Have we done the right thing?

Mickygg

Bonniepurple said:

Don’t worry.  It’s a secure roof over you head.  It doesn’t matter whether it’s X overpriced.  It will be your home.  Obviously things can change (we were not moving again but now are), but if the house you’re buying drops in value, so will any future property you buy.  Enjoy your new home, make it yours, pay the mortgage and it will remain yours.

Nobody knows what the future holds.  Just enjoy the present.

If you’ve overpaid this won’t necessarily be the case.

We overpaid on our last house, but we needed to do it to secure it. Do I regret it? Not a bit, well worth it. No point in overpaying if you are buying a short term house, but for a forever home, if it’s affordable and the house you love and it’s a case of pay over or don’t have house, I’d do it every time. 

AdrianC

You clearly think it IS worth £335k, else you wouldn't have offered that much, right...?

You're worrying about just 4.5% of the purchase price. How often do you worry about that difference on the prices of other things?

LAD917

Salemicus said:

Second, you say you have been looking for a long time. How long will it take you to find another house you both love? What if that is similarly "overpriced" by a few percent? By the time you find a house you both love and won't quibble over the price, how much extra will you have spent on rent, and how much will house prices have increased?

^^^ This.  If you want to get a deal, you normally have to be flexible on what you buy.  And you normally have to do refurbishments. Both of those are tougher to do when two people are making decisions. 

I've bought while single and while partnered. When single, I took my time and found excellent deals. When partnered, usually the buying process became so stressful that I'd pay anything if I found a place where we were in agreement.  And I'd pay extra for "turnkey." The one time I did a gut refurbishment with a partner, it nearly ended the relationship LOL.

This is one of those situations where it's probably worth paying extra. Plus, it sounds like an OK deal. 15k off an asking price of 350k is not bad, and probably the best the seller would accept. Anything more, and the seller would likely want to try a price reduction to 340 or 335 before agreeing.

Angela_D_3

I agree,  renovating a house whilst living in it is awful.  If youve found something you can just put your furniture in and turn the tele on i think youve done well.  

getmore4less

£320k V £335k  FTB 

lets go with 2% over 30years  if you hit the 80% with that £70k deposit you had last year

if 5 years time.

amount	rate	payment	owing	interest
£250,000.00	2.00%	£924.05	£218,010.91	£23,453.83

amount	rate	payment	owing	interest
£265,000.00	2.00%	£979.49	£231,091.56	£24,861.06

£56pm more on the mortgage

it will have cost you an extra £1,400 in interest  78p a day to live somewhere you like.

Your £15k difference is down to £13k 

Crashy_Time

getmore4less said:

£320k V £335k  FTB 

lets go with 2% over 30years  if you hit the 80% with that £70k deposit you had last year

if 5 years time.

amount	rate	payment	owing	interest
£250,000.00	2.00%	£924.05	£218,010.91	£23,453.83

amount	rate	payment	owing	interest
£265,000.00	2.00%	£979.49	£231,091.56	£24,861.06

£56pm more on the mortgage

it will have cost you an extra £1,400 in interest  78p a day to live somewhere you like.

Your £15k difference is down to £13k 

How realistic is 2% over 30 years? If interest rates rise and you want to sell then the people you need to buy the house are paying maybe 4% lets say, it is at that point that overpaying will hurt you.

Crashy_Time

Mickygg said:

Bonniepurple said:

Don’t worry.  It’s a secure roof over you head.  It doesn’t matter whether it’s X overpriced.  It will be your home.  Obviously things can change (we were not moving again but now are), but if the house you’re buying drops in value, so will any future property you buy.  Enjoy your new home, make it yours, pay the mortgage and it will remain yours.

Nobody knows what the future holds.  Just enjoy the present.

If you’ve overpaid this won’t necessarily be the case.

We overpaid on our last house, but we needed to do it to secure it. Do I regret it? Not a bit, well worth it. No point in overpaying if you are buying a short term house, but for a forever home, if it’s affordable and the house you love and it’s a case of pay over or don’t have house, I’d do it every time. 

I thought you said on another thread that you had about 15 years of buying unsuitable houses, or was that someone else?