Brave versus Safe? WWYD?

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After the house we were buying was taken off the market, I thought we would have to rent as we are running out of time before we need to move. I have now seen two very different houses where the owners need a quick sale, so it could still be possible.

One is modern, needs no work ,has everything we need in the right area, but just a bit boring.

The other is has no heating, is in need of alot of work, but is in a beautiful (if impractical)location. It could really be gorgeous, but probably cause us alot of stress trying to get it that way. We would have about £40,000 left from our budget to do it up.We have never done more than paint walls ourselves before, and have no real experience of builders.

Please share with me your experiences. Did you play safe and regret it, or take on a "project" and find out it was a money pit and a nightmare?

It is likely to be our "for a very long time", if not "forever" house.

All advice welcome.Thanks

know the feeling womble . we actually obtained planning permission to extend and remodel the whole house. Who the hell thought of that dumb idea?

How wise you all are!

Well, we have decided to go for neither. I love the idea of the "project" house, but in reality we would be taking on a huge risk. I am not that brave.

The modern house is fine, but I do need to feel a bit excited about a house we are buying and it just doesnt do it for me.

Back to fallback plan one, we and we will rent until we find something we like that is in between the two extremes.

good plan unavailable. Altho people are talking up the market, prices will not run away from you given recent experience, rising unemployment etc. In fact there is still the risk of prices falling back in autumn and beyond so take your time. It will be a buyers market for a while, in my opinion.

Can I hold you to that ToughDaddy?

yes, I think that prices MAY recover slightly at best. But population not homogenous so depends on where you are looking. But I would still keep cool.

Int rates may move slightly against you. If you are still looking you could try to "reserve" a mortagage (if you need one) through a broker like John Charcol. That may last for a few months atleast. Also consider mortgage deals with caps. I think Godiva/Coventry has one that is capped at 5.5 pc (base plus 3.5, so currently 4pc).

Actually- you used to be able to spreadbet of the Halifax property index. A friend of mine used this to gain exposure to the property market whilst he was overseas. Actually, I was discussing this with a colleague who was considering buy a couple of rental properties. I was telling him that he could be better constructing synthetic exposure to property and putting most of the cash in bank account. I promised to do some simple scenario/simulation to show which startegy is better. Can let you know what I find out when I look into this...if you are at all interested.

Ooh yes, thanks ToughDad - I dont really understand it but I think I undertsand enough to know I'm interested!

In the words of the great poet Edmund Spencer, 'Be bold, be bold... but not too bold."

I think you've made a very sensible choice.

Well, if we were in doubt we've had our minds made up for us today. We were due to exchange this week but our buyer has now withdrawn, so we are not in a position to buy anywhere.

I am trying to be philosophical about this but it is a real struggle. What else can go wrong?

(Any cheering stories about how it all worked out for the best in the end would be most welcome.)

Oh no you have my utmost sympathies. We are due to exchange next week and I keep expecting the same to happen. EA rang today though with questions that buyers needed answered as they were sorting out their buildings insurance and wanting me to measure the gap for the cooker so looks hopeful but you never know. Did you have any hints that they were going to pull out? This is just so sh*tty, I really do feel for you.

Thanks Chesney - No clue. They seemed really keen, so it was a real bombshell.

I feel a bit defeated today, but we already have two viewings for this evening. I shall have to muster some enthusiasm to clean and tidy!

Good luck with yours btw.

How did the viewings go Unavailable?

Not very encouraging really. One couple didnt bother to turn up and I got a feeling the others that it wasnt for them.

We have two more for Saurday tho', so I hope the flowers I bought last until then!

Thanks for asking Chesney. Actually I am feeling quite low about it all today.

I prescribe:

Lemonade (for the flowers..perks 'em up or something)
Chocolate (for you)
wine (for later)

Don't worry, we were just about giving up hope - we were even investigating having an extension, when we got an offer. The next person who walks through your door could be your buyer.
Our first buyer pulled out, we had put an offer in on a property which we of course had to withdraw. I was really upset at the time but now we've found a much, MUCH better property, I really am relieved that we missed out on that other one.
I know you want to punch people who say it but 'these things happen for a reason' aka ' if it's not meant to be it's not meant to be' but I'm sure everything will work out in the long term.

Take care and spoil yourself (Great Plains have a sale on....)

Yes - I have wine for later!

Its good to hear that you have found a nicer house. I like a happy ending (fingers crossed we get one too.)