did i buy too soon?

moneyinmypocket

I bought my first house the other month - put down 25% dep (have no other debts) - i had waited for a few years to see if prices where going to drop or not but in end i went for it and bought a detacthed 3 bed for same price the prev owners paid in summer 2004.

Its not that i want to sell it or anything but with all the talk of everything on the verge of crashing i am starting to feel like maybe i bought too soon - if everything does crash big time then i would be trapped - and its that feeling of thinking you cant leave that (without taking a hit) that is making my lose sleep at moment.

HAMISH_MCTAVISH

moneyinmypocket wrote: »

I bought my first house the other month - put down 25% dep (have no other debts) - i had waited for a few years to see if prices where going to drop or not but in end i went for it and bought a detacthed 3 bed for same price the prev owners paid in summer 2004.

Its not that i want to sell it or anything but with all the talk of everything on the verge of crashing i am starting to feel like maybe i bought too soon - if everything does crash big time then i would be trapped - and its that feeling of thinking you cant leave that (without taking a hit) that is making my lose sleep at moment.

Don't be daft.

A house is for life, not just for Xmas.

Nobody should buy a house unless they plan to live in it for a good many years. In which case short term price movements are utterly irrelevant.

ruggedtoast

moneyinmypocket wrote: »

I bought my first house the other month - put down 25% dep (have no other debts) - i had waited for a few years to see if prices where going to drop or not but in end i went for it and bought a detacthed 3 bed for same price the prev owners paid in summer 2004.

Its not that i want to sell it or anything but with all the talk of everything on the verge of crashing i am starting to feel like maybe i bought too soon - if everything does crash big time then i would be trapped - and its that feeling of thinking you cant leave that (without taking a hit) that is making my lose sleep at moment.

Which month was it? Because if it was September you might be ok but if it was the early part of August you are definitely screwed.

Percy1983

I am in the process of buying right now and I know prices are still dropping locally, with that I have bought a 'house for life' which should fit my needs for the next 25 years, I am not saying I will certainly stay here for 25 years but if I end up 'trapped' then its not a problem.

Flight2quality

moneyinmypocket wrote: »

I bought my first house the other month - put down 25% dep (have no other debts) - i had waited for a few years to see if prices where going to drop or not but in end i went for it and bought a detacthed 3 bed for same price the prev owners paid in summer 2004.

Its not that i want to sell it or anything but with all the talk of everything on the verge of crashing i am starting to feel like maybe i bought too soon - if everything does crash big time then i would be trapped - and its that feeling of thinking you cant leave that (without taking a hit) that is making my lose sleep at moment.

If you can get a long long term fix then you can sleep well at least for the term of the fix.

Yes interest rates will get back to normal sometime in the future. Before that mortgage repayments are going to soar, not for those who have fixed at a good rate

But make no mistake house values are falling. House values will not be more than they were in 2007 for another decade.

DervProf

HAMISH_MCTAVISH wrote: »

Don't be daft.

A house is for life, not just for Xmas.

Nobody should buy a house unless they plan to live in it for a good many years. In which case short term price movements are utterly irrelevant.

It seems that short term price movements are far from irrelevant, given the "noise" made on these forums every time monthly house price statistics are published.

IronWolf

Whatever happens, you'll have a nice house to live in (assuming you haven't over extended yourself on the mortgage)

wotsthat

Flight2quality wrote: »

If you can get a long long term fix then you can sleep well at least for the term of the fix.

Yes interest rates will get back to normal sometime in the future. Before that mortgage repayments are going to soar, not for those who have fixed at a good rate

But make no mistake house values are falling. House values will not be more than they were in 2007 for another decade.

Hey, loving the confidence. There's nothing in your post to suggest that it's an opinion rather than a statement of fact.

A lot of people when making financial decisions might weigh up the pros and cons. I know that I think about what the consequences might be if a decision I take is wrong and whether I'm willing to take the risk.

Have you ever considered even for a fleeting second that you may be wrong and what the impact would be on your situation would be if you are?

moneyinmypocket

I could happily stay in my current house for life if need be, I am on a 5 year fixed at a low rate

wotsthat

DervProf wrote: »

It seems that short term price movements are far from irrelevant, given the "noise" made on these forums every time monthly house price statistics are published.

Short term movements in the price of an asset held over the long term are irrelevant.

The monthly noise on an irrelevant board hidden away from the general public means nothing.

wymondham

it doesnt really matter if you intend staying there for a few year plus..... besides you now have a home!