Getting cold feet...is it normal?

mjane93

Hi all,
We are about a month or so into our chain free purchase with searches due back by the end of June and I am starting to get cold feet about the house we are buying. We are FTB and have gone with a small starter house so we don't envision ourselves living there for anymore than 5 years, but wanted to get on the property ladder as rent prices in our area are so high (monthly mortgage payment is less than monthly rent). It's not that I don't think we will be happy there - I know we will, we know the area well and the house is the exact same size as the one we are living in now so I know we wont feel crammed by any means. As we don't plan on this being our forever home and I can't stop focusing on if we will be able to sell in the future - i.e lots of rentals on the road full of young professionals and uni students. Obviously no one can predict the future (if only I had a crystal ball -ey haha) but I am wondering if what I am feeling is normal? As I mentioned before we are FTB so never been through this and I am naturally a very anxious person who can't help but focus on the negatives. Oh and to make things worse we fell in love with a house a while back that we were outbid on and another house for sale has just gone up on that same road. 

fishfingerbutties

I'd be more surprised by anyone who didn't get cold feet or some form of thinking !!!!!!!

Perfectly normal reaction. Everyone I know (myself included) was the same as FTB and even as an onward purchaser. What if this, what if that. 

Once you're in your new home , with your own things, decorated to your own tastes - you'll feel so much different. 

moneysavinghero

It's a big life decision, so it's natural that you will feel anxious about it. You might even regret buying it once you move in, that's fairly normal too. But the feeling will most likely pass.

AnotherJoe

No doubt the doom and gloom merchants will be on here saying how prices could crash and burn but odds are highly in your favour that you will be priced down to a smaller house if you continue renting for five years and buy then, plus you have the chance to save as your mortgage will be lower than rent.

This is though not the same as saying this particular house is the right one. Are these similar priced houses? Have you been to look at the one thats just gone up for sale? No harm in checking it out you are likely still a couple months away from exchange.

MovingForwards

There will always be FTB; that's how other people move up the ladder, some people stay in the first property they buy. 

What's so different about this one, compared to the others you've missed out on?

mjane93

@AnotherJoe The one that has just gone up for sale is priced at 5K more but still under our overall budget. A few people suggested that we try and view that house but I wasn't sure if that would be cheeky of us. I might even ask our EA if we can schedule another viewing of the house we are purchasing as due to covid and how crazy the market has been we were only allowed on 15 minute viewing which was done back in April. 

mjane93

MovingForwards said:

There will always be FTB; that's how other people move up the ladder, some people stay in the first property they buy. 

What's so different about this one, compared to the others you've missed out on?

Main differences is the area. We had our hearts set on a certain area but kept getting outbid or out of our price range.
House we are buying has is in a much more desirable area however due to uni's expanding you are starting to see a lot more uni rental properties in the area due to great transportation links.
The house we are purchasing does not have a drive or off street parking and needs work however husband is a general builder so buying a fixer upper has never been a deal breaker for us. 

purplebutterfly

mjane93 said:

@AnotherJoe The one that has just gone up for sale is priced at 5K more but still under our overall budget. A few people suggested that we try and view that house but I wasn't sure if that would be cheeky of us. I might even ask our EA if we can schedule another viewing of the house we are purchasing as due to covid and how crazy the market has been we were only allowed on 15 minute viewing which was done back in April. 

We are FTB and only a few weeks into the conveyancing, so I completely understand where you are at right now.

The difference is that our vendors did their own viewings and we were there for 45 minutes on the first viewing.  We made an offer, it was accepted and we then went for a second viewing and were there almost 3 hours drinking tea in the garden!

  My advice is DEFINTELY BOOK A SECOND VIEWING.  

Also, go and see the other house because, if you don't, you will forever be left wondering "what if".  Also because no sale is certain until the keys are in your hand (something I keep reminding myself). 

Honestly, the whole house buying process is terrifying when you consider that it  can take people take longer to decide whether to buy a pair of shoes than to make the biggest purchase of their lives. 

LAD917

If your mortgage is less than your rent and you haven't had to compromise on space, I think you've done well.  Being on a road with a lot of rental potential is not necessarily a bad thing - you'll attract investors as well as FTB when you go to sell.  Plus, it sounds like you have the potential and ability to improve the property and hopefully create value / "sweat equity."

My first property, and then my first property in London were both similar to the property you describe - on streets with a lot of renters/first time buyers.  It's often what you need to do to get on the property ladder.  IMO, it's a better strategy than buying in a farther-out area with less demand / desirability.

Sunsaru

I got the keys to my first house in March. It was the right size in the right location at the right price. I had second, third and fourth thoughts about the place and buying in general. Even after I got the keys and stood in that house for the first time I still thought to myself "What the hell have I done??"
I'd advise getting at least one more viewing if not more.

TBagpuss

I think it's totally normal to get cold feet - you are spending a lot of money and taking on a big debt, and it's a big commitment.

However - you've got lots of positives:
- You've been living in a similar sized property so you know it won't feel too cramped
- You'll be paying less than you have been, and even with your rent you were bale to pay it and save for a deposit - so you are in a good position to continue to save towards a bigger deposit when you come to move on, or to make over payments or pay for improvements, and you should be OK even when mortgage rates increase. 
- you know the area well, so you aren't likely to have any nasty surprises.
- IF it's near a university then you will probably be able to market to landlords hen you come to sell, as well as FTBs

That said, if you haven't, do a second viewing and explicitly look for problems (It can be really useful to have someone else go with you to do this - I had a friend of mine come with me one time, and previously (different house) my dad - both times on the understanding that they were there because they weren't getting excited about buying a house and could look objectively for any possible issues . 
Also - go and look round the area on a Saturday night, and at the times you're likely to be going to / returning from work, etc so you get a feel for any possible issues regarding noise / traffic jams etc