
check out the roof line, missing slates/tiles. ridge/hip tiles. chimney stack. not a big problem reguarding repair/cost of repair, but can also cause damp in the bedrooms. Remember where they are missing from and check bedroom ceilings
when inside look for the boiler if this needs replacing you could have a bill from £700 to £2000 Also the fuse board. Look for a rcd (this is a breaker for power surges) Old style dont have em and cost for a new board approx £300 but old board means old wire so total replace £2500 + replaster to walls £500 ish
YOU STILL WANT A HOUSE
gl and any more questions gua-shout

[TylerStroud]

Is Lee an Estate Agent?

[TylerStroud]

Matt those apartments look SICK.

[PokerWoody]

Originally Posted by cayton

If you visit a site called House Prices you can see prices of houses which have been sold over the last 10 years (in that postcode) So will give clues to see if the house's you are interested in are over priced or a bargin.

Really enjoying this site. Cheers.

[Raiser]

Tyler, yes I am amongst other things. Deal with sales, lettings and I am a fully trained Domestic energy assessor as part of the Home Information Packs (survey properties for energy efficency, build type etc etc).

Woody you are right everyone has an opinion and everyones is different – which makes buying and selling a minefield!

As an EA I have access to a members section in Rightmove where I can access details on properties about previous asking prices, how long the properties have been on the market, who they were on with along with pictures – very useful if a property has been bought and sold within a few years as it has before and after pics and you can see exacaly how much they have spent and whether the new asking prices is in line with the market or they are trying to make some $$$. So, if you do want to put an offer in on some properties give me a shout and I will see what other info I can get for you – I can also give you mine and my bosses opinion on ACTUAL value of the house just so you don’t pay top whack.

The website cayton posted does what it says on the tin and we use it as comparables to value houses.

As a buyer it is like poker – it is all about position. When you do view houses there are some key questions you need to ask that will put the agent on the spot but get maximum information.

1) Is the house being sold with no chain? If not, have the vendors found themselves and what sort of chain will be involved?
2) How long has the property been on the market?
3) Has the property been reduced in price?
4) Is the vendor open to offers?
5) (if yes to 4) Has the vendor indicated what they would accept?
6) Has the property had any other sales on it that has fell through? If yes, then you MUST ask if it fell though due to survey. The agent legally has to tell you if it has or not.
7) Ensure you get a copy of the HIP (home information pack) and read through it fully BEFORE you make any offers. Also, if you want to forward the HIP to me I can check over it for you – specifically the EPC as it gives a lot of info on any major work that may need doing.

Matt, as for my opinion on the current housing market…. Where do I start!! Lol
The press are reporting an increase in prices – DO NOT BELIEVE them – it is just a blip. In my opinion and the professional opinion of the owners of the company I work for the best time to buy will be in November/December this year when prices will fall again. This time of year is always the quietest and what with the current financial climate there will be some bargains around with people desperate to sell.

I could go into lots and lots more but I am at work and I have typed too much already.

If you have any specific questions then post here and I will get back to you.

GL on your search and if you need any help or want an extra pair of eyes on a viewing then let me know.

[Raiser]

One last quick thing - do not get dupped into using the solicitor and mortgage advisors of the big corporate companies (Taylors, Connells etc) firstly they are terrabad and secondly they only look at a few products on the market where as an indepedent mortgage advisor looks at ALL the products in the UK. If you want a reccomendation then let me know.

[PokerWoody]

Do you think houses being sold very quickly is typical in the current market, or was what I saw not typical? If yes, why do you think this is and should also be prepared to act quickly? (obv the people selling me the house will tell me I need to act quickly, but I am a fan of procrastination!)