Offer accepted but having second thoughts

hazyjo

If prices go up, you risk bidding wars, higher interest rates, gazumping, properties being snapped up before you can get a look in... I had friends try and buy at the end of the last recession and they gave up in the end as prices shot up so quickly.

If you're buying now for the rest of your life and don't intend coming off the 'ladder' (more like 'snakes atm'!), I wouldn't be worrying too much about negative equity.

I suppose it also depends on your deposit size. If only something like 5% deposit on a rubbish interest rate, I'd rather rent and save.

If you 'lose' money on whatever you buy and want to buy something bigger in a few years, remember that percentage-wise, whatever you will buy will be a whole lot more affordable so you'll 'make' the money back and some.

It's all about percentages when prices fall/rise. Not like a 2 bed flat will go up by £50k and so would a 4 bed house. The flat might be worth £50k more, but the house could have gone up by £150k.

Just buy when the time is right for you. IMO, only need to be mega careful if you have a tiny deposit or if you plan on selling and not re-buying. Obviously you'd need a deposit to buy in a few years' time, so just make sure you haven't lost all the equity if you're not a saver or not overpaying the mortgage each month.

Jx

dodger1

hellouwal wrote: »

I dont want to annoy the vendor and i would rather back out now before either of us incur any costs but do you think this will have a detrimental effect if i come back with a lower offer at a later date?

Thanks for your help.

If you want to back out that's fine, the vendor wont be happy but that's life. However if I was the vendor and you backed out but then came back with a smaller offer you'd get a very short answer and it woudn't be to your liking.