Monday, 3 June 2013

To Buy or not To Buy?

My boyfriend and I were hanging around the house a week ago, and decided to look at the RightMove app. Usually we look at the rental section, but just out of interest, we looked at the For Sale section.

to buy or rent

We spotted a remarkably cheap property in the village we live in (and love).

So, out of interest, I phoned sent a quick email through the in-app email system. I got a call the next day saying we could see the property that evening, so we decided to go along.

We saw the property, and thought, that's nice, I wonder who will buy it. We got a phone call from the agent the next day asking if we were interested in the property. I said we were, but that our finances weren't in order. She scheduled us in for a meeting with a mortgage constaltant, and was very optimistic about our chances of getting the property.

At this stage, we've seen the property twice, and we're going to see a mortgage advisor tomorrow. It's all happened so fast. However, there are already 4 offers on the property, and I expect at least one of those is at asking price. We're a little scared, but we might put in an offer.

The property is very cheap, but, it has a long list of things that need doing. Here they are, in order of importance:

  • Rewiring (and more power points added)
  • Central heating putting in the entire house (including radiators)
  • Redecorating throughout
  • New kitchen
  • Bathroom moving upstairs
  • Single storey extension (if money allows)
  • Garden turfed
All in all, it needs about £20,000 spending on it. We don't have all of that at the moment, but might be an ongoing project as we live there. It would be better than renting, knowing we have our own house and are putting money towards that, but a lot of work for someone working full-time, walking a high-energy dog and doing a Masters (hence why I'm struggling to post on the blog as often as I'd like)!

When did you buy your first house, or do you rent?
What advice could you give me?

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