Humour me, interested in peoples opinions.
fantasyvsreality
Forumite Posts: 74
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Hello everyone. We have been mortgage free less than a year and are looking to move. We live in an area where housing is cheap and want to move to an area where it is more expensive. We had come to accept that we would need to buy something smaller than our current home but have looked at houses in our price range for the last couple of years and never found anything that we really loved.
Recently we decided on an area that we like and looked at a house 80k above our sold house price. BAM we loved it. A complete heart not head moment not wanting to lose it we put in a full asking price offer as the house was on as offers over. Beautiful views, location and no decorating required. But of course we would need a mortgage. Based on our salaries we could easily get a mortgage but now we are full of anxiety. Anxiety because we know that we are paying over the odds for the house in a falling market. Our heads know we could sell up and rent and be in a strong position. Our hearts know that the house is very desirable to us but expensive, it is also in a private road and high council tax......We don't have parents we can discuss our decision with so I was interested for a variety of opinions. As I type this it looks like an obvious answer but I am still interested in what other people think or if anyone has been in a similar position.
Being mortgage free has felt amazing. If we took a mortgage again it would feel like a step backwards....Arrggh what to do.
Recently we decided on an area that we like and looked at a house 80k above our sold house price. BAM we loved it. A complete heart not head moment not wanting to lose it we put in a full asking price offer as the house was on as offers over. Beautiful views, location and no decorating required. But of course we would need a mortgage. Based on our salaries we could easily get a mortgage but now we are full of anxiety. Anxiety because we know that we are paying over the odds for the house in a falling market. Our heads know we could sell up and rent and be in a strong position. Our hearts know that the house is very desirable to us but expensive, it is also in a private road and high council tax......We don't have parents we can discuss our decision with so I was interested for a variety of opinions. As I type this it looks like an obvious answer but I am still interested in what other people think or if anyone has been in a similar position.
Being mortgage free has felt amazing. If we took a mortgage again it would feel like a step backwards....Arrggh what to do.
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Comments
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I think sometimes it's about going with your heart when making a home. Maybe think how you would feel if the seller pulled out... Gutted? Carry on. Pleased? Don't buy
Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming1 -
Such a valid point Longway2go. Part of me would feel relived. I love the house but I think price wise the seller is taking the mick, they know it is a very desirable home/location. She is also taking her time about finding somewhere and since we don't want to lose our buyer we may be forced into renting anyway. Thanks for your reply.2
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Sometimes u have to take a step back to make a step forward. House prices go up house prices go down, if it's gonna be your forever home I wouldn't worry about loosing a few thousand if prices drop.
I personally wouldn't rent as that's 6 months payments(rental contract) that could be coming off your mortgage.
There is no harm offering less ... You never know they may bite your hand off.2 -
I possibly paid a bit over the odds for my home, but I realise I think of it as two transactions. I paid what the property was worth as a hard headed part of the property market and on top of that I paid what I think of as a surcharge which wasn't an investment, but was paying a bit extra for getting to live in the place I love. Taken over the time I have lived here, and expect to carry on living here, this is turning out to be a good choice for me.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll6 -
If she's taking her time, then that may never happen.
You either need her commitment or face being disappointed later if she changes her mind.
It doesn't sound like she has a compelling reason to sell, so may not (to you or anyone).If it's not adding up, compound it!1 -
Could you contact your lawyer or estate agent to discuss setting a date for moving ? Personally I think £80,000 for a house you love is a lot of money but having the house of your dreams is also fantastic.
How many years is your term? Could you overpay and reduce the term?
I don't think it's a step backwards. Our previous house would have been paid off years ago but it was on a hill with no drive, garage or parking. It also had no room to extend, needed rewiring etc.
I think if you have a plan financially and have found the right house that is an excellent situation. If you are not planning to resell it in the near future I would not worry too much about the price falling, especially as you have the equity from a house that you own.1 -
Is it overpriced for the area? Have you looked what other houses in the area have sold for?
Depends on your ages.
How much do do you really want to move? From what you say about looking for a few years and not finding anything you love, wouldn’t you be gutted if you lost theirs one?
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