Hi all,
Just to give a bit of background myself and husband (2 kids under 4) have been looking for a property since 2020. Must have put in about 10 offers all always over asking price and all rejected to higher buyer. So after 4 years we decided couple months ago to go for a new build (3 bed detached) around 250k as it is a guaranteed house option. I’ve always been a bit hesitant with regards to new builds in terms of space etc but after 4 years of no luck decided to just go ahead and secure the plot, paid the reservation fee etc and are due to exchange contracts on the last Friday of this month.
Took a look on right move last week and a 3 bed semi detached older property just minutes away from our new build came up for sale. Something we’ve been looking for this whole time, definitely needs work doing to it new kitchen bathroom etc. But more potential to expand over time than the new build and a much bigger garden too. This would however require us to save over a few years to do all this work as the house itself is top of our budget. Despite all this I Put in an offer in and they’ve accepted.
Other than losing the reservation fee does anyone know what the implications of pulling out of the new build prior to exchange would be? Would you do it? Are renovations with kids extremely stressful? Help please very confused what to do.