house buying dilema

dozydave2

What should I do? I have been trying to buy our dream house for 6 months we have now settled on a price £350k down from £385k asking price.
I will end up with a bigish mortgage as the house I own hasnt sold so I am going to rent it out and hope to sell within the next 2 years.
Obviously since I started haggling, we are now in the xmas slump and all the talk about property price crash i really dont know what to do?

Should I haggle some more or wait and see what happens in the new year and risk losing out on the dream house?

Is it a stupid time to buy and should I just give up on the dream?

I appreciate all comments.

Thanks

Magentasue

For me, it would matter why it was my dream house. If it was an individual property in a wonderful location that I would probably never have the chance to buy again, I might be unable to resist. If it was a wonderful house but there were others that would come on the market in the next year, I'd wait.

What if you couldn't sell your house for months? Is the dream house worth struggling financially for if you had to sell your house for less than you want or if you had a long period without a tenant?

ameliarate

The problem is many people have started looking at houses as profit making machines. If you think of it as a home first and foremost then I would agree with the ealier comment - if it really is your dream home take a chance, as long as you are not risking huge financial problems it you other house doesn't sell when you want it to or you have problems getting tenants.

cheekeemonkey

If it is your "dream home" then it is worth far more than the asking price!!

If you take the long term view i.e. not looking to move in 5 years then my guess is that you will ride out the property storms that inevitably lie ahead.

You only realise negative equity when you sell in a slump.

Have you factored into your costs that you may not rent out your old property 12 months of the year or it may be some time before you can get a tenant in situ?

As long as you are going into it with your eyes open and can afford the financial stretch go for it.

IveSeenTheLight

dozydave2 wrote: »

What should I do? I have been trying to buy our dream house for 6 months we have now settled on a price

Its your dream home.
You have reached an agreement.
Do you really want to risk your dream home for the sake of any possible short term drop in house prices.

I'm sure you know yourself the answer

lynzpower

how much will your own house rent out for have you done valuations.

The first thing |Id do is to put a dummy ad in the paper etc and see how much interest you get.

Personally, I think in this climate it would be a disaster. We reserved this rented house in November last year, and held onto the reservation till we moved in in January. the la said that winter is a crap time for rentals, no one WANTS to move in december- feb. ( some people have to but they are in a minority.)

How much are both the mortgages plus bills on each property. Can you afford to pay both. Yu simply have to be able to maintain payments on both and ASSUME the worst, you might not get a tenant for a number of months. PLus on top of all that the original house has to be compliant with gas certs and a raft of other legislation, which will also cost you money.