im looking to buy my first house...?

Question

any tips on what to look out for and what not to buy?

Answer 1

hire a home inspector, find a Realtor you feel comfortable with , go to three mortgage brokers to shop for best interest rates closing costs

Answer 2

When you say your first house, it is supposed you are going to buy another later on.
In that case look at the market, and take a gut reaction about when it's going to fall.
Then look at the house in particular, in conjunction with the area, to see if it underperforms or overperforms the market.
As a warning, I personally would not invest in the current London market, and would think very carefully about buying anywhere in UK at current prices.

If you intend to settle down, you have my sympathies.
The market will bubble, these prices are near the top, unfortunately it could be two years or more before depreciation.
Many, I know, are unwilling to fritter away their hard earned cash on exorbitant rents. And will attempt a mortgage at almost any price. Please don't if you don't have too.

I am privy to the daily broker updates on 3 high-end London properties. The owner is determined to make a large profit, buyers are making offers weekly. The price however was expensive originally, and the owner expects 50% more.
I have lived through this kind of hysteria once before, a lot of people got badly burned. And they were all first time buyers looking to settle down and start a family.
Negative equity is a horror, when the economy turns as well. You might get lucky, the UK economy is strengthening, so maybe just negative equity alone won't be too bad. I wouldn't chance it.

Answer 3

As its your first buy try and go for a 'sure bet' as it were. Look for something with some work needing to be done so you're sure to add value. Look for something in a good area near good schools, commuter links etc so your sure it will be easy to sell on in a few years time. And be prepared to compromise, it may take a while and you may have to do some really hard thinking but chances are you'll work out if its location, size, having a garden etc etc thats the most important thing. I don't think 1st time buyers should expect to 'fall in love with the place' that comes later maybe your 2nd or 3rd buy. Be sensible and realistic, accept you'll have to make some sacrifices and keep your long term aim in mind (i.e. to own a decent sized property) as you'll only achieve this by starting off at the bottom. And, final thought, do not get talked into spending too much, if you're totally stretched each month covering your mortgage and bills you won't be able to afford to make improvements or fix the inevitable breakages, boiler failures etc etc etc. Good luck, its hard work and its stressful but its worth it!

Answer 4

best tip is don't go to big too soon you will not believe how hard is to maintain the smallest of a house and how many things can go wrong. If buying a flat or maisonette be evry careful about the lease arrangement and ensure they have at least 65 years on the lease left. Get a good survey done. test out the area day and night and go back and visit the property at least 3 times.

Most of all have a list of people ready when you buy your home who you know are trustworthy professionals so you know when things go wrong you have someone good round without relying on the phone book.

Be aware of the garden and maintenance outside it is not as easy as it looks!!!

Good luck

Answer 5

Ok...there are the obvious responses of cost, size, location, amenities etc.
However, I'd add - if you see a house you like, visit at various times. A nice quiet road can turn into a 'rat-run' at rush hour and a childrens playground in the evening!
Look at the neighbours houses - are they neat and tidy? Try and speak to them, that avoids the neighbour from hell scenario.
DON'T buy the best you can afford or stretch your budget, there will be unexpected costs and if your finances changed for the worst, you should still have a little to play with.
Get a few quotes from solicitors too - costs can vary a lot.
Lastly, enjoy your home!

Answer 6

Buying a house can be very daunting.. I know!

Make a list of what's important to you first of all (i.e. parking, garden, number of bedrooms etc) and try and stick to only viewing properties that are within budget and have what's on your list.
It might not have everything but try and tick most of your boxes - and don't let agents take you to see places that are too expensive (they will try!). There's nothing worse than falling in love with a house that you can't afford!

In terms of affordability, in some poorer areas - you do not have to pay stamp duty on flats/houses (you could look into this in your area) and sometimes there are tax breaks/incentives for living above commercial businesses.
If you live in the UK, I'd recommend talking to a fees-free mortgage broker such as London and Country (http://www.lcplc.co.uk/) who can help you through the mortgage maze. They don't charge you and can find a mortgage to suit your circumstances.

When you visit a house - make notes!
Look at it's position:
- how close is it to train/bus etc?
- if there parking, driveway or garage (if you have a car)
- distance from shops, schools
- is it on a busy road?

Ask about when the place was built (which will help you later on if you decide it's the one for you).
Check for double glazing/central heating/ cooking - gas or electric, space in kitchen for appliances? Enough room for your furniture?

Look for signs of damp on the walls, rot on windows, for cracks. Look for obvious signs of disrepair. If you go for the house - when you have a survey done - it will highlight major problems such as rot etc. You can always negotiate with the seller at that point and get them to come down on the price.

Good luck!

Answer 7

Take a couple of expereinced people with you - friends. There is too much to mention in this forum and every house would have its own area of focus and problems ( and good points ! ) to cover here.

Location is often the most important factor, you can change much of a house but not the location.

If you've never maintained a home before you might want to look at something relatively new rather than a 16century crofters cottage.

Answer 8

visit more than once, on a sunny day and if possible when raining - 1) to see which part of house/garden is in sun, 2) to check guttering/leaks. Look at what the general area is like. Make sure no shared access routes or utility pipes that you might be financially liable for. If possible take a friend/or two who own property so have been here before. Always look for faults, look in all cupboards and behind units if possible. Ask to see their utility bills so you will know roughly what the bills are going to be - they might be more than what you are paying at the moment. What are they leaving behind - i.e. sheds etc - are these included or extra.

Answer 9

Firstly don't forget to have a survey done...this will unearth any problems with the property. Then make sure it is a nice location with plenty of amenities. Check out the house a couple of times and walk round the area on foot to see what it's like and see if it's particulaly noisy etc. Make sure you have a viewing at rush hour for example to see if the road is too noisy. Make sure you take a tape measure to check your furniture will fit and say hi to the neighbours where possible !! xx

Answer 10

Presume the choice will be governed by your finances, but as well as finding a nice house you need to check out the area.........after all you dont want a real nice place in an area thats rough and perhaps dangerous and also to save on travel expenses etc somewhere handy for work/shops/school/pub etc and dont go too far from your friends or you may feel isolated tho you will adapt to it. Good luck & hope you succeed in getting somewhere nice

Answer 11

Most of the advice already given is spot on so I won't repeat it. I would add that you need to be able to afford a life as well. It's lovely having your own place, but you don't want to be working just to pay the mortgage and the upkeep or the novelty will very quickly wear off.

Make sure that you are clear what you are prepared to compromise on, but stick to your guns on essentials!! Be prepared for the estate agent 'spin'. They make appear to be your guide, but remember they are in a business and it is the vendor who pays their wages not you!!

Good luck!