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  • FIRST POST
    • housebuyer2018
    • By housebuyer2018 5th Jul 18, 7:13 PM
    • 6Posts
    • 1Thanks
    housebuyer2018
    Thinking of 'pulling out' of purchase but stil sell?
    • #1
    • 5th Jul 18, 7:13 PM
    Thinking of 'pulling out' of purchase but stil sell? 5th Jul 18 at 7:13 PM
    Ok, so to start with i know i can be of a nervous disposition at times (i've had 1 episode of moderate depression a few years back plus generally anxious) however...


    Background:

    We aren't happy in our current house we bought 2 years ago. Has great space but not in the right places, no dining room, etc. Area is ok but not great and neighbours are weird - always feels like being watched and they once called police on us for 'parking on corner of road' which is outside our house and not blocking the shared drive but they claimed it was stopping them, etc.


    So fast forward to now we have a good offer with a buyer looking to complete soon.

    We're probably nearing finalisation of contract prior to exchange. Had a few problems further up chain but looks ok now.


    I thought the house we were buying bar a few compromises (it will never be perfect) was great for our needs. Area is nice but i recently found out a few minor issues with neighbors (i know someone locally). A few are a bit loud or gobby but not those directly next to us (ones after that). Nonetheless with our own experience i'm just fearful of ignoring information we now know.

    What to do?

    I know we'll lose a bit of money if we back out but i'm also thinking whether to just sell and rent for 6 months to find some time to find something else (maybe even something to buy and do up).


    My partner doesnt seem as worried as i am but says we both need to be 100% happy and sure about buying it. It is top of budget afterall.


    So.. i know nobody can make a decision for us - we need to.
    But does anyone have any experience of this and able to offer any advice/past experience?


    Appreciated:

    PS: I know its not nice for the seller for us to pull out but we do have to think of ourselves.. just dont want anyone to think dont care about them!
Page 1
    • Red-Squirrel
    • By Red-Squirrel 5th Jul 18, 7:25 PM
    • 2,876 Posts
    • 7,692 Thanks
    Red-Squirrel
    • #2
    • 5th Jul 18, 7:25 PM
    • #2
    • 5th Jul 18, 7:25 PM
    There is no perfect house, even with an unlimited budget. If you pull of this purchase is there a chance that your anxiety could stop you from ever feeling happy buying another?

    Next door but one being a bit gobby doesn't sound like too much of an issue, if they were next door it were different. Bear in mind that in future purchases where you don't know somebody nearby you will have absolutely no idea what next door but one are like, most people don't when buying.
    • PasturesNew
    • By PasturesNew 5th Jul 18, 7:34 PM
    • 63,175 Posts
    • 370,055 Thanks
    PasturesNew
    • #3
    • 5th Jul 18, 7:34 PM
    • #3
    • 5th Jul 18, 7:34 PM
    Just buy.

    It costs about £10k to move ... so try the house you've already picked and spent money on to get to this point ... if you rent instead, with agent fees, rent and any "loss of position in the marketplace" could easily set you back £10k ... and, who knows, the new house might be fine.
    • AnotherJoe
    • By AnotherJoe 5th Jul 18, 9:54 PM
    • 9,820 Posts
    • 10,962 Thanks
    AnotherJoe
    • #4
    • 5th Jul 18, 9:54 PM
    • #4
    • 5th Jul 18, 9:54 PM
    Zagubov, Did you reply to the wrong question?
    • LittleLu33
    • By LittleLu33 6th Jul 18, 7:21 AM
    • 11 Posts
    • 3 Thanks
    LittleLu33
    • #5
    • 6th Jul 18, 7:21 AM
    • #5
    • 6th Jul 18, 7:21 AM
    Sounds like quite normal cold feet. I have anxiety too and I really empathise with how you feel and wanting for it to be right so badly.

    It is a risk you take when you move, you can never be 100% certain until you're in, I'd be hesitant to make such big decision based on some vague rumours.

    My parents house is on a very lovely quiet road, they have friendly next door neighbours and enjoy their garden. Somehow, there is still sometimes noise from neighbours behind and dogs etc but it really doesn't spoil it at all! You really don't interact with them. - my point being, you could pick the quietest most unassuming road and end up still with noise or worse! There's no way to know. I live near some noisy people at the moment but most days of the week It's silent and peaceful, and really not a reason not to live somewhere.

    If the space is right for you and you will enjoy your new home that is the main thing.

    I hope you'll feel better about it soon - best of luck with whatever you choose
    • RubyHouse
    • By RubyHouse 6th Jul 18, 9:55 AM
    • 44 Posts
    • 27 Thanks
    RubyHouse
    • #6
    • 6th Jul 18, 9:55 AM
    • #6
    • 6th Jul 18, 9:55 AM
    For me, location is everything. I think if you are having cold feet at this stage, you know it is not right for you.
    Its true, the perfect home is a myth but there are areas you can compromise (size of house, number of bedrooms, d!cor etc) and these are all things you can change or adapt your way of living. I dont think I could ever get used to annoying neighbours.

    In my previous home, we had a courtyard at the back of our garden which a few houses backed onto, one family used this as their BBQ/ party area long into the night. Or they used it to sit in the sun all day drinking cans and playing rave music and generally being loud. It was mildly irritating when we first moved in but infuriating after 2 years I was so glad when we moved.

    Your
    • zagubov
    • By zagubov 7th Jul 18, 12:01 PM
    • 15,372 Posts
    • 131,340 Thanks
    zagubov
    • #7
    • 7th Jul 18, 12:01 PM
    • #7
    • 7th Jul 18, 12:01 PM
    Zagubov, Did you reply to the wrong question?
    Originally posted by AnotherJoe
    Yes I did! Sorry, OP. I meant to post that buying a house is always a compromise and if we all worried about our more remote or distant neighbours we'd never move anywhere.

    My vote would be to continue, as the location is so important.
    Last edited by zagubov; 07-07-2018 at 12:09 PM.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • housebuyer2018
    • By housebuyer2018 7th Jul 18, 12:17 PM
    • 6 Posts
    • 1 Thanks
    housebuyer2018
    • #8
    • 7th Jul 18, 12:17 PM
    • #8
    • 7th Jul 18, 12:17 PM
    Thanks all for your feedback & advice. It seems the general consensus is go for it.
    I think i know that if we go anywhere else who knows who you'll live near, let alone next to.


    Last minute nerves i guess. Decided to give myself the weekend to mull it over and make the call but leaning towards sticking with it for now.


    Thanks
    • WoodyMax
    • By WoodyMax 7th Jul 18, 12:24 PM
    • 52 Posts
    • 39 Thanks
    WoodyMax
    • #9
    • 7th Jul 18, 12:24 PM
    • #9
    • 7th Jul 18, 12:24 PM
    If it were me and I was at this point in proceedings and not sure of my choice I would sell and not buy.

    You are then in a very strong position when you do find somewhere and to be honest, not sure where you live but the heat seems to be coming out of the housing market so you may actually get something much better for your money.

    I think it is so important to be sure. I've made mistakes in the past, sold our house eventually, it was a difficult sell and thought we had the perfect house. A couple of weeks before exchange I started having doubts and pushed them out of my mind - only to complete on the purchase and move again six months later - very expensive.
    No house is perfect but you do at least have to be happy and sure you love it before moving in. Its only my opinion, and I do wish you all the very best whatever you decide.
    • Hoploz
    • By Hoploz 7th Jul 18, 3:23 PM
    • 3,685 Posts
    • 3,227 Thanks
    Hoploz
    It sounds like you need to go and do some detective work of your own. Get in the car, park up nearby and watch whether anything untoward goes on! Tonight after the football could be an ideal time?! Stake it out. You could leave a dash cam running in the car while you go off rather than sit in the car. If that is your worry, go and get your own evidence. That way you can stop worrying so much.
    • shortcrust
    • By shortcrust 7th Jul 18, 3:33 PM
    • 2,019 Posts
    • 3,008 Thanks
    shortcrust
    You could have perfect neighbours today who could move and be replaced by horrors within the year. Or visa versa.

    If you’re going to pull out do it sooner rather than later. You do have to put yourself first but having someone pull out of a purchase when you’re close to exchange is worse than “not nice”.
    • housebuyer2018
    • By housebuyer2018 9th Jul 18, 1:33 PM
    • 6 Posts
    • 1 Thanks
    housebuyer2018
    Thanks for the further feedback since my last post. It's really helpful to see others opinions.



    I had this weekend to mull it over. I think i realise that 'next door but one' being 'a bit noisy' probably isn't a major thing and you are unlikely to know this (or much else) anywhere you go. It probably just takes the excitement out of the process a bit and replaces it with anxiety!


    I think part of the problem now though is while thinking about this it got my mind working on other factors:
    1) It's top of our budget. Great i can lock in for 5 years - but what then?
    2) It's top of our budget. Why not get something for less, rent alongside a few months and do it up to add value. For reference... i replaced the bathroom and ensuite in our current house as well as sorted the kitchen (painted wooden units with F&B, new sink & tap). All DIY and spent £3k, added £20k to house price estimate from agent. I know it's hard work but it's quite rewarding!

    3) How is the market going to go. House prices seem to be levelling a bit and who knows what the financial impact of Brexit will be! Do i want to buy a house and lose alot of equity (70K - apx 27% value).

    4) Do we really know what we want(ed)? Would going into rented for a short spell help us have time to figure this our.

    So many difficult questions and hard to figure out what is the right move.

    Anyone have any thoughts on the above?
    • Hoploz
    • By Hoploz 9th Jul 18, 5:27 PM
    • 3,685 Posts
    • 3,227 Thanks
    Hoploz
    If you buy there's a chance prices may reduce and you could lose a little before prices increase again (only a problem if you need to sell when the market is low, if you hold on it'll go back up again)

    If you rent, you will definitely lose thousands as you're paying out every month.

    If you buy to renovate and you don't live there you'll be subject to different tax rules and I assume different mortgages also. If you can live in the mess it's the best way as if it is your main residence you're fine on the tax front.
    • steampowered
    • By steampowered 9th Jul 18, 6:12 PM
    • 2,666 Posts
    • 2,600 Thanks
    steampowered
    Another vote for sticking with the purchase.

    I don't think the idea of buying a fixer-upper and renting somewhere else sounds very compelling. These days fixer-uppers often don't go for that much less than other properties, so by the time you've paid the rent I doubt you'll be financially better off.

    Noone knows what will happen to house prices in the future. But it shouldn't matter to you if you are intending stay there for a reasonable period of time, as repayments to the mortgage would offset any reduction in property prices.

    Brexit may well cause the value of the pound to flop further. But as properties are valued in £ Brexit shouldn't affect property prices too much. A pretty enormous drop in the value of the pound has already been taken into account by the markets.

    Renting while you work out where you want to live can be a smart move for people who are new to an area. But it sounds like you already know the area. Will you really have any more insight into the area after renting for a few months, or would you just be kicking the same can down the road? It sounds like the latter.

    At a £210k house price you aren't paying an enormous amount in stamp duty so you could always move again in a few years time if you don't like the property.
    • housebuyer2018
    • By housebuyer2018 9th Jul 18, 6:15 PM
    • 6 Posts
    • 1 Thanks
    housebuyer2018
    I hadn't thought about the tax aspect if renovating. Wouldn't you just say you were log on in it though as your rent needed to run out?

    It's only likely to be a month or two
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