Have I Made a Huge Mistake...

Comms69

Impossible to say as we dont know what element of burden you will now have vs the security of your income vs the local market youve purchased in.

It could be a mistake; or it could be fine. No-one can predict the future; and if they can, there's a lot of money to be made

Soot2006

We tend to regret the things we don't do more than the things we do ...

Enjoy your new house and garden. I'm pretty sure I overpaid for my house at the height of the most recent bubble, but almost everyday I look around and am delighted with it. Despite the leaking roof and broken boiler and general state of disrepair, it's MINE in a way my last house never quite felt like. Last time I bought the house I could afford whereas this time I bought one with features I wanted and looked forward to living in. You only live once and being happy is priceless x

Jonbvn

OP,
Nobody has a crystal ball and knows what the future will be like. After the lock-down you will surely appreciate a garden more than ever. I know our garden helped to keep the whole family sane when things were quite dark in May.
As others have said, even if the price drops, so what? You can afford your mortgage anyway.
Finally, the most important rule in anyone's life: Be Happy! If this house contributes to this then all the better.

macman

Not clear if you have already exchanged yet, but if you have, then it's too late for remorse anyway.
If you haven't, then you have neither sold nor purchased yet, either party can walk away up to the time of exchange.

Jumblebumble

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!

I think we all have had cold feet when moving
I lost at least 30k on our third  flat as prices dropped back in the late 80s when mortgage rates were all over the place
However I always looked at the long term and have come up on top now
If you can afford it go for it I wish I had taken a buy to let on our last house instead of selling  which would have made me £200K by now

Chilli6

It's the most money we ever spend so it's perfectly normal to freak out a little!

I didn't need to buy right now as I sold my home and have been living with family while I searched for the right place. My head told me to wait until a year's time as due to having sold at a good price, I could then possibly buy for a reduced price if they go down. My heart told me I really miss having my own space.
I'm due to complete on a property in a few weeks time!
Life is too short to consider what ifs and waste time waiting for a house price drop that may never come, or could take years! Do what makes you happy now. Be happy you can afford to as many can't and many are struggling to get mortgages right now. 

iwb100

NO! Do not get sucked into this short termist way of thinking. If you buy a house its because you want to live in it. If it drops in value after - so what? It will rise again. These people who make out that there will be a huge and sustained market crash for a generation don't really have anything to back it up and EVEN if that doomsday scenario transpired - you'd be happy an warm in your house laughing at the people who didn't buy and now can't.....

blue_max_3

Also, consider this. In a crash, gazumping becomes prevalent. It brings out the investors circling like vultures. And they have deeper pockets than you. And few people choose to sell in a depression, so there will be fewer properties on the market. Be happy you have found something you want to buy and will hopefully see through to completion. Buying is stressful, but it's even more so in a depression.

Jamaicanmelaff

I’m a FTB buying solo and I saw a very similar article. I’ve also had loads of probably well meaning but very patronising people tell me I’m making a mistake and should have waited until next year with wildly varying and quite outlandish percentages in house price drops I would’ve saved. A friend’s partner even told me if I were older (I’m 33) and/or a man who better understood economics then maybe I’d get it. I replied that since he was an older man who understood economics it seemed an awful shame he had 3 failed businesses. We are no longer friends 😂.

Is it possible I could’ve gotten a house cheaper next year? Sure. Would it be the house I fell in love with? No. I’m sure I would’ve found another house I loved. But I’m perfectly happy with the house I chose and the price I got it for. It’s in the perfect location, has a large plot with a big garden and lots of potential. 

I’m planning on staying there for a really long time so I don’t give a stuff if its value temporarily drops, it won’t make any odds to me. I’ll love the house the same whether it’s valued at its current value or it drops by x amount of percent. 

AdrianC

Jamaicanmelaff said:

A friend’s partner even told me if I were older (I’m 33) and/or a man who better understood economics then maybe I’d get it. I replied that since he was an older man who understood economics it seemed an awful shame he had 3 failed businesses. We are no longer friends 😂. 

That's simply lovely. Well done...