How annoying/stressful is it to find and buy a house compared to finding a flat to rent?
Posted by Civil-Present-4007@reddit | AskUK | View on Reddit | 15 comments
So I believe according to nationwide/chat GPT, I’m not far from being able to mortgage a house,
I’ve lived in a flat on my own for a year now, and would like to gauge how much of a ballache it will be for me to do
Thanks!!
MaestroCodex@reddit
Buying a house is way more stressful than finding a place to rent but oh my god once you do buy it's so much better than renting. I rented for years, loads of places, till I finally bought a few years ago. What a relief. Now I'm spending money to own my own place rather than lining the pockets of some greedy landlord. Every rent payment is money thrown down the drain.
GrabbedByTheGhost@reddit
Why do you think it was stressful??
MaestroCodex@reddit
Are you serious? Price negotiations, title plan issues, survey issues, drainage service problems, finance negotiations, legal holdups, chain problems etc - all that went into our last house purchase which took 6 months before we actually exchanged.
Compared to: see a house, pay deposit, move in next week when renting?
GrabbedByTheGhost@reddit
Yep, boring and tedious and expensive but not stressful.
Been through it four times, it is what it is
Bossman_Mike@reddit
And your mortgage is just another bill leaving your account each month. Nothing to be scared of.
GrabbedByTheGhost@reddit
It's not really stressful, more tedious and protracted
wardyms@reddit
Way easier in terms of the amount of options. I recently found looking at rentals and finding rented houses really difficult with things like rightmove. It’s filled with student housing which you can’t turn off.
AnyConsideration4769@reddit
If you’re PAYE, 10% deposit, clean credit, buying a house not a weird flat: 4/10 ballache. Mostly waiting + emails.
Alert_Mine7067@reddit
In 2023, I struggled to rent a house as demand was a lot greater than supply. In the end I had to play dirty and get my friend that worked for an estate agent to get me a house that I liked that was listed through his agency.
Several months later I moved out and moved back home and saved for a deposit. The process of buying a house was long, stressful, and my mortgage advisor was as much use as an ashtray on a motorbike. The first property was a probate sale, which was declined by the lender as unsuitable, the second property (now my house) was sold due to a divorce and there was no chain. The lender was a pain in the arse and my advisor was also unhelpful, it took 4 months from applying for the mortgage until the original lender declined to lend. I applied for my own mortgage in the end and got an offer 3 days later. My solicitor had most of their work done, in the 4 months that it took the original lender to decline, so after the offer arrived, it was plain sailing from that point. The sellers solicitor was also quite good which helped.
So basically, if you've a good solicitor at both sides and either a good mortgage advisor or the confidence to apply for a mortgage yourself (which really isn't all that difficult if you're a PAYE employee) and the property isn't falling down or subject to other issues, then it's straightforward. There are matters such as bidding wars and gazumping (I suggest you research these) which are normally tied to demand for housing in the area, which can be problematic, but don't let that in itself deter you at all.
At the end, it's worth it.
Bossman_Mike@reddit
I very strongly recommend you find yourself a local mortgage adviser/broker and get some formal advice on this.
BlueOtter1901@reddit
Way harder, but then you have a house.
Candy_Lawn@reddit
it is very long stressful tedious process, but is worth it in the end.
Jassida@reddit
Depends on your requirements and any chain in place on your target property
We were one of 8 and this was a house we fell in love with. It was a nightmare
UberMcWolf@reddit
It varies massively. If you are going after a very highly sought after area then it you will probably have a lot of competition, no doubt some of those people will be able to pay way more than you, so possibly it will be stressful and annoying and you will maybe have to deal with closing dates.
Good luck though
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