Feeling I have overpaid

lalala1512

Here I am, another FTB can’t stop thinking I have overpaid for my house!

The house was originally marketed for 325,000 and I got accepted at 314k for it since when I checked the sold prices of similar ones in the same development, all of them were in a range of 310k-315k. My first offer was 310k and the seller came back stating they were thinking 318k. Being an overenthusiastic, I decided to meet halfway, hence 314k. The house was built in 2013 and is in a nice neighbourhood and despite it is technically a semi-detached with 2 bedrooms and 2.5 bathrooms, it is small. I didn’t really realise how small it is after I really moved my stuffs in. It was in a good conditions throughout but needed re-painting £700. Then I moved in and the ensuite toilet had water leak through the floor so now a big damp patch in the living room ceiling. I have fixed the leak but not the ceiling so I am not really enjoying the house so far. I have been checking Rightmove (not a good thing to do I know), one house with 1.5 toilet is marketed as OIRO 315k, one terrace with the same features is marketed as 325k, and worst of all is one with the same features that was sold for 305k! All of these houses were built before mine, being 2008 2011 and 2012 in order of exceeding prices. Still I felt like I have overpaid and should have stuck to the 310k offer. I can’t really take this feeling away so would love to hear some stories to reassure myself

quantumlobster

I wouldn't worry about it. There's always a flush of regret when you find all the little niggly things you didn't notice on viewing.

Focus on enjoying your new house. Have a bit of a life laundry if it's feeling crammed with stuff.

And now's the time to stop looking at rightmove.

AdrianC

lalala1512 wrote: »

it is small. I didn’t really realise how small it is after I really moved my stuffs in.

Did the floorplan not have dimensions?

It was in a good conditions throughout but needed re-painting £700.

...or a weekend and £50.

Then I moved in and the ensuite toilet had water leak through the floor so now a big damp patch in the living room ceiling.

Welcome to home ownership. No landlord to phone and say "Fix, please!"...

mundibananas

Two identical houses on my street - sold 4 months apart - one for £303k and the other for £285k. So has somebody paid too much or has somebody got a good deal? The house that went for £285k did expect to get more but they lost their buyer and didnt want to lose their onward purchase - hence the drop.

So i guess what I'm saying is it's all about timings - supply and demand - if you really wanted the house you were buying at the time and that was what you could negotiate then you paid what you paid for it. I wouldn't sweat £4k in the big scheme of things - it's not that much. Put your feelings aside and start enjoying your house.

davidmcn

Those prices sound like they're in the same ballpark. And a few years' difference in house age isn't going to matter much. Did your surveyor agree with the value?

lalala1512

@AdrianC
Being a girl with absolutely no family around and a hectic work life obviously didn’t help me much haha. I know I could have done the painting myself but then the time and effort involved put me off :rotfl:

And the floorplan does not have clear dimensions so it was not really helping with the house being empty when I viewed it

lalala1512

@davidmcn
I did not get a surveyor done and I greatly regret this decision

letitbe90

If you are worried you overpaid by £4,000 (1.29%), I wouldn't really be worried. I mean it isn't definitive you overpaid anyway as the houses are older than yours to which you are comparing to. I think if it was the case that you may have paid an extra £10-£20k+, it might have been cause for anguish.


As for it being too small, it is pretty much caveat emptor unfortunately.

foxy-stoat

Live it in until your fixed term is up then look at your options as if you want to sell it before you will lose more than the amount you think you may of overpaid - and stop looking on rightmove !

Doozergirl

Stop looking at Rightmove! To compare is to despair.

You are literally inviting yourself to be disappointed, not that I think that paying about 1% more than someone else is any kind of overpayment. Give it a year and you won't even think about it.

Not many people will leave you with a freshly painted house that's immaculate. Even then, people have a tendency to start slapping the paint around. I viewed one a few weeks ago that was freshly painted - including a nice slapped on coat of emulsion on the bannister that clearly need glossing!

Your leak will be a case of sanding it back, applying some stain blocker paint and a fresh coat of emulsion. Things could be far worse than that.

You haven't got major issues and you haven't massively overpaid. Start looking at what you do have - your own front door and the freedom to do what you want with it! Set yourself a little project to redo a room or a corner of the garden and start enjoying it, not Rightmove!

Delete the app!

spadoosh

Youre actually paying considerably more than £314k too. Lets assume you took out a 90% mortgage @2% over 25 years the house is actually costing you about £390,000.