Reducing our offer...

Kevie192

Why are you buying a house if you plan on moving within 5 years? Have you worked out the costs associated with the purchase, plus the interest you will pay in those 5 years and seen how that compares to the cost of renting?

sophi123

Yes have looked into that.


Our mortgage payments are less than our current rent and, even if house price stays the same as we have offered now, then our equity in the house will double in 5 years rather than throwing our monthly rent at someone else's mortgage. So I think it is still the right decision. If prices go up then even better...

Kevie192

And you've accounted for all the (not insignificant by your own reckoning) repairs needed plus contingency for if the boiler packs up or something else major goes wrong in those calculations?

mrginge

To be blunt it sounds like you are not ready for the responsibility of home ownership.

sophi123

Yes we've accounted for that thanks. We have been managing to save about £2k a month whilst saving for our deposit so will be using these savings to afford work that is needed, to build up a kitty for when things go wrong and generally start having some more savings again.






And thanks for your support mrginge.... luckily you're not making that decision for us so we'll press ahead without your support!! Thanks to others for helpful comments and reflections. Sx

stator

I can guarantee that you have overpaid since all property in the UK is massively overpriced. So don't worry about the little bit extra you might have overpaid vs anyone else.

Surrey_EA

stator wrote: »

I can guarantee that you have overpaid since all property in the UK is massively overpriced. So don't worry about the little bit extra you might have overpaid vs anyone else.

It's felt that way for about the last 10 years though!

Many people have cost themselves a fortune by waiting for prices to fall. Not saying it won't in the future, because frankly, who knows.

martinsurrey

Kevie192 wrote: »

And you've accounted for all the (not insignificant by your own reckoning) repairs needed plus contingency for if the boiler packs up or something else major goes wrong in those calculations?

and I hope you would recommend they would include the (not insignificant) rent increases over 5 years and potential costs of being forced to move every 12 months (moving costs, agents fees, credit checks etc) into the other side!

oli_ro

sophi123 wrote: »

- just drop out now, lose out on our fees so far, but don't screw vendors over for our mistake?

Sorry, but this option does not mean you "don't screw vendors over for our mistake", as it will cost them time and potentially solicitors money, no ?

stator

Surrey_EA wrote: »

It's felt that way for about the last 10 years though!

Many people have cost themselves a fortune by waiting for prices to fall. Not saying it won't in the future, because frankly, who knows.

Indeed I'm certainly not saying wait for prices to fall, it could be 50 years. And it will affect whatever property you buy. But I am saying don't worry about the price since the mortgage valuation is okay, that should be enough for most people, as long as you can afford the mortgage.