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

[HobbesOnTour]

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.

You've made a decision - good for you.

If it helps at all, try to think of it less as a loss (of time, energy and hope) and more of a practice session for the "real" purchase.
Buying a house is like a lot of things - the more we practise the better we get at it.

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.

That's a smart plan. Nothing ventured, nothing gained.

Best of luck!

 

[Jody]

You're better taking time than jumping into something you aren't 100% settled on. It's a buyers market and a slow time of year. Use that to your advantage and sell yourself due to not having a chain or other commitments.

Commuting and being back with your mum isn't ideal but it's only temporary.

I wish you the best of luck with finding something suitable.

 

[wafter]

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

Thanks - I'm less confident, but I'll try to absorb some of your positivity and encouragement

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.

This question has a bit of a convoluted answer. The short one is that my deposit isn't enough to afford a house outright anywhere in my local area, and would be pushing it for flats - certainly anywhere worth having in Oxford.

Besides, as per my previous post I need a mortgage to realise the government-backed bonus of 5yrs worth of lifetime ISA payments.. so in reality the best I could manage would be a tiny token mortgage that I could pay off after a short fixed term. This would have been a possibility on the small and dingy flat, while anything more posh would require a "real" mortgage that would likely take many years to pay off.

So really in answer to your question I can't use the incentive of a fast transaction through a lack of mortgage as an incentive; however there is still fact that I'm an FTB (so chain-free) and have no notice period to give relative to my current accommodation.

I'm hoping that more ex-BTL flats might come to market from increasingly "motivated" sellers, however for the moment, while a greater proportion of properties might be originating from this source everything is predictably grotty so of no interest.

You've made a decision - good for you.

If it helps at all, try to think of it less as a loss (of time, energy and hope) and more of a practice session for the "real" purchase.
Buying a house is like a lot of things - the more we practise the better we get at it.


That's a smart plan. Nothing ventured, nothing gained.

Best of luck!

Thanks - I'm happy to view the time spent viewing, playing the game etc as a learning exercise; it's just frustrating to see something I'd like but not really be able to afford it with good conscience / at all.

I guess all I can do for now is continue to sit on my hands, bite my tongue and save.

 

[alicat]

Forgive me for not reading through all the thread but is your mum able and willing to give you a loan towards the flat that's just out of reach? Sort of advance inheritance?

 

[wafter]

You're better taking time than jumping into something you aren't 100% settled on. It's a buyers market and a slow time of year. Use that to your advantage and sell yourself due to not having a chain or other commitments.

Commuting and being back with your mum isn't ideal but it's only temporary.

I wish you the best of luck with finding something suitable.

Thanks - in principal I agree, but it's getting harder and harder to endure my current lifestyle. The commuting has been somewhat of a "frog in boiling water" escapade - when I first started the journey wasn't much longer than at any other time of day (maybe 35 mins compared to 30ish or a bit less) with good fuel economy and minimal stress. As it stands now I have to leave ridiculously early to "miss" the traffic, often get stuck in queues anyway and my route seems to get ever-more convoluted and less direct to avoid traffic hotspots around ongoing long-term roadworks.

So I've gone from a maybe 08:15 start and fairly chilled, direct and traffic-free journey to a 7:45 start, a longer less pleasant route (more stop-start, abysmal road surfaces, hateful "traffic calming") and tbh most mornings I feel wrung out before I've even started work. The journey back's not much better either; with both ends being made all the more unpleasant during the winter thanks to the cold and dark.

This winter's really hammered me and I'm really, really not looking forward to spending the next one under similar circumstances. As it stands the commute is overly-time consuming (maybe adding 1.5hrs to my working day), and costly - not just in the £7-8 in fuel it costs per day, but in terms of vehicle wear, damage to my mental health due to my minimal tolerance to bullshit and frustration, as well as to my concience as I know I'm just adding to all the problems consumptive, growth-driven man has created.

By contrast were I to buy a flat in the area I've been looking the commute would be 25-30 mins of something that costs me basically nothing and is actively beneficial to my mental and physical health; although of course I know it wouldn't be without its drawbacks in the cold / wet / dark.

Forgive me for not reading through all the thread but is your mum able and willing to give you a loan towards the flat that's just out of reach? Sort of advance inheritance?

Sadly not - she's already making the whole thing possible at all by throwing in a considerable amount of money - I couldn't ask for any more.

Another £50k materialising out of thin air would certainly make my life a lot more pleasant though!

 

[vickster]

I'm hoping that more ex-BTL flats might come to market from increasingly "motivated" sellers, however for the moment, while a greater proportion of properties might be originating from this source everything is predictably grotty so of no interest.

Grotty as completely uninhabitable or needing big £££ spent or in an awful area? Or just in need of some paint, maybe a new carpet, perhaps kitchen/bathroom down the line. The latter should not be a reason to dismiss out of hand

 

[wafter]

Grotty as completely uninhabitable or needing big £££ spent or in an awful area? Or just in need of some paint, maybe a new carpet, perhaps kitchen/bathroom down the line. The latter should not be a reason to dismiss out of hand

Grotty in ways I'd consider irrecoverable - i.e. located in run down / high crime areas, massive service charges, impractical layouts, previously three-bed semis bodged into two or three flats etc. I'm not averse to a fixer-upper in principle, however this would require more funds and productivity down the line - both of which being things that realistically I lack.

 

[Milzy]

No.

Good day.

Bye.

 

[Jody]

I feel for you in respect of the commute as I can't stand it either and it just keeps getting busier. It's one of the few reasons I've stayed in my current job for so long.

This winter may have hammered you for a few reasons but there is a 7 month window before it really starts drawing back in. There is plenty of time for something to crop up. Couple that with more houses coming onto the market in summer and little chance the economy is going to take any reasonable turn.

I noticed concern about making offers that don't seem reasonable. Forget that and low ball someone if you feel there is an angle. If you have a DIP, deposit and no chain then you're in a very strong position.

 

[HobbesOnTour]

Thanks - in principal I agree, but it's getting harder and harder to endure my current lifestyle.

I know I've rubbed you up the wrong way previously and may be about to do it again. Apologies in advance.

Not making light of your current situation at all * but I firmly believe that a change in mindset could help.
Taking your commute as an example. It sounds horrendous and stressful. What can you do to change that?

Podcasts, audio books, music are all things that could reduce the misery. A good book might even be something to look forward to!
I presume a bike is out? But every day? Would alternating work? Drive in one day then cycle home and reverse the next day?

Is there anyone to share the journey with? A regular passenger to defray the costs or someone to split the driving with?

Can your start time be varied to better suit the traffic?

Are there any nice places to pull in for a minute and just appreciate the view or that tree?

What about leaving really early and using a gym before work? Or even hitting a gym before going home. Or meeting friends?

There are probably many more things you could try based on what you like and enjoy, or at least prefer to the current situation.

For the bigger picture, it may help to see the current situation (and all the negatives) as a step along the road to the destination of having your own home. Temporary in nature, far from perfect but a necessary point to pass through. Try to focus on the positives - you're saving money for one thing - and what they might mean in the future - a better flat, or one that feels better, at least. Feeling good is not to be overrated.

I get that you've been "at home" for two years but I'd urge you not to look back (that number is only getting bigger) and instead to look forward. You may not know how many days until you have your own place but that number is getting smaller.

I know that may read as very glib and probably dumb but sometimes it's the small things, done regularly that can have more impact than the big, grand gestures.

* I know a little of what I speak. Older than you, I find myself living in a shared situation that would have been unappealing to me 30 years ago. The other night I had to dig out my Trangia cookset because there wasn't a clean pot in the place (and I was fecked if I was going to wash them - again) just to make dinner.
It's part of a plan, a bigger picture. I keep my spirits up by doing lots of what I've outlined above.

If I were in your shoes I'd be nervous that my dislike of my present circumstances would influence me to make a poor decision with respect to buying a house.

Good luck

 

[vickster]

Or as an alternative to a gym, can you stick a bike in the car and go for a cycle ride before work having left car at office? And have another ride before driving home, spring is coming after all Can you leave a spare bike at work to make this easier?

Doesn't have to be every day, IME traffic tends to be less horrible on a Monday/Friday in the 7-9am rushour, so perhaps do the earlies and lates on Tues-Thurs

 

[Jody]

If I were in your shoes I'd be nervous that my dislike of my present circumstances would influence me to make a poor decision with respect to buying a house.

That would be my concern also. It's a fine line.

 

[Jameshow]

Grotty in ways I'd consider irrecoverable - i.e. located in run down / high crime areas, massive service charges, impractical layouts, previously three-bed semis bodged into two or three flats etc. I'm not averse to a fixer-upper in principle, however this would require more funds and productivity down the line - both of which being things that realistically I lack.

Walk, no run... No get peddling!!!

 

[Kingfisher101]

Can you look for another job closer to your present home? Is that a possibility? How long is your commute? I used to have to do a 2 hrs there and back, 4 hours in total everyday and I was ready to pack my job in. I'd had enough of that.

 

[SpokeyDokey]

@wafter

I wouldn't bet on BTL property prices falling - in the main they are long-term investments that generally grow against a, sometimes 'lumpy', price backdrop. Worth a read:

https://www.northpropertygroup.co.uk/news/the-prospect-of-buy-to-let-in-2023/

Re mortgage. I know you can't afford much, and fair enough, but are there properties that you could afford with a modest instead of 'tiny' mortgage? Without going OTT. A modest push now will seem irrelevant a few years down track.