Selling a week after moving in

kevc1985

Ok so everyone wants to know my business then I got told I am eating and sleeping fine, my house is falling down and I have the neighbours from hell. You have no idea how this is affecting us mentally so give it a rest.

To the ones offering genuine advice thank you, for the others you clearly like to play detective.

The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL.

We have equity in the house which we can move over to a smaller house that we could manage on our own. As it’s a new house we wouldn’t have to decorate.

dlmcr

Ok - I will be one of the few posters to offer some actual helpful advice based on my personal real world experiences.



1 - I have bought a house to live in and then on the day I have completed I have decided I don't want to live in it and want to sell it as soon as. There is no material logical reason I could give other than "it doesn't feel right". First world problems? Maybe. Buying, owning, and selling a property is an emotion thing no matter how much you wish it otherwise. In my case despite waiting a few months my feeling not right with the house did not go away. I sold the house within 11 months of buying it and made a large loss. If you can handle it financially then so what, it is your money you are losing and it is not for someone else to judge that decision.



2 - on the other side, as a buyer I would never entertain viewing a house that was being sold within at least 2 years of being bought. Whether or not there was an actual good reason wouldn't be relevant because buying a house is such a big thing I wouldn't want to take any silly risks that eg you had the neighbour from hell, there was a boundary dispute, etc etc.


3 - in your case I would move out and leave the house empty for a year (or rent it out) then put it back on the market. Despite the somewhat emotional and critical responses that have been provided the one thing most of the other posters are right about is that putting the house on the market so soon after buying is going to hugely limit your pool of buyers for all sort of reasons. The best option is to let some time pass by, at least one year, then put it on the market again. It is not relevant what the real reason is for your selling, it is none of our business and frankly I don't care. Most people replying (and so are you) are missing the point - which is that when you fast forward a year or two then the real reason for your selling becomes irrelevant and it is easier to come up with more plausible reasons about why you want to move on.

zagubov

We rented out our old house while we rented a new one in the area we were considering moving into. Worked well for us and others here have hinted this may be better.

Selling up immediately on buying, very much the worst possible choice.

Lungboy

kevc1985 wrote: »

The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL.

We have equity in the house which we can move over to a smaller house that we could manage on our own. As it’s a new house we wouldn’t have to decorate.

These are reasonable reasons to want to sell. However, as people have pointed out, if you can't afford heating and decorating and council tax, how can you afford SDLT, moving costs, solicitors fees and estate agent fees?

onwards&upwards

kevc1985 wrote: »

Ok so everyone wants to know my business then I got told I am eating and sleeping fine, my house is falling down and I have the neighbours from hell. You have no idea how this is affecting us mentally so give it a rest.

To the ones offering genuine advice thank you, for the others you clearly like to play detective.

The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL.

We have equity in the house which we can move over to a smaller house that we could manage on our own. As it’s a new house we wouldn’t have to decorate.

A lodger completely solves this. Why are you not at least considering that option. You have room for two, so could even end up better off!

I’m going to let you in on a secret too, you don’t have to redecorate just because, it’s entirely possible to live with old fashioned or less than perfect decor for a bit,

steampowered

kevc1985 wrote: »

The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL.

None of these are big costs.

Even if you managed to sell for the same price you bought it for, the cost of moving would far, far exceed a bit of extra heating and council tax.

Your plan sounds like utter madness to me. It is quite common for finances to be tight just after you move. Just minimise your expenses for a little bit and you should be able to manage just fine. You are going to want a 3 bed house if you start a family anyway.

kerri_gt

onwards&upwards wrote: »

I’m going to let you in on a secret too, you don’t have to redecorate just because, it’s entirely possible to live with old fashioned or less than perfect decor for a bit,

A few large tins of trade white emulsion and a couple of weekends painting (pizza can be a good motivation for friends to chip in) can also be a cheap way to temporarily refresh dated decor...even orange pine cladding becomes 'modern Scandi' with some trade white satinwood.

iammumtoone

kevc1985 wrote: »

Ok so everyone wants to know my business then I got told I am eating and sleeping fine, my house is falling down and I have the neighbours from hell. You have no idea how this is affecting us mentally so give it a rest.

To the ones offering genuine advice thank you, for the others you clearly like to play detective.

The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL.

We have equity in the house which we can move over to a smaller house that we could manage on our own. As it’s a new house we wouldn’t have to decorate.

I am sorry you are suffering due to this situation but believe it or not people are trying to help you.


Finally you have given an explanation that makes sense, there is equity in the house so whilst selling you would lose money this is not money in the bank you have access to spend now? Your plan is to lose the equity but still 'start again' with a smaller mortgage/no decorating costs? Your current money coming in will not cover your expenses? I can understand how this could be worrying.


So alternative solutions are needed (just for at least six months - 1 year until you can sell) as I don't think selling and downsizing is the magic pill you are expecting in your situation.


- lodger been mentioned, its not for everyone but could solve this.
- if you cut back in other areas could you afford the mortgage/council tax? Forget about decorating unless the house is falling down this is not urgent, a cheap lick or two of paint will help if living as it is really isn't viable
- Furniture, you do not need to fill every room.
- Heating close off two bedrooms and follow the great advise you will find on this forum on how to help with these costs.


In the meantime you can still market the house, you never know a cash buyer after a bargain may come along but you do need a plan B as your range of suitable buyers is very limited.


Good Luck

Thrugelmir

kevc1985 wrote: »

You have no idea how this is affecting us mentally so give it a rest.

Then chill out. If the property was indeed as in demand as you suggest. It will sell again quickly. Start marketing the property tomorrow. Not everyone requires a mortgage. Deal with events as they arise. Far worse things crop up in life.

Alan2020

OMG best thread ever, how big is this bungalow, 500sqm? Typical UK 3 bed is 80sqm, large places are around 120 sqm, very rarely you see a 3 bed at 160sqm. Anything bigger tends to be 4-5 beds.

Unless this is a windup, no way even a 250sqm 3 bed will cost more than the losses and stamp duty the OP will pay to redecorate.

Reality check, for a family or 3-4 they will need about 110sqm for comfortable normal life. The OP is willing to take a £40K hit. Unless this bungalow is in some horrible location, I would only pay 40% of the value as to me it says;
- Completely broken house - needs demolition
- Utter neighbours from hell
- Very bad area

OP better post a link to their gigantic bungalow, someone here might make it into a 100 room hotel