Are we completely mad?

jackkelly

Hi all,
VVV.confused and would like honest opinions please.
We bought our house at the peak May 07 the house is lovely, but the road is a nightmare for parking, stroppy neighbours and chavvy kids.
Decided enough was enough at Xmas, been on the market since Jan for £162500 (paid £186995) so seemed reasonable price given market have had 10-15 viewers since 1 offer of £160000 that then fell thru at mortgage stage for the FTB's.
Market fallen more since house priced dropped just below 160000 had 2 separate offers since in last 7 days.

1. £145000 no room for increase.
2. £145000 now increased to best and final offer £150000 (we have said yes to this)

With £145000 once mortgage paid and everyone else we are left with nothing....so not an option!
£150000 leaves £5000 and we move to rented and start all over again, saving for a deposit. Salaries are £60000 joint so it's not the saving as such as it is more than do able, it's just very disheartening to lose so much money that we worked hard for the first time round.
OH says its about quality of life which yes I agree with but £45K is a bitter pill to swallow. So my question is are we mad??

Sorry too go on but would like your views

pawpurrs

No your not mad, if your unhappy in the house, its the right thing to do to move on.
The only other option would be to consider, renting out your current place if it covers the mortgage and holding on to it, and still saving a deposit for another place, if your mortgage provider will give you permision to let, but they may not if you dont have much in the way of equity.

chickmug

I have dealt with folks who have bought and even just after exchanging contracts have said they felt they were making a big mistake and put the house straight back on the market. Others who after a few days or few weeks done similar. Most said they never felt 100% right about buying - so they should of listened to their innermost instincts?

Even those who paid £600K + who lost a lot on the EA, solicitors and stamp duty.

Many lost money but felt their happiness was more important but only you can decide.

BonBon_3

You are clearly unhappy living where you are. Will the parking improve? Will the stroppy neighbours become pleasant? and will the chavvy kids become civilised. I think you know the answers.

Remember though it will be difficult to get back on the housing ladder although it does appear you have the means. Perhaps if you tough it out for another year then your options may be wider.

Alternatively what is the value of your happiness and well being? Do you want to wake up feeling stressed everyday? and dread coming home from work.

No you are not mad – just pragmatic.

Good luck.

jackkelly

We had thought of renting it out, but my concern is covering 2 rents if the house we own is empty for any length of time.
Rent for our house would be £850pm and would cover our mortgage just, we are looking at paying about £1000pm to rent else where in a nicer area. Thats £1850 pm before anything is paid if the house is empty .
I have 2 young children so want minimal disruption to their lives also

pawpurrs

Its just a thought.......and had thought of it myself but personally I dont want the hassle involved and would rarther close a chapter of my life and begin another one.

beverleyhills

Your happiness and health are paramount. Move on.
Experience can be expensive sometimes.

jackkelly

Thanks BonBon all you said in the 1st 3 lines will not improve, likely to only worsen. The chavvy kids will be teenagers soon with all that entails.
We are on the cusp of neg equity, and my fear is if we don't jump ship now, could be stuck here for however many yrs it takes for things to recover.
I know even when the climate improves I will never get what I paid for it in 2007. But everyones keeps saying you might never get back on the property ladder, its a investment keep it etc

besonders1

I would rather rent somewhere nicer and rather than stay put just to be on the property ladder. I nearly made the same mistake myself when I fell in love with a competitively priced house but it was in a rough area. Luckily for me my family and friend talked me out of it , as there were a lot of bad stories in the news. They were asking £90K for it but in the year 2004 most houses in that crescent were hardly achieving £10-15K. A home is a place of security never a long term investment. Plus the kids will get worse as they will need more money during the recession due to the lack of jobs etc. As other have said if you don't go now you'll never be free of that street .

Robert_Sterling

I think you are sane.
It is not a good time to start up a business in the Buy To Let field. I think you would be mad to do so.

Feline_friendly

You sound like you live in my street! We are due to move in July to a new biuld.

I can assure you that things will not change in your present home. The parking will get worse as it did in my street...the kids do get worse and start to invite their mates round so you get gangs of them in the street.

We had enough and got to get out....you are doing the right thing just for your sanity!