When the Right Move Is Not to Buy

Why you rarely hear this

Affording a property is one part of the decision. I also ask whether the repayments, holding costs and likely resale demand suit the client’s plans.

That’s an awkward thing for an agent to say; we’re paid when you buy or sell, and nobody pays us when you decide to wait. So hardly anyone writes about waiting, and most of what you’ll find online comes from people who only earn if you go ahead.

My view is simple. Deciding to wait is a real decision with real consequences, so it deserves the same scrutiny as deciding to buy. That review should include the cost of waiting, the savings you need and the reasons you would reconsider buying.

Three times I’ll ask you to pause

1. It only works if nothing goes wrong

Run your numbers again, but assume something goes wrong this time. Maybe the pay rise doesn’t come, or the tenant leaves and the place sits empty for a few months.

If it only survives when everything goes your way, you’re not buying a property; you’re betting that nothing goes wrong for the next five years.

Stretching your budget can be the right call. The problem is stretching it without realising you’ve done it.

2. You’re buying because you feel behind

Some clients come to me in a hurry, and I’ve learned to slow that down and ask where the hurry is coming from.

Often it’s got nothing to do with the property. Friends have upgraded, or prices moved while they were still deciding.

That feeling is real and I’m not dismissing it. But it pushes you towards whatever’s on the market this weekend, and a flat you bought to stop feeling behind is still yours in ten years’ time.

So this is the one I’ll ask you to sit on. Give it three months and look again; if you still want the same kind of place, you weren’t rushing.

3. It’ll be hard to sell

Some places are easy to buy and hard to sell. Not many people want the layout, or it costs more than better options a few streets away.

You can pay what looks like a fair price and still struggle years later. A price is only fair if the next buyer agrees with you, and if hardly anyone wants the place, hardly anyone will.

If I can’t tell you who’s likely to buy it from you and why, I’ll ask you to take a moment and think that through properly before you sign.

What to do while you wait

There are three things worth doing with that time.

• Build the buffer you were missing. If the purchase only worked when everything went right, spend the next year saving so it still works when something doesn’t.
• Write down what would turn this into a yes. A price, a savings figure, or a life change like a baby or a new job. Then you’re waiting for something specific instead of waiting until you feel ready.
• Watch a few places you’d actually buy. Note what they’re asking, then check what they really sell for; after a few months you’ll know what’s reasonable round there.

Write that sentence down properly. If it’s not on paper, you’ll still be looking in two years and you won’t be able to say what you’re looking for.

Careful, or scared?

When a client hesitates, I ask one thing. What would have to change for this to become a yes?

If they can tell me in a sentence, there’s a real obstacle and we can work on it. If they can’t answer at all, something else is going on, and buying won’t fix it.

Before you sign

If you’re close to signing, ask one question first. Who in this conversation is making the case for not buying?

If the answer is nobody, go and find someone who gets paid the same whether you buy or not. An accountant, a banker friend, or your most sceptical sibling will do.