Not Settling Into New House

Beancounter

We moved house 2 months ago. The house we settled on was very much a compromise as the one we really wanted went the day before we could offer and the other preferred option was ultimately out of our reach financially.

I am finding the house we are in too small and cramped. We are both missing the utility room and the larger rooms we had before we have always had and the cost of extending is just too high in my area. We have now had an inheritance and can afford anything we want so need to decide if we just cut our lossses on this one and put it up for sale or stay put in the hope that we will settle. Of course there is always the risk that we sell here and end up having to compromise again!

As I say we can add an extension to give us what we want but it's like tarting up a Toyota to look like a Lexus when you can just trade in your Toyota for a Lexus for the same cost

Has anyone here felt like moving again right away? Did you stick it out or just go for it?

Alchemilla

What is the opportunity cost of using your inheritance money for housing?

What else could you do with the money?

bouicca21

It's taken me a year to settle into my new place, which was also a compromise. But, you know what, I now love it. I can see all the positive features and when I think back to what I initially wanted I see all the negatives in them. Sure I could do with a bit of extra space, but actually what I have got is pretty good.

Give it at least 6-7 months before making a decision. Buyer's remorse is often a transient condition.

Kinski

We've been in our new place for 9 days and I feel like I've made a big mistake, we left a large six bed roomed three bathroom Victorian terraced town house for a 1950's three bedroomed one bathroom semi. I like the house, it's in an area we used it live in and still have friends in but it's not home, a lot of our furniture is to big and needs to be replaced which is fine as we don't have a mortgage and have quite a lot of money left from the sale of our old place. I'm hoping that once we gets some new furniture and get the rooms looking the way we want then I'll feel better about the place,at the moment it doesn't feel like home. Sorry for the moan but it was nice to get that of my chest ✌️

Beancounter

Alchemilla wrote: »

What is the opportunity cost of using your inheritance money for housing?

What else could you do with the money?

To be honest we have no real need for the money at present, it will be sitting in various savings accounts earning peanuts. We also have a paltry mortgage which was only taken out to take advantage of the interest at Santander's 123 account.

Having said that I don't want to squander the money and it would be nice to have a decent sum in the bank for later years.

bouicca21 wrote: »

Give it at least 6-7 months before making a decision. Buyer's remorse is often a transient condition.

I don't hate the house but just find it hard to like it if that makes sense. Trouble is I think we are just down the road from a house we had to sell 12 years ago due to my wife losing her job due to illness and the house we really want is the same style as that so perhaps I want to make good a bad situation.

Beancounter

Kinski wrote: »

I'm hoping that once we gets some new furniture and get the rooms looking the way we want then I'll feel better about the place,at the moment it doesn't feel like home. Sorry for the moan but it was nice to get that of my chest ✌️

I had new flooring laid in the lounge and dining area this weekend and the decorator has started painting so **hopefully** once that is done it will look like OUR house and not the old person's waiting room it did when we moved in!

Trouble is everything I am doing in the place is with selling on in mind!

Thrugelmir

Beancounter wrote: »

As I say we can add an extension to give us what we want but it's like tarting up a Toyota to look like a Lexus when you can just trade in your Toyota for a Lexus for the same cost

Both perform the same function though. A car is a car. The more expensive it is the more it costs to run.

PasturesNew

As you're overflowing with money, probably the best thing to do is sell what you've got.... then rent, with all your money available - waiting for "the right house".

missbiggles1

Could you rent out your current house and use your new found wealth to buy what you really want?

phatbear

A couple of issues with selling up:

What will prospective buyers think of this action? Personally as a recent buyer i wouldnt have bought somewhere like your house due to concerns that you may have un covered something wrong with the property or area and youre trying to pass the buck.

Also my mortgage adviser told me that its darn hard to get a mortgage on a property that gets turned around in less than 12months so you would need to find a cash buyer and price it accordingly due to the previous concern i mentioned

Beancounter

PasturesNew wrote: »

As you're overflowing with money, probably the best thing to do is sell what you've got.... then rent, with all your money available - waiting for "the right house".

"Overflowing with money" might be a litle exaggeration, we have enough to let us buy the house we wanted before but I certainly won't be retiring to Barbados or having Bollinger on tap!

It was from the sale of my late father's very modest 2 bed ex council flat.

When i said we could afford anything we want I meant it was the difference between a £250K house and the house we really want at £300K.
Renting was something we could consider for the moment.