Would you switch to a cheaper comparable house before exchange? Or is that an awful thing to consider

[umbrelloo]

I know it’s probably a horrible thing to do. We’re in the Midlands and buying our first house, currently have had the mortgage offer through and going through the conveyancing.

We have, by chance, found a comparable house in the village next to the one we are purchasing. It’s semi detached, doesn’t have an ensuite and has a slightly smaller garden which would need a bit of work. Otherwise, the two houses have basically the same amount of space, like for like sqm - 3 big bedrooms and both finished to a high spec.

It’s just over the border of another local authority, which would save us close to £100 in council tax (guessing also because it’s a semi detached). It would be £300-350 less on the mortgage.

We aren’t high earners at all, have one toddler and would like another child in a few years time.

Primary schools are great in both, arguably exceptional nearby to the cheaper semi detached house.

What would you do? Feeling very stuck and don’t have long to decide.

Well, I think it’s appalling that the system of buying and selling property in England allows people to pull out on each other so late in the process. But as it does, you absolutely should do what’s right for you. Don’t worry about what’s “fair”, worry about what you can afford. The general wisdom is to buy the best house you can sensibly afford at any given time because the costs of moving are so high and generally houses appreciate in value, but (a) the house may not go up in value in the short/medium term given the economy and (b) interest rates are likely to go up. It doesn’t sound like there is a “wrong” decision here though, just two options with different pros and cons.

There is a big difference in your mortgage payments. On that basis alone, I would go ahead with the second house. You could give the seller of the first one the option to reduce the price so that it is in line with the second one, but for me, that difference is too much too ignore, if everything else is equal

Go and look at the other house. You might realise there’s a reason it’s cheaper… but if not, go for it. After asking for the reduction as PP says.

It will be really crappy for the other buyers. But £400 a month, indefinitely, is too much money for you to spend to be polite.

Yes definitely go and look. Is it really comparable though with garden needing work and no ensuite. You say its semi detached not it is also semidetached is the other detached.

Bear in mind you would still need surveys etc if you did have an offer accepted. What if that showed significant issues, you may be left at square one and need to start your search again. What about school catchments for the two villages, need to at least considder that too.

Have you seen the other house and are you sure it’s comparable?

If it is a better fit for you then you have to do what is right for your family. You didn’t write the house selling rules.

So the way I read it, the differences are
house 1 detached vs house 2 semi detached
Both houses 3 bedrooms
house 1 2 bathrooms vs house 2 1 bathroom
house 1 bigger garden no work vs house 2 smaller garden needs work

id go for a detached multiple bathroom house with children and long term plans to stay in the house

I would absolutely pay an extra £300 a month for a detached house with an extra bathroom. I’m guessing your dc are little still. You will be grateful for that 2nd bathroom in a few years when all 4 of you are going to bed at the same time. I also would never choose semi-detached over detached if I had the option.

Thank you

better schools slightly at the cheaper house

They can’t budge in price

I agree with this

I’d go detached if you can. Schools are much of a muchness really, and can change over time. But having a bit of space around the house is better than hearing your neighbours cough.

I think I would go for detached with ensuite if schools only slightly better. £300 a month soon eaten up in fees if in a couple of years time you decide you really want a second bathroon or are sick of neighbours in a semi

I would do whatever was best for me and my family.

Things to consider - what if you don't secure the second house?

I live in a house with one other adult and two older teens. We have one shower. I would give a lot to have another shower when every one of us is trying to get in, in the morning.

I would stretch for the house with en suite and bigger garden.

Oh to caveat this is our first purchase and 100% won’t be our forever home. It just needs to suit us medium term 5-10 years, so not worried about the older kid dilemma, would seek to move when they’re in primary

If the original house is detached, then no contest I would stick with that.

Presumably you wouldn't pull out of the original house purchase until/ unless you'd had an offer accepted on the cheaper house? Otherwise you risk ending up with neither.

Yeah we’d have to have offer accepted

That's no guarantee that it will get over the line, that's just the first step. Then you need to have your survey and see what that throws up. What's their situation, are they buying as well, how long is the chain? There are all sorts of thing that can go wrong so if you are about to exchange on the first house, make sure that you are willing to lose it completely before you pull out.

If you can afford a detached house over a semi I would definitely go for that.

Then the slightly better schools point doesn’t matter. You’d be moving by the time it’s a consideration.

but also you may end up staying longer than you think now due to issues out of your control.
id still go for the detached as it’ll suit you longer term.

Also are they on with the same thing estate agents? I’d be very careful about getting a bad reputation because whilst it’s not illegal it’s a very unpleasant thing to do to your current sellers.

Detatched.

If you want to go after this cheaper house then do so. Put yourself 1st.