first house purchase worries/regrets

hpsauce86

I think it’s normal. You’re handing over a huge chunk of change you have had to work hard for. It’s scary. 

When we offered and got accepted I started panicking it wasn’t the right house for us, but I’ve taught myself to keep looking at other houses and none of them compared. We got it for asking but to be honest we would have paid more because it’s worth that to us. 

We’ve looked at houses for 3 years and had many offers not accepted, I feel lucky we are to be in the position of buying. 

If your valuers and survey all say it’s good for what you paid, and you like the house, just enjoy it! They saying buying a house and moving are one of the most stressful things you’ll do, you’ll always have nerves. Once you have the keys you’ll feel better. Keep looking at it online, picture yourself living there and your new life you’ll create for yourself. It’ll be worth it! Enjoy your new home 🏡 

MalMonroe

Hi, you said this -

'my brain is telling me that I am paying too much, not because of the original asking price but because of the offer I had accepted'

and also this -

'I don't know what the other peoples final bids were (other than the asking price initially), which played into my mind'

Both sentences indicate to me that you are having doubts about buying that property and are seeking excuses to pull out. Maybe I'm wrong but I do know that if you go ahead when you are having doubts, you will certainly regret it. 

If you think you are paying over the odds because your surveys have discovered work that will need doing, then you could ask for a reduction.

You haven't exchanged and completed yet so you could pull out and the vendors probably wouldn't lose out, since they had so many other offers.

I once bought a house that my instinct warned me about but I ignored all my doubts and regretted it from the day I moved in. It was 8 years before I could afford to move out. 

I realise I am swimming against the tide here, since most others are encouraging you to plough ahead and put your niggles aside. I think you should really think about those niggles. Write down some pros and cons. It's a scary time I know because large sums of money are involved but if you really do not want the property, it's best to say so now, even if you do lose money. To my mind you will lose money either way anyway. I wish I had had the guts to withdraw when I knew that particular house wasn't right for me.

Obviously this is just my own opinion and all I'm really saying is please do think very carefully about what you want. You said "rapidly barrelling towards exchange and completion and the whole process of discovery has been quite a mental workout" - another indicator to me that things are moving far too fast for you. If you were happy about your new home you'd be excited that things were moving so fast and wouldn't want to wait any longer to move in. I've been in that position, too. 

Withdrawing from a purchase is not gazundering. That is simply withdrawing following a survey which has found faults that will cost you even more money to put right and has nothing whatsoever to do with trying to pull the rug from under someone else's feet. 

I wish you all the very best, whatever you finally decide to do   

badger09

MalMonroe said:

Hi, you said this -

'my brain is telling me that I am paying too much, not because of the original asking price but because of the offer I had accepted'

and also this -

'I don't know what the other peoples final bids were (other than the asking price initially), which played into my mind'

Both sentences indicate to me that you are having doubts about buying that property and are seeking excuses to pull out. Maybe I'm wrong but I do know that if you go ahead when you are having doubts, you will certainly regret it. 

If you think you are paying over the odds because your surveys have discovered work that will need doing, then you could ask for a reduction.

You haven't exchanged and completed yet so you could pull out and the vendors probably wouldn't lose out, since they had so many other offers.

I once bought a house that my instinct warned me about but I ignored all my doubts and regretted it from the day I moved in. It was 8 years before I could afford to move out. 

I realise I am swimming against the tide here, since most others are encouraging you to plough ahead and put your niggles aside. I think you should really think about those niggles. Write down some pros and cons. It's a scary time I know because large sums of money are involved but if you really do not want the property, it's best to say so now, even if you do lose money. To my mind you will lose money either way anyway. I wish I had had the guts to withdraw when I knew that particular house wasn't right for me.

Obviously this is just my own opinion and all I'm really saying is please do think very carefully about what you want. You said "rapidly barrelling towards exchange and completion and the whole process of discovery has been quite a mental workout" - another indicator to me that things are moving far too fast for you. If you were happy about your new home you'd be excited that things were moving so fast and wouldn't want to wait any longer to move in. I've been in that position, too. 

Withdrawing from a purchase is not gazundering. That is simply withdrawing following a survey which has found faults that will cost you even more money to put right and has nothing whatsoever to do with trying to pull the rug from under someone else's feet. 

I wish you all the very best, whatever you finally decide to do   

Have you actually read what OP wrote?

The survey has not found faults that will cost him even more to put right. 

His valuation was not lower, he just feels he might have overpaid. 

He is not considering withdrawing from the purchase, but of lowering his offer shortly before exchange of contracts.  

That is commonly known as gazundering. 

@OP
As others have said, your feelings are entirely normal and many of us have felt the same. 

You have no grounds for lowering your offer at this late stage, & IMO, it would be wrong to try to do so. If you’re having second thoughts, by all means withdraw from the purchase but tell the EA today so your vendor can get on with their life. 

Good luck whatever you decide. 

theartfullodger

IMHO as with marriage and any property purchase you won't know until about 3 years later if it was a good idea.

Artful: On 3rd marriage, probably 15+ property purchases.

Woolsery

theartfullodger said:

IMHO as with marriage and any property purchase you won't know until about 3 years later if it was a good idea.

Even then there are no guarantees. Many people move because something in the surroundings changes, rather than a deficiency in the property itself. It can be a gradual alteration, like increasing problems with parking, or something quite sudden, like the arrival of an incompatible neighbour.

The only thing that would put me off buying right now is poor job security. We're going somewhere dark economically-speaking, so the ability to re-locate easily for work will feature as more important for some than others.