Bought property, big mistake :( any words of wisdom?

pelirocco

Crashy_Time wrote: »

You are going to lose money, accept it and move on, most importantly LEARN FROM YOUR MISTAKE, and don`t listen to the herd in future.

Buying a property is a long term investment , they may 'lose' money or they may 'gain ' if they. HAVE sell at the wrong time . Unlike renting where you never see any return for your money .

pelirocco

Crashy_Time wrote: »

Problem is that you can`t cash out of property like stocks and shares, it is an illiquid investment, being highly leveraged (Interest Only for example) makes this even more dangerous IMO, especially in the massive bubble that we now have, which could pop at any time.

So house prices go down ? For the vast majority of home owners it doesn't mAke any difference to their day to day living

GaleSF63

You are probably suffering from a combination of feeling flat after the worry/stress/excitement of buying your own place, feeling overwhelmed by the realisation of responsibility and possibly January blues.

From what you say you would like to move in 2-3 years if your partner's job allows it, but with no compulsion, so don't get dates set in your mind. If the market isn't right, wait.

Enjoy your new freedom; when the weather perks up find all the lovely places in Hertfordshire and further afield to walk, visit etc.

Please enjoy living in the present and don't constantly worry about the future and spend your time thinking it will be better after your next move. I have a friend who has always seemed to look ahead to when it will be better after the next move, next job etc. and it seemed to me that she forgot to enjoy what she already had.

Good luck!

Fedupofworrying86

Thanks all,
Yes GaleSF63, i completely agree, until this whole flat purchasing process i would always be the one saying to enjoy the moment, appreciate what i have now and deal with this as and when they actually need to be dealt with! Im just trying to get that back as iv done the opposite since November, hence why i came on here
I think some people are too quick to 'enjoy' the thought of a bubble and a crash but the effects of a bubble here would effect everyone. If all new buyers went into negative equity, the market would collapse, bank would struggle, public spending would fall and the repercussions would be huge, so i am very doubtful that the government will do anything that could cause that after what we saw in 2008. I think things will slow and maybe plateau for a couple of years, id be fine with that.
Its just i think given our immediate area and with the likely slow down, that if we want to sell in 2/3 years for lifestyle reasons (moving back up nearer to home etc) that we might struggle not to make a loss.
So unless im proven wrong which i hope i am, i think the reality will be, a little loss or stay longer than planned, say 5 years..,
Knowing myself if i want to move i'll go with a small loss rather than hang on, but it was a big loss its different, sure il be back on here then!!
In the meantime, trying to book things and plan things to make the next couple of years more enjoyable and NOT flat-focussed!!

nubbins

I think in 3-5 years you will look back on this period in your life and wonder what on earth you were worrying about. As Gale said, enjoy your life and your home.

catshark88

Fedupofworrying86 wrote: »

Yes this is true, hopefully prices there will stay relatively low

Oh, the irony! ;-)

ruggedtoast

I sense the presence of the forum wraiths from HPC.co.uk.

These kinds of posts on MSE are like Frodo putting on the ring, for them.

Jhoney_2

Fedupofworrying86 wrote: »

Thanks all,
Yes GaleSF63, i completely agree, until this whole flat purchasing process i would always be the one saying to enjoy the moment, appreciate what i have now and deal with this as and when they actually need to be dealt with! Im just trying to get that back as iv done the opposite since November, hence why i came on here
I think some people are too quick to 'enjoy' the thought of a bubble and a crash but the effects of a bubble here would effect everyone. If all new buyers went into negative equity, the market would collapse, bank would struggle, public spending would fall and the repercussions would be huge, so i am very doubtful that the government will do anything that could cause that after what we saw in 2008. I think things will slow and maybe plateau for a couple of years, id be fine with that.
Its just i think given our immediate area and with the likely slow down, that if we want to sell in 2/3 years for lifestyle reasons (moving back up nearer to home etc) that we might struggle not to make a loss.
So unless im proven wrong which i hope i am, i think the reality will be, a little loss or stay longer than planned, say 5 years..,
Knowing myself if i want to move i'll go with a small loss rather than hang on, but it was a big loss its different, sure il be back on here then!!
In the meantime, trying to book things and plan things to make the next couple of years more enjoyable and NOT flat-focussed!!

Congratulations on your new home!

• As someone has already said, by overpaying your mortgage as much as possible, you will minimise the possibility of having a mortgage that is more expensive than your property e.g negative equity.

• You are also in a good location near the new transport links coming to the area so further tick in terms of price stability and interest from buyers in the future.

Now enjoy it! There much better things to think about.

Hoploz

To be in negative equity your property would have to be worth less than the value of the mortgage. I assume you have paid a deposit of perhaps 20% or something. In which case prices would not need to just settle, but would need to plummet by 20% in order for you to actually be in negative equity.

Negative equity in itself is not the end of the world. You just carry on paying your mortgage and stay put. The problem in the early 1990s was that interest rates were up at 13%. That meant people could no longer manage their mortgage payments.

A price crash of 20% and interest rates at 13% are not going to happen in your schedule of the next 2-3 years. It does not require a crystal ball to tell that.

Ignore the HPC website people who are on here at the moment. I do not understand why they spout this stuff. There are enough responses on your thread to tell you you will be ok.

Conrad

'Its just i think given our immediate area and with the likely slow down'

Prices are still in the relatively early stages of the recovery cycle, I think the trend will be rising prices for some years to come. Fundamentally property is in short supply especially in the SE.
Interest rates are at ludicrously low levels and future rises will be small, or would quickly send the recovery backwards.


The only people I've known loose money on property are those that panic sell / sort of give up. My Brother in the early 90's was convinced prices would never rise and sold at a big loss, and yet ten years later the price had increased 3 fold.


You're so lucky compared to many in the world. Not only have huge numbers of Syrian children found their home and community bombed flat and themselves orphaned but they are now being taken by gangs for organ harvesting and poooorn. Imagine loosing everything, being a terrified 4 yo facing this. Our petty little up's and downs in Britain really seem insignificant so for heavens sake enjoy your life and stop being so small minded!