Buying my old house back after 3 years

clairec666 · 23 May at 12:46PM

https://forums.moneysavingexpert.com/discussion/comment/82009251#Comment_82009251

Wise words. We don't know anything about the OP's circumstances and their reasons for moving in the first place, but it's unusual to move back to a house you used to live in.

Actually a friend of mine did just that. Sold her city centre flat to move to a bigger place (with a garden) in a village. Soon realised that she didn't like village life, stuck it out for a while, but when her old flat came back on the market she couldn't resist making an offer, despite the asking price being a fair chunk higher than what she sold it for, not to mention the solicitors fees and everything else. She's back in her old flat and has no regrets.

Also the OP hasn't mentioned whether they bought another property with the proceeds, and how much that property has gained in value. If it has also risen by a similar amount, it lessens the blow somewhat, but it sounds like the OP might not be able to get over the resentment that the new owner has gained money for doing nothing.

Would be interesting to know whether they've looked at other similar properties in the area, and if there's any reason they want this house rather than a random other one they've never lived in.

agh321 · 23 May at 12:49PM

https://forums.moneysavingexpert.com/discussion/6669500/buying-my-old-house-back-after-3-years

I should mention that I’ve just come into an unexpected inheritance that will buy the house back

agh321 · 23 May at 12:52PM

https://forums.moneysavingexpert.com/discussion/comment/82009544#Comment_82009544

selling the house allowed me to retire early by downsizing

agh321 · 23 May at 12:57PM

the house has been on the market for 4 months with no offers on it I expect due to the work needed to bring it back upto date

WIAWSNB · 23 May at 1:01PM

Further to what Clairec666 said above, if the market value of your old house has genuinely increased by that amount over three years, then so will other houses in that area. So, the seller will need that premium in order to 'move on', or else they will be the ones losing out. And, if you were selling to buy this one, then you too would presumably have gained on your current property in the same way.

Market value is market value, end of. Of course, we don't know if what they are asking for your old house is the market value - only the market will decide that, and likely by then it'll be too late.

Grumpy_chap · 23 May at 1:39PM

https://forums.moneysavingexpert.com/discussion/comment/82009552#Comment_82009552

If the house is "not up to date" now to such an extent that it requires modernisation, then the house was not up to date three years ago.

martindow · 23 May at 3:39PM

https://forums.moneysavingexpert.com/discussion/comment/82009546#Comment_82009546

I think that might make it easier for you to consider paying a little over the odds. This is not money that was hard earned that you would be using.

Fate has smiled upon you - you got your early retirement and now you have the opportunity to get the house you want back. I think I would pay what is being asked.

Albermarle · 24 May at 12:15PM

https://forums.moneysavingexpert.com/discussion/comment/82009552#Comment_82009552

So another alternative is just to sit tight/go quiet, or say you want to have another look around the local market, to get a better feel of the prices . This will get the wind up the estate agent that they could be losing their only interested buyers, and they could try and persuade the seller to compromise.

clairec666 · 24 May at 5:49PM

https://forums.moneysavingexpert.com/discussion/comment/82010334#Comment_82010334

https://forums.moneysavingexpert.com/discussion/comment/82010338#Comment_82010338

Same situation regardless of whether or not you've previously owned the house. Seller has an idea of what price they want to get, might be completely unrealistic, in which case they will either a) drop their price after a few months, or b) decide not to sell at all. Buyer has an idea of what price they want to pay, and will either a) increase their offer if they have their heart set on that house, or b) walk away and look elsewhere. You can play games with the seller to try and get a lower price, but be prepared that you could miss out. Same as for any property purchase.

The only difference is that the OP has an emotional attachment to the house, and also has a firm opinion on what the house should be priced at. It is unlikely to make any difference to the seller.