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Buying

(11 Posts)
GagaJo Sun 28-Nov-21 23:21:07

Soooo, I have an offer in on a flat. It's a buy-to-let. I offered higher than I wanted because there was nothing available in the area. However, now another flat has come up in the same block, nearer the price I originally wanted to pay. And TBH, nearer what I think the flats are worth.

I'm going to view. Am I unreasonable to consider pulling out of the other property?

Kamiso Sun 28-Nov-21 23:39:00

How far along is the first purchase? It’s a huge expense and at the end of the day you need to be happy with your new home so it’s probably best to follow your heart.

GagaJo Sun 28-Nov-21 23:54:03

We're about a month in, but I know my solicitor hasn't done anything yet. I do feel bad, but... the price difference is the cost of a new kitchen.

mokryna Mon 29-Nov-21 00:02:11

Have a look at the other flat and if you like it, (it could need a lot of work being cheaper) inform the the sellers that the price is x so they have the choice either to lower their price or lose a sale. Market value.

Nonogran Mon 29-Nov-21 08:46:18

I can see it from your perspective but having lost two sales on a flat we’re selling, since April via “time wasters” it’s heartbreaking & very frustrating from a sellers perspective.
We now have 3rd buyer so fingers crossed the deal has integrity.
Go with your head but it’ll be hard on your seller. Business is business.

Riverwalk Mon 29-Nov-21 08:51:59

If the seller is another landlord, then this is just a business transaction so negotiate the price.

There are many reasons for flats in the same block to be different prices e.g. if it has a better view, layout, new windows, bigger balcony, not too high, next to the lift etc.

Daisymae Mon 29-Nov-21 09:05:35

A month in I would guess that you may have incurred some legal fees, I would check first. Maybe look at the other flat and go in with a reduced offer on the first one if they are comparable? There may also be other reasons why your flat is more expensive - location, condition etc. Equally you may end up without a property at all, it's a risky business.

Luckygirl3 Mon 29-Nov-21 09:15:14

You will have incurred legal fees even if the solicitor appears to have done nothing so far. I was charged for 2 "abortive sales" and I knew for sure that nothing had been done on the second of these.

Peasblossom Mon 29-Nov-21 09:31:39

I’m a bit worried by your saying that you offered above what you thought the flat was worth, instead of waiting for a property at a good price.

Buying to let is a business decision so of course you’ll pull out if you can get a better deal. That’s how business works.

But have you really gone into all the financial and legal requirements of being a Landlord? I let my house when I moved in with OH and was quite thrown by all the checks and upgrading I had to do in a house that I’d happily lived in for years! As well as legal fees etc. And they’re ongoing yearly or every time there’s a new tenant.

Not raining on your parade. 🙂 Just want to make sure you’ve sussed it all out as a Landlord and a business.

Of course, if you’re buying to move into later that’s a whole different thing, like me letting but hanging on to it just in case😬

Germanshepherdsmum Mon 29-Nov-21 09:38:34

I would definitely look at the other flat to see if there’s a good reason why it’s cheaper. If there’s no apparent reason for the price difference I would put in an offer whilst trying to renegotiate on the first.

M0nica Mon 29-Nov-21 09:53:31

Look, negotiate and if there is no 'give' in the price of the first flat, then drop out of the deal and buy the cheaper one.

Selling property is a business deal overlaid with emotion. If you buy the flat you have offered for and something else comes up and you do not make the change, you will never settle because the price you paid for the first flat will rankle and you will always be making invidious comparisons between the two flats.