Disaster recovery!

dboyce15

I recently made a massive mistake.

I listened to too many people bad mouthing our rented home and rushed in to our FTB, now we both hate our home.

We can easily save a deposit for another place in two years and have no credit card debts or loans.

The only thing is that I'm certain we are going to lose all of the money that we will have spent (£20k), it will be gutting to lose our savings but at least we will be happier!

Am I mad to think this way?

BitterAndTwisted

Yes, I think you are. What is it about the property that you now hate which didnt seem so unfavourable when you decided to buy it?

What is the reason you believe you're certain to lose that twenty grand?

Look at it this way: you could have been paying rent during all the time it could take you to save another deposit. How much would that have been?

dboyce15

It just doesn't seem right for us now we are in it!

I don't think the home will appreciate and selling it so soon after buying almost guarantees this.

We would have paid about £14k in rent during the same period..

londonlydia

No amount of money can replace happiness. Yes you can save money stayin put, but spend years being unhappy. Money is not everything.

dboyce15

That was my attitude, the one saving grace of the new place is that it is close to both our friends and our hockey clubs so we can still enjoy our lives as much as possible until we sell!

The only other option I could think of was to switch to a BTL in 2 years time but I'm not sure that we could lower our LTV enough or attract 120%+ rent for the place.

RAS

You rushed into buying because of other peoples' comments.

Now you are going to rush into selling?

Maybe what you need to do is to sit still for a while?

Sit still and work out why you make impulsive decisons that adversely affect your life.

Because moving is not going to put things right just like that.

And you may also have to accept that you cannot have what you want. That this home may just be a stepping stone.

dboyce15

I guess you're right, I was convinced that buying was the right thing to do and bought in a location we both wanted to live in.

We WILL take more time on deciding upon our next home and the next place WILL be a purchase for the long term.

BitterAndTwisted

Not seeming absolutely right for you doesn't have to mean it's completely wrong. Sit tight, don't make any rash decisions and try to think more long-term. You're not paying rent to a landlord any longer and you're now masters of your own destinies. As long as you stop paying attention to what other people think, that is

dboyce15

Really hadn't considered it like that, I guess we will have to give it a good go and sell when it is financially viable.

Brallaqueen

Well, you liked it in the first place and say it is close and convenient to where you waned to be, so can yougive more detail about what is wrong or is it a feeling?

Feeling this way is normal - when I first bought my flat, I was so excited and enthusiastic until about a month in and it all wore off.

Suddenly I felt that I had acted too quickly, that I should have waited etc etc etc.

I think it is a normal part of the emotional rollercoaster that comes with buying a home.

The 'oh crap' period wore off just like the 'oh joy' period did and I am happy with where I live.

dboyce15

Just a feeling, that and I think I got my priorities all wrong when searching for a home.

Sadly I haven't reached the 'oh joy' period just yet..