DH and I have been looking for a property for years, finally found something a couple of weeks ago. Offer accepted last week, been working through the ID checks etc and due to go SSTC today.
Buyer has found a property to buy but there is a slight delay so not due to compel until end of June/early July.
For background, we are mortgage free and have significant savings. We could almost afford to buy the property outright but will need a fairly hefty mortgage to extend and refurbish it. We won't be selling our current home, so we would live in it whilst we do work on the new property (12-18 month timescale) and then rent it out one we move. Realise we are in a very fortunate position to be able to do this and this is not meant to sound in any way goady, I just think it's relevant information. We are moving for more space, so the move is non- essential and we could manage just fine where we are for now. This will be our last move as this is our ultimate family home.
Would you proceed in the current conditions? I realise we are probably due a recession anyway, but I'm terrified of being plunged into negative equity for goodness knows how long and thinking we were mad to do this with everything going on. On the other hand, if we intend to live there for the next 40 plus years, does that matter? We're genuine buyers and I don't want to pull out, but I'm nervous. What would you do?