Buying house prefer one but might have to compromise or wait for another to come on market, WWYD?

[Gonnagetgoingreturnsagain]

Question for you from SIL (she doesn’t want to sign up here!).

So they’re house hunting in earnest now and have seen two contenders. They want and need to move with a 5 year old and a baby in a flat. One is their perfect house and they’re putting an offer in but think it’ll go for over their offer so they probably won’t get it unless miracles happen. The second house is their second favourite and is a compromise house, both Victorian. Might need a small bit of work. Has anyone bought a compromise house and regretted it?

They really want to move and are putting their flat on market next week. It should sell easily, most flats in their block do and get the asking price.

They’re registered with all local EAs where they’d like to buy and are looking in other possible areas nearby just in case something nice comes up there.

Should they wait for a new house to come on the market and rent in the meantime (they can also stay with DM for now as she has a large house) if they don’t get first house or compromise on buying the second?

They don’t want to move after this, as it’s stressful but also expensive. Pros and cons and what would they be?

I can’t advise them as no idea what I’d do and all parents just say wait or do house 2 if they can’t get 1. But that’s a compromise.

If they can’t afford the “perfect” house then it’s not a viable option. It’s not a choice between perfect and compromise because they can’t have one of the choices.

The compromise house is a house that is within budget and meets all (or most) of their requirements. Only they know if they like it enough to buy it.

They can afford the perfect house, they just think it’ll go for over the asking price as there’s been a bit of interest.

I think if push comes to shove they’ll buy the compromise house. Or wait.

Can they afford the increased price if it goes over asking price? If they can’t, they can’t afford it. If they can, what’s holding them back?

Is it a belief they’d be overpaying? Or that they can afford the asking price but no more?

They could afford about £10K over the asking price, potentially more. But depends on other buyers too. I’d doubt they’d be FTB so depends what situation they are with chain. I think the house has been undervalued (surprisingly) for the high standard it’s in. It’s stunning and no work needs to be done at all. But it depends how many buyers want it and will pay over asking price for. And then if you’re the seller do you just go for the higher bid/offer every time?

I know from experience that managing agents can be frustratingly slow in answering questions in the sales pack and SIL’s flat has this, so if other sellers don’t have that then sellers might be swayed towards a buyer not in that situation. These Sellers want and need to move on similar timescale to SIL though, so asap.

I think most people make at least one compromise with every property they buy. It’s rare to be able to afford a property that has everything on your wish list. Our current house for example the actual house is perfect for us but we had to compromise a bit on the location.

There’s always something so they have to work out if they could live with the compromises of their second choice house and if it seems reasonable value for money.

I know but SIL is torn between compromising or waiting for more properties to come on the market, preferably Victorian but could do Edwardian. In fact I saw a lovely Edwardian house in their area and price range yesterday.

As a seller you don’t always go for the highest bid/offer every time. Money is important but so is the position of the potential buyers and how much they seem to want the house. Because being passionate about it makes it less likely they will drop out at the first sign of trouble.

If good alternatives are coming to market then maybe they should at least wait a while before offering on property number 2. View a few more for comparison purposes until they can feel more confident about ruling it in or ruling it out.

Making comparisons is a mistake tbh.

If they won't pay more for house 1 and lose out then they have to forget about it.

Look at house 2 on its own merits, and don't judge it in comparison to house 1 which they couldn't afford. If they have doubts about it then don't buy it.

Very few people can buy a perfect house, I mean mine would have an indoor swimming pool.

Why do they want a Victorian house? Is it for the aesthetic or is there a lot where they live. I grew up in an absolutely beautiful early Victorian town house. It had huge marble fireplaces that we used to run along as children. It was a bit like the house in Upstairs Downstairs. It was a bloody nightmare for my parents to maintain. If it’s one with double high ceilings even if the heating is good they cost a ruddy fortune to run.

DB wants a Victorian house as it’s similar to my parents house. He knows all about the maintenance.

I think in their current situation with a baby, house with work needing to be done wouldn’t work. They need somewhere with a kitchen etc where SIL can put baby and cook. One of the houses they viewed that kitchen wasn’t big enough. DB would buy it but SIL wants one more ready to live in. They saw a gorgeous Victorian house but 60s/70s style and a steep staircase and had it not been for the amount of work needed (a lot) they would’ve bought that.

There are a few Victorian houses where they want to move to. And SIL said no 1930s houses as basically you extend out the back and loft extension so that’s expensive.

Even if their offer is the highest on the ideal house, there is no guarantee the will have an offer accepted because they aren't actually proceedable buyers right now.

Put their flat on the markets. Get it under offer, and then see what is on the market.

Yes, this is what they slightly regret now. We kept saying put your flat on the market but they kept stalling.

If it goes for more than they can afford then they couldn’t afford it, and if they haven’t even got their flat on the market and not offering their max they aren’t doing themselves any favours, not exactly going after it hard.

To be fair to them, they’ve been looking in totally different areas and not at the properties they’d prefer. It’s literally only been in the past 2 weeks they saw this property and realised this area really works for them. Otherwise they’d have put their flat on the market sooner.

I’ve just heard family are gifting them more money so they could go higher in their offer, so that’s good. I can potentially lend them money too.

Update as of Saturday.

Both sets of parents managed to get some extra money together (and me contributing but more a loan) and also SIL’s DB has come to an agreement re money from sale of flat (jointly owned) so they put in a higher offer on the first house than they would’ve been able to do and it is hopefully being accepted today. EA told them on the quiet theirs was the highest offer. Now hopefully the flat sells quickly.