We've finally sold our flat for an acceptable amount and we're looking for a house within a specific school catchment area. The trouble is, there is only one house for sale there at the moment. That house is well within budget but there is no ORP and this is such a PITA with a toddler and a young baby. I've seen houses that would be perfect and within budget, but they aren't on the market.
What would you do? Would you hang on for the perfect place and risk losing your buyer? Would you put a note through the door of the perfect house asking if they want to sell? Would you move into a rubbish catchment area and get a nice house with a garage?
I feel like I should be celebrating our flat sale and relishing house shopping. Instead I just want to cry
Don't buy somewhere that you know will cause problems. Agree with Fimbo - rent for a while. It is a pain having to move house twice (I've done it with terrible morning sickness and a toddler, and will be doing it again when we buy somewhere, with a toddler and baby), but not as much of a pain as being stuck somewhere you hate.
I'm a bit bothered about going into rented because if we are existing Nationwide customers, we can get a 95% mortgage on a new place. Otherwise we can only get 85% and whilst we can possibly afford 90%, we don't have enough equity for a 15% deposit. We are also about to come off of our fixed rate for the existing mortgage and will go onto the BMR so we will save lots of money by staying with Nationwide for that chunk of mortgage.
I have looked at rental properties in the area though.
Do you really need to get into that school catchment area?
I also wouldn't buy somewhere you don't want as it'll just make you annoyed. The chances are that the school (or any school) can have problems and then you'll be even more frustrated that you're in a house you don't like.
I'd decide what was truely important and the rest should (hopefully) fit into place.
We're buying where we didn't particularly want (5 mins further down a road to where we wanted to be for school runs) but the house is perfect so it's worth the little extra drive for 3 years (until DS finishes Primary School) to get a house that we're happy with (and that will fit any more children we have).
Incidentally, a month ago, I was also in despair that there were no houses we could afford/liked in the area we wanted. With a little thinking outside of the box, we're now excited about our new home!