Life Update: I Nearly Bought an Apartment
So, here’s a post that I wasn’t really expecting to be writing…!
In fact, it comes hot off the heels of having optimistically drafted the opposite post. You see, amidst the New Year soft girl, cosy homebody life that I did live, I was also juggling buying an apartment. The last few weeks have been an absolute rollercoaster and I’m still wrapping my head around it all. Let’s go back to the beginning… (I feel like I’m writing a YouTube ‘story time’ script!)
A by-chance viewing
Like many prospective home-buyers, I’ve been a daily Rightmove-checking girlie for at least a year now. I had alerts set and would browse homes in my filters constantly. Before Christmas, this slowed down since, well, nobody really wants to be doing big moving things near the festive period.
I worked those awkward, quiet Betwixmas days and came across a perfectly formed, new-build two-bedroom apartment with a balcony and underfloor heating, just five minutes’ drive from my parents place. Um, hello? Score! That same evening, I logged off from work and drove over for a viewing.
Reserving my apartment
By the next week, I’d reserved my apartment and booked in calls with a mortgage advisor and solicitor. Since I was completely new to the process, it very incredibly daunting but they were both incredible and I do actually plan to use them both for my next attempt. A small part of me was worried at how fast everything seemed to be moving – the developers’ sales assistant was really pushy and adamant on completion in 28 days. Still, I put this down to first-time buyer nerves and got to work.
A few flailing weeks
Of course the next steps are a) intrusive bank statement and pay slips, b) legal checks, and c) all the scary solicitor documents. Thankfully, all of this was smooth sailing for me. I began to tell a few close friends, plus a few people that tried to make plans with me – my brain was frazzled and I somehow couldn’t stomach the idea of making plans or spending money! I wanted to plan and start buying furniture for my apartment, but I felt a huge mental block and was realising that I didn’t feel 100% about this.
What ensued
As if by ‘magic’, as soon as I’d thought: ‘I might pull out’, the sales exec called me again one weekend to arrange a date for exchange. Exchanging is when you pay a 10% deposit (of course, your overall deposit can be more and the remainder is paid at completion) and it locks you in to be legally committed to the purchase and mortgage. I let her know a potential date and she started to shout and yell at me. Of course, she has a job to do, but I felt belittled and as though I had no control over what should’ve been a straightforward, no-chain, new-build purchase. That sealed the deal for me.
In the morning, I emailed my mortgage advisor and solicitor to let them know I wanted to pull out. It was nerve-wracking, but essential since I didn’t want to be legally tied in. They were both very understanding and proceeded to start their processes. My mortgage advisor even called to check up on me. And, it transpired that my reasons were just: he told me that I wasn’t the only person to raise the same concerns and, actually, I was the sixth buyer to pull out of buying that plot.
My next steps
I feel utterly relieved to be out of the situation now. Knowing that I’m not the only person to have felt that way is also really validating. I can always trust my gut. Now, I’m focusing on recovering my ‘fully refundable’ reservation fee that turned out not to be. While it cost me a little to secure my mortgage offer, etc., I am more glad to be ‘out’ than I am sad about losing some money.
Now? I plan to continue all of my saving and investing efforts, while looking for my first purchase again. I feel like I’m better prepared now, and I’ll definitely act sooner if I see any amber or red flags! I really thought I’d feel more upset that I’m not busily setting up my first apartment throughout February and, instead, continue to be in the waiting room, but I’m happy.
2024, let’s finally get started.