Overpaid for house...

pinkteapot

Davesnave wrote: »

And specific question to one person.

Specific person who last posted in January...

I'm still waiting for Crashy Time to arrive on this one though.

Crashy_Time

Wait no more. Most recent buyers have over-paid for their house, it isn`t that big a deal nowadays it seems?

Onemanandtwolittleladies

Just enjoy your house. Believe me, in 12 months or so, whatever you paid will be irrelevant.

Davesnave

As ever, it depends what it is, where it is and what it represents to the buyer.

The price of a property, secured after 18 months of extensive searching and intended to to last for 20 years, or even see the buyers out, is going to matter less than a new -build FTB purchase.

Crashy_Time

Onemanandtwolittleladies wrote: »

Just enjoy your house. Believe me, in 12 months or so, whatever you paid will be irrelevant.

Unless you are getting a sizeable discount I find that hard to believe TBH, the Trump/China spat alone has the potential to cause global economic shock waves that make it critical to think hard about paying bubble house prices now IMO.

Mnd

I don't understand this worry about house prices. Surely it is worth 1 house. We bought ours 15 years ago for 167500, and we have just been offered 300000, and it's not even for sale. But I don't have 132500 in cash, I've got our home. What we don't have is any housing costs as we've paid off the mortgage

Crashy_Time

Mnd wrote: »

I don't understand this worry about house prices. Surely it is worth 1 house. We bought ours 15 years ago for 167500, and we have just been offered 300000, and it's not even for sale. But I don't have 132500 in cash, I've got our home. What we don't have is any housing costs as we've paid off the mortgage

Who pays if the roof gets damaged or the boiler breaks? You always have some housing costs. Do you have a link to your general area on Rightmove (not your house obviously) so we can see the price action?

jimbog

Crashy_Time wrote: »

Who pays if the roof gets damaged or the boiler breaks?

A good question. Not every landlord as other threads on here illustrate

RelievedSheff

At what point will people start to see a house as a home and not a pot of cash?

If you have no plans to move it is irrelevant what it is worth.

Davesnave

RelievedSheff wrote: »

At what point will people start to see a house as a home and not a pot of cash?

If you have no plans to move it is irrelevant what it is worth.

It isn't totally irrelevant.

People may have no plans to move, but the nature of the world is to change; an accident, illness, or other sudden event may make a home totally unsuitable, so then, like it or not, moving is on the cards. At that point options are related to the price obtainable. The 'pot' will matter a great deal then, especially if the desired move is from, say, Middlesborough to Mitcham!

I agree that the 'home' aspect is the most important thing for day to day living, but to say, "It's not important what my house is worth" is somewhat dishonest IMO, just as it's daft to suggest that home ownership is the best solution for everyone.

People have a range of options concerning what to do with their money. Those that give flexibility might be more important for some. I agree a house isn't a very flexible sort of investment, but it's a form of investment nonetheless.