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Original poster

Did we pay too much?

173 replies

DidWePayTooMuch · 03/02/2024 20:29

NC to post this but mumsnet can confirm I’m a long time member.

please be kind I’m feeling very vulnerable and mentally stressed right now, there is no way I’m doing this for a “stealth boost” as I imagine some posters will say as I’ve seen in similar threads.

so my issue is I feel we paid too much for the house we own right now. We bought it end of 2022 just before the prices fell I believe. I can’t talk to DH about this as he also I think feels this way and all his savings etc. went into this house. He has never worried about money in his entire life but it feels since we got this house he stresses about everything. We have cancelled all our subscriptions and are very frugal with everything now. He was never this stressed in all the years I have known him. I feel stupid and annoyed I talked DH into buying this home and I feel all the neighbours are laughing at us. It’s a new build and a neighbour very bluntly told us he bought his house a year before us and paid £250, 000 LESS than what we paid, I do believe our home is slightly better than his but not by much but it is slightly bigger and has a bigger garden.

I have a sinking feeling that I can’t explain almost everyday I think how stupid we have been. Just for context there have been 3 houses out on sale after we bought and all 3 are still on the market and have reduced prices. I don’t know what I’m looking for in posting this but just wanted it off my chest as I cannot talk to my family or friends as they will just think I’m trying to show off etc. as some are really struggling right now.

I really think we paid £100,000 more than we should have.

OP posts:
Dacadactyl · 03/02/2024 20:31

Perhaps you did pay too much, but can you afford the repayments? And does the house suit you well?

Anjea · 03/02/2024 20:31

It doesn't matter unless you're planning on selling it.

DeedlessIndeed · 03/02/2024 20:31

I get that this feels gutting, however it's useful to no-one to beat yourself up about it.

Are you looking to move soon? If not, it could well bounce back up with falling mortgage rates.

buidhe · 03/02/2024 20:31

It's a long term purchase, this is not worth worrying about - prices will rise again even if there is a dip at present. You can't predict fluctuations in the short term. The long term trend is upwards so do 't torture yourself.

Original poster
DidWePayTooMuch · 03/02/2024 20:32

@Dacadactyl we can manage the payments but had we gone for a cheaper house not in the area we ended up then life would have been easier, we wouldn’t have to cut back on so much else.

OP posts:
Wictc · 03/02/2024 20:32

Most new builds depreciate. Do you like the house? Can you afford it? Are you planning on being there for a while? There’s not really much you can do about it now, so you may as well just enjoy what you have.

ChangeAgain2 · 03/02/2024 20:33

What ever you did or didn't pay now you have to ride it out. As long as your not forced to sell it will be fine.

Dacadactyl · 03/02/2024 20:33

@DidWePayTooMuch did you anticipate having to cut back? Was that planned for and budgeted for?

More importantly, does the house suit you?

Original poster
DidWePayTooMuch · 03/02/2024 20:34

Thank you so much everyone for being so kind. It’s a horrible feeling everytime I come into our home. It’s not even that nice! The kitchen is tiny, the bedrooms are small. Even In-laws came to see when we were deciding and convinced us to buy, in hindsight I see now why as mother-in-law is very materialistic and superficial she just wanted to show off to her friends that her son can afford to buy in that area.

OP posts:
Midnlghtrain · 03/02/2024 20:36

You might have paid too much, you might have paid the right amount. Comparing it to prices over a year later after record breaking inflation and a COL crisis probably isn't the best comparator you could have found.

What's done is done, you've paid it now. There's no point living with the worry / regret! Enjoy the home you've got, decorate it if you want and just try to put it out of your mind. Honestly not a single neighbour is actually thinking about your house price! 😊

Original poster
DidWePayTooMuch · 03/02/2024 20:37

I think the house does suit us. It’s very quiet which is rare I know. It feels safe as it’s a gated community which is good as I used to feel very scared in our old neighbourhood. But it just feels like we made a huge mistake.

OP posts:
Dacadactyl · 03/02/2024 20:38

Don't stress yourself out then.

You have a nice house in a good area and can afford it (even if you do have to make some cutbacks). Enjoy the house.

NewYear24 · 03/02/2024 20:40

If you can afford it stay, if you’d prefer more disposable income then it’s ok to sell and buy a cheaper place.

Gymmum82 · 03/02/2024 20:41

its done now so stop thinking about it. If you live there for many years it won’t matter.
We bought our house 9 years ago and I wasn’t that happy with the price we paid. I thought it was too much. But we wanted the house. Now it’s worth far more than we paid and we’ve no intention of selling. It doesn’t matter now

ChangeAgain2 · 03/02/2024 20:41

How long have you lived there? A lot 9f people get buyers remorse when they first move. Change is hard and everything is unfamiliar. Try making the house more yours by putting your own personal touch on it. It doesn't need to cost lots. Try adding family photos and sift furnishings.

Sunflowerfieldnexttomyhouse · 03/02/2024 20:41

You can’t turn back time so you have to let it go and get on with your life.

2Old2Tango · 03/02/2024 20:42

This really isn't worth worrying about OP. You paid what you paid and maybe that was a bit too much - who knows? Thing is it's bought now, and you can't un-buy it, so worrying is a wasted emotion.

From what you've said it sounds like a nice area (if MIL is bragging), so at some point the prices will rise again. The longer you stay there the more you'll recoup further down the line.

Ignore any neighbour comments. Even if any of them do think you overpaid, there will be something else that takes their attention soon and you'll be yesterday's news. Try to look at the positives of your home. There must be some things about it you really like, otherwise you wouldn't have purchased it.

Maybe try and have a calm chat with your DH to find out what is stressing him so much and see if there's anything you can do to reduce his anxiety.

Original poster
DidWePayTooMuch · 03/02/2024 20:43

@Midnlghtrain thats a good point. At the time we were looking our home sold within one week. Every house we went to see was immediately had offered in so in honesty we were desperate. But this house we are living in had no offers and was on the market for a couple of months before we put an offer in. We put an offer in for £50,000 less than asking price and was accepted. But I’m thinking now we could easily have had it for less as it doesn’t seem like they would have sold it. DH is very kind, considerate and a simple man as the owners were very clear that THEY were desperate to move out due to personal circumstances, we could easily have got it for £100,000 less than we paid for but he didn’t want to insult them in his words by offering so low.

OP posts:
Scalby · 03/02/2024 20:43

You can't put a price on feeling safe. As long as you can afford it, I'm not sure I can see much of a problem.

Original poster
DidWePayTooMuch · 03/02/2024 20:46

Thank you so much everyone you all are very kind indeed.

OP posts:
Autumn1990 · 03/02/2024 20:47

You’re in a house that you feel safe in, can afford and don’t want to move soon. In 10 years we’ll have all done another loop of the property roller coaster.
Neighbours may look once at sold prices but that’s it, their lives will be busy worrying about aunt Mabel’s ill health, affording the holiday they booked and worrying if Clive at work took the joke the wrong way.

Dogdilemma2000 · 03/02/2024 20:49

What’s done is done, there’s no point living full of regrets and what ifs.

You’ve got a nice house in a nice area, and you feel safe now which is massive. Enjoy your home and think about long term options- don’t want to sell or upgrade it? Maybe consider an extension to kitchen? Do it up the way you want it and just enjoy.

Tryingtohelp12 · 03/02/2024 20:49

Have a look at nethouseprices you should be able to find out what he paid - he may be exaggerating. Honestly though as long as you love the house it is what it is. I think we probably overpaid slightly for our house but we wanted something which needed no work so it suits us. We will live here a long time and will even out eventually.

DinaofCloud9 · 03/02/2024 20:50

Geez stop blaming your MIL.

The house is yours now so stop worrying about the price and start enjoying your home.

alifeinredroses · 03/02/2024 20:50

R.e. your neighbours house I highly doubt he bought it for 250K LESS. The information is freely available on the Land Registry. Have a look, then laugh back at him.

You can't control when you buy OP as loong as you see the home as a place to live and not an investment affording the repayments is all that matters. Forget about others and enjoy your home.

p.s. if the area's good it's a bonus!