Should I buy a tiny, less-than-ideal flat?

[wafter]

Be the best friend of the Oxford agents who handle this part of the market - establish you're a serious cash buyer, make sure they know what you're looking for and keep in touch. The right one will come along. Agents love a quick turn-round.

Indeed - while I'm generally a pretty uncomplicated, up-front type of person, I've decided I'll try to play their game a bit more in terms of the information I volunteer and the way I conduct myself. I've said to them that I'd like to cultivate a decent relationship with them since I like the area they operate in and they tend to dominate the bottom end of the market.

To be fair, as much as I despise agents as a rule / as a result of my direct experience, I think the state of the market has humbled them and I can't really complain about those I've dealt with in this latest couple of viewings.. the guy I've been dealing with being refreshingly candid and transparent, while it seems that our views of the market are largely aligned - which is, to an extent reassuring.

and if happy with such an approach, keep an eye on private sales and online sites. Have a good conveyancing solicitor & surveyor ready

Thanks - I've got search alerts on Rightmove and Zoopla; although you make a good point about private sales. Have you any suggestions of good places to look? I'm guessing freeads and gumtree are a reasonable start.

I've not got as far as solicitors and surveyors yet and tbh wouldn't know where to start. I've bothered a few mortgage advisors but the last was bloody useless so I've gone with Habito (which is basically a free automated / online service). Turnaround was very quick and I got a borrowing limit and mortgage in principle very quickly, however the headline figure is far outside my affordability range so I'd want to talk to an actual person before committing to owt.

anyone you trust that you can take for a second opinion ?
For me it sounds like your trying to find reasons why you should not take it but you have to balance that against the positives it could bring .

I've got a mate who's very savvy with this sort of thing, who came with me to view this place.. he was fairly upbeat about it, but then he doesn't have to live there and probably has a vested interest in me buying somewhere so that I finally STFU

Appreciate what you're saying about balancing the pros and cons, which is really why I'm asking as there are many variables and it's far from clear-cut.

The positives:

You're ready to go , no chain involved.
Market is a bit depressed and sluggish.
Upkeep and heating should be reasonable on a small place. You might not be able to change over to gas if no supply. LPG could be an option but then you have to lug the bottles.

Negatives:

As above watch the maintenance charge.
Lack of vitamin D can affect your mood.
Has it got enough space to do what you want. Where's the bike going to go?

Thanks - I'm not sure that a depressed market is nec. a 100% positive as it looks like it might remain this way for the forseeable and result in further falls / better value alternatives down the line.

I think a gas conversion would be off the menu as it's on its way out, space is limited, there's no supply to the property and it would cost a fair wedge to install.

Maintenance charge is reasonable (about £1200/yr which is the lower end of most) and the lack of vitamin D would be a big one for me since we all know I'm hardly little miss sunshine

Could get the bikes in, but it would be a squeeze..

Another potential negative is how quickly could you outgrow it if it's really small?

Indeed.. I'm on a conscious drive to avoid amassing lots more material possessions, in no hurry to get into another co-habiting relationship and certainly don't want kids, so I think this is less of a concern compared to whether it's large enough to serve my needs now.

Have you missed your true calling as a real estate agent?
I mean no disrespect but is that really a description that you want to apply to a place you intend to live in for a long time?


There's something you can do about worry. You can work these things out.
I'd imagine the big thing is space if you want to be storing bikes. I'd suggest (as boring and dull as it sounds) sitting down and drawing a floorplan and seeing where the bikes will go. You might fit them in but will you be forever jumping around them? Will you be able to work on them?
It may take some looking but I reckon you could find out an approximate level of energy usage. Then stress test that on price increases. What does a 5% increase do to you? 10% etc.
Is there any kind of survey done? Do you know anyone who could point you in the right direction? Are energy ratings done in the UK?
The lack of sunlight would bug me. However, is there any outside space?


So again is not seeming to be "utterly terrible" good enough?

Feck that! It's your money.
Do it on a few properties and you may have a point. On one? Not so much.

Nothing wrong with that. Trading off too many criteria just to have your own place may well not be a good idea in the long run.

You haven't mentioned job security or your employability if turds start hitting fans. For securing a mortgage I'd have thought that's a big one. Can you get mortgage approval in advance of up to X amount?

A couple of random thoughts......
If you end up hating the place, or trading up, the things you don't like about it now will (and are) making it hard to sell.
However, what kind of rent could it generate?

Manage your worries a bit and research all the expenses, not just utilities but insurance (and mortgage insurance) and any other services or taxes that you become liable for as a building owner. Stress test that in relation to a downturn at work etc.
Maybe talk to the neighbours for a bit more information. You never know what you might find out.

If you could make it cost neutral (as in the money you're currently saving being spent on rent) then renting a place may not be a bad idea purely from your personal point of view by getting back to where you want to be.

This is going to be your home.
And you say you will be there for the long haul.
If you decide to wait, a month, six months, a year even, isn't a long time in terms of what you are buying and for how long.

Good luck

lol - thanks

I did actually consider work as an EA as a way of getting some insight into the market, but I don't think I'm sufficiently morally-vacuous for a career in sales!

I'm not known for sugar-coating things and it is what it is.. bottom line I'll never be able to afford something that's absolutely ideal (if that even exists) and I have to be realistic. Plus, I'd welcome the reduced anxiety of a tiny mortgage, so this in itself adds value.

Tbh I plan to low-ball on every property given the state of the market (unless the property seems like great value from the off, which is unlikely given the "optimism" of agents), so I feel like I only have so many chances / so much scope before I'm binned off as someone who'll never get what they want. In this regard this flat seems like a bit of an outlier as it's massively overpriced and even the agent seems to think so.

I've spent a good deal of time considering where bikes might go, and have a reasonable idea although would probably require some time in the property with a tape measure to really confirm.

The property is EPC-C rated which isn't terrible, however I'm yet to get to the bottom of whether this takes into account energy cost by type.. i.e. a property might get a rating of X based on the amount of energy require per unit volume to heat and light it, but when that energy's three times cheaper in one form (gas) than another (leccy); is this taken into account?

I'm not sure about the job security thing; however I earn not far off minimum wage so with the emplyment market as it is, if it all went south I could potentially just get a job at a supermarket or another other entry-level position. It's not like I'm relying on £50k/yr in some precarious, super-niche industry to fund the purchase.. so that should be all good

I agree about factors affecting future saleability, although that's a tough one to call. The current tenants are paying a grand a month, which would easily cover the monthly outgoings with a modest mortgage if TSHTF; although then I suspect I'd essentially need a BTL mortgage.

At the price I think it's worth I'd probably not need a mortgage, however I have a lifetime ISA to cash in (with associated government contribution) which is only valid when the property is bought with a mortgage. So, realistically were I to buy it I'd probably just get a short-term fixed then pay it off at the end of the teaser period.

I've knocked up a costings spreadsheet, and broad-strokes, at a price I'd be prepared to pay it should be comfortably within my means. This is a big draw with this property - basically no significant mortgage burden and a bit of extra cash at the end of each month, versus hand-to-mouth to feed the mortgage and interest-rate-fuelled risk on something more expensive.

I've not spoken to the neighbours but somewhat awkwardly one of the tenants was present when I viewed. Having been in that situation before I felt very sorry for them and was sure to convey my gratitude for their time, thoughts and allowing me to view. The guy was really easy going and sound; however that could all have been a facade to lure me into buying a turd that he hates living in!

Definitely not going to rent

Thanks for putting the timescale into perspective; however to counter that I've been living at home for a little over two years now and being the wrong side of 40 and still single can feel what tattered vestages of my youth ebbing away daily; while if I have to endure the bloody commute to work for much longer I'm going to go full-on Falling Down so there are other factors at play..

Thanks again for taking the time to summarise all those points - it's much appreciated

There's always London.

View attachment 679172

Seems about right - horrendous situation tbh

Don't discount 'electric only' especially if you are thinking in the longer term. I am waiting on a vacancy in a specific retirement block which is 'electric only'; other residents have told me what their bills are (not in the slightest bit horrendous).

Think about why there is a lack of sunlight - is it north facing, are there overhanging trees, bushes, buildings ...?
Some things can be compensated for, some can't. Lots of white paint, light coloured flooring and pale coloured soft furnishings can do a great deal to brighten a place up; one of my neighbour's front rooms face due north and I have never noticed any lack of 'light' in her front room but everything in it is light-coloured, apart from a few splashes of colour in cushions. OK it takes longer to get warm as it has no actual sunshine but as a counter, it was lovely and cool in the heatwave last year!

Thanks - while arguably less versatile and more costly, I'm aware that gas is on its way out and any energy from renewable / more sustainable sources is likely to come in the form of electric.. however I'm less convinced by these older systems and again concerned by the immediate cost.. which is hard to quantify currently.

There's naff-all sun as nearly all the windows in the flat face (IIRC) NE, while they face onto a smallish communal garden that's surrounded by large conifers. I agree about brighter furnishings, but also I think the issue extends to heating and lighting (although granted lighter tones should require less actual light). Of course you make a good point about it being cool in the summer, which is arguably of increasing relevance as we hurtle towards global-warming-oblivion..

While quite a reclusive, hobbit-type, I do also value a good dose of sun!

"Should I buy a tiny, less-than-ideal flat?"

This is the title you put on your thread. Do you really need an answer?

• No, obviously not. Three points.
• You don't really like the place. Determination/desperation to move is driving this.
• It's been on the market a long time. Other viewers think the same as your title. You would struggle to sell on.

Do not buy it. It would be a big mistake.

Ta!

All good points; however to counter:

- At my price point nothing is going to be ideal
- I like elements of the place, however some are less than ideal.
- It's been on the market for a long time because it's grossly overpriced; I suspect that sooner or later the seller will be faced with re-mortgaging at double the IR he was paying, and having to subsidise this venture on a monthly basis.. which should motivate him to consider significantly lower sale prices. I've been priced out of the market for decades thanks to the speculative greed of BTL landlords - I'll happily take the shirt off the seller's back along with any additional skin that might be oing...

Appreciate your uncompromising stance though and you make many salient points. My gut agrees currently, and tbh while it remains on the market at the "optimistic" asking price, it's potentially a reasonable fall-back if nowt else work out and the market looks like it's going to turn.

Avoid - you don't sound keen on it right now. Can't see how you are ever going to be happy with it.

Thanks - you're correct to a large extent; however since I'm shopping at the bottom of the market I don't have the funds to be too picky..

Also how's you mums health.

Not being morbid but will you soon spend more time looking after her rather than being in a flat your paying for?

When she passes will you inherit anything to allow you to buy the flat you really want or need?

Also if you find a new partner will they be happy in your flat? Maybe finding somewhere together might be more constructive??

Just a thought?

Thanks - answered this in response to Kingfisher's post below (got things out of order so hit that first).

In a nutshell, the distance is commutable from the flat to home, and if I bought effectively outright I could always rent it out if I needed to move back home. This would be applicable to any flat I might buy, and I'm resolute in my desire to move out as life really isn't worth living currently.

I don't dwell on the inheritance situation as that could be anything from enough to fund a nice, small house in Oxford to nowt being left after years of extortionately-priced care. The one certainty is that I'm not going to predicate my moving out on waiting for the old dear to keel over first!

Equally, I'm not giving any thought to potential future relationships. From the off I'm looking to get my own space and am not even sure if I'd want to live with anyone else again. I'm not actively pursuing a relationship currently due to the practical and self-esteem components of living with my mum, so I'm certainly not going to try to get involved with someone with a view to rapidly moving in together in the city.

For now, I just want to get back there in my own space, create a lifestyle I'm comfortable with and hopefully grow into someone I no longer detest before seeing where that can take me..

I am in my 21st house and so have been in your position several times. My advice is do not buy anything that you cannot walk into and feel immediatley that it is home.

Most of my purchases have been to buy, renovate and sell on.

The house I have now was bought as a home and was decided by looking in the windows. 18 years later it was still the right decision.

Thanks - that's a great insight about "feeling immediately at home" - chintzy decor notwithstanding I did feel that in the last place I viewed, although sadly I've been outbid. The subject of this thread not so much.. although it could have been a lot worse.

we have moved house a few times all because mrs ck decided where we living is the problem with life, not the fact she likes to spend us into debt every time and shes not a happy person ,We are now pretty much at the bottom of the ladder for a house big enough for us and cant afford to move even if we want to ,
Dont take it if your not sure or regret at your leisure

Sorry to hear that - if it's any consolation I think most people are up to their eyeballs in debt

I'm certainly not sure, but then I'm also picky, idealistic and shopping at the bottom of the market and need to be realistic.

No. I stay where you are until you find a more suitable property that has gas central heating and is suitable for your needs.
I would not personally private rent by yourself with a small income when you can stay at your Mums. How old is your Mum? you might get her house or an inheritance at least soon and then your options would change again.

Thanks - as above really; my gut says it's not suitable enough to be worth a punt, but again I need to be realistic.

I agree about the renting and pretty much the one positive I can take away from this situation is that I'm managing to save, so ostensibly in a better position than I was a year ago; all things being equal.

My mum's in her early 70's and tbh this is a whole other can of worms. On the one hand I'm an only child so should be in line for inheritance; on the other we watched my late father's modest financial legacy burned through to the tune of £800 per week for dementia care, so there's every possibility that the house might have to go to pay for end of life care if she ends up in a similar situation.

Tbh while something I'll eventually have to face I don't dwell on it as the whole situation's utterly terrifying tbh, no matter which way I look at it. My mother's health is thankfully reasonable at the moment, but I'm painfully aware of how quickly things can go downhill in later life and that I might end up back here caring for her in future; if that's even something I'm capable of.

I'd say sleep on it and go with what your gut says as soon as you wake up. It does sound like you aren't keen and you will 'know' when you've found the right place.

Thanks - gut says no but head says be rational about costings and slim chance of finding anything perfect with my budget..

In your title you describe it as "less than ideal" That sounds to me like you don't really like it. Buying property is a big commitment, especially if you buy now and then prices drop further. I think you should give this one a miss.

Thanks - it's tough.. it's not like it's a horrible place by any stretch and I certainly didn't experience that visceral sense of repulsion I've had in the past when viewing really nasty properties, it's just not ideal; but then potentially a lot cheaper than alternatives and of course everything has its right price.

I'm glad that I'm not the only one who thinks prices might continue to fall and appreciate you recognising that fact; as that's one of my major reservations about buying in the current market. I know it's naive to try to time the bottom of the market, however when looking at the underlying factors and ridiculous state of the market I think it's a reasonable assumption that things are really only just getting started in terms of price corrections.

 

[wafter]

Crikey - hasn't this become an evening's work..?

Really, genuinely appreciate everyones' input though!

This is not a decision to take lightly, I certainly wouldn’t be asking a lot of strangers on the internet about spending hundreds of thousands of pounds on a property they will never see.

If you really need someone to advise you take a friend you trust to see the property and discuss it with them.

Thanks - a wholly legit point, however I'm single so no burden of decision shared in that regard, while the advice from those around me is tenuous at best.

Tbh I'm reasonably well acquinted with the quantifiable aspects of the purchase (market value, service charges, ground rent, energy costs, shortcomings of different property formats), as is my one property-savvy mate who I take with me whenever he can be persuaded and isn't washing baby vomit out of his hair.

As much as she's been hammered as a sounding board, my mum lacks an understanding of the fundamentals and is driven by emotion rather than logic; so from her perspective it's very much going to be "if you like it, buy it" (and who cares if it's going to bankrupt you and be repossessed in 18 months because rates rise).

Actually I've found this thread to be immensely helpful as it's given me a huge range of opinions from (presumably) are reasonable cross-section of folks.. serving to highlight a few things I'd not considered as well as helpfully reinforcing a few existing thoughts

Any work colleagues you could take must be a few who are properly/ investment savey?
Pass it by them?

I only have a few colleagues and tbh they're in a worse situation than I am, so I'm not sure how much help they could be and tbh I'd feel like I was rubbing their noses in it with my "Mum's bailing out life-failing son" bursary; so probably best not to go there!

 

[PaulSB]

@wafter I've lived in my cottage for 40 years. As we drove into the village we knew this was where we wanted to live. We had come to view a different property which proved unsuitable. We saw a For Sale sign on our (now) house, knocked on the door, spent five minutes in the cottage and offered the asking price. Next morning I phoned the estate agent and made the offer at 9.15, the vendor had phoned him at 9.05 saying these crazy people knocked on the door but we don't believe they'll be back!! It's a gut feeling, you just know when it's right.

The other point is always ask the question "Would someone else want to buy this flat?" If the answer is doubtful walk away.

This is why I sound uncompromising. It's both a head and heart decision and must be joint!

 

[Fastpedaller]

I'd wait until later in the Year - Once we're past August folk who want to sell will be desperate! Remember the crash of 1992(ish) - My 1 bed flat I spoke about above....... I bought it in '89 for 60k when we were told "don't worry, prices are going up 5% next year - buy whilst you can afford it!" These words were from the press and 'experts'. Come 1992 my flat was worth about 45k and I found the guy who knew the legal loophole and handed the keys to the bank. Come 1995 I bought a 3 bed house for 62k, which I could never have bought in 1989. The price drop is already happening. It's a strange thing that folk think higher prices help them - that's only the case if they are downsizing or have more properties than the one they live in - The continual rise in house prices means it's very difficult to upsize.

 

[wiggydiggy]

There is lots of good advice here, sometimes a visual reminder of why small houses can cause problems is needed though


View: https://youtu.be/fYItT1ohuKU?t=190

 

[Jameshow]

I think you have thought things through.

Offer a low ball offer?

I don't think the market will crash tbh.

We have had covid, war in Ukraine, Liz truss's crashing the plane ...

Unless something big happens like head to head war with russia, earthquake etc prices aren't going to drop massively, anyway we are all up the creak then!

 

[biggs682]

Keep looking.
Does the flat have a garden ?
I once looked at a second storey flat and thought I could die in there and I wouldn't get found for years as it was so dark and had no immediate access to the outside world other than small opening windows.

 

[Saluki]

If it were me, I might hang fire, if I could. I say this because I have just spent 11 months in a home that was tiny (18’ x 12’ floor space, a tiny 1 bed terraced house) where there was little storage and the light came into the bathroom and and eventually into the kitchen. It was dark and a bit cool for my liking. My poor bikes were squashed in, as was I. It massively affected my mental health.

If you can hold on a little longer, and find something a little more suitable that has GCH and a little more light, I genuinely think it would be worth it. If the place has been on the market for an age, there is probably a reason for it and may well be difficult to shift on further down the line, should you wish to.
Whatever your decision, I wish you much luck, heath and wellbeing.

 

[Fastpedaller]

I think you have thought things through.

Offer a low ball offer?

I don't think the market will crash tbh.

We have had covid, war in Ukraine, Liz truss's crashing the plane ...

Unless something big happens like head to head war with russia, earthquake etc prices aren't going to drop massively, anyway we are all up the creak then!

Do you mean we are up the creak if house prices crash? or the other issues (which I agree - we would be up a creek).
Unless someone absolutely has to sell their house (and not buy another) it's just a 'vanity figure' . A house (or anything else) is worth absolutely nothing whilst you are living in it - it just means you don't pay rent.

 

[Kingfisher101]

Think about it, in this housing market atm, If it was a great deal then why hasnt it been snapped up? A lot of houses round where I live dont even get advertised they get sold straight away.Estate agents sort out people who are on the lists. No need for a board even to go up. We even get letters from Estate Agents asking us to please consider them first if we are thinking about selling and that they will sort us out the best deal etc.
Keep looking and stay where you are,when the right house comes along you will know it instinctively. Its like everything trust your gut feelings.

 

[Jody]

Thanks both - it's great to hear this from someone else as this is really what my gut tells me too.. although as always I'm riddled with FOMO.

This would be my ideal. FOMO is real and you can make some rash decisions through it. You have the luxury (not what you want obviously) of being with your parent which affords you time to watch the market whilst your slush fund fills up a bit more. Given inflation this year, along with other economic factors will likely mean the market will stagnate, if not fall a bit further.

 

[vickster]

Is there anything else that is better on the market that’s been there a while but is say 20/30k above your budget (10%ish?). if so, go have a look and then if interested, nothing to stop a speculative offer especially if the agent infers the seller is keen to move and in a position to do so?

 

[wafter]

@wafter I've lived in my cottage for 40 years. As we drove into the village we knew this was where we wanted to live. We had come to view a different property which proved unsuitable. We saw a For Sale sign on our (now) house, knocked on the door, spent five minutes in the cottage and offered the asking price. Next morning I phoned the estate agent and made the offer at 9.15, the vendor had phoned him at 9.05 saying these crazy people knocked on the door but we don't believe they'll be back!! It's a gut feeling, you just know when it's right.

The other point is always ask the question "Would someone else want to buy this flat?" If the answer is doubtful walk away.

This is why I sound uncompromising. It's both a head and heart decision and must be joint!

Thanks - sadly I don't think I can afford to be that picky with my budget.. whatever I buy is going to be a compromise; it's just a case of how much and where.

It's certainly an eye-opener to see what the cost of a "modest" one-bed Oxford flat would get me in other parts of the country.. but then I don't want to move away from the area for all the usual reasons.

I'd wait until later in the Year - Once we're past August folk who want to sell will be desperate! Remember the crash of 1992(ish) - My 1 bed flat I spoke about above....... I bought it in '89 for 60k when we were told "don't worry, prices are going up 5% next year - buy whilst you can afford it!" These words were from the press and 'experts'. Come 1992 my flat was worth about 45k and I found the guy who knew the legal loophole and handed the keys to the bank. Come 1995 I bought a 3 bed house for 62k, which I could never have bought in 1989. The price drop is already happening. It's a strange thing that folk think higher prices help them - that's only the case if they are downsizing or have more properties than the one they live in - The continual rise in house prices means it's very difficult to upsize.

Thanks - sounds like you had a lucky escape!

I don't really remember the crash of the early '90s, but do recall that of 2007 which seemed to take a lot of the pundits by surprise, and would have gone a lot deeper were it not for the rampant rate cuts and money printing that see us in our current sorry state.

I'd love to see prices default back to the long-term mean relative to wages, however this would be about 40% which, as great as it would be is probably unrealistic. At this moment in time I think it could go either way (flatlining or further significant falls); with the lenders all seeming to hang their hats on around 5-10% decline this year. Of course on top of all that there are property-specific factors to buying too - no point having free-reign over an enrmously deflated market if if offers nothing you want to buy.

Having a quick squiz at the numbers it appears that inflation-adjusted prices peaked in 1988/89, then fell; rapidly at first then at a lessening pace by around 30-35% in 1996. By contrast 2007's event was a lot shorter and sharper, but who's to say where it would have gone had the market / banks not been bailed out. Of course every correction is different with different causal and remedial factors.. although I don't think there's anywhere to go in terms of rate cuts or QE in this inflationary environment so the market will be left alone to avoid trashing the wider economy / pound.

I think you have thought things through.

Offer a low ball offer?

I don't think the market will crash tbh.

We have had covid, war in Ukraine, Liz truss's crashing the plane ...

Unless something big happens like head to head war with russia, earthquake etc prices aren't going to drop massively, anyway we are all up the creak then!

Yes, I've given it a bit of thought

If I offered it would be (relatively speaking) a low-ball, but I'm not sure I could offer low-enough to offset the compromises of living there.

I'm not nec. expecting the market to fall off a cliff; however I think nationally prices have a fair way to go yet - inflation remains rampant in the face of the pitiful rate rises so far, gilt yields are up in both the UK and US signalling that the markets expect more rate hikes, there are lots of previously cheap fixed-term mortgages up for renewal, plenty of people remain on strike.. the Ukraine situation continues to affect energy prices while our deteriorating relationship with Europe maintains inflationary pressure on food..

tbh I almost wish I'd not seen the two flats I've viewed recently as I'd be much happier just to sit on my hands and see how it pans out without the feeling that I could be missing out on something decent if I don't buy now.

Keep looking.
Does the flat have a garden ?
I once looked at a second storey flat and thought I could die in there and I wouldn't get found for years as it was so dark and had no immediate access to the outside world other than small opening windows.

Thanks and lol - yeah, I think the last place we lived in spoilt me as it was near the top of a hill with a decent view and was lovely and airy. As we all know I'm a miseable sod, and while I appreciate the opportunity to crawl away and hide sometimes, I'm not sure how well my mental health would fare if constantly in a cold, dark environment.

Both flats I viewed had a shared garden; the main subject of this thread a small, secluded communal garden right outside the flat in question (on the one hand making it feel more like it belongs to said flat, on the other a potenial invitation to noise and disturbance right outside).

The second flat's garden feels less accessible as it's downstars and on the opposite side of the property to the front door.. plus it's right next to the ring road so not sure how useable it'd be for socialising etc on account of the noise.

If it were me, I might hang fire, if I could. I say this because I have just spent 11 months in a home that was tiny (18’ x 12’ floor space, a tiny 1 bed terraced house) where there was little storage and the light came into the bathroom and and eventually into the kitchen. It was dark and a bit cool for my liking. My poor bikes were squashed in, as was I. It massively affected my mental health.

If you can hold on a little longer, and find something a little more suitable that has GCH and a little more light, I genuinely think it would be worth it. If the place has been on the market for an age, there is probably a reason for it and may well be difficult to shift on further down the line, should you wish to.
Whatever your decision, I wish you much luck, heath and wellbeing.

Thanks and likewise! It's great to have some input from someone who's apparently lived under similar circumstances so your thoughts are much appreciated. The floorspace sounds not far off that of the main living area of the flat (think it was something like 6x3m, although some of that encroached upon by the bedroom), so appears pretty comparable.

As per the OP I did subsequently view a larger place that ticked a lot more boxes, however it was really stretching my finances and I got outbid. Currently considering what to do about that; could commit myself to more debt than I'm comfortable with, or hope that the other buyer (who offered more but couldn't proceed immediately for some reasons, so is being waited-for by the seller) might drop out.

Typically I'm cautious so my natural reaction in the current environment is to sit back and wait; difficult when it means potentially missing somewhere I could see myself being happy in though.

How's your situation now - I trust / hope you're somewhere a lot more tolerable...?

Do you mean we are up the creak if house prices crash? or the other issues (which I agree - we would be up a creek).
Unless someone absolutely has to sell their house (and not buy another) it's just a 'vanity figure' . A house (or anything else) is worth absolutely nothing whilst you are living in it - it just means you don't pay rent.

I think James was referring to house prices being the least of our worries if Putin pushes the big red button..

I agree to a point re. house prices being just a number (and bragging rights for the crass and shallow) for outright owners or those with mercifully small mortgages. However, the danger for many currently is multiple when mortgage renewal time rolls around:

- Potentially double the cost of borrowing from historicly low rates so much higher mortgage costs every month
- Potentially higher loan-to-value ratio if prices come down, meaning even less favourable rates
- Potential inability to re-mortgage due to higher loan-to-value meaning being stuck on eye-wateringly high SVR rates

Think about it, in this housing market atm, If it was a great deal then why hasnt it been snapped up? A lot of houses round where I live dont even get advertised they get sold straight away.Estate agents sort out people who are on the lists. No need for a board even to go up. We even get letters from Estate Agents asking us to please consider them first if we are thinking about selling and that they will sort us out the best deal etc.
Keep looking and stay where you are,when the right house comes along you will know it instinctively. Its like everything trust your gut feelings.

As posted previously, because essentially it's massively overpriced at the asking price, yet the seller seems increasingly desperate and the agent's attempting to persuade them to drop it / take a lot less - their suggested realistic value being pretty much exactly the same as mine.

So, in essence the high price is putting a lot of people off as I suspect most who don't know the market / aren't aware of the history wouldn't consider going as low as both the agent and I think would be necessary to get a sale (20-25% below asking).

Reading between the lines I don't think the seller's the sharpest tool in the box, got into BTL right at the peak of the market, is probably highly leveraged on a low-IR mortgage and is now, in the face of growing rates staring down the barrel, come renewal time at the difference between a few hundred quid in his pocket every month and having to throw that amount or more into the pot just to service the mortgage.

This would be my ideal. FOMO is real and you can make some rash decisions through it. You have the luxury (not what you want obviously) of being with your parent which affords you time to watch the market whilst your slush fund fills up a bit more. Given inflation this year, along with other economic factors will likely mean the market will stagnate, if not fall a bit further.

Indeed.. my gut tells me to sit on my hands, but it's hard when the opportunity to realise this dream seems potentially so close. It's great to get another impartial opinion that the market will continue to fall though; after years of everyone banging on about "getting on the ladder" to avoid "missing the boat".

The other thing of course is that while practically it makes sense to remain at home and save, realistically the vile commute to work and back is really starting to destroy me.. while I have very little quality of life while I'm here - so of course it's not all about numbers on paper.

Is there anything else that is better on the market that’s been there a while but is say 20/30k above your budget (10%ish?). if so, go have a look and then if interested, nothing to stop a speculative offer especially if the agent infers the seller is keen to move and in a position to do so?

Thanks and yes; that about describes the larger place I viewed last weekend, made an offer on and had rejected. That one's a bit different though as it's owner-occupied so they'd also be part of a chain which would curtail their ability to move / desire to move quickly unless they found somewhere they liked.

Another buyer has apparently offered more on the understanding that they can't complete for a while, which has apparently been accepted.. so I don't think the seller is motivated by a fast sale. Of course this could change if they find somewhere they like, although they're apparently looking to move to London and I don't think prices are coming down much there currently.. so we could all be in for a long wait / they might even decide it's not viable and pull their place from the market.

That was really the mindset I had when viewing both these flats - probably not an ideal time to buy as my gut tells me prices have further to fall, however if I saw anything I really liked I'd take a look and low-ball, as I had nothing to lose. Problem is now, with the larger flat that I've become quite attached to the idea (of it / moving soon), but securing it would involve exposing myself to a lot of debt moving into an environment of higher rates and falling prices.



Thanks again everyone for all your input - I'm going to leave the small flat as it's really not great; it's clearly not getting a lot of attention while the asking price remains high so could be re-visited down the line if things change.

I'm going to muse over the weekend regarding the larger, more desirable, more expensive flat - think I might up my offer slightly then sit on my hands in the hope that the other buyer can't raise the necessary funds. Of course offers aren't binding so if they came back to me in three months and accepted, I could always attempt to go lower if prevailing conditions have deteriorated.

 

[alicat]

Thanks again everyone for all your input - I'm going to leave the small flat as it's really not great; it's clearly not getting a lot of attention while the asking price remains high so could be re-visited down the line if things change.

I'm relieved to read that. I am confident that the right home will come along at the right time.

 

[Kingfisher101]

Have you got the actual cash to buy a small house outright? If so theres nothing wrong with saying I'll buy it outright today/asap in cash and give a lowish offer. If your very bold and have the money you can get away with a lot.