Confessions of a House Move - The Inside Story
January 16, 2010
They say that moving house is one of the most stressful things that you do in your life. As a first time buyer trying to get on the first rung of the property ladder this year, I will be finding out if this is true over the next few weeks.
After spending years watching house prices climb every month at a rate faster than it would ever be possible to save, the recent property price crash probably came as a huge relief to most first time buyers. Initially as the market began to fall in 2007, some analysts said that it was not a property crash, merely a readjustment to realistic levels. As prices fell further and with the banking crisis and global economic downturn, the challenge became getting a mortgage agreed. In the height of the boom, banks were giving away mortgages to anyone who walked through the door, regardless of whether they were likely to be able to afford the repayments. Now they are far more cautious and most require a hefty deposit.
After spending several months looking on property websites such as Rightmove, my partner and I have finally found a house we liked the look of in the area we wanted. We went to the estate agent and arranged a viewing. We fell in love with the house straight away which I'd always been told you should never do as you risk lining yourself up for severe disappointment if things don't work out. Personally, I disagree with this and think that you should get a strong positive feeling from somewhere you're considering making your home and which is also the largest purchase you will ever make. The key is not to show the agent how keen you are.
We put an offer in the next day at a reasonable amount to show that we were serious but still a fair amount under the asking price. This was rejected straight away by the vendors who had no urgent need to move and were keen to get as close to the asking price as possible. The property has only been on the market 2 weeks and has already had several viewings. We were afraid that someone else would love the house as much as we did and better our offer so we got straight back to the agent with an increased offer. We now have the anxious wait to see if our offer will be accepted.
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