When Should I Walk Away From A 1-Bed London Home Purchase?
When is walking away from a 1-bed London home purchase probably the best step to take?
Results From A Property Survey
People that are not buying a new-build property should expect some issues to be flagged up in a property survey.
However, if the results from the property survey are really bad, please do yourself a massive favour and walk away - it is simply not worth it!
The Asking Price Is Too Far Away
If the seller is simply asking for too much money and you can’t afford it or you’re in no way prepared to pay what they are looking for, then it is a good decision to walk away.
Firstly, it’s not worth the mental stress that you will go through.
Secondly, there will be many more properties that can work for you!
All you have to do is know your walk away number/ price point…
If and when you know that, stick to it and don’t ever be persuaded to pay above what you are prepared to pay!
“It is completely normal and natural to feel slightly nervous about buying your next 1-bed home…”
Excessive Renovations
You may well want to buy a 1-bed home that requires updating or modernising, which if you know what you’re looking for, can be a great option!
However, if there’s far too much work to do, including structural work, then it is in all likelihood the best thing to walk away…
Costs will soon add up and you will probably be well over your ‘budget’ for the renovations, unless you’ve got a lot of experience!
You Feel Incredibly Nervous
It is completely normal and natural to feel slightly nervous about buying your next 1-bed home…
Lots of different scenarios can pop in and out of your head…
Is the garden large enough?
Is the third bedroom definitely big enough?
Etc!
However, if you feel incredibly nervous and it doesn’t feel right in your ‘gut’, then without any doubts, pull out of the purchase…
Trust me, it is not worth it!
Loud Neighbours
If on your second viewing you hear incredibly loud neighbours, book a third viewing, which you will likely need anyway to measure various areas for beds and furniture, etc, and see if the noise is the same!
If it is, then walk away!
Awful neighbours are just terrible to live next to!
Have you experienced any of these scenarios before?
If so, did you go through with the purchase?