Would you budge your budget for your dream property?

I had to be really strict with my budget, I did find my dream house but realised that buying it would have rinsed every penny I had. I ended up buying a property that was under budget and then kept money back to do work on the property to make it more like my dream home. I don’t mind DIY and working on such a big project, but I know others find it off-putting. It’s been tough so far, but I think I feel like my money is working harder and going much further with this under-budget property that we’re remodelling, and having mortgaged on a 5 year fix we have plenty of time to get the work done before we start hunting for the next project 🙂

Just out of curiosity the survey quoted says ” As part of the 2017 Which? Home Movers Survey, we spoke to 2,000 people who had bought a home in the last two years, and the findings show the difficulties buyers face in sticking to budgets.” Do Which?, or a contractor, really speak to 2000 homeowners or was this an on-line survey that members of Which? Connect normally does

Secondly, we did buy well under budget a property we loved in the right area and are now spending the balance on re-wiring, re-plumbing, and insulating part of the house heavily for winter use and leaving much untouched for the majority of the year when heating is not an issue.

We will leave aside for the moment refurbishing windows and fixing various roofs as in an older property you might aswell have a rolling programme of works to be done.

Lastly, given the hiccups in the housing market it looks as though a re-adjustment downwards may well be on the cards so hanging fire on purchasing may be an attractive option.

P.S. Are we likely to see any comment by Which? on the scandals affecting the major housebuilders and NHBC gagging clauses?

Your house is your home, and you are likely to spend a fair time living in it so it makes sense to buy a property that you like, in the area you want, that as far as it can fulfills your wishes. So I would spend as much as I could afford if necessary to get this home. The key is what you can afford – bearing in mind possible changes in interest rates, maybe a family coming along, and other expenditure on the horizon. Working out what you can afford – your maximum budget – is requires diligence and honesty with yourself.

Both our houses stretched us to the limit, and also required considerable refurbishment. But they were livable, and we were prepared to sacrifice other spending – new furniture, car, holidays – to invest in improving the houses, and also did a good deal of the work ourselves.

The problem in a world of generally rising house prices is that unless you stretch yourself, the “compromise” house you buy will slip further behind the price of the one you might really like and, barring some good fortune, will be out of reach. If you have to keep trading up you’ll also be spending more on expenses – tax, agents fees, solicitors, surveys and so on. So my advice would be to try your hardest for the home you’d really like – even if, (particularly if perhaps) like Lauren you are prepared to put in the effort to make it what you want.

Different considerations apply when buying a house once you have retired and become dependent on a pension and savings. Needs change throughout our lives and I decided to go for a smaller and more manageable garden. At present I am able to do much of my own maintenance, but I had to allow for the fact that I am likely to have to pay to have jobs done in future. I’m glad I did not overstretch myself in view of what has happened in the last year.

Being retired I had plenty of time to look around and wait for a home that provided what I was looking for and available at a good price. Being vacant, I was able to make numerous inspections and since it was less than 20 years old I decided not to spend a lot on a comprehensive survey. I’ve not regretted this decision and have had no nasty surprises since moving in over a year ago.