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Would you buy an "overpriced" house
catshark88
Posts: 1,099 Forumite
Just interested really as I may be about to do this and although very happy with my decision, I am a little embarrassed when explaining it to the surveyor!
So,
Assuming it's a cash purchase and tht affordability was OK, would you buy a house you loved, if it was more expensive than previous sales (of same quality) suggested that it should be?
(The one I'm looking at is part of limited housing stock of that size and type, in a very small town, is exactly what I'm looking for I'd hope to own it for life.)
So,
Assuming it's a cash purchase and tht affordability was OK, would you buy a house you loved, if it was more expensive than previous sales (of same quality) suggested that it should be?
(The one I'm looking at is part of limited housing stock of that size and type, in a very small town, is exactly what I'm looking for I'd hope to own it for life.)
"Have nothing in your houses that you do not know to be useful, or believe to be beautiful." William Morris
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Comments
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If it was the right house, yes.
I wouldn't pay way over the odds though. There's paying what you are happy with/think it's worth, then there's being bent over completely.0 -
For a long-term house: Yes (within reason). Over 20 years or more, the price you paid makes a lot less difference thanks to inflation.
For a short-term house (up to five years): No.
We went £11k over what we thought was the 'right' price, but it was a £470k house so only 2.4% over!0 -
You pay what it's worth to you.
If that's the house you want and you can afford it, then buy.
But if you think it's over valued, maybe nobody else will buy and you'll be able to haggle.Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
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The reason house prices go up is because people keep paying over the odds
It's just that most people like to pretend they're not
Changing the world, one sarcastic comment at a time.0 -
The value of a house is always subjective within some range. I would buy towards the top of that range if it was a dream house. But there must be a limit. By how much do you think it is overpriced in % terms?0
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your question is not a question.
No one can possibly pay more than a house is worth.
A house is worth what someone is willing to pay for it.
it may not be good value, it may not earn you money on resale, but it was worth it to the buyer, or they wouldnt have paid.0 -
martinsurrey wrote: »your question is not a question.
No one can possibly pay more than a house is worth.
A house is worth what someone is willing to pay for it.
it may not be good value, it may not earn you money on resale, but it was worth it to the buyer, or they wouldnt have paid.
We had a buyer of a flat we were selling offer more than the surveyor thought it was worth and it was downvalued. So if he'd been a cash buyer and paid what he thought it was 'worth' he would have paid more than he actually did in the end.Make £2025 in 2025
Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
Total £915.94/£2025 45.2%
Make £2024 in 2024
Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
martinsurrey wrote: »
A house is worth what someone is willing to pay for it.
it may not be good value, it may not earn you money on resale, but it was worth it to the buyer, or they wouldnt have paid.
Absolutely; nobody likes to feel that they've been ripped off, but if you love the house and it's worth the money to you then it doesn't really matter if it was overpriced. So long as you're pleased with it, that's the most important thing.
May you have many happy years in your new house! A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.0 -
As a home yes, as an investment no.It's someone else's fault.0
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Missus_Hyde wrote: »Absolutely; nobody likes to feel that they've been ripped off, but if you love the house and it's worth the money to you then it doesn't really matter if it was overpriced. So long as you're pleased with it, that's the most important thing.
May you have many happy years in your new house!
Agree with this too.0
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