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  • FIRST POST
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 8:17 AM
    • 170Posts
    • 39Thanks
    Mortgage Moog
    My journey back home
    • #1
    • 5th Oct 16, 8:17 AM
    My journey back home 5th Oct 16 at 8:17 AM
    I thought I'd post this and see if anyone would be interested in following my journey back home over the next few months/years. I'd also like to see if anyone has done anything similar and pick up some tips along the way.

    I recently (August 2016) bought my first property after years of paying off debt and then saving a deposit. It's a great home and I have settled in well having met the neighbours, got used to the area and not finding any unexpected faults with the property.

    I had no plans on selling the place at all but since moving in I've found that I miss the old area I used to live in. It's only 5 miles away from where I moved to so not exactly a long way and I still go there every day and work in that area. I knew when I moved that I'd be commuting a little more and would be further away from the area I spent 20 years of my life in but I simply couldn't afford to buy there because the properties there cost around 10k to 15k more.

    My plan is to save up and move back to the area I like so much. I bought this place for a good 3k to 5k less than it was worth as the previous owner had been messed about by the buyer before me. Having been let down at the last minute they were in a rush to sell and I got it for a crazy price. That means I've already kind of made 3k towards my target of 10k (plus fees) needed to move back to the old area.

    I am currently asking the freeholder (it's a leasehold flat) for permission to put up a stud wall in the living room and give the flat a second bedroom. I've read that adding a bedroom can add 10% to the value but I'm not sure. It seems too easy to just spend £600 or so on a stud wall and then get thousands added in value. I'm not sure if splitting a room counts as adding a bedroom or whether only extensions add that much value.

    My target is to save about 10k to 15k. My early repayment fee on the mortgage is a tiny £1500 as I saved for so long and put down a good deposit so I already own a good chuck of the place. With selling fees and solicitors fees on top of the amount I need to move I'm looking at needing to save around 15k.

    If my place sold for more and the bedroom added value (if i get permission) then I've already got about 3k to 8k depending on what "facts" and figures I believe.

    I have a healthy income with £2000 per month spare so even if the place didn't sell for more or my bedroom plans didn't work out then I can afford to move by next summer anyway.

    I just thought this might make for an interesting diary that people might like to keep up with or advise me on. It's not exactly a return home with trumpets and fanfare as I'm only moving 5 miles back up the road but any thoughts, ideas or comments from people that have done similar would be appreciated.
Page 1
    • Davesnave
    • By Davesnave 5th Oct 16, 8:26 AM
    • 22,923 Posts
    • 88,074 Thanks
    Davesnave
    • #2
    • 5th Oct 16, 8:26 AM
    • #2
    • 5th Oct 16, 8:26 AM
    So, you have buyer's remorse. That's what it's called. Very common.

    I would say it's far too early to be sure how you'll feel in a year or two.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 8:30 AM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    • #3
    • 5th Oct 16, 8:30 AM
    • #3
    • 5th Oct 16, 8:30 AM
    I've read about that and I understand what people mean by it but I don't regret it at all. I love my new place and am happy here but I would just prefer to live in the other area as it's closer to where I work. I knew that before I moved but it just wasn't an option to buy there. I've heard many people in London have this problem (I'm not in London) due to the crazy prices there. I believe the saying is "Buy a couple of stops down the tracks".

    I have also considered that in a year or so I may not even want to move. It'll be interesting to see but that's why I started this thread.
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 8:41 AM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    • #4
    • 5th Oct 16, 8:41 AM
    • #4
    • 5th Oct 16, 8:41 AM
    The home I moved from is my parents home so I actually still go there now and then for dinner, say hello or to pick up post etc. It's an odd situation to be in because in a way I still live in the other area and one day in the future I'll even be living back in the same home exactly. I'm looking at my new home as a kind of long term holiday until I can move back to the other place.
    • needhouseadvice
    • By needhouseadvice 5th Oct 16, 9:39 AM
    • 93 Posts
    • 28 Thanks
    needhouseadvice
    • #5
    • 5th Oct 16, 9:39 AM
    • #5
    • 5th Oct 16, 9:39 AM
    Are you looking to buy or rent in your old neighbourhood? If you couldn't afford to before, can you now?

    I'm (kind of) going through a similar thing although unlike you I really don't like the flat I chose (http://forums.moneysavingexpert.com/showthread.php?t=5535056). A big part of it is that I am very homesick for my old area, which I lived in for a long time. There's no way I can afford to buy there though.

    I'm thinking I might try to sell soon if I can settle after 6 months. I have savings for renovations but I might use those to move again. Crazy I know!
    • lydriver
    • By lydriver 5th Oct 16, 12:22 PM
    • 253 Posts
    • 32 Thanks
    lydriver
    • #6
    • 5th Oct 16, 12:22 PM
    • #6
    • 5th Oct 16, 12:22 PM
    Sorry if I'm not understanding....but if you put down a big deposit and have 2k disposable each month why not just get a higher LTV mortgage? Why not do that in the first place?
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 12:25 PM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    • #7
    • 5th Oct 16, 12:25 PM
    • #7
    • 5th Oct 16, 12:25 PM
    I'll be buying there. I can afford it if I save up about 10k. I know I could have just saved more and bought there in the first place but then I would have saved a bit more, a bit more, a bit more...It could have gone on forever and I really wanted to give my Mom some room!

    I'm not sure how I'll go about it yet. Possibly I'll sell this place and rent somewhere there while I look to buy but then there's the chance of me not getting a mortgage for some reason and kicking myself for selling!

    I hope you find a way to get happy. I'll type out some tips later on for how I dealt with that when I moved previously which was a disaster.
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 12:28 PM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    • #8
    • 5th Oct 16, 12:28 PM
    • #8
    • 5th Oct 16, 12:28 PM
    "Sorry if I'm not understanding....but if you put down a big deposit and have 2k disposable each month why not just get a higher LTV mortgage? Why not do that in the first place?"

    It's because I'm self employed. They would only lend me a small amount due to the "risk" of me only having been doing the same job for over 10 years. To be fair to them it's also because just after applying for my mortgage my income did go up quite a bit so I'm much better off now than before I moved. I had to pay quite a big deposit and they lent me a small amount so I don't have any higher to go in terms of what I borrow. That's why I'm saving it up in cash to make up the difference.

    It's odd in a way: I've bought my own home and I have more money now than when I was living at home! And yes I did pay for living at home, I've never lived anywhere for free.
    Last edited by Mortgage Moog; 05-10-2016 at 12:33 PM.
    • Grenage
    • By Grenage 5th Oct 16, 12:38 PM
    • 1,156 Posts
    • 1,078 Thanks
    Grenage
    • #9
    • 5th Oct 16, 12:38 PM
    • #9
    • 5th Oct 16, 12:38 PM
    As you say, £600 on a stud wall and some wallpaper will not add thousands to your flat's value.

    When you move, you will also have to find SDLT and fees, which could easily be 8-10k (entirely dependent on value). Property may have appreciated faster in your desired location than in your current location.

    15k may, after costs, be 5k; what will the price difference between areas be by this point?

    Ultimately, it costs a lot to move, and you don't know what the situation will be in a year or two. Just save as much as you can, and re-evaluate when you're in a position to proceed.
    • lydriver
    • By lydriver 5th Oct 16, 2:08 PM
    • 253 Posts
    • 32 Thanks
    lydriver
    ahh, gotcha.
    Good luck with what you do.
    I'd just be saving and enjoying your current place, I can't really be bothered with decorating let alone having building works going on!
    Last edited by lydriver; 05-10-2016 at 2:10 PM.
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 3:37 PM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    Some good advice there however stamp duty doesn't apply as neither property is worth enough. I'm not sure how much value the bedroom will add but any 2 bed here sells for 10k more than any 1 bed. It'll be interesting to see how that develops.
    • marksoton
    • By marksoton 5th Oct 16, 3:42 PM
    • 16,509 Posts
    • 36,524 Thanks
    marksoton
    Some good advice there however stamp duty doesn't apply as neither property is worth enough. I'm not sure how much value the bedroom will add but any 2 bed here sells for 10k more than any 1 bed. It'll be interesting to see how that develops.
    Originally posted by Mortgage Moog
    Be aware, even if the freeholder agrees they're not going to do so for free....
    • Mortgage Moog
    • By Mortgage Moog 5th Oct 16, 6:38 PM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    Be aware, even if the freeholder agrees they're not going to do so for free....
    Originally posted by marksoton
    I did ask nicely.
    • Mortgage Moog
    • By Mortgage Moog 15th Jul 17, 8:27 AM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    I didn't update this thread anywhere near as often as I meant to but just in case anybody should stumble upon this thread in the future with a similar problem I wanted to tell you how all this went.

    I went down the bank that I had taken my mortgage out with in January 2017. They had a look at my income and said I could actually borrow more now than I did a few months ago. It was all very positive and it started snowing as I left the bank. I'll never forget that drive home in the snow thinking that I was going to get out of this place that I had never really settled in.

    I ended up selling my place in January 2017. It only took days for the offers to start coming in and they were all well over what I'd paid just a few months ago. I ended up making quite a bit from selling even though I never planned on doing so. I moved back to my original home months later once it had sold and felt really down, not knowing if I'd ever get a mortgage again or where I was going to end up. I was tired, got ill and didn't know what was going to happen.

    I found some leasehold flats and maisonettes online but after viewing them I didn't like them at all. They were in the area I wanted but very run down and with clear problems, each of them had really bad mold or damp showing on the walls. I remembered a trick I was told when I first started looking at property: look at ones 10% over your budget and just see what happens when you put in a low offer. You never know your luck. Why not? It had worked before.

    I went to view a house not really expecting much if it. It was freehold (wow!) and obviously way over my budget. It had a driveway, land, a garden - everything you could want. After viewing it I knew I was going to live there, I had that feeling you just get where you can see yourself in the property even though you've only just seen it for the first time. I put in an offer and it was rejected. Despite the feeling I'd had about living there I really wasn't surprised and forgot the place as I carried on looking.

    Two weeks later I had an email come through saying they had changed their mind and accepted my offer! I still couldn't quite believe it and didn't get too excited because I thought someone else would come along and make a higher offer at some point. They didn't and as things went on and it all looked good. I even had a detailed survey this time, more in depth than the home buyers one, and no major faults were found.

    I went for my mortgage meeting and it was much simpler than before. I ended up getting an even better deal than last time with the APR being 1% lower. As I left the bank, which by the way was right by the place I had first bought, it started snowing again and I had another memorable drive home full of hope.

    As of June 2017 I am living in a freehold house right in the area I wanted to live in! It goes to show that you can achieve anything you want if you put your mind to it. If you have bought somewhere you don't like as much as you thought then never think you're stuck because you're not.

    It all seems like a dream but here I am typing this in a freehold house in the area I always wanted. It's a very good house, modern and very peaceful.I have never felt funny here once as I did in the last place. It felt like home from the moment I moved in.

    My story had a happy ending and if you're reading this being in a similar position to the one I was in then yours will too. What a difference a year can make!
    Last edited by Mortgage Moog; 15-07-2017 at 8:31 AM.
    • Bossypants
    • By Bossypants 15th Jul 17, 9:49 AM
    • 502 Posts
    • 988 Thanks
    Bossypants
    Congratulations Moog, it's lovely to hear that you are back where you want to be, and in what sounds like a nicer property all round! I'm just at the beginning of my own project to move out where I feel I belong, so it's always inspiring to read other people's success stories (I'm very lucky to have a lovely house in the centre of a popular town, but the older I get the more I find I'm just not suited to city living, so I'm aiming to shift my work to be done entirely from home and move out into the countryside. It'll probably take 5-10 years, though, so plenty of time to plan!).
    Jul-Dec Cookie Jar Goal: £102.37/£600
    • Lauralou79
    • By Lauralou79 15th Jul 17, 10:13 AM
    • 83 Posts
    • 57 Thanks
    Lauralou79
    Great to read an update and that you achieved what you wanted eventually. It's hard to follow your heart. But just like you I'm sat in the property I really wanted and fell in love with just from the pictures, after months of looking. Hope your happy in your new home!
    • Mortgage Moog
    • By Mortgage Moog 18th Jul 17, 8:02 AM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    Good luck with your plan. I once moved out of the city and I was back after a few months because I missed all the things I thought i wanted to get away from. I'd recommend renting somewhere for a few months to see how you take to it before buying anywhere. You might be able to do it much sooner than you think, just as I did
    • Mortgage Moog
    • By Mortgage Moog 18th Jul 17, 8:03 AM
    • 170 Posts
    • 39 Thanks
    Mortgage Moog
    Thanks, I'm already happy here and I can't see me moving for a few years at least. One great thing about it is that the further down the road you go the bigger the houses get. It starts off with studios (which I looked at years ago) then goes to flats (which I also looked at) then small houses then bigger houses. That means even if I move I only have to move down the same road if I want somewhere bigger.
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