Have I Made a Huge Mistake...

HummingBird76

Before I start this, I should probably point out that I do suffer from anxiety at the best of times, so I realise this may come across as me being silly.  After 12 years in my first flat, I sold it last month (for way more than I had hoped) and had an offer accepted on a house (I'd been longing for a house with a garden for years).  All going to plan, I should be moving out next week, and into the new house 2 weeks after that.  I am naturally feeling a mixture of excitement and nerves and I am doing this on my own (although the intention is that my long distance other half will eventually move in).  The issue is, last night I was reading a story on Facebook about how mortgage approvals are up 40% and lots of people (as we know from these pages) are buying at the moment.  But I made the mistake of reading the comments.  There were thousands and so many of them were saying stuff like anyone who buys a house right now is off their head, throwing their money away, making a huge mistake... etc.   I know I shouldn't let these things get to me, but fact is it has now been on my mind all night.  I know there is nothing I can do anyway, as I'm committed, but have I actually made a mistake...?  If you got this far, thanks!  And sorry!

foxy-stoat

No you haven't made a mistake, even your mortgage advisor thinks its a good idea.  You can read a lot of BS on the internet.

AdrianC

HummingBird76 said:

last night I was reading a story on Facebook about how mortgage approvals are up 40% and lots of people (as we know from these pages) are buying at the moment.  But I made the mistake of reading the comments.  There were thousands and so many of them were saying stuff like anyone who buys a house right now is off their head, throwing their money away, making a huge mistake... etc.   I know I shouldn't let these things get to me, but fact is it has now been on my mind all night.

Thousands of monomaniacs such as Crashy, and the denizens of the House Price Crash website and the House Price Discussion forum here.

They've been wrong for decades straight.

ProDave

You need a place to live and you wanted a house with a garden, so what if for a short time it's value drops to less than you paid for it?

Put such silly thoughts out of your mind and enjoy the extra space you will soon have.

Doozergirl

You need somewhere to live? 

You really wanted a house with a garden?

You can afford it?  

You've been in your existing property for a long time, presumably aren't planning to sell any time soon? 

What impact has the property market had on your day to day life in the last 12 years - little to none?  

We all need somewhere to live, there's good reason for your move, you're saving a bit of money you would have in Stamp Duty by buying now.  

Unless you're planning to live in a cave, you're going to be spending money on housing.  As long as you can afford it, live somewhere you like.  

blue_max_3

You got more for your flat and are getting your dream of a house. No notional value change will make any difference to that. Enjoy living in your own space and don't give it another thought.

HampshireH

Move and be happy. 


Think of the extra space, sitting in YOUR garden in the nice weather. Etc

Forget what others say. Many probably just jealous of others ability to buy a nice house in the current climate.

wesleyad

If it makes yourself feel better you can trawl through these forums and find certain people saying you've made a mistake at any point in the last 20 years.
At some point there will be a correction, but that's always the case. You're saving money on the stamp duty. And if you don't move I assume you will be renting, which is money down the drain anyway. 

AnotherJoe

You're going to be in a nice house with a garden.

A better living situation for you.

Say the house does fall in value. So what? You'll still be in a better living situation and a lower price wont affect you.

Say it fell 20%. So? Suppose you then decided to buy something else. Say, move back into a flat.  Well, that will also have fallen 20% . Its all relative.

The only people who might have genuine regrets are FTB's who could have bought their new place for less money, anyone else, moving from one place to another,  makes little difference.

Anyway there's always someone on the net proclaiming how house prices will crash. Always. Some of them are still living in rented bedsits paying their landlords mortgage because they never took the first step due to listening to those prophets of doom.

 

 

RelievedSheff

No one knows what is going to happen to the property market and anyone that says they do is a bare faced liar.

tom9980

HummingBird76 said:

Before I start this, I should probably point out that I do suffer from anxiety at the best of times, so I realise this may come across as me being silly.  After 12 years in my first flat, I sold it last month (for way more than I had hoped) and had an offer accepted on a house (I'd been longing for a house with a garden for years).  All going to plan, I should be moving out next week, and into the new house 2 weeks after that.  I am naturally feeling a mixture of excitement and nerves and I am doing this on my own (although the intention is that my long distance other half will eventually move in).  The issue is, last night I was reading a story on Facebook about how mortgage approvals are up 40% and lots of people (as we know from these pages) are buying at the moment.  But I made the mistake of reading the comments.  There were thousands and so many of them were saying stuff like anyone who buys a house right now is off their head, throwing their money away, making a huge mistake... etc.   I know I shouldn't let these things get to me, but fact is it has now been on my mind all night.  I know there is nothing I can do anyway, as I'm committed, but have I actually made a mistake...?  If you got this far, thanks!  And sorry!

 If you are buying a home to live for 5-10+ years there is little chance of it being a mistake. If you do a comparison with renting over the period you will quickly see why.

There are a hardcore group of individuals who desperately want prices to fall so they frequently like to sow negativity at times like this in the hope they get what they want.