Feeling so stuck with my house

fkr

I am hoping that you may be able to give me advice or tell me about your experience. I bought a house from a small developer 2 years ago for £250k using all my savings. I immediately lost my job and life has been hard. Two months after I bought, the developer started offering £20k cash back to buyers and has now dropped the prices by £45000. I need to get away from there as I have developed severe depression but, as the other 4 properties the same as mine still haven’t sold, I feel stuck. The houses are in a desirable suburb and other house types have sold. I have put my house on the market for £200000 but there’s been no interest, despite it having several extras compared to the others on sale which are also now looking very worn out as the developer won’t invest in maintaining their appearance. Does anyone have any idea what I can do, e.g find an investment buyer (I understand the house would rent for around £1000/mth)? Or, is there any legal comeback I could have against the developer for blighting the price? Please help…it would be so appreciated. Apologies for long post!

marliepanda

fkr wrote: »

I am hoping that you may be able to give me advice or tell me about your experience. I bought a house from a small developer 2 years ago for £250k using all my savings. I immediately lost my job and life has been hard. Two months after I bought, the developer started offering £20k cash back to buyers and has now dropped the prices by £45000. I need to get away from there as I have developed severe depression but, as the other 4 properties the same as mine still haven’t sold, I feel stuck. The houses are in a desirable suburb and other house types have sold. I have put my house on the market for £200000 but there’s been no interest, despite it having several extras compared to the others on sale which are also now looking very worn out as the developer won’t invest in maintaining their appearance. Does anyone have any idea what I can do, e.g find an investment buyer (I understand the house would rent for around £1000/mth)? Or, is there any legal comeback I could have against the developer for blighting the price? Please help…it would be so appreciated. Apologies for long post!

You have no comeback against the developer, you were happy to buy a 250k house and you got the house you expected.

An investment buyer wants a cheap house. You appear to be selling it for more than the market will pay, as neither you nor the developer can sell at 200-205k.

Aylesbury_Duck

Can you take in a lodger to create some income in the immediate term?

PhilE

Whats the problem with the house?

cashbackproblems

new builds are always overpriced and in todays market you bought at the wrong time to avoid negative equity. can you afford the mortgage?

fkr

Thanks for replying. I realise it was my mistake buying the house and then losing my job was just how life can be sometimes. I will probably look at renting it out and move somewhere else, if I find a job anywhere. The property is in the north east, the market has been slow and finding a job difficult since I turned 50. I really appreciate all the responses.

victoriavictorious

fkr wrote: »

Thanks for replying. I realise it was my mistake buying the house and then losing my job was just how life can be sometimes. I will probably look at renting it out and move somewhere else, if I find a job anywhere. The property is in the north east, the market has been slow and finding a job difficult since I turned 50. I really appreciate all the responses.

Nothing helpful to add I'm afraid, but I hope it all works out for you. Fate often has plans for us that don't always make sense at the time but maybe one day you'll look back and see that this has happened for a reason.

Cakeguts

I would suggest that you start by looking for a lodger. Then you have some income and you can look for any job you can get. Then pay more into the mortgage each month so that you get it reduced as fast as possible.



If you have depression you need to get some sort of work. Two part time jobs are better than nothing at all.

PhilE

fkr wrote: »

Thanks for replying. I realise it was my mistake buying the house and then losing my job was just how life can be sometimes. I will probably look at renting it out and move somewhere else, if I find a job anywhere. The property is in the north east, the market has been slow and finding a job difficult since I turned 50. I really appreciate all the responses.

I appreciate you've been going through a hard time, but if you have a nice house with decent neighbors dont be quick to sell it. Having a good home is something special, many have to move repeatedly until they find what they are looking for.

Get some help for the depression, stay active, keep moving forward. Don't sign yourself off as too old, your below retirement age.

Maybe rent and travel for a while, if you have no obligations with kids, partner, old parents you have a freedom many don't. Look out for the silver lining of the dark cloud.

Gwendo40

Don't beat yourself up, there are many, many people out there who have similarly got caught up in the giddiness and hype that comes with this current property bubble and have subsequently also paid far too much for their houses, especially new builds.

At best they're going to be lifelong mortgage slaves, at worst they're going to also find themselves in negative equity should their circumstances change and they need to sell or alternatively could end up struggling to afford to pay the mortgage should ''emergency'' interest rates ever come to an end,

Crashy_Time

fkr wrote: »

Thanks for replying. I realise it was my mistake buying the house and then losing my job was just how life can be sometimes. I will probably look at renting it out and move somewhere else, if I find a job anywhere. The property is in the north east, the market has been slow and finding a job difficult since I turned 50. I really appreciate all the responses.

Do you really need to move from the house/area to find another job?