Regret buying a house at 28 - what do I do?

Crashy_Time

phillw wrote: »

Depends on if you have a house earning you an income while you're off traveling the world, surely?

I wish I'd bought in my 20's I'd have three houses instead of one.

With the mentality of large sections of the UK public as it is regarding property it is no wonder HMRC and politicians needing renter votes are rubbing their hands in glee.........

Crashy_Time

Hutch100uk wrote: »

My ex and I cashed in on the property boom 13/14 years ago and sold up and went travelling. I don't regret it but we then found ourselves in a position where we couldn't buy when we returned because property prices went through the roof and getting a mortgage wasn't as easy as it used to be. We spent years wasting money on rent and when we did finally buy we had to almost beg, borrow and steal the deposit.
I would think carefully about selling up as you may never get back on the ladder again. If you can find a way to get around the letting, I would definitely try that first.

How likely do you think prices "going through the roof" is from now on though?

pineapplepink

Here’s another thought.. what if I sell up (I’ve done the sums and even with the early exit fee I can at least get my initial 7k deposit back) and put the deposit money in a savings account and use that towards if I decide to buy again in the future?

Crashy_Time

pineapplepink wrote: »

Here’s another thought.. what if I sell up (I’ve done the sums and even with the early exit fee I can at least get my initial 7k deposit back) and put the deposit money in a savings account and use that towards if I decide to buy again in the future?

Nothing set in stone now about how much you will get back, just keep it, pay down the mortgage debt and take regular trips abroad if you want to do that, housing is volatile and illiquid in uncertain times (right about now) so just avoid the stress of trying to get a certain price and accept that you made a decision to buy property and live with it.

AdrianC

pineapplepink wrote: »

Here’s another thought.. what if I sell up (I’ve done the sums and even with the early exit fee I can at least get my initial 7k deposit back) and put the deposit money in a savings account and use that towards if I decide to buy again in the future?

Quite simply, you walk away from the sale with exactly what's left over from the sale price once everything's paid and repaid. Whether that's more or less than the equity you put in to start with depends on a stack of factors - how much you sell it for, how much the fees are, how much you owe the lender...

You then invest that in whatever way you think appropriate.

GreekinLondon

I can only give you advice from my perspective, only you will really know what's in your heart.

I'm 28, my girlfriend and I just bought our first place together. I couldn't be happier, but I could imagine without my girlfriend I'd be pretty bloody lonely and it would get me down.

Travelling the world sounds like great fun, but family is too important to me. Which is why when I moved to the other side of europe some years ago, although I had a great time, it was never enough to fill the hole of my family and friends.

To do it now at 28, no chance, I've worked my bloody socks off to get my house and hopefully start a family in the years to come before I I'm too old and end having kick about with my kids on a Zimmer frame.

It can be difficult to relight your fire when your down in the dumps, I was in a bad place during my uni years but instead of a change of scenery, I looked at myself in the mirror and said what's missing in my life that's makes me feel down...

If the answer was sunshine, cheaper food and booze, I would have left along time ago, but the answer was that I needed prioritise my life for things that matter most to me (family, truly close friends and learning) and developing more confidence in myself. Everything that was counter to that was cut out of my life and good riddance. My happiness comes second to none and I live by that.

I can only help my story gives you food for thought, I wish you the best in your life and decision making.

pineapplepink

Crashy_Time wrote: »

Nothing set in stone now about how much you will get back, just keep it, pay down the mortgage debt and take regular trips abroad if you want to do that, housing is volatile and illiquid in uncertain times (right about now) so just avoid the stress of trying to get a certain price and accept that you made a decision to buy property and live with it.

If the decision to ‘live with it’ sends me into depression & regret is that worse than being happy with no house, but I’ve always got somewhere to live with family or friends? Or god forbid, rent ?

hazyjo

pineapplepink wrote: »

...but I’ve always got somewhere to live with family or friends? Or god forbid, rent ?

I doubt very much that you've always got somewhere to live with friends or family. I'd put a good friend or family member up for a few months at most, perhaps even a year if it ended up being that long (reluctantly), but forever? Noooo :eek: Their lives will move on.


Friend of mine sold in the 90s. Only had a small flat - neither of them earned a lot. They had a son and felt cramped. Weren't happy, so decided to sell, rent, and re-think in a year or two. Trouble was, they sold at the bottom of the recession (nobody knows that at the time, and when prices start rising, people don't believe it and say they will fall again and it's just a bit of freak panic buy rise and will stop, slow down, or fall) and the prices absolutely shot through the roof (mid-late 90s) and didn't stop for a while. She's now nearly 50 and they've never been able to buy again. They rent a one bed flat over a funeral directors where they work. Her son lived with them until last year when he bought a flat with his GF.


We keep saying the market ain't going anywhere just yet (certainly not 'up'!), but there will come a time when prices will shoot up again. If you miss that window of when to buy and want to own again in the future, I really hope you're able to get some good pay increases or job prospects wherever you'll be working.

Thrugelmir

pineapplepink wrote: »

Here’s another thought.. what if I sell up (I’ve done the sums and even with the early exit fee I can at least get my initial 7k deposit back) and put the deposit money in a savings account and use that towards if I decide to buy again in the future?

Savings account will earn you very little. Probably less than the rate of inflation. Time of the year does bring on SAD. Try some light therapy along with taking up a new activity or hobby.

Crashy_Time

pineapplepink wrote: »

If the decision to ‘live with it’ sends me into depression & regret is that worse than being happy with no house, but I’ve always got somewhere to live with family or friends? Or god forbid, rent ?

If you are happier with no house then sell it, all I am saying is that you may not like having to drop the price or have little interest from buyers, that can bring it`s own form of depression as well, depending on how emotionally invested you are in rising prices of course.