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Best advice for first house purchase.

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Pete.
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PostPosted: 19:21 - 24 Jun 2017    Post subject: Best advice for first house purchase. Reply with quote

My daughter and her feller and looking to buy their first house. They have a deposit saved and a mortgage in principle from HSBC which gives them a budget of £240k. I know it's not a king's ransom but that's all their combined earnings will allow.

Currently their field of search is around the Medway area as that seems to be the most local place where properties are still reasonable (ish).

There is no immediate pressure of time (apart from rising property prices) so I want to make sure they avoid as many of the pitfalls as possible and I'm looking for advice from the experienced property moguls of BCF. I still live in the first property I bought so I don't have any practical experience.

So, how can they get the most bang for their buck?
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P.
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PostPosted: 19:44 - 24 Jun 2017    Post subject: Reply with quote

Abroad and renting it out to holiday makers and using that to pay for home would sort them well...

However, was looking at similar costings, Gravesend towards Thong (lol?) Was a nice place at 250, 2 big bedrooms and a decent garden. They'd accept offers.

Find a friend that knows someone for solicitor work, it'll be cheaper. I do know someone who could possibly help, can find details if needed.

Handy if they have a guaranteed amount that they will loan as they can just slam the yes button.

Have to ask, do they need to stay down Kent way, because I've seen a 4 bed marble arched entrance twin drive with a triple garage about 100 miles up for 245k Laughing

Best of luck to them whatever their choice. Thumbs Up
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Rogerborg
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PostPosted: 19:58 - 24 Jun 2017    Post subject: Re: Best advice for first house purchase. Reply with quote

Pete. wrote:
So, how can they get the most bang for their buck?

Move to Yorkshire.

Find a place that's cosmetically tatty or has weird decor, that every other idiot will turn their noses up at. Buy, paint everything magnolia or white, enjoy.
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Pete.
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PostPosted: 20:08 - 24 Jun 2017    Post subject: Reply with quote

Paddy. wrote:
Abroad and renting it out to holiday makers and using that to pay for home would sort them well...

However, was looking at similar costings, Gravesend towards Thong (lol?) Was a nice place at 250, 2 big bedrooms and a decent garden. They'd accept offers.

Find a friend that knows someone for solicitor work, it'll be cheaper. I do know someone who could possibly help, can find details if needed.

Handy if they have a guaranteed amount that they will loan as they can just slam the yes button.

Have to ask, do they need to stay down Kent way, because I've seen a 4 bed marble arched entrance twin drive with a triple garage about 100 miles up for 245k Laughing

Best of luck to them whatever their choice. Thumbs Up


Got a link for that local 250k job? Sounds like something they would be keen to look at although it's gonna be close to the new M25/M2 connection.
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Pete.
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PostPosted: 20:17 - 24 Jun 2017    Post subject: Re: Best advice for first house purchase. Reply with quote

Rogerborg wrote:
Pete. wrote:
So, how can they get the most bang for their buck?

<s>Move to Yorkshire</s>.

Find a place that's cosmetically tatty or has weird decor, that every other idiot will turn their noses up at. Buy, paint everything magnolia or white, enjoy.


We're in Indian territory. That base is going to be already well-covered Very Happy
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nowhere.elysium
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PostPosted: 20:34 - 24 Jun 2017    Post subject: Reply with quote

Move north. Seriously, the south east is a no man's land for sane property prices these days.
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Pete.
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PostPosted: 20:40 - 24 Jun 2017    Post subject: Reply with quote

Big problem with that Gerry is that they both have stable jobs and the mortgage depends on that. Plus she would not like to move away from her mum, and her mum would like it even less.
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andyscooter
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PostPosted: 21:04 - 24 Jun 2017    Post subject: Reply with quote

No use but in our village 250 grand buys a four bed detached house
This is just over an hours drive to london
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Wonko The Sane
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PostPosted: 22:16 - 24 Jun 2017    Post subject: Reply with quote

I can only advise from the pitfalls of when we bought our house,

The government advised 'homebuyers survey' highlighted the following:

chimney at back in need of repair (actually, the top 3 -4 layers of brick could be lifted off by hand)
front steps were falling apart (yep, could see that)
Fuse box was old type and upgrade recommended (yup, I'd spotted that)

What it missed was:
Central heating system only fired up when it wanted to and for as long as it wanted to
Central heating on old style single pipe loop, not out and return leaving half the house warm and the other half not
dangerous electrics, extensions to ring mains done by wiring a plug, drilling through a wall, running the wire under a wardrobe, separating out the bare wires into a scotch block (sorry Rog, not being racist) to connect the two short bits of wire together, under a skirting board and into a socket.
Rot in the roof timbers.

what I'm trying to say is, the recommended survey is not worth anything much, assume lots wrong and keep money by to fix. The survey can't lift carpets etc to check properly.

Solicitors will play for time and try and palm their work off onto the other. Mine had to threaten to report the seller's as they kept simply pointing my solicitor in the direction of planning applications (for the extension on the house) telling my solicitor they can find out.

It's the sellers solicitor's responsibility to disclose that info, delayed our purchase by a few weeks.
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M.C
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PostPosted: 00:20 - 25 Jun 2017    Post subject: Reply with quote

Not sure about surveys, my dad didn't buy a house based on one and had the guy (under pressure from the agent) call him up Confused A friend had one done recently and they missed loads of fairly major stuff.
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stevo as b4
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PostPosted: 00:52 - 25 Jun 2017    Post subject: Reply with quote

I'd look to a new build or nearly new property for a first time buyer. If they are going to live there and not with parents/in laws free of charge, they won't be able to afford to do renovation or much work. Also if both have good earning full time jobs then doing diy might not be an option time wise or economics.

Have they looked at sites like Smart new homes, and registered with them for info on first time specific new properties or part share/help to buy schemes?
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chickenstrip
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PostPosted: 01:01 - 25 Jun 2017    Post subject: Reply with quote

M.C wrote:
Not sure about surveys, my dad didn't buy a house based on one and had the guy (under pressure from the agent) call him up Confused A friend had one done recently and they missed loads of fairly major stuff.


Guess I got lucky. The surveyor didn't pick anything untoward up on mine, and nothing has proved to be a problem since. I asked them to look into a couple of things specifically, looked carefully for myself when I viewed, asked the previous owners a few questions. I had no previous experience of house buying either, but read up on the pitfalls before going into it all.

There are different levels of survey; pay a bit more for a more in-depth one if you're that concerned.
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Pete.
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PostPosted: 09:51 - 25 Jun 2017    Post subject: Reply with quote

stevo as b4 wrote:
I'd look to a new build or nearly new property for a first time buyer. If they are going to live there and not with parents/in laws free of charge, they won't be able to afford to do renovation or much work. Also if both have good earning full time jobs then doing diy might not be an option time wise or economics.

Have they looked at sites like Smart new homes, and registered with them for info on first time specific new properties or part share/help to buy schemes?


I don't like the idea of shared/part ownership. I'll be steering them well away from that. Not so keen on a new-build rabbit hutch with no storage either.
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stevo as b4
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PostPosted: 10:02 - 25 Jun 2017    Post subject: Reply with quote

That's fair enough. What I found is that older well built houses circa 1930's-60's are more expensive and you pay for character as well as space, decent gardens etc. Also they are the most expensive homes to do work on and often everything needs doing, wiring, heating, roofing etc.

If they were buying such a house at the top of their budget that needed lots of work, it's far easier for a property developer to come steaming in with the full asking price after seeing the potential that throwing another say 40-50k at it could realise.

Therefore you often get pushed out by such people who will offer more money so that they can make a killing later.
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GSTEEL32
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PostPosted: 13:30 - 25 Jun 2017    Post subject: Reply with quote

We looked around Rochester a few years back as it was actually quite a nice town for the money. Lots to do for young families as I remember.

Effectively, your decision comes down to location. That whole area is geared towards commuting into London. If your kid isn't in an immediate need to get to the train station, the difference in house prices is startling.

I'd avoid a new build. They're sh!t. They're also put together by morons in 90% of the ones I've seen, especially down south. You have the added problem of loosing value on it, as soon as its sold to you.

I'd agree with buying one that looks like its been decorated by a blind Octopus though. Some people get so bogged down in the colour schemes, you can bid well under asking and get a result.

Good Luck.
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Pete.
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PostPosted: 13:46 - 25 Jun 2017    Post subject: Reply with quote

Where did you end up?

Train is not a consideration they both drive and both work in Darenth/Dartford. Reasonable access for parking 2 cars is more of an issue.
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hellkat
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PostPosted: 14:45 - 25 Jun 2017    Post subject: Reply with quote

Mine, of course, is lavatorial:
Make sure you like the shape of the toilet and where it is positioned.

It's more important than even the bedroom aspect, and a fuckload more expensive to change to how you like it.

Doesn't matter if its in the bathroom, ensuite or what, or in a room by itself, but it has to be (a) comfortable, and ... er ... (b) comfortable.

I fuckin' hate being wedged into some tiny little room 8 feet long by 2 feet wide with the loo roll in a stupid position, can't dump properly if you're not sitting right.
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Jewlio Rides Again LLB
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PostPosted: 14:48 - 25 Jun 2017    Post subject: Reply with quote

Pete. wrote:
stevo as b4 wrote:
I'd look to a new build or nearly new property for a first time buyer. If they are going to live there and not with parents/in laws free of charge, they won't be able to afford to do renovation or much work. Also if both have good earning full time jobs then doing diy might not be an option time wise or economics.

Have they looked at sites like Smart new homes, and registered with them for info on first time specific new properties or part share/help to buy schemes?


I don't like the idea of shared/part ownership. I'll be steering them well away from that. Not so keen on a new-build rabbit hutch with no storage either.


Ex-social housing on an estate where most are now privately owned is a good shout then.
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hellkat
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PostPosted: 14:57 - 25 Jun 2017    Post subject: Reply with quote

On an equally pragmatic level but slightly less important:

Round that area is still some reasonable places, but the cheaper ones tend to have oil fired central heating.

It brings the price down, but only because of the twin reasons of having an ugly oil drum in your back yard, and the hassle of annual oil top-ups.
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waffles
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PostPosted: 15:06 - 25 Jun 2017    Post subject: Reply with quote

Watching this thread as I am also currently house-hunting in Kent around the Dartford to Rochester area. Except I am looking to buy by myself.
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Alpineandy
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PostPosted: 16:08 - 25 Jun 2017    Post subject: Reply with quote

The best bit of advice I received 30 years back when buying my first place (well, 50% of it Laughing ) was from my Step-Mother.
She said "In your price bracket, buy the worst property in the best area, not the other way around. You can improve the property but you can't improve an area yourself".
Obviously that doesn't allow for the government throwing money at a certain part of town, or the fashionista effect (Who'd have guessed docklands would become trendy and expensive?).
But it's done me very well and is about the only thing the bitch ever said that was useful... Shocked
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Itchy
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PostPosted: 16:16 - 25 Jun 2017    Post subject: Reply with quote

Alpineandy wrote:

She said "In your price bracket, buy the worst property in the best area, not the other way around. You can improve the property but you can't improve an area yourself".


Also look for pubs with flat roofs
https://www.yourmum.co.uk/web_pages/viz/viz%20scans/2014%20VIZ/flat-roof-pub.jpg
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chickenstrip
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PostPosted: 16:38 - 25 Jun 2017    Post subject: Reply with quote

^^ Oh, how true! (from personal experience).
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hellkat
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PostPosted: 17:26 - 25 Jun 2017    Post subject: Reply with quote

Itchy wrote:

Remarkable.
They've managed to spell "paedos" correctly.
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chickenstrip
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PostPosted: 17:29 - 25 Jun 2017    Post subject: Reply with quote

hellkat wrote:
Itchy wrote:

Remarkable.
They've managed to spell "paedos" correctly.


But got "psycho" wrong Thinking
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