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Property/DIY

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Original poster

what would you do - stick with original property or change?

23 replies

23askytt · 17/08/2023 20:58

Currently in the process of selling and buying a property. The main question is regarding the house we are buying. We are quite close to things being settled but the survey has just come back with issues such as damp, lack of ventilation esp. as bathroom has no window, needs new boiler, rewiring, new windows. It also needs a new bathroom plus kitchen. Now another house has come up in the same area that is 30k cheaper and in pristine condition. We've viewed it, I love it. Now the dilemma - would you put it an offer on the new house? Or stick with the original one we are buying as we are late in the process? DH thing we should stick to the one we have but I think I want to change because it's cheaper, doesnt need any work doing to it. What would you do?

OP posts:

mnahmnah · 17/08/2023 20:59

Has your mortgage application gone though on the current house? I would check you can change property without fees etc before considering it

RedDedRedemption · 17/08/2023 21:00

The new one. If the survey has just come back then no issues with you pulling out.
Although you'd be within your rights to, it would be a dick move if you did this once everything was already agreed e.g. days before exchange.

StillWantingADog · 17/08/2023 21:01

The new one. The survey has highlighted a lot of issues (exactly why you paid for the survey in the first place!) and it no longer makes sense to proceed.

Original poster

23askytt · 17/08/2023 21:08

Ok, interesting to hear other opinions. I feel conflicted and concerned that our buyers will get annoyed with us.

OP posts:

DrySherry · 17/08/2023 21:09

Buy what you prefer. It's no big deal to loose a little money by pulling out. It is a big deal to sit in a house wishing you had bought a different house that was available to you. Take the price difference out of the equation - which do you prefer to be in is what matters.

DrySherry · 17/08/2023 21:10

23askytt · 17/08/2023 21:08

Ok, interesting to hear other opinions. I feel conflicted and concerned that our buyers will get annoyed with us.

Sure they will be annoyed but this is a massive life decision. Annoying a stranger is irrelevant.

Twiglets1 · 17/08/2023 21:39

23askytt · 17/08/2023 20:58

I would view the other house and if it really was better and 30k cheaper I would pull out of the first purchase and start proceeding with the second. The original house has a lot of issues it seems and the lack of window in the bathroom is very unappealing to me.

bloodyfootprint · 17/08/2023 21:54

Obviously the first one, so long as you're confident you can replace your buyers quickly if you need to.

Saz12 · 17/08/2023 21:56

£30k cheaper, AND it needs no work... so more like £100k cheaper.

A) are you sure figures are right?
B) if so, hell pull out! You've only just got the survey, so months before exchange. Sellers will be disappointed, pull out, let them see your survey.

KievLoverTwo · 17/08/2023 21:59

It's possible the second property has been deliberately been priced to undercut the first, and they have no intention of taking anywhere near asking. They might be looking to start a bidding war.

You may not get it for 30k under the price of the first property at all.

Original poster

23askytt · 17/08/2023 22:01

@KievLoverTwo Yes, you are right. I wonder whether they wold try to do that.

OP posts:

KievLoverTwo · 17/08/2023 22:12

23askytt · 17/08/2023 22:01

@KievLoverTwo Yes, you are right. I wonder whether they wold try to do that.

If they are smart and want a quick sale, they will have looked at your 'sold' advert and taken 10% off what yours was advertised for.

If they have a good agent this is quite likely.

You should tread carefully if you don't want to lose your own buyer.

You could possibly use that advert to negotiate the price down on house no. 1. But, again, tread carefully. It's such a tricky market right now. Only consider these possibilities if you can afford to lose the buyer of your own home.

sunshinesupermum · 17/08/2023 22:27

I wouldn't be progressing house no 1 with all those issues.

bloodyfootprint · 17/08/2023 22:41

bloodyfootprint · 17/08/2023 21:54

Obviously the first one, so long as you're confident you can replace your buyers quickly if you need to.

I meant the new one of course!

Original poster

23askytt · 17/08/2023 22:41

If the estate agents do end up trying to create a bidding war - is a house at the same price but in great condition still worth switching? Just trying to think of different scenarios.

OP posts:

KievLoverTwo · 17/08/2023 22:56

23askytt · 17/08/2023 22:41

If the estate agents do end up trying to create a bidding war - is a house at the same price but in great condition still worth switching? Just trying to think of different scenarios.

How long did it take to find buyers for your house, when was that, and how much (if any) has the market fallen since then?

If you can't afford to lose your buyers then you need to give both options serious thoughts. Mortgages will doubtless be more expensive than when you stated the process and that could mean you have to find new buyers if you start all over again.

Twiglets1 · 18/08/2023 05:47

23askytt · 17/08/2023 22:41

If the estate agents do end up trying to create a bidding war - is a house at the same price but in great condition still worth switching? Just trying to think of different scenarios.

Yes if the house is just as good

Frenchfancy · 18/08/2023 05:56

Go for the house that needs no work. Not just for the money but for the time and hassle.

In the current climate is a bidding war really likely?

SuddenlyOld · 18/08/2023 07:50

I would ask your current vendor to drop their price in line with the cost of the work that needs doing. It is probably more than 30k, less hassle and exactly the reason we get surveys. If the vendor won't do it withdraw from the sale and look at the other one. Tell the vendor's EA this is your intention. I thought that was normal practice.

kelsaycobbles · 18/08/2023 07:52

Are you sure the other house doesn't need work ? Has it been given afresh lick of paint to make it look pretty and make you think it's immaculate?

underneaththeash · 18/08/2023 07:53

They survey coming back is usually a ultimate decision point anyway. Just explain that unfortunately, you don't have the time or money to fix that many issues in a property and need something which requires less work.

YukoandHiro · 18/08/2023 07:54

The new one. At the very least if you stick with the old one you need a massive discount to account for all the work you now know you need to do beyond the obvious cosmetic. Also the cost of doing kitchens and bathrooms has shot up in the last 12 months. We moved into a house where we thought we had saved enough to do everything (it needed complete cosmetic refurb) but we ran out of money before we even got to the kitchen...

Fishhhh · 18/08/2023 08:03

estate agents often give a high, medium and low price to sellers. It sounds like the cheaper house has priced it to sell in a falling market. Property market was fine a few months ago, so maybe the house your buying was a higher price in a stronger property market.

personally I’d offer on the new property and take it from there. The amount of work which needs doing makes the house even more expensive and messy to live in.

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