ChatterBank1 min ago
First time buyers
12 Answers
Hi not sure if this is going in the right bit, my husband and i are trying to buy for the first time, the prices in our area are mental and we have the choice of going for a small property in a (slightly) better area or a larger property in a bad area. What would you go for?
Its so frustrating because we have a small amount of savings my husband has a well paid full time job, i have a well paid part time job and my own business yet we struggle to get on the market!!! Do you have any tips for house hunting?
Thanks x x
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I disagree.....
it very much depends on the area. Some bad areas are changed into good areas as the council earmark them for extra investment. Really does depend on how bad the area is and if any thing is in the pipeline.
I was brought up in Bedford and around 45 years ago there was an area called Queens Park that was full of the real toffs. Now, I wouldn't walk there in the dark by myself (and I'm 6ft2 and 15 stone and not easily intimidated). Just goes to show that areas do go bad as well!
Location is No1, avoid the grief of buying in bads areas, you'll regret it. Bargain hard offers are avaialble again now the market has slowed. Don't look too interested or keen on a property when viewing and making offers. See through the material aspects of the house, think about what you can do to the place not waht others have done. Shubby houses mean work but better bargains to be had.
I would agree with Oneeyedvic but only to a certain degree. I've lived in a couple of pretty scabby areas that are becoming gentrified & are now getting quite nice. Of course, areas can also (but are less likely to) go seriously downhill. The only thing is, this would normally take several years. If you moved into a nice area & you felt it was getting a bit rough you'd have plenty of time to up & move and you would still get more for your money if you then chose to move to a bigger house in a poorer area.
One thing to bear in mind - there are a lot of people who are relly not interested in moving, but think there house is worth a fortune (and an estate agent has just told them the same). Be ware of this. The papers are full of people who have optimisticallyhigh expectations.
If you want some really good advice - get on with the estate agents - compliment them, buy them wine, sleep with them (joke!), do what ever it takes. Let them come to you with people who are desperate to sell (as they are part of a chain that needs completing or have a bridgin loan etc)
I also personally think that the market may dip next year (possibly just after the election). But then as I have said, i forecast a dip 4-5 years ago.
One thing is certain though. Everytime there is a rise there is a fall. (equally certain is the fact that most people will say "but this time its different")
Just make sure that whatever you do buy is affordable on a higher interest rate, or fix for as long as you can. It wasn't that long ago that rates were in double fgures.
What area are you buying in wonky? The areas around here that are bad are REALLY bad and going down hill fast; the good areas are good and getting better and better. There are some places near me where you can buy a house for �7,000 (literally). Albeit in horrendous areas but 5 miles down the road houses are �150000 and up.
I cannot afford to buy (1st timer as well) and won't until the high prices come down because I will not move to even a mediocre area in the fear that it may depreciate as these rough areas have!
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