Fallen in love with a house. Would we be stupid to buy it?

[AngryFeet]

DH and I have fallen head over heels with a house. It is 5 miles away from where we wanted to buy but is still a good location with good schools. But it is £5k over our budget. We could borrow off family and pay this £5k back with DHs bonus at the end of the year as long as we are careful with our spending but we have a good amount to live on to be honest we just wouldn't be able to go on holiday or do any house renovations for a year. The house is very nicely done and so I doubt we would need to spend money for a while but you never know. The mortgage payments are still less than a third of our income so we are not going crazy.

I don't know what to do! I don't want to make a hasty decision based on my heart and gut feeling and make a mistake. We have offered at £5k under the asking price but they aren't budging. We have said that it is all we can afford and to get back to us if they change their minds but I really don't want to lose this house. It is beautiful and has 50% more space than we can get around where we were first looking with our budget.

ARRGGGGHHH! Help!

[AliceWChild]

I don't understand this. From where I'm sitting, you say you really want the house. You can afford it. But you're finding what seems from the outside to be tiny reasons not to just buy it. I also followed your thread about the other house and there also seemed to be things on that house that seemed insignificant in the whole scheme of things (not all of it of course). Which gives me the impression there is either more going on and you are trying to sabotage moves yourself, not consciously perhaps. Do you really want to move at all or are you feeling pressured for some reason? Or you are just really scared of having what you want. It all feels too good to be true so are seeking the unseekable assurance that all is perfect?

That may well be pop psychology bollocks. What do I know. But thought I'd throw it out there in case any of it resonates.

And what does it matter if you seem keen? You are keen. If I was selling a house I'd rather sell to the person who seems keen than someone who isn't bothered. The latter would seem more likely to pull out if they see something else. I may well even accept a bit less from the keen people if it falling through was a big concern from me. All the game playing only works if everyone playing the game is playing the same one. Not everyone is out to maximise money at whatever cost. So it's impossible to read everyone else and therefore what the 'best' thing to do is.

[Potterer]

Would you kick yourself if you lost it over £5k?

We bought our forever house and went all out, we had set ourselves a budget and then saw this house and knew it was worth the extra. We went £30k over our initial budget but are still very comfortable financially.

I now have to drive the children to school, I used to walk the 1/4 mile (outstanding primary so you had to live close) and now I drive 2.7 miles to get there. But the plus is, the nearest secondary to me is outstanding and walk-able for Ds1 who will go in 2014.

But I will still have to drive Ds2 for a good few years. Is it worth it? My God it is because I love this house. I love driving back home to it. We are slowly decorating and making it our own. It is big enough for now and the next 20 years.

We had to take into account the extra cost of petrol which clearly just keeps going up and up. But apart from that and it needing a kitchen extension which would have started by now if it hadn't ruddy snowed so badly, these were all minor things.

[AngryFeet]

Probably would kick myself but it looks like we aren't going to be able to get the extra money after all.

Bugger :(

Maybe they will change their minds. Fingers crossed.

[LIZS]

or maybe a different house within your original budget in similar area will come on the market after Easter.

[Yfronts]

Just wait it out. their house has been on a year and more will come on anyway after easter.

[AngryFeet]

More has now happened. No news from seller who is refusing to accept less than asking but now a house I liked the look of back in Dec has come back on the market (in our ideal location being near where we are) at £15k less than before (£40k less then our ideal house is going for). Apparently they are looking for a quick sale due to their last buyer pulling out. It is 1000sq ft compared to 1650 sq ft in the other house, it needs a fair bit of decorative work inc kitchen and bathroom (maybe central heating and wiring will have to see when we look around). But it is 2.5 miles from where we are now instead of 8 and it is also near a good secondary.

It will go fast as houses around here do and this is priced to sell.

Dunno.

Head or heart - which should win here?

[LIZS]

Practical - you don't know enough about the other to have more than a romantic dream of the house and the area plus vendor sounds a pita. 5miles could be the difference between a good secondary, having to settle for one in the area or committing to more travel to another.

[LIZS]

and of course there is the financial aspect which if things werenlt as rosy as you hope could soon become a bugbear.

[CheeseStrawWars]

Other seller sounds too much like hard work. Go with the £40k less one.

[QuickLookBusy]

Agree about your financial situation if you go over budget. You say your repayments will be a third of your income, if interest rates go up, you will be paying an even bigger percentage.

I'd go for the house that is within budget.

[Angelico]

I think head and heart both have to be heard. But I would always find an extra 5K somewhere for a house I really, really loved. We paid more than we should have for the house we live in now - owners (inherited house, they're the worst ) were living in LaLaLand after the boom and it took ages for them to realise they weren't going to get what they wanted. We were excellent buyers with all our ducks in a row, no chain etc and they turned us down twice. Eventually I phoned the estate agent a couple of months later and just asked if they were interested at this stage and said I was a bit baffled why they weren't taking the hand off us for ... (listed 10 reasons). Presumably he reported this conversation verbatim as they finally started showing something approaching sense. We threw in an extra 5 grand as a gesture but this is the house we plan to stay in for the next twenty years so who cares? They probably felt aggrieved at the time but they did bloody well as prices have continued to drop here. I don't care; we're in the house we wanted.

So I guess my point is: if you love it find the money and go for it! :)

[AngryFeet]

We would probably have to spend £20k or so making this house a good standard and there is the chance that there will be a bidding war on it because it is VERY cheap for the area. The price will possibly nearly balance out in the end. Hmmm... this is bloody tough.

[greenfolder]

the 5k more one sounds like a nightmare- they are not what i would call comitted sellers are they? you stretch to £5k more, they spend 3 months delaying tactics and then announce at the end of the summer they cant find anywhere to move and pull out. that would be my prediction.

[LIZS]

iirc vendors are building a house - in which case timescales may change (would they really take on a 6 month tenancy) and further penny-pinching as costs rise. Think they'll mess you around tbh. Why not go back in the cold light of day , have another viewing and really assess the practicalities and if it is worth stretching and waiting for.

[AngryFeet]

Sod it I am going to link them and let you lot choose. I don't know what the hell to do:-

www.rightmove.co.uk/property-for-sale/property-37274660.html

www.rightmove.co.uk/property-for-sale/property-38908337.html

[LIZS]

2nd one without a doubt . Area much nicer and more scope to add value as and when! What is the view from the first ?

[mum47]

I actually genuinely prefer the look of the second one - it looks like it has potential to be fabby. What is your dh thinking? Why don't you sit down tonight and make a written list of pros and cons of both and see where that leaves you?

[AngryFeet]

Not sure what DH is thinking as he has been up and down in his thinking too. We will sit down tonight and write a pros and cons list, thanks that is a good idea.

Do you mean the view from the back LIZS? There is nothing behind there as far as I know but the garden is going up a hill not down so less to see.

My sensible head is going with number 2 but it is so much smaller and not sure how much room extending would add.

[AngryFeet]

I think there will be a bit of a bidding war on the second to be honest. These houses go within days but they are holding an open day on Sat which we managed to get an appt for so we will need to offer on the day I think. Our mortgage offer is up to £320k and this house sold for £300k in Dec.

[AngryFeet]

I also am thinking that if these houses sell fast and the other has been on for a year it is a far more sensible purchase.

[QuintEggSensuality]

The second one will most likely need the roof replacing, so could potentially cost another 5k.

[QuintEggSensuality]

Also, there are no pictures from upstairs in the second one. The back wall looks a bit green and moss ridden around the trailing ivy.... Could it be damp?