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| From leaky ceilings to clueless agents: tales from a first-time buyer | From leaky ceilings to clueless agents: tales from a first-time buyer |
| (35 minutes later) | |
| “An Englishman’s home is his castle.” The definition of this old proverb, according to the Oxford Dictionary, is that an English person’s home is a place where they may do as they please and from which they may exclude anyone they choose. | “An Englishman’s home is his castle.” The definition of this old proverb, according to the Oxford Dictionary, is that an English person’s home is a place where they may do as they please and from which they may exclude anyone they choose. |
| I’d like a castle. At least in spirit. In reality, I’m looking for a one-bedroom flat. Surely that’s not too much to ask for, today, in England? Sadly, low housing supply means that for many renters, who are lacking the necessary deposit and trapped in expensive private housing, the security that owning a home offers remains a dream. | I’d like a castle. At least in spirit. In reality, I’m looking for a one-bedroom flat. Surely that’s not too much to ask for, today, in England? Sadly, low housing supply means that for many renters, who are lacking the necessary deposit and trapped in expensive private housing, the security that owning a home offers remains a dream. |
| After living in cold, damp, rat-infested rentals for five and a half years I have decided that it really is time for me to escape generation rent. | After living in cold, damp, rat-infested rentals for five and a half years I have decided that it really is time for me to escape generation rent. |
| With a deposit in hand (thanks to the bank of mum and dad), I secured a mortgage agreement in principle after a surprisingly simple chat with a local independent financial adviser (IFA). Crucially, this shows me to be a serious buyer. Hopefully, I’ll entice estate agents as I only need give a month’s notice on my rented home. | With a deposit in hand (thanks to the bank of mum and dad), I secured a mortgage agreement in principle after a surprisingly simple chat with a local independent financial adviser (IFA). Crucially, this shows me to be a serious buyer. Hopefully, I’ll entice estate agents as I only need give a month’s notice on my rented home. |
| I’ve been told I can borrow £90,000, four times my income (rather than the three I’d expected), which with my deposit means I’m looking for properties costing around £110,000. I’m so keen to get my own place I haven’t really reflected on the scale of the debt I’m about to take on. It’s a staggering amount of money to lend someone in my shaky financial state (£20,000 owed in student loans and an overdraft). At 34, however, I think buying a house offers me a much happier future than renting, even if it does tie me down to a massive debt and, more so than renting, a specific area. | I’ve been told I can borrow £90,000, four times my income (rather than the three I’d expected), which with my deposit means I’m looking for properties costing around £110,000. I’m so keen to get my own place I haven’t really reflected on the scale of the debt I’m about to take on. It’s a staggering amount of money to lend someone in my shaky financial state (£20,000 owed in student loans and an overdraft). At 34, however, I think buying a house offers me a much happier future than renting, even if it does tie me down to a massive debt and, more so than renting, a specific area. |
| Castles are out of the picture on my budget sadly. Living and working in Winchester, I’d be lucky to snare a Wendy house round my way, so I’m looking in Southampton and its surrounding areas. There are good transport links (a 45-minute commute awaits), shopping and entertainment. | Castles are out of the picture on my budget sadly. Living and working in Winchester, I’d be lucky to snare a Wendy house round my way, so I’m looking in Southampton and its surrounding areas. There are good transport links (a 45-minute commute awaits), shopping and entertainment. |
| My rental experiences have influenced my thinking. As well as allocated parking I’d like a bathroom with a window to mitigate damp. Gas central heating too. All ideally in a modern, purpose-built block with owner-occupiers rather than tenants. | My rental experiences have influenced my thinking. As well as allocated parking I’d like a bathroom with a window to mitigate damp. Gas central heating too. All ideally in a modern, purpose-built block with owner-occupiers rather than tenants. |
| Aside from Googling and talking to friends and families, I enter this world naively and concerned about overpaying, losing money or accidentally buying a dive. The only advice I have had is not to trust estate agents and always ask the next question. That gem came from my parents, who upon complaining to an estate agent about their newly purchased property were told, “you didn’t ask the next question”. | Aside from Googling and talking to friends and families, I enter this world naively and concerned about overpaying, losing money or accidentally buying a dive. The only advice I have had is not to trust estate agents and always ask the next question. That gem came from my parents, who upon complaining to an estate agent about their newly purchased property were told, “you didn’t ask the next question”. |
| It is a dog-eat-dog world and, so far, all of the estate agents have been trying to sell me a pup. At one place the agent responded to my question of “why has it been on the market for two years)?” with, “I’ll leave that to you to work out”. It wasn’t too hard, as on entering the place, which was on sale for around £115,000, I was engulfed by the vile smell of cat urine. | It is a dog-eat-dog world and, so far, all of the estate agents have been trying to sell me a pup. At one place the agent responded to my question of “why has it been on the market for two years)?” with, “I’ll leave that to you to work out”. It wasn’t too hard, as on entering the place, which was on sale for around £115,000, I was engulfed by the vile smell of cat urine. |
| Looking at one modern flat in Eastleigh, for £120,000, I spotted a ceiling stain that had been painted over, which was seemingly a leak from upstairs. The agent offered the unlikely explanation of a suitcase on top of a cupboard rubbing the ceiling. | Looking at one modern flat in Eastleigh, for £120,000, I spotted a ceiling stain that had been painted over, which was seemingly a leak from upstairs. The agent offered the unlikely explanation of a suitcase on top of a cupboard rubbing the ceiling. |
| Another flat did not require ground rent or maintenance charges, but instead I would have had to collaborate with neighbours over repairs, and there was no fund in place to cover them. A flat I viewed in a newish block in Southampton for £110,000 looked good but fortunately any possibility of me putting an offer in was ended by a chance chat with a friend who had learned of structural defects from his wife’s friend who was clued up on local property. | Another flat did not require ground rent or maintenance charges, but instead I would have had to collaborate with neighbours over repairs, and there was no fund in place to cover them. A flat I viewed in a newish block in Southampton for £110,000 looked good but fortunately any possibility of me putting an offer in was ended by a chance chat with a friend who had learned of structural defects from his wife’s friend who was clued up on local property. |
| So I continued, hoping that any viewings will be with knowledgeable agents, unlike the one who arrived confessing he knew nothing about the property. Not that it mattered: the tight drive and view of a neighbouring property whose bedroom was stuffed to the ceiling with beer cans were enough to put me off forking out anything near the £119,000 asking price. | So I continued, hoping that any viewings will be with knowledgeable agents, unlike the one who arrived confessing he knew nothing about the property. Not that it mattered: the tight drive and view of a neighbouring property whose bedroom was stuffed to the ceiling with beer cans were enough to put me off forking out anything near the £119,000 asking price. |
| I move on more informed. Asking the next question and learning from my experiences have been key in ruling out properties. | I move on more informed. Asking the next question and learning from my experiences have been key in ruling out properties. |
| As a tenant I feel like a second-class citizen, pleading for repairs. Wanting to avoid that feeling put paid to one viewing where the other residents in the block of three were the freeholder and her sister. The agent told me this was good news, as the freeholder would be committed to the building’s upkeep. I would have felt like a tenant though and did not fancy being obliged to run with her maintenance choices over which workmen to use and at what cost. | |
| So I am still looking but I have already learned a few things. Agents apparently call prospective buyers before putting properties on Rightmove; short leases are to be avoided and being quick on the draw is of the essence. Nervously emailing agents about properties I like has given way to calling up as I try to steal a march. Emails were responded to too late or ignored. | So I am still looking but I have already learned a few things. Agents apparently call prospective buyers before putting properties on Rightmove; short leases are to be avoided and being quick on the draw is of the essence. Nervously emailing agents about properties I like has given way to calling up as I try to steal a march. Emails were responded to too late or ignored. |
| When looking online, the lack of basic details (ground rent, maintenance charges and lease lengths) on estate agents’ sites is frustrating and offputting. Similarly annoying are agents who try and pressure me into using their financial advisers or who send generic emails with all their properties, which are way beyond my budget. | When looking online, the lack of basic details (ground rent, maintenance charges and lease lengths) on estate agents’ sites is frustrating and offputting. Similarly annoying are agents who try and pressure me into using their financial advisers or who send generic emails with all their properties, which are way beyond my budget. |
| With Southampton on the up and becoming a desirable place for investors apparently, I feel like I’m facing stiff competition, and not just from people like me. I’d prefer certain areas of Southampton, especially ones near to the main station to make the commute to Winchester and possibly London in the future easier. As there isn’t much suitable on the market, however, I’m having to consider more suburban areas. | With Southampton on the up and becoming a desirable place for investors apparently, I feel like I’m facing stiff competition, and not just from people like me. I’d prefer certain areas of Southampton, especially ones near to the main station to make the commute to Winchester and possibly London in the future easier. As there isn’t much suitable on the market, however, I’m having to consider more suburban areas. |
| I can see myself increasing the budget and putting down a bigger deposit at the expense of the contingency fund planned for rainy days. The duds are dropping in price but anything decent seems to be rising. The viewings on my horizon are likely to be around the £120,000 mark, with any offer going in noticeably lower. I also hope the flat is in a chain, to put pressure on the vendor to accept my cheeky offer. | I can see myself increasing the budget and putting down a bigger deposit at the expense of the contingency fund planned for rainy days. The duds are dropping in price but anything decent seems to be rising. The viewings on my horizon are likely to be around the £120,000 mark, with any offer going in noticeably lower. I also hope the flat is in a chain, to put pressure on the vendor to accept my cheeky offer. |
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