“It’s only now that I completely understand why people say moving house is one of the most stressful things you’ll do. The whole process from start to finish can be one big (although exciting, at times) headache!”
We’re buying a house!
I recently let you in on a little secret… Harry and I are buying our first home together!
As I mentioned in my first post, we’ve gone about the whole process a little backwards. But just a few houses in and we’d found THE ONE! After having our offer agreed, the pressure then fell onto us to sell our house quickly in order to secure it.
The buying/selling process
Our house had been on the market for around a month when we decided to reduce the selling price. We’d originally put the house up according to how our estate agents had valued it. We’ve since learnt this particular estate agents are renowned for valuing house prices too high! But after less viewings than we had hoped for, we felt that doing so would help gain more interest. Thankfully, it worked! We got lots more viewings. Great feedback about the house. But still no offer in sight…
AH! For someone who can be a little impatient, it was both frustrating and stressful. We were off to Thailand for 17 days and ideally would have loved to get the house all sorted and sold STC before jetting off.
Unfortunately, it didn’t work out this way.
However, just as we were approaching the end of our holiday, we had more viewings which resulted in two offers on the house – one of which we accepted! HOORAY!
The next step
Since then, everything has been swiftly moving forward. We were told that as long as no problems arose, we could expect to exchange in around 8-10 weeks! Yay!
4 weeks in and everything was going smoothly – that was until just 2 weeks ago.
You’ll already know about some of the details if you follow me on Instagram. But, our mortgage lenders went to view the house to check it was worth the value we’d agreed. They came back and said it was worth £22,000 less than that value. This was based on the current condition of the house and the recent sale prices of comparable houses in that area.
Eek! This of course meant we had to reluctantly go back to the sellers and reduce our offer.
We definitely don’t have a spare £22,000 in cash to be able to pay them on top of solicitor fees, estate agent fees and the dreaded stamp duty! Plus, we also didn’t want to be paying over the odds for a house that wasn’t worth it. As much as we love it, it still requires a huge spend on it once we’re in. Another factor we needed to consider!
Of course, the sellers weren’t happy and wanted a second opinion. So, we paid for another, completely independent, surveyor to go in. The conclusion? The house was worth, at this current time, just £5,000 more than what our mortgage lenders had valued it at.
This massive setback meant the likelihood of us getting the house was very slim – unless the sellers magically accepted this lower offer….
The spotlight on stress…
Things with the sellers still looked pretty bad a week later, so we took the decision to start looking elsewhere. We booked in for two other house viewings in the same area in the hope they may surprise us. Unfortunately, both were firm “no’s”. More disappointment. Despite wanting the other house, we really wanted to like one of them to have as a back-up option. It would have put us in a slightly more advantageous position with the sellers. We would have another option to fall back on then if we couldn’t come to an agreement.
Regardless of what was to happen with us buying, we made the decision to progress with selling our current house. We didn’t want to lose the sale and it meant we’d then be in a stronger position down the line as we’d have no chain. Luckily, Harry’s parents had kindly offered for us to stay at their house if it all fell through – so we wouldn’t technically be homeless!
Since our second valuation, we’ve been waiting with baited breath to find out what the sellers wanted to do going forward. It’s only now that I completely understand why people say moving house is one of the most stressful things you’ll do. The whole process from start to finish can be one big (although exciting, at times) headache!
So, what now?
Luckily, the sellers didn’t want to lose our sale. We’ve therefore managed to negotiate and settle on a price we’re both happy with. We’re having to pay slightly more than we wanted to upfront in order to secure our sale, but for us, it’s completely worth it.
We can both see so much potential in this house. And we just love it. We plan on being there for at least 10 years (or more after all this!) It’s in the perfect location for the lifestyle we want to lead, and there’s something about it that just feels right.
Now things are back on track, I’ve very quickly got back to interior planning – gathering samples, looking at colours and pinning all the room inspiration I can find! It’s very exciting! And we’ve got our fingers crossed that we don’t have any more hiccups along the way and can get moving ASAP!
Follow along on our journey!
I can’t wait to share this journey with you. If there’s anything you’d like to see from me in regards to the house move, interior or renovation – let me know!