I need a confidence boost

RollDeep

Folks,

I’m in a good position to buy a house and I’ve been looking daily for the past 9 months but I’m still struggling to fall in love with something.

Unfortunately I’m beginning to think the problem is me as I keep finding excuses not to buy, but at the same time I feel I’m being quite conservative with my requirements.

Has anyone else felt this way? I guess perhaps it’s because I’m in a fairly cushy position and I don’t feel rushed to make a decision, but at the same time a house is all I want and it's all I think about. I’ve put off buying so many basic luxuries because it detracts from my goal of a house, and I feel once I’ve bought a house I can start to ease up and enjoy life a little more.

I guess ultimately I’m afraid of making a bad financial decision and getting screwed over.

Anyway for the past couple of weeks I've been negotiating with a vendor to buy a 3 bed semi in a cul-de-sac, everything is in place but I just haven't mustered the balls to say 'Yes'. I'm just conscious that the size of the bedrooms will effect the resale value...

All the best.

ognum

I would suggest if you don't feel it's right then don't do it. wait, what is the rush, the right home will come and you will be ready to buy.

scumboss

I'm in a similar position in that I've put off buying so many luxuries. I used to have a fancy sports car but I've sold that and running around on a 125cc motorbike to save money. I haven't bought clothes for ages. It can get to you sometimes.

My goal is a 50% deposit which is six months away. I'm starting to think maybe I should aim for 60% but where does it stop? I guess the good news is that prices are going down or not moving. Well, where I live anyway.

My only advice is try to buy a house where you would to stay put for the rest of your life. You won't think about the resale value then.

dawyldthing

once you've got to the magic 40% its the lowest interest rate you will get pretty much, but it all depends how you feel and if its your forever home. Plus putting the bid in is one of the simpliest parts. I put mine in early November and should, fingers crossed, complete within the next 3 weeks. Its a very long and drawn out process (mine hasn't helped being a probate sale so has took much much longer than it would have, but its a good price so for me has been worth it) then theres the searches and everything else with it. My other advice is to get a solicitor through recommendation. We chose ours as years ago a family member had dealings with them for something else, but for this i've never had such a headache as they never chased anything unless i had my ear to the phone. Its been really long and stressful, but its hopefully going to be our forever home so will be worth it.

Good luck in your choice

carslet

i agree with all the posts, no need to rush into it, prices are falling, and i think will continue to fall 2-3 % for the next few years, unless you can good discount just save more and wait untilt he right one comes along, it is a buyers market dont forget it

pupsicle

My advice would be to concentrate much more on where and how you want to live rather than potential resale value etc. Your home should be just that - a home, not looked at as purely a business transaction.

I had similar problems when I was looking for my first home, then I had a bit of a 'lightbulb' moment and realised this was about my lifestyle first and foremost and offered on a house the next day.

Good luck:)

Panda78

I'm exactly the same. Been looking for a year, although it's only really this year that i have a bigger deposit to give me more choice. Stock is limited in my area, so the few house that come available seem to increase the pressure on me to like them. Everyone says you will get that gut feeling when you first walk into a house and that is what i am waiting for. I'm probably a bit too cautious because like you OP, i have made many financial sacrifices to achieve a big deposit, so i feel like it's become an even bigger decision than it already is. I'm not looking to resell for a long time, i just want this move over with and to find a house i can be happy in for years to come.

Good luck with your search.

mungobella

It seems like maybe you do need to think more about why you're buying a house. If it is as a financial investment, well, there are lots of other investments that will probably pay better while you continue to rent. If it is to make a long-term home for yourself, what is it you want out of that home? You don't want to completely ignore the financial aspect of course, as it is a very significant purchase, but if you think of it as a home the issue of whether the bedrooms are the right size for someone else who may want to buy it becomes a little less relevant. Are they the right size for you? Does the house have other characteristics you need/want?

That said, there's not a lot out there at the moment (I wish people would stop saying it's a buyer's market--there's not a lot to buy!), at least in my area, and I think it's the kind of purchase that's worth waiting for what you really want. Home ownership can be exhausting and expensive, and it's worth waiting for a house that really makes it worth it.

Good luck with your decision!

LeafGreen

I am in a very similar position. Just very little coming onto the market that I like (I suppose I am a little picky!) Have been waiting and saving for longer than I care to remember - going for a new build seems to be my best option now.

There was an advertising campaign a few years back for Sony (I think) cameras - which went along the lines of "If you wait for the perfect camera to come out, your kids will have grown up". Just accept that you're not going to find that perfect house at the perfect price.

It is a big step and I know that feeling of hesitation very well. But if you like the place, is in a decent enough area then GO FOR IT! The size of the bedrooms should already be factored into the current price/your offer.

Good luck :-)

RollDeep

Thanks all. Some very interesting points there...

Let's see what the up coming weeks hold.

RollDeep

Just to let you all know, I have finally bought a house! The seller finally agreed on my final offer, and some of the comments on here really made me think I have made the right decision.

I have also met the neighbours who are lovely, and now I just want to go into hibernation for 6-10 weeks :-)

Thanks all.