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Property/DIY

Do I rush in to buy?

31 replies

RubyBlueberry · 03/07/2009 15:46

Have found this very interesting house near where I live.
We have £40k deposit, we are renting now, have been for 8 years, I just think of all the money we have wasted!
We have been looking for AGES - like 2 years for a house in the right area and a semi with 3 beds, it's even got 2 gardens.
The EA says if we offer £136k we would get it, DH who is the most impulsive bloke on the planet sasy ring the EA and offer the money but something is pulling me back!

Is it maybe not the right house? Will another come along?
Maybe I'll miss out on the property prices being low-ish in this town?

OP posts:
MaryBS · 03/07/2009 15:52

Do you feel its the right house? Do you feel like you have to buy it because of wasting money on rent?

Or do you think you're scared of committing to buy, and are worried you might miss out on something else?

If you think the house is right, I'd go for it, but at the right price, and not worry about prices going down still further. After all, you've been searching for ages, TWO years is a LONG time to be searching!

You have to put behind you whats happened in the past, and look to the future.

whereeverIlaymyhat · 03/07/2009 16:23

£26k is a lot of money and that's what I think you'll loose on that property over the next 5 years, does that bother you enough to stop you buying it is the key question ?
You have not wasted money on rent you had to live somewhere and at least you've not had maintance costs which usually add a month or two at least of rental costs to a property over the years.
What has cost you money was not buying 8 years ago because of bad timing, you don't want to do that twice in a lifetime.

bigstripeytiger · 03/07/2009 16:25

I would go for it.

If you love the house, its perfect for you, and you havent seen one in the last two years that even comes close, then I wouldnt thin k you have too much to loose.

Some areas arent seeing much of a drop in values, and prices have already dropped in most places, so if they havent dropped where you are yet then I wouldnt be too confident of a massive drop in the future.

RubyBlueberry · 03/07/2009 16:33

Thanks for replying!

They really haven't dropped by much here, so I'm wondering if they will drop any more...we did have a house that was PERFECT (another post) and it needed nothing doing but sellers pulled out. This house needs a bathroom and a kitchen, boiler and gas fire, but DH is in that business so that will hopefully not cost TOO much!

What makes you think the house will lose £26k by the way WILMH?

OP posts:
whereeverIlaymyhat · 03/07/2009 16:45

The drops haven't even started in most places, this is the beginning not the end of the recession, I'd say another 20% off at least maybe more depending on the house.

Fizzylemonade · 03/07/2009 16:51

Round here not many houses are coming onto the market so waiting can be a nightmare.

When we bought our first house many years ago, we were in rented and had been for years, we finally decided to take the plunge and found a house.

Both really loved it and it took 6 months to complete because they vendors were moving into a new build but we had exchanged so knew that it would be ours on a set date.

In that time my DH looked at EVERY property that came on the market to make sure we "had not made a rushed mistake" it drove me insane, and no, no other house came up that we liked or came on in the year after we bought.

If it has the right amount of space for you then buy it. Like you say you have been looking for ages anyway.

The market may drop some more but I don't believe it will drop significantly more. A house is a home, not an investment to me. Every car I buy, or TV or laptop depreciates in value.

You have a good deposit and are not looking at a 95% mortgage.

RubyBlueberry · 03/07/2009 16:53

Still scarey innit!

OP posts:
goldenpeach · 03/07/2009 16:54

I assume you viewed it and decided it's a good house.

If the house is perfect for you, go for it. You don't have to offer asking price to start with.

I find that in many locations there very few good houses up for sale, lots of overpriced 'wrecks' with gardens the size of a hankie. Good luck

RubyBlueberry · 03/07/2009 17:02

Oh we have viewed it alright (it's behind our rented house) and it's for sale at £137,950. We offered £127k and they came back immediately saying the vendor needs at least £136 and we would be their preferred buyer as we have no chain and they could get their money.

Just found a new problem - my mates parents are also after the same house! They have had their eye on it for years as they live opposite and they have a flat to sell. Do we mention we are looking to buy it?!

OP posts:
RubyBlueberry · 03/07/2009 18:32

Holy shit they have just accepted our offer!

OP posts:
MaryBS · 03/07/2009 19:01

So they've accepted £127K?

Congratulations! Have you told your mate yet?

goldenpeach · 03/07/2009 19:49

Well, you were quite close to asking price. Hope you don't have trouble from mate.

RubyBlueberry · 09/07/2009 11:36

Update!!!
There's more - they accepted our offer and all is going aheaf (nothing signed) but remember I said there was something kind of "not sure" about this? Another house has just come on the market in the exact place we want to live, what would you do?

OP posts:
lalalonglegs · 09/07/2009 20:19

I would go and see the other house and, if I preferred it, put in an offer. Things have barely got off the ground with this one, it will be disappointing for the owners but not the end of the world. Your friend's parents could be very happy...

RubyBlueberry · 09/07/2009 20:24

I know!
Does that make me a nasty Virgo finickety cow though, putting in an offer and then seeing something I like better!

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lalalonglegs · 10/07/2009 11:43

No, it makes you sensible. You'd shop around for a dress, why not do the same for a home? If you've got very far down the conveyancing line, you can offer to pay some of the other party's expenses if you feel bad about it.

RubyBlueberry · 10/07/2009 12:03

No I haven't gone anyway down the line at all yet, thankfully.

I need to have a good look at the first house again realistically before I have a look at the new one thats come on the market.

I'm so not grown up enough to do this!

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TDiddy · 10/07/2009 12:11

yes, there is always another house for the patient buyer. Once you buy you are stuck so ensure that you are happy. We could have saved ourselves a fortune if we didn't dive in a couple of years ago. But taking it in my stride as we did benefit in the good times.

lalalonglegs · 10/07/2009 18:51

I would always choose location over house anyway - great house in a rubbish location pretty soon begins to feel like a rubbish house too.

TDiddy · 11/07/2009 07:06

lalalonglegs - yes, in the extreme, you can knock down the house and rebuild it. But a great house on the motorway, say, can't be changed.

Friend bought a crap house on lots of land in Sussex with stunning views. When you are there you soon forget the house and you are swept up by the scenery.

RubyBlueberry · 11/07/2009 09:46

There's another one that the EA has just rang up about, it's going on market on Monday, is within our price range, in the right place, has 3 bedrooms, 2 bathrooms and a conservatory!

OMG. Are houses like buses?

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AppleandMosesMummy · 11/07/2009 11:00

If we are at the bottom of the market and frankly I don't believe we are then prices stay at that level for a good 2/3 years, there is never a sudden recovery where they shoot up again, you'll have lots of warning.
So get the house absolutely perfect for you, no compromising because you'll probably struggle to sell full stop for the next few years nevermind get back the stamp duty and removal costs.

TDiddy · 11/07/2009 14:57

AppleandMosesMummy- is spot on IMO; this is the time to get your perfect fit. Take it from someone who spent a lot of money two years ago not doing so! I like our house but I would could have done so much better if I were patient.

skihorse · 12/07/2009 13:16

"The buyer would prefer 136"? Really? I'd prefer a million quid and a pink pony.

You offer what you are comfortable with - it's not your fault if they need 136 to cover what they owe the bank.

TDiddy · 13/07/2009 20:37

that's right; hasn't anyone told them that it is a buyer's market!

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