Buying a house - first steps



Looks like I’m going to be going through this bullshit soon. Poll time:

  • Buy somewhere you can easily afford but probably won’t increase in value much
  • Stretch yourself a bit more to buy somewhere in an area that will almost certainly see continued growth for a long period of time
  • Stay renting and buy an Aston Martin instead #YOLO

0 voters


Yeah, Waterbeach/Landbeach are attractive to lots of people (a partner in my old firm was looking to buy there and backed out of the purchase because the place was “if anything, too big” ffs) but it’s the opposite end of the town for us in terms of access to work and where we socialise etc.

Although I’m viewing somewhere in Histon too and that’s not ideal either.


Let me tell you about this great house in Girton that has lots of “potential”


How secure is your salary and is it likely to rise?


D) You’re buying a home, not an investment. Who cares what it does in value, so long as it’s the right place for you to live.



Assume I find places I like that fall into both categories


I’d try and put as much ££ as possible into yr deposit to get a higher LTV = less ££ per month for yr mortgage, usually.


Fourth option: pay less for a wreck of a house in an improving area and do it up.


Secure - reasonably.
Likely to rise - if i take myself a bit more seriously and work a bit harder then, reasonably.


You thinking of moving back to the 'bridge, or are you liking country living?

Just asking so I know whether or not I’ll need to throw you under a bus at a viewing, obviously.


Yeah that’s what I’m thinking at the moment. Don’t fancy being tied into a pain mortgage for the next n years.


I agree, but only if the house you’re looking to buy now is the house you want to end up in.

If you’re looking to have kids in future, or need to plan to look after parents, it may be that you buy somewhere now that will gain equity to enable you to step up into a larger place a couple of years down the line.


Ah, for sure. In a way I see that as partly “buying the place that’s right for you”, but yes it’s well worth point out that if it’s a short term place different considerations apply to a long term one.


Well if that’s the case then the answer to the original question is a no-brainer.


Even if it’s short term you still have to live in it.


Was it that obvious?

Country living is fantastic but all the houses round here are basically either shitholes or listed £1m+ stately homes; we got incredibly lucky with the place we found in that it’s an outbuilding on one of those in the second category. This somewhat limits us when looking at buying; Cambridge would be the upper end of our budget but we know it and have friends/jobs there, and I’d be amazed if the arse falls out of its property market; sitting on something there for 5-10 years might give us a bit more equity to buy the kind of rural place we’d like to.

That probably made no sense, I haven’t slept properly in about 3 weeks.


Initially I voted buy what you can easily afford, but I changed by vote to stretch yourself a little.
When we bought I went around £40k over our initial budget as we realised we couldn’t get what we wanted for the money (this was in 2010). It was more us being unrealistic with what we could get.

Ended up going £40k over our budget, but I also negotiated £20k off the asking price too. So got a lot better house that I thought we could get.

We also started overpaying on our mortgage too and cutting back on outgoings, which ultimately bought our mortgage payments right down.



Yup, but for one I’m planning to be a relatively short term buy, I’d put up with a few things that I wouldn’t if I was planning on it being my home for the next 20+ years. It’s a balancing act with loads of variables really.