Should we continue the purchase? - need some objective opinion

kazwookie

Stay where you are and forget the second home.

Thrugelmir

GemmaZE said:

+ House price increase, and we can secure the price now with rental income + capital growth in the next 2 years, it's more secure than investing in shares and stocks. 

If only predicting the future were so easy.  One day the low interest rate era will come to an end. Nor is capital growth guaranteed. Ultimately all markets depend on confidence and people willing to pay the going rate. 

smpNWI

GemmaZE said:

- Found out last week, the developer of a block of flats right opposite submit the planning for extra 2 floors (21 self contained flats) development. This will block the light. Eye sore in the front reception room, let alone the disturbance for at the least a year, the traffic, parking, the noise etc. It's not yet approved, but we know how it works, most likely they will refine the plan and eventually will be approved, just a matter of time with dealing/negotiating with council. 

This would be an instant 'no' from me. Not sure if it impacts the value of the property but it changes the experience of the house and the feel of the street, always.  

Mac_70_

GemmaZE said:

Honestly, we have been losing sleep and kept questioning our decision since the offer's even accepted. me and my husband seem to disagree on some days, and agree on other days whether or not to continue with the purchase. 
 

It's a hard decision.. Pls talk some sense out of me. What would you do if you were us? 

If me and my wife felt like this, there is no way i would be think about it.

Oh you also put the top end of your budget in the pluses, it would be a negative for me, especially when the property is needing work done.

Some times we just have too rely on our gut feelings. Good luck.

Stubod

..reading your OP it sounds to me like you really don't want want to proceed and are looking for other people to support this decision?

If it helps then my advice would be NOT to proceed.....far too many "unknowns", particularly regarding the rather fanciful ideas of renting.

As others have said this is not as simple or cost effective as you seem to think it is. (Just imagine getting a bad tenant who does not look after the place, does not pay you any rent and then does not move out when you want them to?)

gemma.zhang

Thanks everyone for the replies!
i couldn’t login in with my account don’t know why, hence using another account I forgot about and haven’t used for years ! 

I am the OP! 

gemma.zhang

SuperHan said:

Have you factored in additional stamp costs of buying a second home if you can’t sell yours within 3 years, as it’s not guaranteed that you’ll be able to get he tenants out in two year’s time if they don’t want to leave. 

If it’s your dream house, go for it. If it’s just about getting into the market now, your house will continue to increase in price in line with the local market for the next two years.

It’s a good point. We keep wondering if it’s our forever home ~~.. it could be but we would need to do loft/side back extension to make it dream home..

gemma.zhang

Doozergirl said:

You've got 2 years.  You can afford to buy without selling, so even if house prices go up, you can afford to sell up and buy, the same way as others do.  

There will be another house within 2 years, especially if you're telling us it might not even be big enough when you've finished? 

I'm not seeing the real benefit.  Being a landlord is no fun either.  

It is the 2 years hassle of dealing with neighbour, tenants now opposite 21 flats work now worries me… using my brain, is not worth  the income with the time spending and worries…

it was a good idea before all this unfolded!

gemma.zhang

lookstraightahead said:

Being a landlord is a difficult job.

To me it sounds as if you just don't want to wait so you're trying to find a way around buying now.

Your solution is not an easy one.
You say you are going to rent it out then do it up, do you mean the other way around, as you will need to make it fit for rental.

I would need to fix a few thing before letting it out.  The proper extension before we move in.

gemma.zhang

tacpot12 said:

While your negatives are all certainly negative, I am inclined to think that you are making too much of them:

• If your neighbour can do a big extension, so can you, when you have the money. (It might even help if you tell the neighbour that this is your plan, and that you are keen to learn what measures are needed to keep construction noise at a minimum)

• Tenants that are out at work all day will not notice the construction noise so much.

• The flats shouldn't be an eyesore, and once they are up, you (and others) will adjust your perception of them. 

Only the work needed to prepare the property for tenants seems to be a real negative, but the upside will be the rental income. Tenants don't actually look as hard as they should at properties they are considering letting, so a superficial tarting-up should be sufficient, providing the building is water-tight and everything works well enough.  

My other half thinks the same way as you ! 

And point out all as - not a big deal ~

Agree with the extension ability, that’s one of the reasons we are buying it. If the rent is low enough we should find tenants.

As for the opp block of buildings, they are under permitted development ( new scheme came out last year for new built), so more than likely will go ahead even though rejected by leaseholders . If it goes go ahead, it would decrease the values of semi opposite on that road ( including the one we are buying). It really destroys the characters of the properties close to conservation areas. 

We have been hesitating, might just be ok to get over the others ( perfect house is always above our budget ), then this came to light last week by chance.