We paid too much

[golfergirl28]

We love our house. We moved in 5 months ago and have managed (by spending quite a lot) to make it just as we want.
Now the problem...........I'm absolutely certain that we could have got it for as much as £15000 less. We went in right away with an offer of the valuation in the home report (Scotland). Estate agent told us there was another very interested party. We have good reason to doubt that now. We didn't even think to go in lower and negotiate upwards if necessary. It seems we were naive in the extreme.
My husband says "What's done is done" and to put it out of my mind.
I can't! Has this happened to anyone else?

[ArbitraryUsername]

It is purely speculation. You love your house and (presumably) you can afford what you paid, so everything is fine.

There's no point in worrying about money you might possibly have saved in the past.

[LaurieFairyCake]

There is nothing you can do about it.

What exactly is the point in self flagellation here ? You don't deserve it - you made the best decision at the time.

There is no point beating yourself up for things you can't change.

[AnythingNotEverything]

Either way, there's absolutely nothing you can do about it now. Let go and move on.

[Chubfuddler]

Do you have a mortgage? If so you couldn't have paid that much over the odds or the lender would have flagged it up.

[golfergirl28]

You're absolutely right. And, yes, we bought because we could afford it. I reckon it's a personality defect with me. Can't just let it go........though, I know I've no option.

[golfergirl28]

No mortgage.

[ExitPursuedByADragon]

What's done is done. Let it go.

[Chubfuddler]

OK but the survey confirmed the value. So you may have been able to negotiate. Or, if you'd fannied around the vendor might not have taken you seriously and backed away. In which case you'd be kicking yourself for missing out on dream home for the sake of 15k you could have afforded anyway.

Let it go.

[cyanarasamba]

You paid more than anyone else was willing to - but that's why you got the house!

[AngryFeet]

I'm pretty sure we did too. Our neighbour is selling and struggling to get near the price we paid although ours has a 200 sq ft conservatory and his doesn't but it is a crappy single glazed one that we will need to pull down and make into a solid extension eventually. I am not going to get myself in a tizz about it to be honest. Count yourself lucky you have been able to make it how you like already. We need to redecorate the whole house and do a large extension and loft conversion to make ours right. We only have £20k right now so no idea how we will do it but hopefully we will get there eventually!

[poocatcherchampion]

we did this too. paid about £8k too much. I didn't really worry about it as it wax pointless. when we sold it on we sold it for £7k more than we bought it for so we were laughing in the end. (it wouldn't have gone for £15k more as we hadn't added any value and so the only increase was inflation. it was just a lovely house and therefore in demand).

so by my reckoning you will be OK op.

[greyvix]

We did this too. Our flat also had another interested party, but we now believe that was not true. However, that was 2 years ago, and its value has increased anyway. House valuations are never set in stone, and you love your house, which is a good thing.

[Backinthebox]

A house is worth what someone is willing to pay for it. You were willing to pay what you did, therefore it is worth it. Don't worry about it - it's done now.

[Pimpf]

So what exactly do you think you can do about it?

[golfergirl28]

I fully realise there's nothing I can do about it. A lesson learned, I suppose. Letting heart rule head. I suppose I was looking for affirmation that we weren't the only naive buyers around! Thanks for all the good advice. I really do understand I must move on........just finding it hard.

[BoundandRebound]

You paid to not lose it, you paid what it was worth to you to secure it and what the valuation said it was worth

Who says they'd have let you negotiate up. They might have just gone with a higher offer that came in first

You lost nothing

You gained your home

[WildThongsHeartString]

Same here. Now I think back I suspect the agents were spinning us a line. However, it was November and we had sold, so if we hadn't paid the extra we would've had to rent over Christmas and pay for storage anyway. These things have a way of sorting themselves out. You're definitely not unusual so don't beat yourself up and enjoy your perfect home.

[Partridge]

Think of all the people (we were amongst them) that bought just before the housing crash? We bought from family so had 2 valuations done and didn't get a full survey (were told anecdotally that everything was fine).

We are in Scotland too and as we bought from family the house was never tested on the open market and the anecdotal "everything is fine" turned out to be completely untrue - we had to spend £6k on the roof within 3 months for eg.

I did feel stupid and naive, but we have since spent loads of money on the house and we are consolidating and staying. Sometimes I feel a little trapped as we would never make our money back, but I do love the house now and I'm sure that loads of people who bought pre-2008 are in similar positions.

[ArbitraryUsername]

If you don't have a mortgage it's even less of an issue. Just be glad you got your house.

If you'd been renting, you'd have spent £15k in 18 months-2 years (or so) anyway.

[DreamingAlice]

If it's any consolation, I sold recently and accepted the first offer at the valuation price, then kicked myself soundly because there was a lot of interest and it could have easily gone to a closing date. I do think the property was undervalued slightly by about £5k when compared to others and I'm not being greedy saying that. But what's done is done, and I am ultimately glad to have sold at all with relatively little hassle.

I am wondering why you think you could have got for so much less? Your seller may well not have wanted to entertain offers for less than home report value (I certainly wouldn't have) and if you had made a much lower offer then they might have decided to keep it on the market to see what other interest they could get. The last thing you would want in that case is for it to go to a closing date, when you may have had to offer over HR value to even get it!

[MelanieCheeks]

House prices aren't an exact science - as has already been said, houses are worth what someone is prepared to pay for them. You handed over a price you were prepared to pay, and are now in a house you love. Let it go.

[bimbabirba]

I'm equally annoyed that we sold our house £15 k under the asking price (England) to people who said that couldn't pay more but was later clear that they could. We could have negotiated at least £5 k more and I'm sure that they would have still bought it.
Like you, I do think about this quite often

[Parmarella]

We could have had our house 15k cheaper I am sure, with hindsight. We offered below asking price as we were cash buyers and not in a chain. The guy was on the run from the courts we found out later and practically bit our hand off!

So, yes we could have had it cheaper had we known that.

Still, 5 yrs in, our house has gone up in value and it is our forever house and we love it, apart from hordes of bailiffs looking fir previous owner in the first year.

So, long term, no regrets as we all LOVE our home and it was just right for us.

And yes, we could gave had it for less. On the other hand, we would have happily paid more, so they could have had it for more! Ha!

[crazyhead]

The market goes up and down so quickly that this is unlikely to be relevant by the time you sell. Whether it is purchase price, hot or falling location or underlying issues, there aren't many of us who get the 'best possible' value. Andd happiness matters more.