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  • FIRST POST
    • LKRDN_Morgan
    • By LKRDN_Morgan 30th Aug 17, 9:01 PM
    • 273Posts
    • 817Thanks
    LKRDN_Morgan
    Is this buyers remorse?
    • #1
    • 30th Aug 17, 9:01 PM
    Is this buyers remorse? 30th Aug 17 at 9:01 PM
    Completed today on our first ever home. When I got the call from the solicitor to say everything's done I was excited but now a few hours later I feel like a wreck!
    I don't know what's wrong with me! I loved this house when we viewed it. I loved it when I went back to measure after exchange but now I'm sat back in my rented thinking wtf have we done.

    Is this really normal?? Does it pass? I'm never emotional but right now I'm feeling like I could burst into tears at any moment
Page 5
    • Crashy Time
    • By Crashy Time 4th Sep 17, 4:20 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    Ok so we've gathered that you live in the South East, good stuff

    There isn't enough housing stock in the UK to show a healthy turnover. That's whats influencing house price increases more than anything, basic supply and demand. I'm not denying there needs to be a correction in house prices in certain areas btw.

    I'm not overstretching myself by any means either, I wouldn't do that. I can assure you my mortgage payment (fixed for 5 years) is £150-200 a month less than renting. This is the same concept in the rental market, if there's more people looking to rent, what do you think is going to happen to the prices?

    The house builders are inflating the market by not building enough new properties to meet the demand. If the government can find a way around this then we'll see a sensible correction for sure. If that ever happens anyway, the Tories won't do anything about it that's for sure.

    This of course all goes to pot if North Korea decides to drop a nuke but the whole world market is vulnerable to large events like that. You seem to be totally obsessed with house prices btw, where on earth does that come from! Not the most interesting subject in the world lol.
    Originally posted by 02346631

    So it`s a mortgage? Any Buyers Remorse yet?
    • bertiewhite
    • By bertiewhite 4th Sep 17, 4:21 PM
    • 711 Posts
    • 747 Thanks
    bertiewhite
    How else will they clear their bubble loans, especially if interest rates rise?
    Originally posted by Crashy Time
    How will they be able to if nobody will lend?

    You still haven't explained how renting for the rest of your life with nothing to show for it is a better prospect.

    Oh, and not everybody lives in the South East either!!
    • Jack Johnson the acorn
    • By Jack Johnson the acorn 4th Sep 17, 4:22 PM
    • 1,210 Posts
    • 1,335 Thanks
    Jack Johnson the acorn
    This is a commonly held misconception... just take a closer look at LOCAL job opportunities and LOCAL average wages in these so called ''reasonably priced'' areas and you'll see that local average house prices are still many multiples of local average incomes.
    Originally posted by Tiners
    HAHAHA, so now it's a commonly held misconception that, the boroughs of Manchester, Liverpool, Cheshire, Leeds etc, are all over priced....

    http://www.rightmove.co.uk/property-for-sale/property-65454950.html

    In 2015, the Liverpool Avg salary was £29k. That 3 bed semi will sell for £140k that's about 4 & 1/2 avg salary. very reasonable for a single occupant. But then why would a single occupant need a 3 bed semi. Combine that with a partners income and you're looking at 2.5x avg joint salary. I would say that was pretty cheap.
    • Crashy Time
    • By Crashy Time 4th Sep 17, 4:25 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    How will they be able to if nobody will lend?

    You still haven't explained how renting for the rest of your life with nothing to show for it is a better prospect.

    Oh, and not everybody lives in the South East either!!
    Originally posted by bertiewhite

    I`m talking about those who got their bubble sized loan before the bubble popped. How can you have nothing to show for it if you save/invest 2 or 3 times the value of your rent every month! How on earth could stretching yourself into a London/SE type mortgage scenario at the peak of a bubble be a better prospect than that, especially with all the interest rate risk that you will be taking?!
    • Crashy Time
    • By Crashy Time 4th Sep 17, 4:28 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    HAHAHA, so now it's a commonly held misconception that, the boroughs of Manchester, Liverpool, Cheshire, Leeds etc, are all over priced....

    http://www.rightmove.co.uk/property-for-sale/property-65454950.html

    In 2015, the Liverpool Avg salary was £29k. That 3 bed semi will sell for £140k that's about 4 & 1/2 avg salary. very reasonable for a single occupant. But then why would a single occupant need a 3 bed semi. Combine that with a partners income and you're looking at 2.5x avg joint salary. I would say that was pretty cheap.
    Originally posted by Jack Johnson the acorn

    How long has it been on the market, and how many of a similar size/price are on the market? What is the average type of employment that earns the single person 30k a year?
    • 02346631
    • By 02346631 4th Sep 17, 4:35 PM
    • 57 Posts
    • 42 Thanks
    02346631
    So it`s a mortgage? Any Buyers Remorse yet?
    Originally posted by Crashy Time
    I'm renting currently, about to exchange on a mortgage maybe this week. And absolutely no buyers remorse thanks Good timing really because the flat i'm renting has been sold by the owner and i'm currently serving notice...
    • Tiners
    • By Tiners 4th Sep 17, 6:13 PM
    • 223 Posts
    • 221 Thanks
    Tiners
    HAHAHA, so now it's a commonly held misconception that, the boroughs of Manchester, Liverpool, Cheshire, Leeds etc, are all over priced....

    http://www.rightmove.co.uk/property-for-sale/property-65454950.html

    In 2015, the Liverpool Avg salary was £29k. That 3 bed semi will sell for £140k that's about 4 & 1/2 avg salary. very reasonable for a single occupant. But then why would a single occupant need a 3 bed semi. Combine that with a partners income and you're looking at 2.5x avg joint salary. I would say that was pretty cheap.
    Originally posted by Jack Johnson the acorn
    Well if you're gullible enough to believe that the average worker in Liverpool is pulling in over £550 a week then there's probably no helping you
    (please don't tell me you got that figure from the Office for National propaganda Statistics)?
    • glasgowdan
    • By glasgowdan 4th Sep 17, 6:56 PM
    • 2,577 Posts
    • 2,891 Thanks
    glasgowdan
    Liverpool ave salary is just under 24k which is enough to afford to buy a livable house. A couple should be comfortable with a small family home.
    Last edited by glasgowdan; 04-09-2017 at 8:30 PM.
    • Jack Johnson the acorn
    • By Jack Johnson the acorn 4th Sep 17, 7:33 PM
    • 1,210 Posts
    • 1,335 Thanks
    Jack Johnson the acorn
    Well if you're gullible enough to believe that the average worker in Liverpool is pulling in over £550 a week then there's probably no helping you
    (please don't tell me you got that figure from the Office for National propaganda Statistics)?
    Originally posted by Tiners
    I am and my wife is earning more. I have a very avg job within the public sector the wife is a nurse.
    Even if the avg is 3k-5k less there are cheaper houses in cheaper areas. It's still obvious that there are plenty of decent houses available quite cheaply all across the North West. What do you class as too expensive? My wife and i purchased a house for 130k which at the time was 3x our annual joint salary. Now it's more like 2.2x.

    You clearly have no idea what you're talking about.
    • Crashy Time
    • By Crashy Time 5th Sep 17, 2:20 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    Buyers Remorse ahoy for this guy?


    https://www.metro.news/i-cant-wait-to-pay-my-own-mortgage/734919/
    • Jack Johnson the acorn
    • By Jack Johnson the acorn 7th Sep 17, 12:24 AM
    • 1,210 Posts
    • 1,335 Thanks
    Jack Johnson the acorn
    Originally posted by Crashy Time
    I don't know Crashy, Unlike you “Lining a landlord’s pockets was never his long term goal” & “Renting is dead money and the bottom line is that I’m tired of paying off someone else’s mortgage. You are also very limited by how homely you can make a place when renting, as you need consent from the landlord for any cosmetic changes — for example, when you’re painting the walls”.

    Imagine living in a bedsit for 20 yrs & constantly looking for an even smaller, cheaper place to rent out of fear of a rent rise….. worrying about even painting a wall...... You'd go mad, probably end up posting constantly in a members only, obscure sub forum claiming house prices are going to crash, in the vain hope that you can convince yourself that you've made the right decision.
    Last edited by Jack Johnson the acorn; 07-09-2017 at 12:27 AM.
    • Iantolley
    • By Iantolley 7th Sep 17, 12:29 AM
    • 2 Posts
    • 1 Thanks
    Iantolley
    I went though this in February when I moved. I think it was just the thought of change really happening. After a week all the bad feelings went away, even more once we started to decorate.

    I had the same thing when I brought my precious property as well.

    It will pass and then you can just enjoy your new home.
    • Crashy Time
    • By Crashy Time 7th Sep 17, 1:19 AM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    I don't know Crashy, Unlike you “Lining a landlord’s pockets was never his long term goal” & “Renting is dead money and the bottom line is that I’m tired of paying off someone else’s mortgage. You are also very limited by how homely you can make a place when renting, as you need consent from the landlord for any cosmetic changes — for example, when you’re painting the walls”.

    Imagine living in a bedsit for 20 yrs & constantly looking for an even smaller, cheaper place to rent out of fear of a rent rise….. worrying about even painting a wall...... You'd go mad, probably end up posting constantly in a members only, obscure sub forum claiming house prices are going to crash, in the vain hope that you can convince yourself that you've made the right decision.
    Originally posted by Jack Johnson the acorn

    Yes, I can`t really imagine it though, and neither can you because I have posted links to some of the places I`ve lived in, and you know they are not getting smaller and smaller, it is just that sensible rents can be found if you look for them. There is a difference between a bedsit and a flat, you have to understand this difference before other posters will take you seriously I`m afraid
    • Crashy Time
    • By Crashy Time 7th Sep 17, 1:22 AM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    Actually with that Metro link, it is almost like the media are just making fun of the absurdity of bubble house prices now, people (supposedly) desperate to get into big debt for a shoebox in a c*rap area, almost like they are preparing us for something.......
    • goodwithsaving
    • By goodwithsaving 7th Sep 17, 2:29 AM
    • 683 Posts
    • 1,024 Thanks
    goodwithsaving
    Crashy, do you have nothing better to do than making others lives a misery? Imagine spending years paying out rent and having nothing to show for it. At least those paying a mortgage are paying capital. Even if values do drop, it only actually causes large issues if owners seek to move or if borrowers have had a 95% mortgage and they are now attempting to remortgage with negative equity.
    It must be a miserable life trying to bring others down
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • CorrieCooper
    • By CorrieCooper 7th Sep 17, 6:06 AM
    • 6 Posts
    • 14 Thanks
    CorrieCooper
    Yes, it is totally normal, because I too loved it more earlier then now.
    • Crashy Time
    • By Crashy Time 7th Sep 17, 12:47 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    Crashy, do you have nothing better to do than making others lives a misery? Imagine spending years paying out rent and having nothing to show for it. At least those paying a mortgage are paying capital. Even if values do drop, it only actually causes large issues if owners seek to move or if borrowers have had a 95% mortgage and they are now attempting to remortgage with negative equity.
    It must be a miserable life trying to bring others down
    Originally posted by goodwithsaving

    Not sure how stating the obvious can make people`s lives a misery, unless they are very dependant on their house going up in value...for whatever reason? They also pay interest on that capital, and will pay more interest if rates rise. I can`t imagine being stuck in negative equity in a house you can`t sell being more fun than renting cheaply and being able to move at the drop of a hat if necessary.
    • phillw
    • By phillw 7th Sep 17, 3:04 PM
    • 917 Posts
    • 547 Thanks
    phillw
    I can`t imagine being stuck in negative equity in a house you can`t sell being more fun than renting cheaply and being able to move at the drop of a hat if necessary.
    Originally posted by Crashy Time
    I don't think I've ever met anyone who wants to move at the drop of a hat, I've met plenty of people in rented properties who dread being told they have to move out.

    Buying a house is a big commitment, but a brief time in negative equity can still be more cost effective than renting.

    With renting, you can never escape losing money on a property.

    it is just that sensible rents can be found if you look for them. There is a difference between a bedsit and a flat, you have to understand this difference before other posters will take you seriously I`m afraid
    Originally posted by Crashy Time
    Affordable properties are also available if you look for them. Don't buy a flat though.
    Last edited by phillw; 07-09-2017 at 3:09 PM.
    • Crashy Time
    • By Crashy Time 7th Sep 17, 5:19 PM
    • 5,225 Posts
    • 2,204 Thanks
    Crashy Time
    I don't think I've ever met anyone who wants to move at the drop of a hat, I've met plenty of people in rented properties who dread being told they have to move out.

    Buying a house is a big commitment, but a brief time in negative equity can still be more cost effective than renting.

    With renting, you can never escape losing money on a property.



    Affordable properties are also available if you look for them. Don't buy a flat though.
    Originally posted by phillw

    And you can with a Bubble x 10 mortgage ..


    Unless the roof/boiler/fridge/foundations/other/anything breaks/breaks down, or the neighbours repair cars in the front garden and you can`t get a buyer, or the market crashes way below what you paid, or they put a rehab next door, or the neighbour cuts his price to sell, or they raise interest rates, or the EU workers all go home, or any number of reasons.....peddling the myth that buying at any price with a mortgage is the route to happiness is WAY past it`s sell by date IMO.
    • jimbog
    • By jimbog 7th Sep 17, 5:46 PM
    • 615 Posts
    • 979 Thanks
    jimbog
    And you can with a Bubble x 10 mortgage ..


    Unless the roof/boiler/fridge/foundations/other/anything breaks/breaks down, or the neighbours repair cars in the front garden and you can`t get a buyer, or the market crashes way below what you paid, or they put a rehab next door, or the neighbour cuts his price to sell, or they raise interest rates, or the EU workers all go home, or any number of reasons.....peddling the myth that buying at any price with a mortgage is the route to happiness is WAY past it`s sell by date IMO.
    Originally posted by Crashy Time
    Calm down. Don't let yourself become so angry
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
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