Having doubts after offer accepted

NewShadow

danlightbulb said:

 Theres no right answer.

And now you're saying what we've been saying for a month!

danlightbulb

Sure so how do i decide? Its s circular problem...

I kind of got used to the limitations over the past month waiting for survey, but costs/risks identified have put a spanner in the works again.

If people are saying the survey is over egged then perhaps I take the chance. I never had proper surveys on previous houses, again a reflection of ignorance/ change in risk aversion.

DCFC79

danlightbulb said:

Sure so how do i decide? Its s circular problem...

I kind of got used to the limitations over the past month waiting for survey, but costs/risks identified have put a spanner in the works again.

If people are saying the survey is over egged then perhaps I take the chance. I never had proper surveys on previous houses, again a reflection of ignorance/ change in risk aversion.

List in order of importance what it is you would like a property to have eg a drive etc, 1 is a must have and 10 is something you could do without.
Maybe this would help:

• Needs. A need is something absolutely have to have when purchasing a home. ...
• Wants. A want is something that you may or may not like about the home, but you can easily change it in the future

danlightbulb

@DCFC79 I tried it and it doesnt work for me because deep down I think im looking for a special factor that i cant measure. call it kerb appeal, prestige. VFM!!
So i guess i would go: 
1. something special / kerb appeal / prestige
2. VFM
3. Space
=4 everything else

Doozergirl

danlightbulb said:

@DCFC79 I tried it and it doesnt work for me because deep down I think im looking for a special factor that i cant measure. call it kerb appeal, prestige. VFM!!
So i guess i would go: 
1. something special / kerb appeal / prestige
2. VFM
3. Space
=4 everything else

That isn't a proper list!  

Very quickly something that has formed our new house

at least three bedrooms - we have two older kids - Need 
A great sized kitchen diner - Need
A cosy lounge - need

With space for a dining table seating 12 - want 
At least two bathrooms - need
a dressing room (or just a big master bedroom) - need
and a visitor loo - want 
Off road parking for three cars - need 
Or more - want 
A low maintenance back garden - need
South facing - want
Not overlooked - Want 
 

We all want value for money.  My friend bought a house for £1.5 million and that turned out to be great value.  VFM is not a thing.  Especially when you appear to be scraping the barrel.  

You're not looking enough if you can't find rhyme or reason with the house prices.  Create a spreadsheet and work out the price per square foot of as many houses as you can in that case.  It'll give you the average.  

Bungalows should be more per square foot.  

NewShadow

danlightbulb said:

Sure so how do i decide? Its s circular problem...

I already said - If you can't make a decision on your own merits...Toss a coin... 

It all works out the same in the end and it doesn't look like you'll make a decision any other way. 

NewShadow

Doozergirl said:

That isn't a proper list!  

Very quickly something that has formed our new house

at least three bedrooms - we have two older kids - Need 
A great sized kitchen diner - Need
A cosy lounge - need

With space for a dining table seating 12 - want 
At least two bathrooms - need
a dressing room (or just a big master bedroom) - need
and a visitor loo - want 
Off road parking for three cars - need 
Or more - want 
A low maintenance back garden - need
South facing - want
Not overlooked - Want  

Mine was: 

• Essential: 
• Proximity to work
• Three rooms which aren't the kitchen/bathroom
• Decent sized kitchen + somewhere to actually eat
• Somewhere to dry clothes that isn't the middle of the lounge

• Important: 
• Space for a full size fridge/freezer in kitchen or undercounted with freezer in garage 
• Accessible storage for things like coats/hoover 
• GCH/double glazing - though not a deal breaker if cheap enough

• Nice to have: 
• A 'real' solid/multi fuel fire or a chimney which can convert back
• Would vaguely like wet room for washing machine/drying
• Would vaguely like space for a dishwasher
• Garden vs porch/sunroom/space for a cat run

danlightbulb

@Doozergirl i did that re the sq feet. if include garden, bungalow is one of cheapest ive found.

ok proper list like yours:
NEED 1 bedroom - only me at present (kids no contact but hope they come back in future)
NEED space for upright piano.
NEED some form of workshop / garage storage for not cheap mountain bike and tools.
NEED somewhere to park car safely. As has been discussed, doesnt need to be driveway although part of me considers this a minimum standard that should have been allowed by designers past or present.
NEED fridge freezer, washing machine, dishwasher in easy access.
WANT largish private mature back garden and to have a greenhouse.
WANT good configuration for large TV, surround sound system and PC for entertainment.
WANT space downstairs to indulge in interesting traditional things like having a small library/some interesting furnature.
WANT to add value.
WANT to not skint myself.
NEED to pay  around same as rent and upto £18k deposit.
WANT traditional looking house (but only because they seem to have more of the above).
WANT to have modern insulation and appliances.
WANT to be some distance from neighbours (but know this is almost impossible).

Doozergirl

Let's go back to the beginning. 

What is your rent?  What do the payments equate to in mortgage lending?  With your £18k?  

You have got some wants in there that are likely to contradict each other in the real world.  At least they are wants, not needs, but they need to be put into perspective.    

Want to add value? You need to buy somewhere with higher land values.  Building work is not going to pay you back well in this area, but all houses need a degree of maintenance. 

Traditional looking houses with modern insulation aren't common, especially in low house price areas.  It is expensive to renovate a house and you must expect to pay more for a house that someone has put genuine love into OR you pay less at the outset and accept that you will be doing work to a house 'as and when'. 

Surveys are working documents, not a precise list of what needs to be done absolutely now and the house is condemned if you don't.
Work being needed is usual.  

HRH_MUngo

danlightbulb said:

@DCFC79 I tried it and it doesnt work for me because deep down I think im looking for a special factor that i cant measure. call it kerb appeal, prestige. VFM!!
So i guess i would go: 
1. something special / kerb appeal / prestige
2. VFM
3. Space
=4 everything else

OK... When we bought our property, we did this:

Essential criteria: - we did not want to compromise on these :
Within a certain price bracket
Within one of four areas 
On a bus route
Near shops (or at least a general store)
At least two bedrooms
Off road parking

We got all of these, in the cheapest of the four areas. 

Desirable criteria - these were the things we were prepared to compromise on:
Style of house, although we would prefer a bungalow 
Semi or detached
A large garden
Side access
Utility room
Study

We got a do-er upper bungalow, semi detached, with two bedrooms and a large garden and side access. We didn't get the utility room or study.

So...you have to prioritise what things are non-negotiable (but be flexible even here) and what you can compromise on. Don't think too much about future selling on. Anything can happen -  a huge property crash, a huge property boom, we could all die of corona virus.

Hope this helps.