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View Full Version : Should I buy a house that I love, or not?



mike in chayofa
16-07-2012, 16:54
It has taken me 5 years to find the house that I want and at long last, I have found it - but, should I buy it?

The house is perfect for my needs, the correct size, well finished and has good sea and mountain views. The terraces and gardens are not too small and not to large. It has a garage and storage facilities of 150m2

The problem is that I am 40.000€ short of buying and legal costs, but only until November - so I could borrow this from a friend or from the bank (although this will increase my legal costs.)

The problem is that I haven't sold my current house and can't really afford to let it sit here doing nothing for goodness-knows how long.

On the other hand, if I rent it out, it will make viewing and selling more difficult.

Any advice?

It is on a small, new development and I have got it on hold until close of business tomorrow, so I need to get my head round this quickly

9PLUS
16-07-2012, 17:10
If you want it and can afford it why not

golf birdie
16-07-2012, 17:19
I would offer 40k less than asking price and say take it or leave it. There will be other houses, even if this took 5 years to find.

mike in chayofa
16-07-2012, 17:29
I would offer 40k less than asking price and say take it or leave it. There will be other houses, even if this took 5 years to find.

Not an option. The house has already been drastically reduced and I have obtained even more of a discount. It's the only one of its kind on the development. The other 13, I wouldn't want

YOUNG GOLFER
16-07-2012, 17:36
Why not drastically reduce the house you have now for a very quick sale.

Suej
16-07-2012, 17:37
Don't let your heart rule your head first off! Is there someone else interested in the property you want to buy? Are are the builders/vendors trying to panic you? What if you can't rent your current house as quickly as you would like? Could you manage if tenants defaulted on the rent or didn't take care of the house?! I wouldn't throw caution to the wind personally, it's a huge investment. Take time to think of all the things in favour and against of going ahead, sleep on it and then go and have another look at the new property again in tomorrow morning. In these uncertain times this is just my opinion! Good luck! let us know what you decide!

mike in chayofa
16-07-2012, 17:46
Don't let your heart rule your head first off! Is there someone else interested in the property you want to buy? Are are the builders/vendors trying to panic you? What if you can't rent your current house as quickly as you would like? Could you manage if tenants defaulted on the rent or didn't take care of the house?! I wouldn't throw caution to the wind personally, it's a huge investment. Take time to think of all the things in favour and against of going ahead, sleep on it and then go and have another look at the new property again in tomorrow morning. In these uncertain times this is just my opinion! Good luck! let us know what you decide!

Trouble is - I agree with you, but it has taken so long to find the house that I want. I have the plans and have been to the development several times since Friday. I had a proper viewing this morning. I took measurements, details of electric and light points etc etc. I really hoped that I would walk into it and not like it, but unfortunately that wasn't the case. It's exactly what I have been looking for all these years.

I didn't sleep last night and tonight is looking no better at the moment.

Whatever I decide, there's one sure thing ... at some point in the future, I will regret not taking the other option.

There are three other people interested according to the agent. I used to sometimes use this ploy when I was an agent, but on this occassion, I actually believe him

mike in chayofa
16-07-2012, 17:48
Why not drastically reduce the house you have now for a very quick sale.

I'm not sure that that would ensure a quick sale.

My house is a two bedroom bungalow with a one bedroom apartment underneath, so it's great for people to put visitors in because they can be there but not under each others feet, or as a separate rental income, but it is not suitable for a family wanting three bedrooms (if you get my drift)

It's the sort of house that is either 'ideal' or of no interest

For anyone interested, HERE'S (http://www.tenerifeforum.org/tenerife-forum/showthread.php?4632-Villa-and-apartment-in-Chayofa-Tenerife/page2&highlight=chayofa+sale)the original sale posting

universal
16-07-2012, 18:08
If it's not something you will be looking to off-load in the next 5-10 years and it's what you want; do it!

Suej
16-07-2012, 18:10
Trouble is - I agree with you, but it has taken so long to find the house that I want. I have the plans and have been to the development several times since Friday. I had a proper viewing this morning. I took measurements, details of electric and light points etc etc. I really hoped that I would walk into it and not like it, but unfortunately that wasn't the case. It's exactly what I have been looking for all these years.

I didn't sleep last night and tonight is looking no better at the moment.

Whatever I decide, there's one sure thing ... at some point in the future, I will regret not taking the other option.

There are three other people interested according to the agent. I used to sometimes use this ploy when I was an agent, but on this occassion, I actually believe him

When you want something so much it is too easy to have tunnel vision! If it's meant to be it will happen but be careful! Agents are there to sell and he can probably see only too well how keen you are! It might well be the house of your dreams but jump yourself Mike don't be pushed! Really hope it goes the right way for you!:wink2:

cainaries
16-07-2012, 18:22
If you are absolutely positive you can pay the loan back in November, guaranteed, cast-iron, then I would go for it. But, if it is dependent on anything less than 100% then I'd be more cautious. Any chance you can just move the paperwork along extremely slowly and coast it through until November? It's only four months away and it can easily take three months to get all the paperwork in order. Good luck with it, Mike. We all need our dreams to come true occasionally.

YOUNG GOLFER
16-07-2012, 18:24
Could you not drag it out.....put down small deposit 2,000€.....then a month to find the full 10%......then 3 month contract should take you up to November.

Suej
16-07-2012, 18:28
Could you not drag it out.....put down small deposit 2,000€.....then a month to find the full 10%......then 3 month contract should take you up to November.

That sounds a good move! a neighbour here dragged a sale out for about 8 months! after the owner put pressure on him he just stomped up a further 20K to secure it for a bit longer!

mike in chayofa
16-07-2012, 18:31
Could you not drag it out.....put down small deposit 2,000€.....then a month to find the full 10%......then 3 month contract should take you up to November.

I think that I will try that and see if they will go along with it.

I'm 40K short at the moment (which in the overall scheme of things isn't a lot, but at the moment it's 40K that I haven't got) but have a guaranteed bond of 65K that will be released on 29/11

They can only say 'no'

cainaries
16-07-2012, 18:50
I think that I will try that and see if they will go along with it.

I'm 40K short at the moment (which in the overall scheme of things isn't a lot, but at the moment it's 40K that I haven't got) but have a guaranteed bond of 65K that will be released on 29/11

They can only say 'no'

Great plan, Mike! Check that the deposits are refundable if the other side pulls out! you can sleep tonight now!

CIM
16-07-2012, 18:55
Work out the actual cost of borrowing the 40k
Then consider that if it has taken you 5 years to find the perfect house would you really want to chance having to spend another 5 years looking for another and maybe never finding it simply for the sake of whatever the cost is of borrowing 40k?
Sounds to me like you really should be buying it!
So far as your own property, maybe drop your price in line with other reductions and re-market it if you haven't had any joy after 6 months. There are plenty of buyers out there but there is also an awful lot of property for sale....

kez1000
16-07-2012, 19:29
Hi Mike,

Absolutely been where you are, for what its worth, if you give yourself financial pressure you don't need, you'll soon fall out of love with the property. Sorry to be senitmental but, patience is a virtue in these situations. You will find the right house but please please make sure you do it on the right terms or how will you ever be able to fully enjoy it.

Wish you good luck, be brave, but be wise and brave!

best regards


Kieron

atlantico
16-07-2012, 20:02
If my experience is anything to go by . . . . . . just go for it and muddle your way through !

One year I bought 5 properties, 2 UK and 3 Tenerife - glad I did, even though it was expensive and stressful , as now its all worthwhile

Suej
16-07-2012, 20:11
Great plan, Mike! Check that the deposits are refundable if the other side pulls out! you can sleep tonight now!

I think that if the vendor pulls out he has to pay back the purchaser double! it could be the other way around I can't remember! And the laws might have changed!

warbey
16-07-2012, 20:20
I note this is the only one. o its Kind

Will the others affect it in any way. If its a Developement what will the Rules be and the Charges.

I suggest You make haste slowly as per Y,G. and back out
only if You become concerned.

Love they say is blind, but live a little Mike..

Good Luck.

P.S. The present House sounds very much like the design I would like to buy if I had the Dinero.. Location about right too.

Lottery this Weekend for certain..

Graceylacey
16-07-2012, 20:29
Go for it Mike, if you waited that long to find a house that you love so much, why not!

Rickiebear
16-07-2012, 20:34
Hi, likewise, either sell the bond on, or borrow against it.

If it is the house of your dreams.

Live the dream.

sunseeker
16-07-2012, 20:47
u only live once and u cant take it with u. ;)

marbro8
16-07-2012, 20:58
buy it mike you could regret it for the rest of your life if you don't, at the end of the day 40k isn't a great deal of money in the grand scale of things, it's a nice car to some people, things will work out for you in the end and if they don't and the place is that nice it might be a good investment to sell on in the future when the market picks up:wink2:

mike in chayofa
16-07-2012, 21:36
I note this is the only one. o its Kind

Will the others affect it in any way. If its a Developement what will the Rules be and the Charges.




All 14 houses are the same, it's just that this one is at the end of the development. They can't build behind, they can't build to the side and it has an open aspect at the front.

Also it is one of two that has a 160mē garage and store room (with windows for later conversion) and a good sized garden

polia
16-07-2012, 21:39
What fraction of the price of the house is this 40K? If it is a little, I am sure they will accept 40K less. There are sooo many houses for sale, that the only way the prices are going is down. Tha banks are also full of properties for sale and they accept offers below half of the actual price. The sellers are surely aware of this. There are not many people this days that will spend so much money as one house costs. If I was the seller I would accept 40K less if it was a fraction of the cost and not half of it.

cainaries
16-07-2012, 21:54
Let us know how you get on with the negotiations, Mike!

P.S. I am so thrilled with my piano .... you will understand this. Waited years and told myself it wasn't important and then suddenly it became extremely important. Am just loving it and have found a wonderful teacher ....thank you for your encouragement of my plans. I really hope yours work out.

AL JAY
16-07-2012, 22:13
Its a toughie Mike! Personally i very much doubt that there are 3 other interested parties! You have said you have used this ploy yourself in the past. I would be inclined to call their bluff and hang on! It is Tenerife after all!

junglejim
16-07-2012, 22:21
If you have the definite balance maturing shortly and can afford to buy without selling your property the I think you should buy it as your heart seems set on it.
I don't know what your negotiating skills are like but it might be worth a little gamble to call their bluff!

cainaries
16-07-2012, 22:35
I think that if the vendor pulls out he has to pay back the purchaser double! it could be the other way around I can't remember! And the laws might have changed!

I think that's right, Suej, though it probably depends on the pre-contract.

Suej
16-07-2012, 22:47
All 14 houses are the same, it's just that this one is at the end of the development. They can't build behind, they can't build to the side and it has an open aspect at the front.

Also it is one of two that has a 160mē garage and store room (with windows for later conversion) and a good sized garden

You don't have to try and sell it to us Mike! you sound truly smitten!:lol:

CIM
17-07-2012, 00:14
One thing I tell my clients when they have a good idea of what they want:
If you find that you need to make a compromise, dont compromise on the property you buy because you have to live with those compromises forever.
Far better to compromise on the price, if that means paying a little more then so be it. If you get 20 years plus of bliss from the place you aint going to care about the additional X amount of Euros you did or didn't save but if you compromise on the things you really want from that property then they are yours to live with every day!

Its something to consider when buying a lifestyle property or a home. I recently came across a fantastic 3 bed which was priced so well... I really, really wanted it and came very close to buying it BUT it simply wasn't quite right for me / my families needs. The price was what was pushing me to buy it as it was such good value for money. I eventually walked away, albeit reluctantly but looking back I know I made the right decision as I would pay a higher price for a property more appropriate and as such I need to wait until I find one.

Sometime I get real bargains, amazingly low prices etc but it simply doesn't matter how low the price is if it is not what my client is looking for. Conversely the opposite is true. If it is exactly what you want then sometimes it is worth paying slightly over the odds / more than you had in mind.

timmylish
17-07-2012, 01:17
I have to go with the "Ayes" on this one. Times are desperate, as we know too well. Sometimes its at these times that you strike gold or in your case, house of your dreams. One thing is for sure you could die to-morrow and never had the enjoyment of sleeping one night in the place of your dreams so get on with it man, time is of the essence.

Suej
17-07-2012, 10:16
Thinking of you today Mike! hope all goes well!:hello:

mike in chayofa
17-07-2012, 12:16
Update.

I have just put in an offer (on the already discounted price)

I'll keep you posted

Malteser Monkey
17-07-2012, 12:40
fingers crossed for you Mike

will you still be Mike in Chayofa tho ?

slodgedad
17-07-2012, 13:39
fingers crossed for you Mike

will you still be Mike in Chayofa tho ?

Good question..

Malteser Monkey
17-07-2012, 13:40
Good question..

can't have 2 id's eh Slodgie

soarey
17-07-2012, 14:07
can't have 2 id's eh Slodgie

Could change name to Mike was in Chayofa!!!!

Malteser Monkey
17-07-2012, 14:37
Could change name to Mike was in Chayofa!!!!

don't think you can change a name