Completing soon on house and having serious doubts

sarachristie

We are a family of 4 and have been in our home for 20+ years.  Agreed on our house last year and struggled to find a house due to not finding one much bigger than our own.  Basically moving for garden and garage and more space.  So after 3 months we found one bigger than everything we have seen but major project.  Needs rewired, windows, kitchen, bathroom, damp proofed, doors, decorated.  Have had sleepless nights for weeks basically due to 1. hate change 2. taking too much on? 3. major upheaval for everyone 4.tight budget.  Had to go over asking price then other issues after surveys.  Renegotiated price but not for full price of quotes.  Seller dropped 2k for over 3x worth of repairs.  When we said we didn’t accept that they dropped another 2k and EA says she had wanted to put back on market!  tbh am freaking out in case we are making bad decision.  Alternative is lose our buyer, have to relist, lose SD exemption plus costs for outlays, Solicitor costs.  Please someone help put my mind at ease

Kernower

It’ll all be fine, just last minute jitters. Tough and scary for the first 18 months. After that, you’ll  just enjoy it, the space and the freedom. Fear not!

Thrugelmir

Number of properties listed for sale has dropped 21% on a National basis already this year compared to last. If the property isn't ideal. Walk away.  There'll be a better opportunity in the future once lockdown lifts. 

sarachristie

well we viewed about 20 houses in 3 months alll not suitable (too small, garden too small, no dining room, box room not suitable as bedroom etc) but one comes along with the space we need that happens to be a doer upper - typical.  The issue is also the money we stand to lose if walking away.  In 2 months there has been no houses for sale in our area at all.  We have been looking since last September and have more or less excluded houses in area within our area due to size/price so we know what’s out there.  This is such a difficult decision.

hazyjo

Unless you're in a tiny village, it's quite possibly the only and best thing that's come up you can afford.

So you need to either compromise on your wishlist, or look elsewhere if you don't buy this one (which needs work, hence affordable).

If you wait and the market drops, it will also drop on your current house so you'll have less in the bank. You also risk finding a "dream home" and not having a buyer.

Try to remember what vision you had for this one. It does sound a bit like a last minute wobble. You've been in the same house for a very long time!

Good luck!
PS all of above presumes you've not exchanged!

Tiglet2

Just remember why you wanted to move and focus on that. 

You wanted a bigger house and a bigger garden and this property gives you that.  Think of it as a new chapter, another chunk of your life story and a chance to experience a new life in a new area. 

Don't let the renovations scare you.  I and my other half are not very DIY minded but we bought a wreck 8 years ago and, although we have had to pay professionals to do some of the jobs, we do not regret it one bit.  We now have a house we love and decorated to our own taste, including an extension and a loft conversion and completely changing the way it looked from the outside. 

It's your chance to make the house exactly how you want it to be and there is no need to do everything within the first year, if you don't want to.

FreeBear

sarachristie said: So after 3 months we found one bigger than everything we have seen but major project.  Needs ... damp proofed ...  Have had sleepless nights for weeks

In all probability, you do not need to waste money on damp "treatments". Most likely, simple things like fixing gutters, reducing ground levels, and maybe installing french drains will cure the damp.

The £5-10K that that work could have cost will be better spent on essential works or put towards a new kitchen.

sarachristie

Thanks all for your input.  We have lived here 24 years, raised our children here, obviously don't hate it, lovely bright house, lots of light (windows to floor looking over the city), great kitchen and living area - negatives no garden (just rockery), no garage and small bedrooms.  We don't hate it (obviously) but we need more space and this other house provides it.  Lockdown provided us with a necessity for a garden which we didn't have and that made us decide to finally make the move.   Also like to add it seems to be a major dilemma to make a big decision, same with job (24 years before moving on) that was scary also.  I guess staying doesn't solve our problems so need to make move one way or another.  Oh and to add - due to not having back garden, small bedrooms, our buyers are limited so another risk in losing our one and only offer and might be difficult finding another.

sarachristie

Also like to add that we viewed this house when it went up for sale and asking price was offered by another party right away (so they say!) we went 2k more, another offer 3k over that and our final offer was 2k more - 7k over asking price.  Ours was agreed.  This is probably due to being good sized house compared to others in vicinity. So they have received 7k over the asking price and when our surveys were completed and threw up issues with damp and rewire we asked for a reduction of £6.5k.  Vendor came back with 2k reduction (insult), we said wouldn't accept and the most we would pay was £x (this is £5k reduction).  EA then came back with an offer £1k above this! and now we don't know whether to go back with no our offer of £x we said we would be willing to pay stands or accept their offer of £1k more.....phew....EA said she was wanting to put it back on market and he said as we were so far on would try and sort it with ourselves first.  What are your views on these figures considering we went good bit over asking price and repairs needed?  We are going back to EA tomorrow morning. 

Also to add asbestos on garage roof that is not damaged and not great garage by any means.  

hazyjo

Did the valuation come in under the original price you were paying? If not, you're lucky they're agreeing to drop anything. Did it actually say rewire needed, or just that it didn't meet current regs and was dated?

sarachristie

Rateable valuation is lower (obtained from Land & Property Services - is this the same) but says also open market value of property in its present condition and repairs needed is fairly represented in the sum offered.  Rewire not mentioned in survey but electrical report said rewire last done late 80s/early 90s.  Earth wires need replacing immediately and only one socket per room so full rewire recommended.