Can;t find the right house to buy

KaratePigeon

I know there are loads of these threads but I'm getting so stressed about this, would appreciate any thoughts/advice. We accepted an offer on our house about 4 weeks ago, from first time buyers who are very keen to get moving and keep chasing my estate agent every few days to see if we've found anywhere yet. I really don't want to loose them as our house took a while to sell and I hated having all the viewings. We are really trying to find somewhere else - I don't think we are being unrealistic as there were a few great properties in our price range that we missed out on while waiting to sell, but theres just nothing new on the market now so we only have to choose from the ones that have been hanging around a while!

We are a very busy family - both work full time, 3 kids in primary school. Currently living in a 3 bed end terrace, it's a great location but just need more space and I want a garage! ideallly would like 4 beds for the future but my girls want to share a room anyway so 3 would be ok. We want to keep the kids in their school so looking within a 3 mile radius of that. (is that too small an area?)

we are considering:
House 1 - originally a 4 bed but has been converted into a 3 bed which has reduced the value. Lovely area, lovely garden detached with garage, but it's a leasehold which is really putting me off. it's on for offers over 380k, we've actually offered 370k but they want 375, I know that's only just over 1% more but it would be the absolute max we could borrow, and with the lease payments as well.....?

House 2 - Priced at 365 but needs a lot of updating, discussed with agent offering about 320 as it needs a lot of cosmetic updating. Good size 4 bedroom detached house with garage, perfect location but I'm put off as it has a miserable garden - small and east facing.

House 3 - completely different, 100yr old semi detached, with long narrow garden. 3 bedrooms but they are big. No garage and only one toilet which really wouldn't work for us, we'd have to put one in but there is plently of garden space to do so assuming we could get permission etc (it's already been extended to double it's size). I love it but DP not keen as it's a bit rural and thinks we need to be nearer a shop/playground/pub etc, which he does have a point as we moved last time for this reason! Price is 300k so we could easily buy it and spend some money on it.

House 4 - 4 bed detached with garage, ticks most of the boxes - ok location, ok size, ok garden (sunny but small). No room to extend. Priced at 350k, I quite liked it but didnt love it.

am I being too fussy? I'm not sure our buyers are going to wait much longer

Doozergirl

Is the freehold available to house 1? How many years on the lease at the moment?

Sounds like you could potentially turn it back to 4 beds if the girls don’t want to share anymore and improve the value too.

anselld

You are right to be fussy - it is a massive purchase.

Just before Christmas is not the best time to be looking - nothing coming on new, just stuff that has stuck on the market.

Have you considered renting while you wait for the right property?

robpw2

Whats more important the price or the fact you have a projects?

cause the way i see it

property one - over budget and you dont really seem convinced its affordable
property 2 - you liked the house but were put off by garden that you will use one or twice a year

property tgree - less money and a refurb so you could make it your own

property 4 - all ready to move into ...you liked it though


I dont think your being too fussy , i just think you and your partner need to talk about what you want and what you can compromise on and decide together

getmore4less

Look back at those you missed out on,

You need one at least as good as those or you will be regretting it,

The day you complete one like those you lost will come on the market.

KaratePigeon

The lease - over 900 years left on it and it's been bought collectively from the developers by the people who live on the estate, so could be worse, costs about £300/yr I just think I'd resent paying it after a while! Also some restrictions about what you can do (no caravans parked or weird extensions)

Beginning to think about renting, sounds like a lot of hassle/ expense though, does anyone actually do it?

LandyAndy

KaratePigeon wrote: »

Beginning to think about renting, sounds like a lot of hassle/ expense though, does anyone actually do it?

I have rented between owning. Worked well for us and wasn't a huge amount of hassle.


Wasn't quite the same situation. We had to rent due to relocating but not having sold. Rented a furnished house as I was using our house a few days a week. When we sold we had lived in the new area for 6 months and it had been useful for finding out where to buy (and not buy). Took us another three months to buy somewhere so our own stuff was in storage for that time.

ReadingTim

• The price you want
• The location you want
• The features you want

One the basis you understand you can only ever have two of those things, you're probably not being unrealistic in your expectations, but there's a fine line between being fussy and being deluded.

If you've seen places you like (and can afford) relatively recently, then it's just a timing issue - hopefully things will pick up in the new year, but you might be waiting until the spring for the market to properly reawaken. Unfortunately though, it's always going to be a bit of a lottery in terms of what's available at the moment you're looking...

hazyjo

I've been in that boat a few times - it's horrible isn't it.

It's a quiet time of year. Remind your buyers of that fact and say if you've not found anywhere by the end of Jan (or middle, whatever they agree too), you'll rent.

I'd then stop viewing for say 3 months. Keep a close eye on the market, but try not to get too attached as you'll prob find you won't be able to sign up for less than 6 months. It'll take around 3 months so start viewing again 3 months in. Unless you can afford the rent and the mortgage. What you don't really want to do is find somewhere before the sale completes then try to play catch-up or make your buyers hang on. That's really annoying and happens loads and you may well risk losing them.

Failing that, you do have a few contenders:

1. I'd not buy a LH house, so that would be off my list.

2. Would buy. How small is small? The way it faced wouldn't make any difference to me. My last one was north and my current one is east. Do you really want to send your kids out to play in summer in a south/west facing roasting hot garden? Do you do a lot of gardening?

3. Don't be lured in by the price if the location is wrong.

4. You could decorate it to love it. It probably doesn't appeal as it's not your style. If the layout and location are right, it's very easy to add the 'love'.

Good luck! You have way more choices than I did when I was stuck lol!

Jx

JoJo1978

Take a 3-6 month rental in the location you're looking to buy in, so you catch the pick up in the market in March?

You can continue with your buyer and complete on the sale, making yourself attractive buyers. You'll be in the location you're going to buy so kids can move schools if need to and you'll be ready to pounce on houses as soon as they come onto the market.

But find out first if it really is the case your FTB won't wait. Might it not just be impatient naivety at the speed house transactions go, or do they genuinely have another option to walk away to, or a fixed deadline for a move? Perhaps it's just the uncertainty getting to them i.e. even when you do find somewhere that chain may not be complete and there could be more waiting to be done which is no one's fault, it's just how it is.

We had decided to rent when we exchanged on our sale despite the chain above us collapsing. As it turns out, we didn't and our vendors also broke the chain and moved into a flat they owned elsewhere to keep us as buyers. We found talking directly to buyer and vendor really helped at certain key points in the process, it helped us really understand each others needs and motivations. Although neither my DH or I would have chosen that approach in an ideal world!