Reselling after 18 months - yes or no

saelio12

Hi


We bought our first house in August 2017 , the market was very in demand in our area and what I can only look back at a time where we rushed the process, desperate to lock down the cheap interest rates and by the time we found this house we were so bogged down with being out-bid that we decided to just add 5k to the asking price and be done with it (I can't quite believe it when I say it out loud now).
This now, sounds absolutely crazy to me, we've moved in, noticed that the basic cosmetic updates is way more work, the kitchen is in a worst state than we first realized and basically I think we overpaid on the house by at least 10 k (guesstimate based on what else I've seen sell since).


On top of this the following issues are noted:
- We knew the kitchen extension didn't have copies of building regs - but we accepted an indemnity polics
-The re tiling of the roof by prev owner has no proof of warranty (an oversight by us to not ask, survey did confirm it was fit for purpose)
-The rear access to garden is via next door's drive, since extension takes up the rear side of the house. Sellers said we could use the gate and go down the drive - neither us or the solicitors really questioned this more to confirm, and I feel like this will be a really big limiting factor now.
- We have been burgled once (we left handle of a window up so they basically just had to pull the window open and climb in), then an attempted burglary whilst house was unoccupied over Christmas break where the patio door window was smashed in (and claimed on house insurance).
- Kitchen looks like it probably needs an upgrade to resell, we think it looks old, and I have no idea what we were thinking...
- Other minor updates probably mean we could do with spending another 1k just on some carpeting, reflooring bathroom and extractor fan


We have invested a few k's in since moving in, repainting walls nicely, (looks way more modern), recarpetted two rooms, new rockdoor front door, and some minor damp proofing on back wall of ground floor.


I really want to move but I am so worried the value of the house is way off kilter with our bought price, there are issues we didn't worry about during buying that we think are actually going to put people off , we need to invest more in it to make it more of an overall sellable home, and lastly we have been burgled twice and this will have to be declared when going through conveyancing. We are nestled between two very affluent suburbs, but we now realise we have bought in the area which is known to be less safe for the area.


We really did mess up, and I'm lost/paralysed/upset with how to proceed, we sell at a lower cost and lose equity or we stay put unhappy for years. Or we might not even get it sold at all given the problems?

ciderboy2009

If you're selling after just over a year then losing money is pretty much inevitable when you include costs of fees, surveys etc.

Having said that, have you actually had any Estate agents arount to value the house yet? They'll be the best people to let you know how much it's likely to sell for.

hazyjo

The valuation would likely have been down-valued if you overpaid by that much at the time.

If anyone asks, just say 'it was in huge demand'. If anything, it's surely likely to make it more desirable in their minds.

Burglaries happen EVERYWHERE. Not sure if you're saying it's contributing to you wanting to move? Or just worrying about declaring it? I would make it a plus point and say how you've improved security since.

Can the kitchen cabinets be painted? Or just replace doors, handles and/or certain parts of it?

I think you're overestimating what needs spending.

Why are you moving so soon?

Alan2020

Would be helpful if you post the right move link so people can give you an idea.

I think you are being very unrealistic in your expectations. No house will be perfect and you pay what you pay at the time of purchase and sell at what the market is at the time of sales.

You can get burgled anywhere, you need to be more friendly with your neighbours, this will mean you can use your side access and less likely to be burgled.

Did you try to leave a christmas card for all neighbours and perhaps chocolates for the immediate ones. These all help in building relationships. You won't get burgled easily if people are looking out for you.

However every house will have something lacking and will need work doing. It's a pipe dream for the perfect house, it doesn't exist!

bouicca21

It only took one burglary for me to decide that a burglar alarm was essential.

Yes you will lose money if you sell so quickly. When you add up the cost of moving and subtract it from the potential sale price, would you be left with enough to buy somewhere better? If you are just going to buy somewhere similar, why not stick with problems you know rather than risk equally (or even more) expensive new ones?

Crashy_Time

There will be plenty of people who have over-paid by a lot more than 10k, if you can get out with a 10 or 15k price drop is that not better than living somewhere you hate?

PhilE

You've had a few issues there, but nothing that many people go through.

With the burgalries you need to upgrade your security. I had to do the same.

Im not seeing why you want to sell here; if you had neighbors from hell or just discovered bad subsidance I'd understand.

Is there something you're not mentioning?

Gwendo40

Don't beat yourself up too much, at least you're brave enough and (with hindsight) sensible enough to realise that you overpaid in the first place... unlike most people who overpay for property in this current market then refuse to admit it through pride or stupidity.

I'd sell up and cut your losses, your happiness and mental well being is far more important than losing a few £k in imaginary equity.

Sibz

I don't necessarily think how long you have been in a property affects whether you would lose money reselling it. I see the points about EA costs etc so soon after paying them before - but you'll have those costs whenever you sell. The mortgage may be another story - but you'd need to talk to your lender/FA about that.

If you have overpaid by a considerable amount - that's what will determine how likely you are to make a loss. I sold my last place 2 years after buying it for more than I paid (and I think I paid up to 5k more than I should have - on others advice - how quickly they accepted the offer made me instantly regret not going in at the level I wanted to lol) - That said, we done considerable work to the property to improve it practically (not just cosmetically) so very little of that amounted to profit. There can be many reasons for moving house sooner than intended/anticipated (work/upsizing/family reasons etc) - best not to let people think its something that puts pressure on you to sell quickly though or you'll get some less than desirable offers.

ashe

Retile/skim the kitchen walls, put new flooring in, buy a new oven/hob/hood, put new doors on the cupboards & add some spotlights... will make the kitchen look a lot better

ACG

There are cheap ways to make the kitchen look better - just replacing the doors for example - although I suppose it depends on the rest of the kitchen as modern cheap and cheerful gloss doors might look odd in a rustic traditional kitchen.

Why not bang it on the market for a price you would be happy to sell for? Get some agents round and see what they say. If it is looking like you wont break even then at least you know where you stand.

The more I read, the more I think house prices will remain fairly stable over the next 12 months regardless of brexit. So far I have read about losses, stable and 4% rise. Demand is still there, we have started the year busy where as normally January is a write off so dont assume you have lost money.