You are here: Home > Message Board > General Talk > Buying a flat now
April 7 2020 4.18am

Buying a flat now

Previous Topic | Next Topic


Page 1 of 3 1 2 3 > Last Ľ

 

View leejaneagles's Profile leejaneagles Flag 26 Mar 20 1.16pm Send a Private Message to leejaneagles Add leejaneagles as a friend

Hi All. Appreciate this is a strange place to post for this type of advice but itís not my only avenue and I know there are Palace fans on here from all walks of life with varying degree of experiences so am looking to fellow fans for any advice whatsoever. Iíd really appreciate it.

Iím in the late stages of buying my first home. Iím literally weeks away from being able to complete and of course the Coronavirus has struck plunging everything into uncertainty. I was expecting the Sellers to make my mind up for me but they still seem keen to press ahead and get into their new home.

Iíll explain my situation as much as possible as itís different for everyone. I live at home with my Parents currently and all my savings will go into the deposit for this new flat. I will be living alone and donít need to rely on anyone else or a partner. Iím obviously not a property guru and I know itís a terrible time to invest in property but I wonder if it will make that much of a difference to people like me, small fry, looking for their first property to just live in for at least 5 years rather than flip it.

My job is relatively safe. I work in IT for a Global company and home working has legitimately been that - work. I have had less free time than in the Office and whilst the entire business could go under, all the time itís around I think theyíre going to need IT. Iíve been assured of this as much as possible right now by bosses also.

I honestly donít know whether to press ahead. I certainly want the property and havenít Ďsettledí for something within budget. It is a lovely place for my price and I was so excited. Am I totally stupid pressing ahead? I wonder if anyone in estate that is also a Palace fan might have some sort of prediction just how much these properties might drop?

Also of course if they drop too much, people just might not sell so I wonít be able to get a nice place anyway even if they should be statistically cheaper.

Other issue of course is even if I complete in a week, the usual excitement and planning around re-decorating and furniture is out the window because all the home improvement and DFS etc are shut so I probably wonít be able to live there for at least 2 months.

I appreciate this is an impossible question with no definitive answer but if anyone has the spare time to throw in their own opinion Iíd very much appreciate it. Thanks Palace Community!

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View PalazioVecchio's Profile PalazioVecchio Flag south pole 26 Mar 20 1.20pm Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

there is a rumour that Corona will knock a ton of value off house prices.

i would wait 18 months to see if the rumour is correct.


For example, some villages in Italy and Spain will be having a fire sale of empty properties. And sadly, places like Morecombe in the UK also. Supply and Demand. The whole world property market has already got the flu.

if you insist on buying a place, play hardball on price and wait for somebody to readjust their price expectations.

Edited by PalazioVecchio (26 Mar 2020 1.28pm)

 


from the Etihad, Emirates, Molyneux, London Stadium, turf moor & Anfield to Old Trafford.....Raptors on the Road

Alert Alert a moderator to this post Edit this post Quote this post in a reply
Yellow Card - User has been warned of conduct on the messageboards View ASCPFC's Profile ASCPFC Flag Pro-Cathedral/caravan park 26 Mar 20 1.35pm Send a Private Message to ASCPFC Add ASCPFC as a friend

If you have agreed to buy but have not yet transferred, penalties can still apply. Make sure you are financially free to back out.

 


Red and Blue Army!

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 26 Mar 20 4.40pm Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Originally posted by leejaneagles

Hi All. Appreciate this is a strange place to post for this type of advice but itís not my only avenue and I know there are Palace fans on here from all walks of life with varying degree of experiences so am looking to fellow fans for any advice whatsoever. Iíd really appreciate it.

Iím in the late stages of buying my first home. Iím literally weeks away from being able to complete and of course the Coronavirus has struck plunging everything into uncertainty. I was expecting the Sellers to make my mind up for me but they still seem keen to press ahead and get into their new home.

Iíll explain my situation as much as possible as itís different for everyone. I live at home with my Parents currently and all my savings will go into the deposit for this new flat. I will be living alone and donít need to rely on anyone else or a partner. Iím obviously not a property guru and I know itís a terrible time to invest in property but I wonder if it will make that much of a difference to people like me, small fry, looking for their first property to just live in for at least 5 years rather than flip it.

My job is relatively safe. I work in IT for a Global company and home working has legitimately been that - work. I have had less free time than in the Office and whilst the entire business could go under, all the time itís around I think theyíre going to need IT. Iíve been assured of this as much as possible right now by bosses also.

I honestly donít know whether to press ahead. I certainly want the property and havenít Ďsettledí for something within budget. It is a lovely place for my price and I was so excited. Am I totally stupid pressing ahead? I wonder if anyone in estate that is also a Palace fan might have some sort of prediction just how much these properties might drop?

Also of course if they drop too much, people just might not sell so I wonít be able to get a nice place anyway even if they should be statistically cheaper.

Other issue of course is even if I complete in a week, the usual excitement and planning around re-decorating and furniture is out the window because all the home improvement and DFS etc are shut so I probably wonít be able to live there for at least 2 months.

I appreciate this is an impossible question with no definitive answer but if anyone has the spare time to throw in their own opinion Iíd very much appreciate it. Thanks Palace Community!


Pull the f@ck out now mate.

Wait six months and buy it again for less.

Markets hate uncertainty and property is no different. Only difference between property and stock market is that property prices take longer to fall whereas the stock market reacts to things instantly.

Play the market.

Good luck

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View AERO's Profile AERO Flag 26 Mar 20 4.56pm Send a Private Message to AERO Add AERO as a friend

I would wait until this blows over as property will be at its lowest point then .The people your buying off probably know this and want a decent price now.Only my opinion good luck

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View HeathMan's Profile HeathMan Flag Purley 26 Mar 20 5.38pm Send a Private Message to HeathMan Holmesdale Online Elite Member Add HeathMan as a friend

My understanding is that you can live without the flat, and remain based with your parents.

Agree that property prices are likely to drop. The other side of the coin is that you will have space to decorate, and will be able to receive new purchases (probably at attractive prices) to equip your home immediately life starts to return to normal.

You have decisions to make - hope you look back in five years and feel that all has gone well.

Take care; stay healthy.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Come to Daddy's Profile Come to Daddy Flag 26 Mar 20 6.46pm Send a Private Message to Come to Daddy Add Come to Daddy as a friend

I bought my flat in 2009, and so was looking in the wake of that financial crisis. What mainly happened then wasn't that property prices crashed and you could wade in and fill your boots, rather that it stagnated, there wasn't so much about, prices stayed the same.

I'm not sure property always works the same as 'the markets' as people will often just choose not to move rather than wipe out tens/ hundreds of thousands of pounds from the only substantial investment they have.

That said, there would seem to be little advantage in pressing ahead. If, as is pretty likely, this turns out to be of a different order of magnitude to 2008 many will have little choice but to take what they can get and prices will be lower and you will have taken a, possibly substantial, hit before you're able to move in. If something similar happens then you haven't lost anything other than time which is happening anyway.

That's obviously all anecdotal from personal experience. I was buying in south London so maybe there was also a difference there, if you are not buying in London. Pretty much anywhere, there would seem little prospect of prices going up any time soon so there'll be stuff around after all this. You're not looking at dream lifetime home stuff and the hit could easily be big enough from this, and possibly Brexit, to still be meaningful over the 5 year period you mention.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Rudi Hedman's Profile Rudi Hedman Flag Caterham 26 Mar 20 7.15pm Send a Private Message to Rudi Hedman Add Rudi Hedman as a friend

You can always:

Pull out
Watch the new sale price advertised
Find out the eventual sale price from a few websites
Watch the average house price change over xx months
(You donít really need to know for the area but these sites do give you this info as well)

That way you wonít be blind to all this and I highly doubt the market is going to rise.

Selling in sought after areas and good locations might hold better in some cases if there is a fall but I wouldnít have thought so for your usual flats.

 


COYP

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Dubai Eagle's Profile Dubai Eagle Flag 27 Mar 20 8.26am Send a Private Message to Dubai Eagle Add Dubai Eagle as a friend

I see on the BBC News app this morning there is a piece saying that buyers & renters considering moving house during the emergency period are strongly urged not to do so , so as not to increase risks associated with further spreading the disease - it dosent say dont move house by law -but .........

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View leejaneagles's Profile leejaneagles Flag 27 Mar 20 8.50am Send a Private Message to leejaneagles Add leejaneagles as a friend

Thanks everyone for the input. It does seem like holding off or cancelling all together may be the way to go.

Iím hoping I can still move in say 6 months rather than 18 but I donít really know how long the property market takes to fall.

If I renegotiated on the property Iím currrently planning on buying (like I mentioned, I do really like it), how much do you think I should lop off? Iím jut trying to fathom if a standard property in 6 months time would be 5%/10%/15% cheaper or if something crazy like losing a third of its value.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View the.universal's Profile the.universal 27 Mar 20 9.07am Send a Private Message to the.universal Add the.universal as a friend

Originally posted by leejaneagles

Thanks everyone for the input. It does seem like holding off or cancelling all together may be the way to go.

Iím hoping I can still move in say 6 months rather than 18 but I donít really know how long the property market takes to fall.

If I renegotiated on the property Iím currrently planning on buying (like I mentioned, I do really like it), how much do you think I should lop off? Iím jut trying to fathom if a standard property in 6 months time would be 5%/10%/15% cheaper or if something crazy like losing a third of its value.

Very hard to predict obviously, post 2008 the dip was around 20% at itís worst. This time is a totally different scenario but personally Iíd expect it to go lower this time due to the hit everyone is taking on income.

 


Vive le Roy!

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Badger11's Profile Badger11 Flag Beckenham 27 Mar 20 10.17am Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by leejaneagles

Thanks everyone for the input. It does seem like holding off or cancelling all together may be the way to go.

Iím hoping I can still move in say 6 months rather than 18 but I donít really know how long the property market takes to fall.

If I renegotiated on the property Iím currrently planning on buying (like I mentioned, I do really like it), how much do you think I should lop off? Iím jut trying to fathom if a standard property in 6 months time would be 5%/10%/15% cheaper or if something crazy like losing a third of its value.

Another thought. Keep saving for your deposit the more cash you can put into the house the better the mortgage deal.

 


One more point

Alert Alert a moderator to this post Edit this post Quote this post in a reply

 

Page 1 of 3 1 2 3 > Last Ľ

Previous Topic | Next Topic

You are here: Home > Message Board > General Talk > Buying a flat now