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Feeling I have overpaid

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
81 replies 8.1K views
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  • KatieDeeKatieDee Forumite
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    I think buying a house is a very long, stressful drawn out process for a lot of people.

    Firstly, you only get to spend a very short period inside what will likely be the most expensive purchase of your entire life. It is impossible to notice every problem during your relatively short viewings and I think they all become massively apparently once you've moved in and the house is empty.

    Secondly, you've probably had months and months of waiting to finally get your keys. That's a long time to hype the house up and build on your excitement and expectations.

    Once you've got your keys and you open the front door for the first time - reality hits. There's no more anticipation, your house is just there. You're fully committed to something that you've been waiting for and idolising for months, without giving a second thought to all those cracks, marks, issues, that the last owner probably didn't even notice. As you're new and this is now "your home" they're suddenly glaringly obvious, and this can be enough to take the shine off any new purchase.

    But...look at it this way. You have a beautiful home which you fell in love with enough to put an offer on. You got money off the original asking price, which is quite hard to do in a high demand and lovely area. It might be on the small side in your eyes, but I am sure you have the right number of bedrooms to suit your needs. Also...less to clean!! :rotfl:

    It won't be perfect and unless you have an unlimited budget, a house will never be perfect. But it's yours. And in the event that you never get over the amount you paid, you can sell it and search for the perfect bargain. Personally, I'd rather spend more and get a finished product (which is exactly what I've done) than save a few thousand and have to invest even more to bring it up to standard. I am not only lazy, but have zero skills in the design and DIY department!

    It probably won't be as beautiful as your house though. Or as well finished. Or in as nice of an area. Perfect houses rarely go for much below the asking price :rotfl:
  • lalala1512lalala1512 Forumite
    15 posts
    @csgohan4

    Thank you for putting it nicely. As I have said my work life is pretty hectic when I moved in and absolutely no family around to help, I know for sure I cannot handle the painting and all furniture delivery so hiring someone was the way to go in my situation. The painter used quality paint as well and if I had done it myself, I would use the same type as well :) I know others have different choices but I believe in my case then it was a best thing to do. To sum up I have no regret spending the money to paint just the purchase price :D
  • lalala1512lalala1512 Forumite
    15 posts
    @AdrianC
    Probably I’m reading too much into your comments but your comments did appear as harsh to me :)
  • Gwendo40Gwendo40 Forumite
    349 posts
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    Don't beat yourself up too much, perhaps you have overpaid a bit, but at least you have the common sense and intelligence to recognise that.
    (although next time it might be more useful to do your research into previous comparable sold prices before buying)

    It's the simpletons and dimwits that celebrate like they've just won the lottery after paying too much for a house that deserve no sympathy, whether they're just too thick and gullible to recognise that they've paid too much or just too stubborn and proud to ever admit it, who knows?
  • SensibleSarahSensibleSarah Forumite
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    I can empathise with the OP. I bought my run down 2-bed (1.5 bathrooms - by which I mean a downstairs loo and upstairs family bathroom) for £90k (hey, I live in the cheap North) and just 2 months later, my next door neighbours sold their bigger (extended), 3-bed house (1 bath), in much better decorative condition than mine, for £86k. I was gutted! Buyers remorse big-time.

    Nearly 9 years on, I haven't been able to do as much to the house as I wanted (mainly because it's all big expensive stuff that I can't afford, like new kitchen, bathroom, doors & windows etc) although I have papered over some of the cracks decoratively. I also have no local family and limited time, money and energy (health-wise) to do work on the house. Basically bit off more than I could chew.

    It's probably not worth more than I paid for it back then as prices haven't moved much in my area in that time and obviously all the big things still need doing, but with a few years more wear and tear on top.

    I'm now at a point where I'm happy to cut my losses and spend a bit more money buying a property where someone else has done all the hard work - although I'll have to move to a cheaper area to achieve the kind of house I want within budget. I have a bit of equity and earn more now so it's within my reach without overstretching my finances.

    Not very MSE to take on more debt for a house in a worse area :), but I think its the right decision for me and it will probably be my 'last' move.
  • edited 7 June 2019 at 1:41PM
    cattiecattie Forumite
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    edited 7 June 2019 at 1:41PM
    You haven't really overpaid you know, the only time you'll find out whether you paid too much is when you come to sell. With luck, your property will have been steadily increasing in price & you'll get a nice surprise at the ea's valuation.

    I bought a house once that I felt I'd overpaid on as I'd been guzumped & really didn't want to lose the house. As it turned out, when I sold a few years later, it beat the ceiling price of the road by quite a bit & sold within days, I was more than happy that the house had given me such a good return. :j

    One thing that is very useful is to estimate how much you'd have had to pay in rent for a comparible home to what you have now & you'll soon realise that the purchase price was not as bad as you thought after all when you realise how much rent you'd paid in total & at least with buying, you have a financial asset to sell on when you're ready.

    Those little jobs you've had to get done are not the sort of thing a surveyor would pick up on anyway, so paying for one would have been a waste. I had a homebuyer's survey on my current home & moved in to find the boiler was faulty & meant no hot water was available, but that's not the sort of thing surveyors check.

    It's very rare to move into a property you've just bought & not find any faults you hadn't noticed before, so don't give yourself a hard time over it.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • Gwendo40Gwendo40 Forumite
    349 posts
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    cattie wrote: »
    You haven't really overpaid you know, the only time you'll find out whether you paid too much is when you come to sell. With luck, your property will have been steadily increasing in price & you'll get a nice surprise at the ea's valuation.

    I bought a house once that I felt I'd overpaid on as I'd been guzumped & really didn't want to lose the house. As it turned out, when I sold a few years later, it beat the ceiling price of the road by quite a bit & sold within days, I was more than happy that the house had given me such a good return. :j

    .

    So are you saying your house was the only one in your area that had increased in value by a substantial amount and you were able to sell it and buy something bigger, better, nicer for no more money?
  • Crashy_TimeCrashy_Time Forumite
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    Gwendo40 wrote: »
    Don't beat yourself up too much, perhaps you have overpaid a bit, but at least you have the common sense and intelligence to recognise that.
    (although next time it might be more useful to do your research into previous comparable sold prices before buying)

    It's the simpletons and dimwits that celebrate like they've just won the lottery after paying too much for a house that deserve no sympathy, whether they're just too thick and gullible to recognise that they've paid too much or just too stubborn and proud to ever admit it, who knows?

    LOT less of that around nowadays though I think, most people are realising that borrowing over the odds for basic shelter is a really dumb thing to do.
  • sillyhillysillyhilly Forumite
    176 posts
    AdrianC wrote: »
    Did the floorplan not have dimensions?


    ...or a weekend and £50.


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

    What's wrong with you lately? Most of your posts are filled with sarcasm and general rudeness to people who are genuinely concerned, worried or just need a rant/chat.

    If you're frustrated with the FTB posts, may I suggest you just ignore them and move onto the next one that is more worthy of your time?
  • RosieandjimRosieandjim Forumite
    254 posts
    And you think you have problems


    https://www.bbc.co.uk/news/business-46302905


    This may put things in perspective for you
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