It has begun. Yesterday JJ and I, we did our first viewing for a house to buy.
We've been thinking about it for quite some time but kept postponing it for no particular reason. London is not easy when it comes to purchasing properties. They’re ridiculously expensive. Even rent is very expensive in this part of the world. You can’t easily find something in good condition and to be worth its price, unless you relocate to the middle of nowhere.
Of course compromises have to be made. It might take me longer to get to work. I’m fine with that. But I draw a line when it gets up to more than a 1.5 hours one way. We were also talking about getting something with some potential to be upgraded in the future to have its value increased. So, we wouldn't like a completely refurbished, perfect, property. Since in theory we’re not looking for a house for the rest of our lives, but for something to get us on the property ladder. Something we can work on for the next, let’s say, 5 years, with a little of character till we sell it and move on. That is all of course in theory. Reality is a different matter.
So, we went to south London Thursday evening, after I finished work, to view our first property. In contrast to what I said before, it was a newly finished terraced house, with outside garden and more bedrooms that we really needed that spread into 3 floors. It was in our budget, looked great on the pictures and close to a train station that could take us to central London in around half an hour. So, we couldn't miss the opportunity to look at it, when an agent called me. It sounded perfect, yes?
Well, no. The floors weren't really wooden and the walls weren't that robust. There were unfinished bits here and there and it was generally obvious that not the best materials were used during the construction of the place. In addition to that, there was a ‘park’ right next to our garden. The ‘park’ was probably used more by the local drug lords than by children. Overall, it didn't come as a surprise that when something appears too good to be true, well it isn't…
In any case, it was a start. Now, we’ll start booking more viewings and see where they take us. You never know. By the end of the next season, we might be property owners, with a mortgage for the next couple of decades!!!
You see? That’s what I’m saying that it’s getting all grown up business! I’m talking about budgets, compromises and mortgages and a commitment that will last 25 years that I’m happily making with my partner! I’m now officially, I think, a grownup! Needless to say that, while we were checking the property, I had in my bag the latest Avengers graphic novel, that I had ordered online, and that I also need to google questions to ask when viewing properties.
We've been thinking about it for quite some time but kept postponing it for no particular reason. London is not easy when it comes to purchasing properties. They’re ridiculously expensive. Even rent is very expensive in this part of the world. You can’t easily find something in good condition and to be worth its price, unless you relocate to the middle of nowhere.
Of course compromises have to be made. It might take me longer to get to work. I’m fine with that. But I draw a line when it gets up to more than a 1.5 hours one way. We were also talking about getting something with some potential to be upgraded in the future to have its value increased. So, we wouldn't like a completely refurbished, perfect, property. Since in theory we’re not looking for a house for the rest of our lives, but for something to get us on the property ladder. Something we can work on for the next, let’s say, 5 years, with a little of character till we sell it and move on. That is all of course in theory. Reality is a different matter.
So, we went to south London Thursday evening, after I finished work, to view our first property. In contrast to what I said before, it was a newly finished terraced house, with outside garden and more bedrooms that we really needed that spread into 3 floors. It was in our budget, looked great on the pictures and close to a train station that could take us to central London in around half an hour. So, we couldn't miss the opportunity to look at it, when an agent called me. It sounded perfect, yes?
Well, no. The floors weren't really wooden and the walls weren't that robust. There were unfinished bits here and there and it was generally obvious that not the best materials were used during the construction of the place. In addition to that, there was a ‘park’ right next to our garden. The ‘park’ was probably used more by the local drug lords than by children. Overall, it didn't come as a surprise that when something appears too good to be true, well it isn't…
The Money Pit
In any case, it was a start. Now, we’ll start booking more viewings and see where they take us. You never know. By the end of the next season, we might be property owners, with a mortgage for the next couple of decades!!!
You see? That’s what I’m saying that it’s getting all grown up business! I’m talking about budgets, compromises and mortgages and a commitment that will last 25 years that I’m happily making with my partner! I’m now officially, I think, a grownup! Needless to say that, while we were checking the property, I had in my bag the latest Avengers graphic novel, that I had ordered online, and that I also need to google questions to ask when viewing properties.
I renovated a real nasty house in Atlanta Ga. with my partner in the late 80's. He was a realtor and convinced me it was a good buy. It was hard work especially with me working full time. He passed away in '91 (HIV) but all that hard work took it's toll on us and our relationship.
ReplyDeleteBest of luck in your house hunting.
Thank you for the word of caution. I understand that renovating a place can be hard work and could take a toll on us. The property I'm talking about is not something that's not habitable. I’m just talking about something we could move in, but still work and improve. I’ll let you know how it goes.
Deletehow exciting!
ReplyDeleteThank you. Yes, it is...
DeleteHow goes the search? Have you seen anything you like since you posted this a couple weeks ago?
ReplyDeleteProperty 6 of 7 looks promising. We might go for a second viewing for that one. Although we do have more properties lined up. We'll see how it goes. I'll definitely keep you posted.
DeleteMy only comment is make that budget, find out exactly what you can afford, and do NOT let them tempt you into overbuying. Home ownership is much nicer when you don't have to worry about payments and saving a bit extra.
ReplyDeleteAgreed. Thanks for that. However, I was also advised to go big, in a sense that in a few years we'll be (in theory) earning more and get most of our investment...
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