Having doubts after offer accepted

orangecrush

danlightbulb wrote: »

It is important (isn't it?) to ensure one does not overpay, nor buy something they will either regret, hate, or struggle to sell on.

Its also important (isn't it?) for there to be room for growth in value from making improvements.

I'm not doing it for short term profit, but I do want to ensure the house has headroom for growth, because this is important to future financial security.


Its knowing what the showstoppers/big pitfalls are, and not falling into them.

Nobody on this forum can grapple with those issues for you. Even if they did, would you believe them? Or would you ask for more opinions?


Look, loads of people have said it looks like a decent house. Nobody has said RUN. Everything else you're talking about (driveway, garden) is all just preference and it's as much down to if YOU want to live in it.



Stop overthinking it - the house is probably fine. It's all probably fine.

NeverTooLate

danlightbulb wrote: »

I would say aside from the bungalow stigma, its 80:20 towards like.

Given that we're an aging population, I'd say a bungalow would be a very sensible buy.

shinytop

danlightbulb wrote: »

I don't have a history of making very good decisions.


It is important (isn't it?) to ensure one does not overpay, nor buy something they will either regret, hate, or struggle to sell on.

Its also important (isn't it?) for there to be room for growth in value from making improvements.

I'm not doing it for short term profit, but I do want to ensure the house has headroom for growth, because this is important to future financial security.


Its knowing what the showstoppers/big pitfalls are, and not falling into them.

We've just had an offer accepted on a bungalow too and we weren't looking for one either; the house we liked best just happened to be one. I think we got it for a good price, not because there is anything wrong but more because the market is a bit slow at the moment and our seller wanted to sell. Maybe yours is the same.

laptop80

NeverTooLate wrote: »

Given that we're an aging population, I'd say a bungalow would be a very sensible buy.

Plus hardly anyone is building them anymore, as developers can make more money from houses. So demand is going up but supply isn't.

danlightbulb

laptop80 wrote: »

Plus hardly anyone is building them anymore, as developers can make more money from houses. So demand is going up but supply isn't.

In general, yes, and perhaps in more affluent areas the effect is larger, but this particular one? As it has already been pointed out, it has steps up to it.


If demand is high, why did I get it so easily? I've been in bidding wars on other houses and lost, not this one. I even had time to think this time and have a 2nd viewing before making my offer. That is unheard of for me. Its worrying in a backwards kind of way - have I missed something, am I not being picky enough, am I settling for less than I should.


It could be that things are quiet this time of year, or it could be that older people do not want to undertake refurbishment work, or it could be that something is fundamentally wrong with it, like the aspect or the steps or driveway.


I really do want this house to be seen as a family home, both by me and others. I don't want it to be seen, by myself or others, as an old peoples home.

iammumtoone

danlightbulb wrote: »

This is what I'm fundamentally worried about. Doesn't matter if I stay there my whole life but does matter if I wanted to trade up in future.

If you wanted to trade up there is lots you could do to it, maybe build upwards for a start which might add value in the long run.

NewShadow

danlightbulb wrote: »

I don't have a history of making very good decisions.


It is important (isn't it?) to ensure one does not overpay, nor buy something they will either regret, hate, or struggle to sell on.

Its also important (isn't it?) for there to be room for growth in value from making improvements.

I'm not doing it for short term profit, but I do want to ensure the house has headroom for growth, because this is important to future financial security.

Are those things that are important to you - or are those things you've been told should be important to you?

I'm a FTB - conventional wisdom is that I should have bought a !!!!py flat 5-10 years ago and slowly worked my way up the ladder to a 'forever home' in about 10-15 years from now...

Sod that for a game of soldiers! Conveyancing is expensive and moving is hellish... why would I ever want to do that more than once if I didn't have to?

I don't give a bent penny if someone else thinks the house I'm currently buying is 'overpriced' - it's a price the seller and I both think is reasonable.

I don't care if my place 'grows in value' - I'm not planning on moving out until I'm carried out in, hopefully, 40 years!

I agree you shouldn't buy something you hate - and if this property isn't for you then that's fine, move on and find something that is...

But don't do it because you're twisted up that there's a 'right way' and 'wrong way' about these things... for me, first and foremost, you're buying a home.

If you make it a happy/functioning home then when/if you come to sell, that happiness will do more to sell the place - to the right buyer - than any driveway

lincroft1710

OK, here goes.

It is built over former coalmine workings. Next door is a halfway house for convicted violent offenders, the other side has planning permission for demolition and replacement by a 24 hr petrol filling station. Opposite will be demolished and replaced by a nightclub. Two doors away is a crack den, three doors away the ladies are selling their favours for money.

It is a bungalow in a residential area, old people buy bungalows, middle aged people buy bungalows, young people buy bungalows.

Check for any planning permissions nearby, have a proper survey carried out, then buy the *********** place!

Crashy_Time

danlightbulb wrote: »

Hi all.

Further to my thread a few weeks back where i was exploring houses. A bungalow was suggested here which I went to look at and after some thought, put in an offer which was accepted.

http://www.rightmove.co.uk/s6p/57484677

I am just still having doubts about it. It has several positives: its detached, reasonably sized, in a nice looking road, good size garden, seemingly a good price.

But the lack of driveway is still on my mind as is the fact its a bungalow. I find myself wondering if this is why it wasnt snapped up sooner, i.e perhaps i am overestimating its desirabilty. Why did I get this house, why was there less competition for it than other houses i have offered on and lost out on?

Financially i would be paying about the same as my rent is now. But the house needs modernisation as well.

I am struggling to be sure if it is or is not a good deal. And whether the driveway and perhaps more importantly the awkwardly sized frontage to enable one to be built, should stop me going ahead.

Im on my own and struggle with big decisions.

Try to reduce your rent and save/invest more, the price of this house probably isn`t going anywhere fast nowadays, and could easily lose value over the next few years.

danlightbulb

Second guessing what the market might do is a complication i dont need. All i know is my rent would be higher if i had to find a comparable place now (as ive been here 10 years and he only put it up once), and the new mortgage will be the same as my rent is now.

I just need to have confidence thats its a good house and not something undesirable because my judgement is lacking confidence.