Dealing with fear of overpaying

hounsehunterftb

Thanks guys for all the advice. Yes I will try not to think about it rather I am not. Feeling much more relaxed. We are going to see the house again this weekend. Also would start the mortgage process soon now that the property is marked as "Sold STC" on the sites

Thanks all !

teddysmum

My advice is to buy and be happy with what you have (as you say it's ideal), then don't look at what others are selling for, until you need to move on.


On a smaller scale, but you will go through life wondering if you overpaid for things: I bought a tv , only to get an email from Richer Sounds, two weeks later, advertising the size larger, which was £100 more at a price £50 less than I paid.


It's annoying, but the deed is done,so no pint in worrying, as with the laptop I just bought (my keyboard is on its way is unreliable) , which may well be on offer in the coming weeks, as the manufacturer regularly upgrades and sells the old models off.

Hoploz

I worried when I bought my first flat in 1999.

I sold it in 2004 for almost double what I paid.

So there was no need to worry after all

kerri_gt

We bought our current house last year - not at the best time perhaps (various factors pushing prices up and fast) but it was our time to buy. Ideal budget went out the window but have a lovely house to make a home which - good winds prevailing, we can afford to pay for and live, and do work to.

Had we bought before we might have paid less for a different house in the same area, no idea what ours is worth now but after the same wobbles as you (as in 'OMG HOW MUCH ARE WE ABOUT TO COMMIT TO') I've settled to accepting that we paid what we thought was reasonable at the time, obviously the vendors and mortgage company felt the same and now we're in the house making it our home.

Wobbles are perfectly normal.

Crashy_Time

Hoploz wrote: »

I worried when I bought my first flat in 1999.

I sold it in 2004 for almost double what I paid.

So there was no need to worry after all

Different market now though, the OP needs to be comfortable with maybe a 40K loss if rates rise and Brexit/EZ etc. gets sticky? If you love the home and can stomach the loss, go for it.

hounsehunterftb

Crashy_Time wrote: »

Different market now though, the OP needs to be comfortable with maybe a 40K loss if rates rise and Brexit/EZ etc. gets sticky? If you love the home and can stomach the loss, go for it.

40K ! how do you work that figure out? We do know we are over paying but only say by 5-7K. I doubt anybody can stomach that much loss

hazyjo

Crashy_Time wrote: »

Different market now though, the OP needs to be comfortable with maybe a 40K loss if rates rise and Brexit/EZ etc. gets sticky? If you love the home and can stomach the loss, go for it.

The fact it's a house and not say a one bed flat prob means they're there long term.


Not really a loss unless you have to sell. And prices will rise again eventually so it really doesn't matter.


If you say they might get it say £40k less in say two years' time - well, that's a big maybe. No guarantee prices will go down, and you never know how hard it would be to get a mortgage in a falling market, who knows what mortgage deals/rates will be out there, plus I presume they'd have rent to pay elsewhere for that period. Swings and roundabouts. Just buy when the time is right for you - for a HOME to live in, not to try and milk the markets as though you're an investor.


Could just as easily double the value in four years as my house has done.


Jx

shortcrust

I feel like I overpaid for my house, but I loved it and there weren't any alternatives that even came close during 12 months of searching. If the market crashed tomorrow I honestly wouldn't care. I paid what I had to pay to get the house I wanted and I'll (touch wood) have many happy years here. If there were loads of similar properties knocking around I would probably feel differently.

ReadingTim

Crashy_Time wrote: »

Different market now though, the OP needs to be comfortable with maybe a 40K loss if rates rise and Brexit/EZ etc. gets sticky? If you love the home and can stomach the loss, go for it.

Equally, the OP need to be comfortable with maybe a 40K gain if rates stay the and Brexit is the resounding success it was promised to be. If you love the home and can stomach the gain, go for it.

hazyjo

hounsehunterftb wrote: »

40K ! how do you work that figure out? We do know we are over paying but only say by 5-7K. I doubt anybody can stomach that much loss

Crashy has been predicting a crash constantly (even after the crash) for years. I'd not have 'made' over £250k in four years...