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House Purchase - Should I buy or not?
hxdude1
Posts: 11 Forumite
Hi there,
I am buying a house as a First time buyer. The house is a popular area but with all this talk about market in free fall and house prices falling I am losing my confidence. They have accepted my offer and we are going towards exchange of contracts. The electrics and roof survey say £6K needs to be added for a full rewire & new flat roof but the vendors wont reduce the price. I got a 2% discount on the property which I now know is rubbish since I was blinded by the fact it was a house I really wanted to buy.
Question is should I buy? If I pull out what are the cost? Is it just my legal fees or the other vendors as well?
Any help much appreciated?
I am buying a house as a First time buyer. The house is a popular area but with all this talk about market in free fall and house prices falling I am losing my confidence. They have accepted my offer and we are going towards exchange of contracts. The electrics and roof survey say £6K needs to be added for a full rewire & new flat roof but the vendors wont reduce the price. I got a 2% discount on the property which I now know is rubbish since I was blinded by the fact it was a house I really wanted to buy.
Question is should I buy? If I pull out what are the cost? Is it just my legal fees or the other vendors as well?
Any help much appreciated?
0
Comments
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just your legal fees / survey / mortgage arrangement fees
if you do decide to pull out, re offer first, e.g. 20-30%% less, just in case ...All my life my mother told me the storm was coming (c) Terminator 30 -
You haven't actually told us what price you are paying for this house, nor the area of the country it is in. Have you checked on www.nethouseprices.co.uk to see what other similar properties in the same area have sold for?"You were only supposed to blow the bl**dy doors off!!"0
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How long had the house been on the market?
If you were happy paying that price, and you love the house and the area, then I'd say go ahead. How many years are you planning on living there?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Hi there,
I got a 2% discount on the property which I now know is rubbish since I was blinded by the fact it was a house I really wanted to buy.
Question is should I buy? If I pull out what are the cost? Is it just my legal fees or the other vendors as well?
Any help much appreciated?
I find the market psychology that has led to the bubble quite interesting. People will walk around supermarkets for hours rejecting brands of coffee because its 15p too expensive, but have had no hesitation whatsoever in taking out immense mortgages to buy over valued property.
You havent really given us enough information OP. If its a palace in Chelsea youve got for 250k then Id say go for it. If its a dump in Hackney (a dump in a dump) going for the standard half million Id probably leave well enough alone.0 -
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BiggaThanBen wrote: »just your legal fees / survey / mortgage arrangement fees
if you do decide to pull out, re offer first, e.g. 20-30%% less, just in case ...
Nationwide survey reported that house prices have only fallen 1% since this time last year, offering 20-30%less:rolleyes: , dream on!!!
AMDDebt Free!!!0 -
AMILLIONDOLLARS wrote: »Nationwide survey reported that house prices have only fallen 1% since this time last year, offering 20-30%less:rolleyes: , dream on!!!
AMD
Double digit positive to a negative figure is NOT a 1% drop!! They also reported that prices fell 1.1% in just 1 month!
Prices are 1% less than they were this time last year - that's a very different thing indeed.0 -
AMILLIONDOLLARS wrote: »Nationwide survey reported that house prices have only fallen 1% since this time last year, offering 20-30%less:rolleyes: , dream on!!!
AMD
-1% down year on year is about 12% down from the peak in September. A fall of 12% in 6 months doesn't make 20-30% sound like such a fantasy. If anything it's probably an underestimation of just how far prices will fall.0 -
Ok thanks for the reponses so far. Here is the answers to some of the questions
I am paying £235K for the house in Coventry
House has been on the market for a few weeks before I put my offer in.
No its not on rightmove.
Its at the £20K more then any house on the road but it has 4th bedroom, ,ensuite, etended kitchen and conservatory
One side feels as though I am buying a depreciating asset but the thinks buy the house its a wonderful buy in the right location.0 -
Ok thanks for the reponses so far. Here is the answers to some of the questions
I am paying £235K for the house in Coventry
House has been on the market for a few weeks before I put my offer in.
No its not on rightmove.
Its at the £20K more then any house on the road but it has 4th bedroom, ,ensuite, etended kitchen and conservatory
One side feels as though I am buying a depreciating asset but the thinks buy the house its a wonderful buy in the right location.0
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