Monday, 17 July 2017

If at first you don't succeed

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.