Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • LKRDN_Morgan
    • By LKRDN_Morgan 30th Aug 17, 9:01 PM
    • 273Posts
    • 810Thanks
    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 7
    • jimbog
    • By jimbog 11th Sep 17, 9:04 PM
    • 589 Posts
    • 935 Thanks
    jimbog
    After some advice here guys, recently been told we have to move out as the landlord is selling, been to 3 open views and been unsuccessful in them all.

    To be honest, this is all new to us, we've been renting nearly 20 years, our longest tenancy was 10 years, back then there was no competition, you phoned up the estate agent, went to view the house and you got it, things have changed big time.

    Our last viewing, for example, was at 5pm, we turned up at 4.50 thinking we'd be early, there was already 6 other couples waiting to view, god knows hows many turned up in that hour, speaking to the estate agent at a previous viewing he said he had 25 couples down to visit.

    There is also hardly anything to rent, you get roughly 1 property added per week within a 20 mile radius that makes it practical for work and schools, so you've less properties and more people wanting to rent them. How the hell do we win at this? We're looking long term rentals, have glowing references due to never being as much as late on a months rent, in fact we always pay a day or 2 early to keep the landlords sweet, any tips much appreciated.
    Originally posted by n1guy
    and this is why, like OutVileJelly, I'm happy not renting
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • glasgowdan
    • By glasgowdan 11th Sep 17, 10:20 PM
    • 2,393 Posts
    • 2,671 Thanks
    glasgowdan
    20 years of rent? That's a disaster! Unbelievably poor financial management if nothing else. Houses are in demand, be it rented or bought. That won't change for a long time.
    • Crashy Time
    • By Crashy Time 12th Sep 17, 11:40 AM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    What area is this, must be rural?
    • cashbackproblems
    • By cashbackproblems 12th Sep 17, 12:27 PM
    • 1,697 Posts
    • 655 Thanks
    cashbackproblems
    The only people who should panic are those that purchased maxing themselves out and with no other savings/investments to fall back on, as interest rate increases/job losses and you have no one to turn to, especially if buying as a single.


    I recently borrowed in London almost x5 my salary but with a 100k deposit and have 50k in the markets and a secure job, so can handle any non-major downturn. Plus you are building up the equity each month whereas renting is dead money, so even though my area is currently selling 5-10% below what I paid (including refurbs), im still better off than renting.
    • Crashy Time
    • By Crashy Time 12th Sep 17, 5:28 PM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    The only people who should panic are those that purchased maxing themselves out and with no other savings/investments to fall back on, as interest rate increases/job losses and you have no one to turn to, especially if buying as a single.


    I recently borrowed in London almost x5 my salary but with a 100k deposit and have 50k in the markets and a secure job, so can handle any non-major downturn. Plus you are building up the equity each month whereas renting is dead money, so even though my area is currently selling 5-10% below what I paid (including refurbs), im still better off than renting.
    Originally posted by cashbackproblems

    So 10% off your illiquid asset already is what, alive money? What happens if the markets crash, the property market crashes, and rates rise because of some currency shock or whatever?
    • NicNicP
    • By NicNicP 12th Sep 17, 10:45 PM
    • 213 Posts
    • 117 Thanks
    NicNicP
    Hope you've moved in and are feeling different. I felt exactly the same when we bought our current house. We'd lived in our old house for 15 years and after buying at auction and renovating it, were paying a low mortgage. We more than doubled it to live where we are now and before exchange I worried. Love our house though and moving was the best thing we ever did. My friend bought up the road and paid £25,000 more for her house, even though ours is extended, has a garage and bigger rooms, less than a year later. Like boredatwork says, I remember the first night home with our second child and wondering why we'd had another one! Think it's just uncertainty of the unknown.
    • jayII
    • By jayII 13th Sep 17, 8:01 AM
    • 39,899 Posts
    • 106,346 Thanks
    jayII
    So 10% off your illiquid asset already is what, alive money? What happens if the markets crash, the property market crashes, and rates rise because of some currency shock or whatever?
    Originally posted by Crashy Time
    Then a huge number of homeowners will struggle and most will find a way to keep their houses, just as homeowners did in the late 1980's. A few will have to sell, but they'll get through it, pick themselves up and be no worse off than if they'd always rented. At least they'll know they tried to improve their situation.

    We bought 18 months ago after choosing to rent for 10 years (had a cheap rental in a 'convenient-at-the-time' area that we didn't want to buy in). We bought with 10% deposit and our mortgage + overpayments is less than an equivalent rent in this area. We've now paid off an additional 10% and the house value has risen by another 5-10% or more (hard to be exact because houses on our street rarely come up for sale and are usually sold before they hit Rightmove), making our current equity at least 25%. Our mortgage rate is fixed for a few more years and we have a lot of disposable income that we partly pay to the mortgage, so we're in a far better position than we'd be if we continued renting.

    If it all goes pear shaped then so what--at least we'll know we tried!
    15.9.17. Balance: £10360.87/Mortg: £174,906.67

    No spend on non-essentials year. To date: £





    • cashbackproblems
    • By cashbackproblems 13th Sep 17, 10:15 AM
    • 1,697 Posts
    • 655 Thanks
    cashbackproblems
    So 10% off your illiquid asset already is what, alive money? What happens if the markets crash, the property market crashes, and rates rise because of some currency shock or whatever?
    Originally posted by Crashy Time

    Well the 10% fall is short term im not looking to sell short term so wont crystallise the loss, even if the "market crashes" as long as I can afford to service the loan then most people can ride it out. The alternative is losing out on the home equity and even if the prices wont increase you are better off, plus you cant put a value on the security and comfort having your own place provides.


    Govt have shown they wont allow a full on crash lasting years we are too dependent on property now and it would have wider economic impacts.
    • Crashy Time
    • By Crashy Time 13th Sep 17, 10:21 AM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    Well the 10% fall is short term[/B] im not looking to sell short term so wont crystallise the loss, even if the "market crashes" as long as I can afford to service the loan then most people can ride it out. The alternative is losing out on the home equity and even if the prices wont increase you are better off, plus you cant put a value on the security and comfort having your own place provides.


    Govt have shown they wont allow a full on crash lasting years we are too dependent on property now and it would have wider economic impacts.
    by cashbackproblems;73118623 [B

    How do you know this?
    Last edited by Crashy Time; 13-09-2017 at 10:24 AM.
    • ReadingTim
    • By ReadingTim 13th Sep 17, 10:49 AM
    • 1,991 Posts
    • 2,901 Thanks
    ReadingTim
    How do you know this?
    Originally posted by Crashy Time
    For the same reasons we know that aliens are unlikely to invade earth.
    • Crashy Time
    • By Crashy Time 13th Sep 17, 11:01 AM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    For the same reasons we know that aliens are unlikely to invade earth.
    Originally posted by ReadingTim

    I thought you were denying that 10% falls could happen a short while ago?
    • ReadingTim
    • By ReadingTim 13th Sep 17, 11:47 AM
    • 1,991 Posts
    • 2,901 Thanks
    ReadingTim
    I thought you were denying that 10% falls could happen a short while ago?
    Originally posted by Crashy Time
    No, I was also expounding the view the the government will do their utmost to ensure that a co-called "crash" won't happen - "there's too much invested in property, in every sense of the word, for that to happen." Remember? +/- 10% isn't much more than a minor fluctuation.

    Actually, I'll amend my quote about alien invasion: they considered it, read some of your posts, and concluded there was no intelligent life on this planet.
    Last edited by ReadingTim; 13-09-2017 at 12:24 PM.
    • Jack Johnson the acorn
    • By Jack Johnson the acorn 13th Sep 17, 7:53 PM
    • 1,187 Posts
    • 1,287 Thanks
    Jack Johnson the acorn
    How do you know this?
    Originally posted by Crashy Time
    How you can question anyone's predictions is beyond belief.....

    You've been predicting (and begging for) a crash for over 20 years.
    You've stopped peddling your nonsense on the debate sub-forum because you know that you've lost all credibility over there.

    So now you post this twaddle over here in a vein attempt at convincing some poor unsuspecting sod that you've actually got some knowledge of what you're talking about.
    • Crashy Time
    • By Crashy Time 14th Sep 17, 12:05 PM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    No, I was also expounding the view the the government will do their utmost to ensure that a co-called "crash" won't happen - "there's too much invested in property, in every sense of the word, for that to happen." Remember? +/- 10% isn't much more than a minor fluctuation.

    Actually, I'll amend my quote about alien invasion: they considered it, read some of your posts, and concluded there was no intelligent life on this planet.
    Originally posted by ReadingTim

    Like in the famous Newsnight clip, with some people you just have to keep asking the question ................How Will They Do It?
    • Crashy Time
    • By Crashy Time 14th Sep 17, 12:09 PM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    How you can question anyone's predictions is beyond belief.....

    You've been predicting (and begging for) a crash for over 20 years.
    You've stopped peddling your nonsense on the debate sub-forum because you know that you've lost all credibility over there.

    So now you post this twaddle over here in a vein attempt at convincing some poor unsuspecting sod that you've actually got some knowledge of what you're talking about.
    Originally posted by Jack Johnson the acorn

    It`s 10 years, not 20, and anyone who has ever visited the "debate" forum is now laughing at your assertion that it is in any way a place of serious debate and knowledge
    • ReadingTim
    • By ReadingTim 14th Sep 17, 12:22 PM
    • 1,991 Posts
    • 2,901 Thanks
    ReadingTim
    Like in the famous Newsnight clip, with some people you just have to keep asking the question ................How Will They Do It?
    Originally posted by Crashy Time
    However they can. The view is that the end justifies the means. The rest is mere detail.
    • Jack Johnson the acorn
    • By Jack Johnson the acorn 14th Sep 17, 4:37 PM
    • 1,187 Posts
    • 1,287 Thanks
    Jack Johnson the acorn
    It`s 10 years, not 20, and anyone who has ever visited the "debate" forum is now laughing at your assertion that it is in any way a place of serious debate and knowledge
    Originally posted by Crashy Time
    You've told everyone previously on this and other forums that you've been renting since the 90's. That's not 10 years and you definitely didn't sell in 2007.

    So make your mind up about which it is.

    Either way you've been wrong for a very long time and have zero credibility when it comes to predicting house prices.
    • Crashy Time
    • By Crashy Time 14th Sep 17, 5:25 PM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    You've told everyone previously on this and other forums that you've been renting since the 90's. That's not 10 years and you definitely didn't sell in 2007.

    So make your mind up about which it is.

    Either way you've been wrong for a very long time and have zero credibility when it comes to predicting house prices.
    Originally posted by Jack Johnson the acorn

    You said I had been predicting a crash for 20 years, I said I had been predicting a crash for 10 as is the case, renting and predicting a crash are two different things. Pretending people have been predicting a crash since the mid-90`s sounds far out and fits the narrative you like to present, but most people know that we were not in a housing bubble in 1997, However most people NOW know that we are at the tail end of a housing bubble and that it is popping.
    • puglove
    • By puglove 14th Sep 17, 5:33 PM
    • 1 Posts
    • 1 Thanks
    puglove
    Help! I'm feeling exactly the same.. I'm buying a house on my own (no partner) and the whole process has been so stressful; I've finally negotiated a lower purchase price after back and forth with the bank and retention. I go to the advocates tomorrow, and then there isn't really any going back (at least that's how it feels)


    I thought I'd feel happy right now - all I feel is terrified!
    • Crashy Time
    • By Crashy Time 14th Sep 17, 5:39 PM
    • 4,790 Posts
    • 2,104 Thanks
    Crashy Time
    http://news.sky.com/story/bank-rate-rise-likely-in-coming-months-if-inflation-jumps-11034913


    The BR epidemic will only get worse if this happens.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

189Posts Today

2,058Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin