Not Settling Into New House

beedeedee

We once bought a house, moved in, then went on a 3 week holiday to recover, (as you do)..... On our return, another house was being built just round the corner - which hadn't been there when we'd bought ours!
Nipped in to have a look and it was going to be so right for us, that we agreed to buy it when it was finished. The builder then mentioned he knew someone who might want ours - and so the process began...within 3 months, we'd moved in and out, then in again. Spent a happy five years there. Funny how things sometimes just fall into place.

pinkteapot

Mortgage companies won't lend on a property that's been owned for less than six months, so no new buyer will be able to get a mortgage until you've owned it for six months. I think it might be due to money laundering regulations? Or the banks not wanting to lend on a lemon of a house. If you sell up now, you'll be limited to cash buyers which will seriously diminish your buyer pool and therefore affect your price.

Just how much money do you have to spare? Would the 'bad' house make a good rental property? Do you have enough to change to a BTL mortgage on the house, rent it out, and buy something else for yourself? You'd need to have enough for a deposit on the alternative house you buy, and to leave about 25% in the rental property (I believe BTL mortgages want a 25% deposit but may be wrong on that).

moneyistooshorttomention

Well - OP could make the decision to keep Wrong House for 6 months (to cover that angle) and then explain to would-be buyers the situation that they have explained to us (ie "Not My Style of house and my old house is just down the road etc etc") and I would think most buyers would realise that that was the truth of the matter (rather than Wrong House being a lemon). If I came along looking at Wrong House then I would have instantly assessed how trustworthy (or otherwise) vendor was and, unless I'd thought "they're a wrong un and will try it if they can" on sight about the vendor - then I would think "Wrong house for them - but that doesn't mean it would be wrong house for me" and proceed to have my viewing of it.

A six month period would give plenty of time for a few enquiries around as to whether the current owner of Wanted Previous House might consider selling or no on the one hand and generally having a good look-around for OP's style of house.

Nothing to lose by looking after all...

Andypandyboy

We moved into our second home because it was the location we wanted and we had a buyer for our property.

We hated it from day 1, and were there less than a year. Like you, during that time our financial circumstances changed for the better and we were able to find a house in the same location but which had none of the negatives of the old house. We have lived there for 28 years now!

Go with your gut feel if you can afford to do so.

Beancounter

DiamondLil wrote: »

Is this the same Beancounter who had to deal with an awkward owner of the other flat ?
I do hope you didn't sell to that neighbour.....

Apologies if I've got the wrong person.

Yep, same person and no, I didn't sell to the neighbour!

Davesnave wrote: »

I think that was the point!

Indeed it was.

Davesnave wrote: »

In life decisions, as at work, it's best to be pro-active rather than reactive, so I'd hold fire and plan, according to a sensible time scale.

As you know you can move, living in this house should not be a burden in the way that enduring something with no forseeable end could be. In the meantime, decide whether to extend or go for something different.

Extending will be a reasonable option if you won't seriously go above the ceiling price for the road/area, and if you're left with decent outside space. As others have said, it will also be appropriate if the things which made you buy in the first place, shine through.

If they don't, then at least you will have planned and become clearer in your mind about what you want, and what you should avoid, besides a simple lack of space.

Extending will push our house above the ceiling price I am sure. The cost quoted of 46K for the size of extension envisaged would be better spent on the house we want I think. Not sure that spend would add that value to the house anyway.

Beancounter

moneyistooshorttomention wrote: »

NB: Is there a possible "wild card" here on the table? How do you think the owner of your original house would feel about selling it? In your position - I would think its at least worth making the query - and being prepared to offer more than its worth to get it back if need be. It may be they love it too and wont be prepared to sell (even for an "over the odds" price) - but I guess its worth at least asking...

It has changed hands since we sold so not sure that would be an option. There is a similar type of house for sale in the village we moved from recently and is cheaper too but our hands may be tied by the circumstances right now unless we could rent out.

pinkteapot wrote: »

Just how much money do you have to spare? Would the 'bad' house make a good rental property? Do you have enough to change to a BTL mortgage on the house, rent it out, and buy something else for yourself? You'd need to have enough for a deposit on the alternative house you buy, and to leave about 25% in the rental property (I believe BTL mortgages want a 25% deposit but may be wrong on that).

We only have 19K mortgage on the current house so *could* pay that off and use the rest of the cash for a deposit on a new house with a mortgage to cover the shortfall. I know that Mrs Beancounter is reluctant to take out a 130K mrtgage though!

We may have to just stay put till the end of the year. At least we will have a totally redecorated house to sell, only the kitchen will not be touched due to cost so should be easier to sell then.

moneyistooshorttomention

Beancounter wrote: »

It has changed hands since we sold so not sure that would be an option. There is a similar type of house for sale in the village we moved from recently and is cheaper too but our hands may be tied by the circumstances right now unless we could rent out.



.

Sounds to me like you have pretty much got it sussed re way forward from that paragraph. If you say we're "not sure" whether it would be an option to buy back your old house - well....you will be sure (one way or the other) if you ask. No point in living with the "What if......?" regrets. Ask and then you'll know for sure - one way or the other.

Sounds like Plan 2 is to find out your options re "renting out" then and investigate that cheaper house.

Sounds to me like you didn't want to move from that village but had to? If I'm right - then its worth at least checking if you can go back. If you cant you cant....but at least find out if you can.

Someone said to me (many years ago now) that they were "moving back" to their original place - because "My tribe is there....". I must have given him a boggle-eyed puzzled look at the time - but (particularly in view of where Home was for him and his wife) I now know what he meant and...yep....I guess it was right for them then and I came to understand exactly what he meant. Is that part of it for you? Its surprising how different very close places can be. Near me are 2 different villages and not much more than spitting distance apart - but there is a huge difference between them.

Landofwood

I actually think "feeling settled" has more to do with your neighbours than the house. How do you get on with them? Have you met them yet?

When we moved in our neighbours brought over cards, flowers and invited us over for dinner/drinks. I don't think the size or layout of the house would have mattered, we already feel part of the community.

It's not necessarily the practicality of a house that makes it a "home".

moneyistooshorttomention

Landofwood wrote: »

I actually think "feeling settled" has more to do with your neighbours than the house. How do you get on with them? Have you met them yet?

When we moved in our neighbours brought over cards, flowers and invited us over for dinner/drinks. I don't think the size or layout of the house would have mattered, we already feel part of the community.

It's not necessarily the practicality of a house that makes it a "home".

That must play a part I think. It shows "willing". I guess there are 3 levels possible on that - through from "really welcoming" (the card/flowers/etc), neutral (nowt really) or the feeling of being examined to see if you will "fit in" with them (doesn't bode well).

Level 1 is good, level 2 is "oh well - neutral" and level 3 is "not a good bet then".

Beancounter

moneyistooshorttomention wrote: »

Sounds to me like you didn't want to move from that village but had to? If I'm right - then its worth at least checking if you can go back. If you cant you cant....but at least find out if you can.
.

Only reason we moved from our last house was to downsize, ironic since I am now moaning about lack of space. Turns out we needed that extra space after all!

Landofwood wrote: »

I actually think "feeling settled" has more to do with your neighbours than the house. How do you get on with them? Have you met them yet?

When we moved in our neighbours brought over cards, flowers and invited us over for dinner/drinks. I don't think the size or layout of the house would have mattered, we already feel part of the community.

It's not necessarily the practicality of a house that makes it a "home".

The neighbours either side of us are nice, only really said hello to a couple fo the others. The people to the right of us did give us a card when we moved in which was nice.

Once I decide something isn't right then I am not for changing my mind, I am still clinging to the hope that once the lounge is decorated I may settle but I am comparing everything to the "other" house and it fails on every level.

As has been said at least we are not trapped here and I am sure my Dad would want us to use his money to be happy. I do kind of feel guilty spending that cash though.