To be sad at dream house coming up after exchange?

[ImAtTheTownHall]

We exchanged this week on a very nice house. It’s not perfect, location isn’t ideal, size isn’t ideal (enough bedrooms but none spare), tiny garden, but definitely good enough and I have been very pleased about it. Had a good feeling about it. We are planning some work next year but thanks to the economy we may need to put the brakes on that. We have been looking for a house since last summer - very little comes up in this area. Sale has been a bit up and down, like they always are, but went through relatively smoothly.

however yesterday a house has come on the market (to be clear I am no longer looking at rightmove as that way madness lies!! It came up on a community FB page I am part of) It is basically my dream house. Great location, full of character, lovely garden, much better size, within budget. I could cry that after waiting so long and finally going for it, something so great has come up after we are already committed to another. I know you’d never know what survey might reveal and it might be full of damp/about to fall down etc but still!

just to be v clear, obviously we won’t pull out of sale and I know this is a real first world problem and I need to give my head a wobble. Home is what you make it wnd all that…

Just feel sad! anyone else been in this position and have any words of wisdom??

Bear in mind if it is so desirable then it is likely there would be many other interested parties and could go for well above guide price/ there could be so much competition you wouldn't get a look in even if you weren't committed to another house.
Your house might not be ideal in every way on paper, but it's going to be your home and you'll make lots of happy memories there. That's what counts.

Nah, I bet it's rubbish. I bet it's full of damp, been lived in by someone who owns 40 smelly dogs and there's a ghost in the loft.

Can you suck up the 5% penalty if you cancel after exchange?

I would seriously consider that for my dream house

I bet something terrible would've come up on the survey, probably floods/has damp/needs rewiring/body under floorboards! 😉

If it perfect for you, it is perfect for other people. Who knows what it will go for in this market?

I saw many that looked perfect on the site. In real life there is something that makes you think “hell no”

100% - probably also has massive subsidence issues and is full of asbestos.

It’ll be crap, I bet there’s subsidence, garden full of knotweed and crazy neighbours that throw parties in their hot tub every night. The one you’ve bought is much better, trust me.

Yes, if the market near you is anywhere like where we are it will go for well above the asking price which may put it out of your budget anyway. We had an offer accepted a few weeks back (£40k above asking price) and I’ve had to kill my RightMove addiction as I’m so scared of something more perfect becoming available.

The 'perfect' one sounds too good to be true. If it's a desirable area, then why is it going for what sounds like a similar price as the house you've bought? Got to be something wrong.

See that here a lot. Houses that sound perfect, similar prices to others, but never sell. Despite another house on the same street selling within hours almost. Always a reason and it's never a good one.

We bought our dream house - only on an estate but we'd often walked the roads and looked at houses on the streets before. Living in it realise the outlook it's as nice as our old road and no views, neighbours are nice enough but we still miss our old ones nine years later. Soon after moving in roof started to leak, we've had two repairs on one part and never solved, and two others parts patched up. Ended up having the whole back roof done last year - it's cost us a fortune overall. It's a home but not homely.

In your shoes I would have to go and have a look at least. I wouldn’t want to have regrets about something as important as a home.

If you've exchanged is it too late to back out (I know ethically it's not great, but is it technically possible)? If so I'd at least go and visit the dream house.

It's horrible letting other people down, but with houses I'd be totally selfish as you're the one living there, potentially forever.

If it's at or close to the price you're paying for the house you've exchanged contracts for then something must be wrong. It won't be significantly better for the same price. If it superficially seems to be better then there is something you don't know about. Or it's been put on the market too cheaply and will go for more than you can afford.

Thanks everyone - especially those who have confidently declared ghosts, knotweed etc. That’s what I needed to hear 🤗

@SunshineAndFizz we could still back out but my understanding is we’d lose our 10% deposit, which really would be a major decision!

to those asking about price - the house we have exchanged on is under our budget and we were going to use the extra to do some work on it. Very little property comes up round here and what does goes quickly!

This house is towards the top of our budget but still some wiggle room.

thanks to those who have suggested going to see it etc. That might help but if it’s as great in person as it seems, it might make it all worse!

I think focusing my energies on the housd we are lucky enough to have is probably best way forward

Thanks all x

She'd be in breach of contract, would lose the deposit (5% or 10% usually) and would be liable for all (or most) of the losses incurred by everyone in the chain. All sorts of things from cancelled removal firms to hotel accommodation. It's usually ruinously expensive.

You made the right decision based on what you knew.
There are so many what ifs? what if it had come on at the right time and you weren't sold? What if rhe chain broke?
Etc etc etc.

@LauraNicolaides yikes!

Sounds like this one has sailed OP, unless you have a large reserve of funds to cover all the costs outlined above.

There'll always be in houses that come up, think of all the benefits of the house your buying. If something seems too good to be true, it usually is.

*you're

Ship has definitely sailed so now need to concentrate on the ship we have! 😁

I like what you said @pbdr , great way to look at it

Same has just happened to me though we actually bought in Feb after looking for 2 years. I keep telling myself that if we had hung on and the "dream" house had then come up there's nothing to say we would have got it anyway. Things that can go wrong:

1. Survey issues, bank won't lend/will lend less;
2. Other people offer higher and you miss out;
3. Vendors can't find anything or decide not to sell;
4. Chain falls apart

Plus interest rates are on the rise so if you pulled out now you might not get as good a rate

Sorry to hear that @gracedentssketty bit you’re right, very sensible

The garden has knotweed.