Overpaid on new build flat

PasturesNew

I think you are actually feeling what most people feel about their home.

We overpaid.
Everybody else got a better deal.
Wish I'd waited.
Wish I'd not bought this one.

The fact is - you deal with the facts and choices as you see them on the day.

Just feel OK about it ..... I bet "most people feel exactly the same" about their place.

scottishblondie

smem18 wrote: »

I suppose it’s just that all my friends are having babies and telling me not to leave it too late and it’s made me panic abit because that doesn’t really feel like an option in this flat. I’d prefer to have children around 33-35 as I’m so into my career and it’s really taking off now, but I do just get worried about waiting too long.

I wouldn't worry - I just had my first last year at the grand old age of 33 and we're planning at least one more, but not until LO is at least 2 so I'll probably be 35/36 the next time round. Unless you have some pre-existing condition there is no cause for concern. Plus, babies are small and don't need a lot of stuff at first. They sleep in your room for the first 6 months (current recommendations) so as long as you've got space for a small cot or bassinet in the bedroom you're all set! If you're really worried you can get private fertility testing so you know the state of play.

[Deleted User]

smem18 wrote: »

I suppose it’s just that all my friends are having babies and telling me not to leave it too late and it’s made me panic abit because that doesn’t really feel like an option in this flat. I’d prefer to have children around 33-35 as I’m so into my career and it’s really taking off now, but I do just get worried about waiting too long.

You're friends are probably just jealous because you've made a good career for yourself. Nobody should be put under pressure to have kids until they're ready to.

I'm 30 this June so a similar age to yourself and honestly not even bothered by it. I'll have kids if or when i'm damn well ready.

hazyjo

smem18 wrote: »

(And I know there are penalties for moving before the end of the 5 year fix. Just so you all know we’ve considered that).

Sure?


Might be an admin fee, but if the rate is portable, you should be okay.


Bit late now, but always buy for as long a period as possible. You will very likely lose money if you even think about moving after a year or two (actually, I'd stretch that to 'at least three' in this market). Previously, a house I owned nearly doubled in value over 3 years, and other times it's dropped significantly. It's usually an uncertainty - but with brexit and nerves and lots of people waiting (although exactly what they're waiting for, nobody knows. Bit like seeing a queue and getting on the end of it!), I think it's been pretty much a certainty that prices are going to remain static, drop, with a limited stock of property on the market and fewer buyers.

smem18

hazyjo wrote: »

Sure?


Might be an admin fee, but if the rate is portable, you should be okay.


Bit late now, but always buy for as long a period as possible. You will very likely lose money if you even think about moving after a year or two (actually, I'd stretch that to 'at least three' in this market). Previously, a house I owned nearly doubled in value over 3 years, and other times it's dropped significantly. It's usually an uncertainty - but with brexit and nerves and lots of people waiting (although exactly what they're waiting for, nobody knows. Bit like seeing a queue and getting on the end of it!), I think it's been pretty much a certainty that prices are going to remain static, drop, with a limited stock of property on the market and fewer buyers.

Totally agree. We originally went for a 2 year fix and at the last minute switched to a 5 year and I have no regrets about that at all. Interest rates have gone up a bit now and I am very happy to not have to faff about with remortgaging later this year. Our mortgage is indeed portable, so that option is there.

You are all right though. I’m really worrying over nothing. I don’t want babies right this moment anyway and should just enjoy our first home together. Because we bought well within our means we have been able to go on some dream holidays the past couple of years as well, which I am so grateful for.

silvercar

Waves from over the bridge!

I wouldn't worry too much. Once the new ones have been completed prices of the existing blocks should recover. Blocks like Gemini Park and Todd Close have taken a real hit at the moment because of competition from the HTB available on Franklin Court/ the ones behind the venue. Once they have been sold off the competition will be less.

You are in a good location with shops, roads and trains nearby. Chill out!

getmore4less

£20k on £320k is 6.25% well within the range of its worth about £X.

How many more are for sale in the block not unusual for the last few to get a bit off so the developer can shut up shop and move on, sometime they sell a few to a investor at a discount and investor keeps them for a bit and then sell(as new).

5y fix go with a 5 year plan and nail the saving.

The other thing is look at the interest as rent and if this is lower than you were paying(you say you got a good rate) the excess is bonus money towards your equity that you would not have if you had waited a year for the cheaper one.

ACG

Chances are you wont have overpaid massively, maybe just the top end.
A surveyor would have valued the property and it would have had to have been in the realms of normal.

When you bought 12 months ago the market was in full flow and you probably did buy at the height of the market. With Brexit, there has been a bit of a dip in house prices/enquiries, nothing too major thankfully. Hopefully when Brexit gets sorted, things will settle down and you can see where you are at then.

In terms of kids, we had our kid 2 years ago at 32. You still have plenty of time on your hands. Get some big life events out of the way - we did Vegas and LA which quite a big expense but probably something we will not get chance to do again for some time.

deadendwaterfall

Deleted_User wrote: »

Your ovaries don't stop working after your reach 30 you know. Lots of women have children in their mid to late 30's and even into their 40's. In fact I believe it is becoming more common to have kids later.

Think you just need to calm down a bit.

The fact you are overpaying your mortgage by 550 a month tells me you can afford something bigger anyway. If your desperate to move then you may just have to take the loss and move on.

Sometimes it does pay to skip the starter home and just go straight for a 2 or 3 bed house if you can afford it.

But there's a higher risk of the baby having Down's Syndrome or something similar if the mother is 40+.

Gwendo40

PasturesNew wrote: »

I think you are actually feeling what most people feel about their home.

We overpaid.
Everybody else got a better deal.
Wish I'd waited.
Wish I'd not bought this one.

The fact is - you deal with the facts and choices as you see them on the day.

Just feel OK about it ..... I bet "most people feel exactly the same" about their place.

Actually I'd disagree with this.

I think the OP is in a very small minority in at least having the common sense to recognise that they paid too much for a property (albeit a bit too late)

Most buyers who overpay will celebrate like they've just won the lottery when they take on a lifetime of mortgage debt to buy some massively overpriced ex crack den, whether that's through stupidity or just stubborn pride who knows?