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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Feel like I overpaid for a house

81 replies

luckycat888 · 13/05/2025 21:23

Just won the bid on a house but there was (allegedly) another offer on the table from a cash buyer and so I was asked to put down more money. The EA indicated what amount the vendor was looking for and I went lower than that but it’s still extra money I hadn’t expected to pay and now I feel really shit, like it’s not a good deal and should I even bother? I checked Zoopla valuation which says it’s worth more than what my offer was by over £10k.
Guide price had a £25k range and we ended up just less than the half way point. AIBU to feel shit and now less excited about the house or should I feel happy I “won”?

OP posts:
summerlovingvibes · 13/05/2025 21:56

I go by the saying of "a house is only worth what people are willing to pay for it".

If you want it and you're prepared to pay what you've offered, then fine.

If you don't want to pay what you've offered then walk away.

House valuations are SO subjective - it's up to you what you are willing to pay for the house.

IvyIvyIvy · 13/05/2025 21:56

Wowwee1234 · 13/05/2025 21:47

This is a well known phenomenon called buyers regret. You just need to sit with the feeling for a while. It will pass and then you will remember why you wanted it and feel happy again.

Also another principle called 'winners curse'. Essentially the winner of any auction has effectively paid more than anyone else would value it, in a perfect market.

ArtTheClown · 13/05/2025 21:54

Have you overpaid though? It sounds more like you're upset at not getting to underpay.

Original poster
luckycat888 · 13/05/2025 21:53

@TheGrimSmilemy heart was fully in it but having to overpay has left a very bitter taste in my mouth

OP posts:
DisforDarkChocolate · 13/05/2025 21:52

Zoopla valuations mean absolutely nothing.

Tiswa · 13/05/2025 21:52

You shouldn’t buy a house just because it is a bargain or value for money. You buy a house to live in. It is where you spent the majority of your time.

15 years ago I think we probably overpaid by 10-15k for our house (and we had to borrow some of that from my FIL) but it was worth it because it was my house (still is)

DancingHippos · 13/05/2025 21:52

Do you love the house and see it as your home? If so, then keep with the purchase.
However if you don't love it or it it's a rental purchase and the numbers don't add up, then withdraw.

WhoAreYouTalkingTo · 13/05/2025 21:51

My neighbours house and mine are not average for the area so Zoopla puts the prices as much less than they are actually worth. Neighbors sold over 2 years ago for 520k and my house is identical but with an extra bathroom. Zoopla values it at £470k. It's because the algorithms go by house prices of close houses not like for like.

ArtemisiaTheArtist · 13/05/2025 21:50

Zoopla isn't a good guide. It values my London flat at considerably more than I've been able to shift it for. It gave me false hope. Hey- ho.

Baital · 13/05/2025 21:50

It is worth what someone will pay.

Forget what anyone else might pay. Is this what you are willing to.pay for this house? Or would you rather withdraw the offer and keep looking? How likely are you to find something that suits you better at this price?

I might have got my house for a couple of thousand less. But it ticked everything for me and I love it. It is a long term home for myself and DD. Over a couple of decades that couple of thousand doesn't matter.

But if you don't think it is worth it FOR YOU, withdraw the offer.

ArtTheClown · 13/05/2025 21:50

Cos it no longer feels like a bargain and it’s more than what I had expected to pay for it

The price you've paid should feel worth it to you but I don't think you can really expect to feel like you've got a bargain when making a house purchase. Why should the seller part with their asset for less than it's worth?

MayaPinion · 13/05/2025 21:49

Zoopla uses an algorithm to extrapolate from the price you paid for, an average % increase, and what other houses are going for locally. It doesn’t take into account any updates or renovations or anything like that.

splendidpickle · 13/05/2025 21:48

I don't entirely understand. Do you like the house and want to live there?
I understand that everyone wants a bargain, but a house seems like too much of a major purchase to only be interested in it for that reason.

Wowwee1234 · 13/05/2025 21:47

This is a well known phenomenon called buyers regret. You just need to sit with the feeling for a while. It will pass and then you will remember why you wanted it and feel happy again.

Original poster
luckycat888 · 13/05/2025 21:44

@onwards2025i mean a “good buy”

OP posts:
WonderingWanda · 13/05/2025 21:43

Zoopla has no clue about additions like extension etc. If some other houses on the road have been significantly extended so therefore big jumps in value at some point then zoopla thinks all the houses will have risen at those rates between those dates. Similarly if few houses have ever been sold on that street zoopla is just guessing. When you spend a lot of time studying the local market ( hours on right move because you've been trying to move for 5 years) you can spot one's which are overvalued easily.

SpryCat · 13/05/2025 21:42

I would sleep on it and if you still feel the same tomorrow then I’d withdraw your offer.

onwards2025 · 13/05/2025 21:38

Why does it need to feel like a bargain? That's an odd idea unless the house has a lot of issues

TheGrimSmile · 13/05/2025 21:36

You can withdraw. If they were being honest about the other person, they will step up to buy it. It doesn't sound like your heart is in it so I'd pull out.

Amba1998 · 13/05/2025 21:35

luckycat888 · 13/05/2025 21:31

@CoastalCalmI always got the impression Zoopla undervalued properties

Must vary. Zoopla undervalued mine by about circa £40k but we had done work to it. Zoopla only knows the basics doesn’t know the condition

CoastalCalm · 13/05/2025 21:33

luckycat888 · 13/05/2025 21:31

@CoastalCalmI always got the impression Zoopla undervalued properties

Not from my experience they just use a basic algorithm - mine is showing as worth about 10% more than it would sell for and that’s because my development has a range of four bedroom houses and they just use an average. It was the same at old house too and that wasn’t a new build

Gall10 · 13/05/2025 21:33

CoastalCalm · 13/05/2025 21:26

Zoopla isn’t a reliable source of value so you need to reconcile whether the house is worth it for you personally. For me I’ve never got involved in sealed bids , I’ve offered asking price then walked away

So true…. I don’t know where Zoopla dream up their valuations!

Original poster
luckycat888 · 13/05/2025 21:32

@WonderingWanda@Poopeepoopee Thank you for the encouraging words

OP posts:
Original poster
luckycat888 · 13/05/2025 21:32

@Guavafish1I could but I’d like to think I’m not that kind of person

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Original poster
luckycat888 · 13/05/2025 21:31

@CoastalCalmI always got the impression Zoopla undervalued properties

OP posts: