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

Jhoney_2

OP, I know you are worrying because of what you heard about things, so let me refer you to the report today.http://www.bbc.co.uk/news/business-30915205

Sweet dreams....

Jack_Johnson_the_acorn

Crashy_Time wrote: »

This is the original post, which sadly you have changed to suit your little world view narrative :rotfl:



"Possibly because at the height of the RBS crisis I rented a house in the same street as Fred the Shred (only knew he was there when all the protesters started turning up) and paid 1000 p,m (split three ways) We reckoned that house would have been 800k to buy at the peak (VERY large garden) So frankly either your figures are off, or you don`t know value, or there is no value where you live (SE?) "


https://forums.moneysavingexpert.com/discussion/5044745

Yawn, so you admit that what I have said was true..... Finally.:D

Phil_Spencer

Remember the first rule of property buying: location, location, location!

Liam999uk

Phil_Spencer wrote: »

Remember the first rule of property buying: location, location, location!

That is very good advice.

Fedupofworrying86

Hi all, thanks for everyone's advice, i wont reply to everyone but i have read every single comment and taken your thoughts in. You have given me a lot of positives to counteract my annoyingly negative head. I think i have been so set on doing 'the right thing' since uni, i.e getting on the property ladder etc, that when in reality it was hard to know what IS right or wrong, i just got too sucked in by the negativity on the internet. I know that negativity spreads and sells ten times quicker than no news or good news, and know that over time things should go up- if they dont thats more than just a property issue.
I think i just need to take with me that it doesn't really matter even if we did make a small loss. It only affdcts us and if we had to start saving again in 3 years then we'd just do that-some people are still travelling the world at our age. Wev stayed near enough to work in london for a few more years because we are still young, love london and are hoping to pursue job opportunities her that could far outway any loss we'd make or any better off property-wise we'd have been moving to the midlands now rather than later.
Im going to do my best to just enjoy the good things about my new flat for the next two years and not waste any more time/energy on worrying (cant promise that but il try) on worrying about something completely irrelevant to now, and hope that when we do come to want to move again, wev moved on in other ways so thats things are less hinged on whether we gain or lose on the sale.
I hope others in the same position take advice from this thread! Its quite distressing when you do something you THOUgHT was for the best and then regret it- esp when you cant admit to anyone else...
Il be back on here for some more thoughts when we next move...
For everyones sale im hoping for a steady/more stable/positive market which can be maintained for years to come.

padington

So, it turns out that the property market has bolted ahead and rises have again been pretty decent for property owners. Perhaps the HPC gang feel a little silly nominating this post as an example of MSE stupidity ?

BLTKING

never mind the HPC lot , half of them will never buy whatever the price even if a 75% drop happened overnight :rotfl:

i dread to think how many peoples lives they have screwed up by telling them to wait
they are a sick sadistic group of people deliberately trying to change peoples opinion and scare them into submission , either you comply with their message or you get banned.

so far the site has been wrong since its conception and i doubt they will ever be right too many variables for houses to drop significantly , that lot over their will die in their rented homes.

soushinnokoe

Hi, not going to be a 'huge' help but something to take the weight off a little bit.
‎
First of all, congratulations on your new home. A home is security, and an investment. It's something be proud of, something that is YOURS. You worked and sacrificed hard to get it, now you have it. Use it to your advantage.

I know the market changes all the time, and prices can drop or grow. My advice would be to not worry or stress about it. In 2 years or so when you want to move, you could simply rent out the property at a price that 1) will pay the mortgage 2) may even pay a bit extra to the mortgage. That way you could go back to renting .. wherever you wish to move to... while your property is paid for , mortgage up to date and waiting for a market boom.!

Obviously you could top up mortgage payments yourself also, as the tenant's monthly rent could be X amount to cover just a smidge over the mortgage price per month, and you and your partner could make an overpayment with any excess money you may have each month. Then in a few good years, when market prices go up, sell it.

This way. You will have a property, make money, rent your own place before deciding to buy, and hopefully sell yours in Watford when the market is up for a good profit.‎ All while only paying rent in your new place.
‎
Hope this has given you an insight. You don't NEED to sell it at a loss, just hold off until the market gets right. Renting it out will cover mortgage payments etc and you can reap the rewards later down the line.

‎:j

Midas

Would be interesting if the OP could post the current Zoopla or similar valuation of their home, 15 months on.

westernpromise

Zoopla says Watford up 7.42% in the alst 12 months and 38% in the last 5 years.

OP should be OK.

http://www.zoopla.co.uk/house-prices/browse/hertfordshire/watford/?q=watford&results_sort=newest_listings&search_source=home