Any regrets about decisions you made as a FTB?

Jimmy54321

Wasting time playing bidding games and stressing to the high heavens over a small amount of money even when I knew I would 100% always end up paying what I did. Having an attitude that everything should be perfect and stressing over minor issues that came up in surveys as a result of that attitude.

leftism

This is all so helpful.

UPDATE- we’ve just had an offer accepted on a place that ended up being 10k over our ‘max budget’, but more than that below asking price.

It needs work, but it’s in the perfect location (we could in theory stay there for decades) and it’s big enough for our growing family. We’re feeling like we’ve made the right choice!

specialhat

Davesnave wrote: »

Same old nonsensical blanket slagging-off of leases, which are very common in some parts of the country, but maybe you don't know that all leases aren't equal?

Yours may have been unsatisfactory, but my first house was leasehold and I paid a shade over £9k for it. It last sold in 2014 for £340k.

It's still leasehold.

I'm glad you had a good experience but I'd never buy leasehold again either. I have made money on mine too - although not as much as you! - but the hassle hasn't been worth it (Right To Manage hassles/freeholder demanding a pointless Deed of Variation that took a year to complete/having to extend the lease to sell it).

Davesnave

specialhat wrote: »

I'm glad you had a good experience but I'd never buy leasehold again either. I have made money on mine too - although not as much as you! - but the hassle hasn't been worth it (Right To Manage hassles/freeholder demanding a pointless Deed of Variation that took a year to complete/having to extend the lease to sell it).

I am only saying consider leasehold property on it's merits rather than assume in a knee-jerk way that they must be inferior. There are parts of the country where older leaseholds are commonplace.

If I remember correctly, there was about 900 years left on that property's lease, the ground rent was a fiver and no one collected it in the ten years of my ownership. It did make money for me: about 6x what I paid for it, but it needed work and interest rates were pretty steep too in those days. It's certainly not a FTB property now!

Jimmy54321

leftism wrote: »

This is all so helpful.

UPDATE- we’ve just had an offer accepted on a place that ended up being 10k over our ‘max budget’, but more than that below asking price.

It needs work, but it’s in the perfect location (we could in theory stay there for decades) and it’s big enough for our growing family. We’re feeling like we’ve made the right choice!

Congratulations, it sounds like you have got something that is right for you and you are still happy with the cost even though it was over your budget - all good stuff! Hope you get to completion without any drama and good luck with the work! Not sure how much work you have to do but based on my own experience be prepared for it to take longer than you expect and don't let it get you down if everything seems a mess at points, think of the finished product and soldier on! :beer::beer:

eidand

No regrets whatsoever, we bought what we could afford at the time, which wasn't much, house is not in an amazing area, but it's not too bad either. Been in it for almost 12 years and now the time has come to move somewhere bigger and better. We built up a decent chunk of equity which we never could have achieved otherwise.

Chilli6

No regrets, even though it was in a village 10 miles from where I was originally looking. I saw a new build in a small development of 10 houses, built by a local builder. Loved it straight away even though it wasn't finished so you couldn't really tell how the culdesac would be. It had field views out the back and was so nice and quiet.
Was there 9 years and was sad to say goodbye. Missing all the old neighbours in the village now. Really showed me the importance of liking the area you're in and how much I like peace and quiet!

**dancingbutterfly**

As another poster said, I regret believing the 'charming' old couple that the 3 bed semi was sound and neighbours lovely. They had bodged electrics themselves and had dragged live wires around door architraves...nearly killed my dad when he was chiselling tiles off! Their TV was on fairly loud at our 3 viewings and they blamed their poor hearing...turns out the walls were like balsa wood and we could hear every toy drop, footstep, scream from next door.

I sat there on moving day and cried thinking what have we done.

We rectified all bodge jobs, stripped walls, new kitchen, carpets etc and moved out 11 months later to our 4 bed detached, forever home. We can make as much noise as we like and no one cares and vice versa. Peed off with legal fees and stamp duty (as it was our 2nd home) but totally the right decision.

Luckily, neighbours from hell (their own words!) moved out just before we put on market so no worries for new buyers.

[Deleted User]

My only regret is selling it. 10 years on even with the changes in taxation it would have been a good wee rental and the mortgage would either be gone or almost gone. Que sera sera.

steamy

No. Nein. Non.