Today, I saved money by having my offer on a property rejected. Given the state of the pipes, sewerage and wiring, and the proximity to drinking facilities and a major highway, I may well have dodged a bad investment. It really does not matter as I can not compete with others in the market. I am not surprised, but a little bit disappointed.
As much as I liked the house, it was not without flaws and expenses totalling quite a bit in the future even with a bent towards DIY. It was bigger than I wanted but had great potential with a healthy slice of risk. Even if my offer was rejected I am glad I tried as it gives me the confidence to do it all over again some time in the future.
This rejected offer gives me the opportunity to learn from the experience. I discovered, after I made my offer, that closing costs are much higher than I thought. I did have a buffer in my budget but then would have had to focus on saving up for wiring for the house. This gives me the option to save with a modern heater and wiring replacement in mind. Realistically, a place old enough to be called retro can easily bankrupt someone so I was slightly relieved with this news.
Everyone has been much nicer to me than I expected which was a pleasant surprise. So far no one has told me to give up, although anyone that does is asking for trouble! I will just have to double down, stay calm, drink a little tea and hope I snag a bargain at the right price and time. It is certainly critical to have a buffer in the budget!
I also had it reinforced that I like a block with privacy, a reasonable level of natural light and that I am willing to do some renovating as long as the price reflects the work, money and time involved. I think it pays to wait for a house that feels like it could be home with work rather than one that never feels like it will ever fit.