Buying a flat now
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 Rudi Hedman  Caterham 27 Mar 20 10.38am |
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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. I’m hoping I can still move in say 6 months rather than 18 but I don’t really know how long the property market takes to fall. If I renegotiated on the property I’m currrently planning on buying (like I mentioned, I do really like it), how much do you think I should lop off? I’m 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. What’s the chain your seller is in looking like? You’ll only possibly know the seller’s situation but the decision might be made for you.
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| leejaneagles 27 Mar 20 10.49am |
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Originally posted by Rudi Hedman
What’s the chain your seller is in looking like? You’ll only possibly know the seller’s situation but the decision might be made for you. They are moving into an empty house so it’s a very small chain. From what I’ve heard from Solicitor, they are very keen to push ahead. From what I understand they are a growing family and this is there forever home, so if everything goes through they probably don’t care if their new home decreases in value even for 10 years. I’d imagine their situation is no one has lost their job yet and they want my pre-pandemic price signed, sealed and delivered. Which is totally fair for them of course.
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eagleman13  On The Road To Hell & Alicante 27 Mar 20 11.05am |
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Originally posted by leejaneagles
They are moving into an empty house so it’s a very small chain. From what I’ve heard from Solicitor, they are very keen to push ahead. From what I understand they are a growing family and this is there forever home, so if everything goes through they probably don’t care if their new home decreases in value even for 10 years. I’d imagine their situation is no one has lost their job yet and they want my pre-pandemic price signed, sealed and delivered. Which is totally fair for them of course. Yet the Govt are now saying DONT move/complete Wait till this has finished & then start up again.
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| JohnB 27 Mar 20 11.15am |
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Depends what's more important to you? Another £20-30k in the bank if prices lower? Getting the home that you really want and have fallen for? Personally, if it was a place I could see myself in for the next 5-10 years and it was exactly what I was looking for, I'd rather pay the money now and have what I want than risk losing it and then buying somewhere else that will always in the back of your head not quite compare. Whenever I have bought a place, it has always been after looking for a while and you just knew this was the place. If you haven't got that feeling, wait and see if you can potentially get more for your money.
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ASCPFC  Pro-Cathedral/caravan park 27 Mar 20 12.08pm |
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Originally posted by JohnB
Depends what's more important to you? Another £20-30k in the bank if prices lower? Getting the home that you really want and have fallen for? Personally, if it was a place I could see myself in for the next 5-10 years and it was exactly what I was looking for, I'd rather pay the money now and have what I want than risk losing it and then buying somewhere else that will always in the back of your head not quite compare. Whenever I have bought a place, it has always been after looking for a while and you just knew this was the place. If you haven't got that feeling, wait and see if you can potentially get more for your money. There could be drastic losses. This is a fluid situation. The only decent advice is wait.
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| the.universal 27 Mar 20 12.46pm |
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Originally posted by ASCPFC
There could be drastic losses. This is a fluid situation. The only decent advice is wait. Agree, take the emotion out of the decision. It’s not easy to do if you’ve found a really good place, but it’s probably better to wait than be sitting in a place worth 20% less than you paid for it in 18 months time.
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| Rudi Hedman Caterham 27 Mar 20 1.05pm |
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Originally posted by the.universal
Agree, take the emotion out of the decision. It’s not easy to do if you’ve found a really good place, but it’s probably better to wait than be sitting in a place worth 20% less than you paid for it in 18 months time. And if you have employment problems in negative equity...
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jeeagles  27 Mar 20 1.32pm |
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Originally posted by PalazioVecchio
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.
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) My flat mates grandad died yesterday.
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| Rudi Hedman Caterham 27 Mar 20 1.38pm |
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Originally posted by jeeagles
My flat mates grandad died yesterday. A good point but it’s highly unlikely the market will rise so waiting is no bad thing unless you want that particular place or you’re going to live in it for considerable time. You also have to factor in job losses, including those people about to buy and inheriting house deposits.
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| leejaneagles 27 Mar 20 6.06pm |
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So it looks like I’d have to wait around 18 months rather than 6? That could make a big difference in my decision as I’m more than ready to move on now, hence being so close to completion. I could hang in another 6 of course, what with being on lockdown for probably 3 anyway. A year and a half is a long time though. That is all still assuming my circumstances won’t change though. Of course I’d have to kiss goodbye to everything if my Company did go under. Edited by leejaneagles (27 Mar 2020 6.07pm)
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| Casual Orpington 27 Mar 20 6.31pm |
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Been doing a bundle of work on my house, paid as I have gone, finally needed to borrow a bit (windows and kitchen) have been applying for a bit more on the mortgage. Had it all agreed last week and was awaiting the paperwork, got told yesterday that it won’t be happening at the moment as the lender will not consider the self employed. The lender had been so slow with the process, I should have had my money weeks ago. Gutted.
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| Casual Orpington 27 Mar 20 6.32pm |
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Originally posted by leejaneagles
Hi All. Appreciate this is a strange place to post for this type of advice but it’s 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. I’d really appreciate it. I’m in the late stages of buying my first home. I’m 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. I’ll explain my situation as much as possible as it’s 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 don’t need to rely on anyone else or a partner. I’m obviously not a property guru and I know it’s 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 it’s around I think they’re going to need IT. I’ve been assured of this as much as possible right now by bosses also. I honestly don’t know whether to press ahead. I certainly want the property and haven’t ‘settled’ 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 won’t 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 won’t 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 I’d very much appreciate it. Thanks Palace Community! Personally, if it was a stepping stone move, I’d give it a miss. If it was medium to long term, I’d buy it. If the market drops for a bit it will recover and in 10 years you wouldn’t know the difference.
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