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Original poster

Having doubts buying now

43 replies

Worktop · 15/10/2022 06:20

After a long time of searching, I finally found the dream home, and had an offer accepted for 2.5% under asking. It's stunning, with land, great location, and ticks 99 boxes out of 100.

It has loads of potential for improvement and I also plan to run a business from home to replace my job, so it's life changing. Would plan to be there 20+ years. It's a cash purchase so the mortgage rates luckily aren't a factor.

But am I stupid to buy now? I keep having doubts, thinking we're potentially over paying and if I wait 6 months something else will come along 20% cheaper! Which would be a saving of around £200k.

OP posts:
ThorsBedazzler · 15/10/2022 06:39

You've spent a long time searching, it meets your criteria. You will be there a long time. Sounds sensible to go ahead with it.

Worriedaboutethics · 15/10/2022 06:45

@Worktop

If a long term thing carry on

Dazedandconfused10 · 15/10/2022 06:48

There is no guarantee things will be 20% cheaper in 6 months. If its right for you just go for it. Its a long term investment so you can ride out any changes in the market

Original poster
Worktop · 15/10/2022 06:55

Thank you so much for the replies! I'm usually very decisive and not an over thinker but this feels absolutely huge and I don't want to make a mistake.

Maybe I need to stop reading the doomsday articles 🙄

OP posts:
Octoberblues · 15/10/2022 07:12

I've had dealings with five different estate agents this week. None of them report much change in the property market or prices. One told me that of people looking to pay £500,000, he had 20 in the summer and now it's 17 which isn't much of a difference.

shandon14 · 15/10/2022 07:12

If your mortgage deal is in place and you have a good interest rate, if it's for the long term, then do it.

toulet · 15/10/2022 07:18

If you are a cash buyer I don't see the issue? Yes some things may be better value next year but you have been searching for a long time.

Original poster
Worktop · 15/10/2022 07:27

I feel reassured, thank you!

Honestly I was starting to think the dream home didn't exist. Dh and I had a very niche set of essentials and this house exceeds them. We've viewed over 20 the past couple of years!

Realistically, finding another house that comes close, thousands cheaper, is impossible.

But then I read another article or overthink it and doubt it all.

OP posts:
Dontsparethehorses · 15/10/2022 07:32

Honestly, buy it and stop looking! If it’s long term the money is safe and it’s your dream house it’s worth it!

toulet · 15/10/2022 07:34

I mean if you were thinking of borrowing 5.5x with a 95% mortgage my advice would be different but you're a cash buyer so...

toulet · 15/10/2022 07:35

If you're worried about losing money on it in the future then no one can answer that but a house should be a home first.

MamaSharkington · 15/10/2022 07:36

Do it. No doubts.

Mortgage rates are irrelevant to you so no problem there.

If you plan to live there 20 years, house price value drop is also irrelevant, as it's a short term issue.

The only relevant thing is finding the right property, which you've done.

The mad thing here would be to miss this opportunity.

FuzzyPuffling · 15/10/2022 07:41

toulet · 15/10/2022 07:35

If you're worried about losing money on it in the future then no one can answer that but a house should be a home first.

This. Absolutely this.

pastaandpesto · 15/10/2022 07:48

You've clearly got very specific criteria (nothing wrong with that) so even if prices dropped 20% there is absolutely no guarantee that a property that meets them would be available for you to buy. Remember, the only people who will be selling in a crashing market are forced sellers. People with beautiful houses and land will very likely sit tight.

If you love this house and can afford it I would buy, and remind yourself, if prices do fall, that in all likelihood you would not have been able to buy your house for any less.

silverclock222 · 15/10/2022 07:50

Cash purchase, dream house, 20+ years occupancy I agree stop reading news and go for it.

satelliteheart · 15/10/2022 07:53

Buy it op. It sounds like it's perfect for you and you've struggled to find a house that suits your needs. We bought our house a few years ago when there was lots of speculation about an imminent house price crash. We knew it was our long term home and it's a very unique property so we went ahead. Some friends were looking at the same time and they decided to wait "for the crash". They told us very smugly that we were insane to buy, prices would plummet within three months and they'd be able to buy so much more with their money. Obviously the predicted crash never came and they ended up having to buy a much smaller house than they'd hoped as prices had gone up so much. No one has a crystal ball and everyone is just guessing what will happen and as pp says, lots of people will wait out a crash so it doesn't necessarily mean an influx of the type of house you want

FinallyHere · 15/10/2022 07:54

And even if you could find something suitable, and save say £10,000, spread over 20years of living there, that would mean less than £10/week

If you are sure you can afford it now and in the future, go for it wholeheartedly. Stop reading articles about investments in get on to living there. All the best.

PosiePerkinPootleFlump · 15/10/2022 07:55

If prices fall, things don't come on the market easily. You're not extending yourselves to buy it, and it's perfect. If you pull out you'll spend 20 years regretting it instead of 20 years enjoying it

Igmum · 15/10/2022 08:13

I agree. It sounds as though you love it and it's a home for you. Go for it. Over 20 years you will be fine. Good luck

Original poster
Worktop · 15/10/2022 08:31

It really is a dream home, and lots of pros that I hadn't expected (I realised we needed to compromise somewhere but this has no big/unsolvable compromises!) - also the house we're in now is extremely small and it's affected DH's mental health so the sooner we move, the better.

We both are hating our jobs so a fresh start with new jobs/own start up is great timing.

The vendors of the house have been amazing, so lovely, and the agent has been helpful and genuinely kind, I can't quite believe it.

I'll stop worrying and focus on enjoying!

OP posts:
FuzzyPuffling · 15/10/2022 08:39

It sounds perfect. Definitely crack on and enjoy. Life is for living!

MissPoldark · 15/10/2022 08:50

You’re a cash buyer of a property worth £1 million.
if you were maxing out on a mortgage on an overpriced property that would be cause for concern but in your circumstances I’m not sure what the issue is, especially if you’ve accumulated that wealth through other property sales.

emanonsah · 15/10/2022 08:51

Bite their hand off!!!! Unfortunately for renters, this will just be a blip in the house prices. If you will be there for 20 yrs then it will barely register. We bought in 2008 and still own it and you'd never have guessed there was a crash afterwards.

MissPoldark · 15/10/2022 08:55

on the other hand if the purchase consumes your entire savings that might not be wise.

DaphneduM · 15/10/2022 08:55

In your position I would absolutely go for it. List the pros and cons - and you have many more pros than cons. Cash buyer, niche property that is very hard to find, long term investment against possibility of a price correction, which may or may not happen.

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