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First Time Buyer Needing Advice

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  • First Time Buyer Needing Advice

    Hi,

    I'm a first time time buyer. I've found a property I like and am ready to put in an offer but I have a couple of questions that I'd really appreciate peoples advice on.

    1) Is this the wrong time to buy a property? Given the current situation with Greece and the Euro should I put off buying a property for a little while until things have resolved themselves? Or should I buy now before all the good mortgage deals dry up?

    2) I have found a property I like. The seller is looking to buy a new property himself and has not found one or made an offer yet. Is this a problem? I'm worried about spending money on solicitors and surveys and then having him pull out or take an extreme amount of time to move. Is there anything I can do about this? I'm guessing any verbal agreement I get from him to move out within I set time frame will be worthless.

    Thanks for your help.

  • #2
    Re: First Time Buyer Needing Advice

    Hi Checkers,

    1. Any time is a good time to buy a property if you are buying it to live in and enjoy. You say you have found a property that you like so why would you wait as long as you can afford it? This question is only really relevant if you are buying a property to make a profit from in the future, and if that's the case then your guess is as good as anybody elses regarding when to buy and sell so go with your gut instincts.

    2. It's not an issue that the property vendor hasn't made an offer on a property yet, in fact he wouldn't probably be in a position to do so until he has a sale secured on his own property. This is the normal course of things and will almost certainly be the case with any property you will find other than those that are not currently owner occupied. All you can do is hope that the seller does find something suitable for themselves but there's not really anything you can do to guarantee this.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

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    • #3
      Re: First Time Buyer Needing Advice

      Hi Checkers, I agree that if you're buying to live and enjoy your life in a property then go for it. That's exactly what my husband and I are doing and we're first-time buyers too. We are actually in exactly the situation you describe. Our vendor has not yet found a property to move to. She has seen several places and offered on a couple, but her offers were rejected in favour of those from first-time buyers. So currently she is looking on right move for properties, meanwhile we're keeping everything crossed that she finds somewhere soon. When we were looking, we found several people who were prepared to moved into rental accommodation, just so that they could say their property was on the market 'chain free'. One family were even moving onto their canal boat! We have mentioned this to her agent, but he said the that vendor was worried about getting a rental house with her dog! So we're just waiting and hoping. Our mortgage offer is good for 6 months and she accepted our offer almost one month ago. We've put the valuation off for a couple of weeks, but there is no way we're spending £500 plus on a full structural survey until we see evidence that she's progressing her own purchase. It's just a waiting game unfortunately. Best of luck in your search!

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      • #4
        Re: First Time Buyer Needing Advice

        Agreed, yes you may lose some equity, but this is probably relative to the amount you would lose in rental. If you are looking at it beyond a "Home" but a "Home/Investment" remember markets bounce back. Short term you may lose a little, but the gains long term will outweigh this, as long as you are willing to remain there, long term.
        House Offer Accepted, Mortgage Going Through. Waiting for exchange
        buyingourhome.blogspot.co.uk - Check out my blog.... A conveyancing horror story!

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