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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:
Marchintospring · 04/02/2024 00:23

If you can afford it Op it makes no odds.
You can't take the house or money with you when you go. The main thing is that you can live somewhere you enjoy your life.
No one knows the future. Maybe you could have saved £100K and maybe all that would go on your care home fees when you are old or maybe you get seriously ill this year and never get to appreciate the extra money in the bank.
Honestly let it go this time and go with gut feeling on future purchases.

Flottie · 04/02/2024 00:28

Anjea · 03/02/2024 20:31

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

This and even if you are planning on selling it’s all relative. So the next house you buy will be cheaper.

We bought October 2022 and no way we’d get the price we paid for it now. But we don’t care because we aren’t selling. We plan to sell ext year or year after but again don’t care about the price because the next one we buy will also be cheaper.

Tumbleweed101 · 04/02/2024 00:30

You bought the house for good reasons at the time. We all wonder and second guess ourselves on big, expensive purchases but so long as your reasons were sound and you can afford it - even with cutbacks elsewhere - then enjoy it. It is your home and you are fortunate to be able to afford
to buy and escape the same money going on a rental. In time you may be able to sell for a profit.

GreigeO · 04/02/2024 00:48

I think you should talk to your husband about it. What’s the point of being married if you can’t help each other feel better about stuff like this?

InconvenientPeg · 04/02/2024 01:04

We overpaid for our house in 2006, the market was hot, we needed to move. It just was what it was. We knew were were overpaying (prob by about £30k/40k but just needed to do it).

We're still there 17 years later and I'm sure the people buying now for the current crazy prices are looking at the historic prices with envy, even ours.

If you like the house, the rest is just fiction and monopoly money all the while you're actually living there and not selling.

ZephrineDrouhin · 04/02/2024 02:29

I am sure your neighbours aren't laughing. They've got their own worries. Our neighbour bought at the top of the market and houses in my city have dropped a lot in price. I just think it was unfortunate timing for them. However, your husband was wrong to be noble about negotiating price - his loyalty should be to your family, not some random seller.

Passingthethyme · 04/02/2024 02:35

Well it's too late now and given you paid it, you were obviously happy to do so at the time. Stop dwelling on it and move on

Passingthethyme · 04/02/2024 02:35

BTW house prices are ridiculous and we've all caught into the hype and everyone now pays too much, so you're not alone!

poppyjanie · 04/02/2024 02:37

@DidWePayTooMuch I worry about this a little bit too. Then I remember that I don't plan to sell anytime soon. Enjoy your home. See it as a long term investment!

Somepeoplearesnippy · 04/02/2024 03:46

I was a building society manager for many years. It taught me that property prices are subjective. There is no definitive market value on a property. There might be a minimum investment value (known as a mortgage valuation and always horrifyingly low!) but any home is worth exactly and only what one family/person is prepared to pay for it on any given day. It might be worth more or less the next day or to another family/person.

The house you live in fulfils all your needs and you bought it at a price you could afford. By these two criteria alone you are doing better than most people on the planet. You are so much happier here than in your last home. You are 100% winning at life atm. Comparison is the thief of joy so stop comparing it with the price your neighbours may or may not have paid in their entirely different circumstances and enjoy your lovely home.

ZephrineDrouhin · 04/02/2024 04:16

I suppose you can console yourself with the fact that some people are struggling to even get on the property ladder.

Dorisbonson · 04/02/2024 04:28

About 8 years ago I paid 40-50k more than I should have on a house. However the house is great, my son has had a great time living there and in the long term it's increased significantly more in value than we lost.

Life is too short. If you like the house enjoy living there and use the lesson next time you buy a house.

Isitautumnyet23 · 04/02/2024 05:15

You can see what everyone bought their house for just looking online.

I would enjoy your home and not think about it. Prices have gone crazy in our area through Covid - anyone who bought a house on our street recently has paid at least double to what we paid a decade ago. You bought at a time when prices were exceptionally high.

Tell yourself you have a permanent lovely home to enjoy and thats all that matters.

RedHelenB · 04/02/2024 06:24

A house is a home. Don't expect to make money on it until you've paid off your mortgage and you'll be happy.

DrySherry · 04/02/2024 06:26

A LOT of people have overpaid in the last two or three years.
It really won't matter in another decade. The price people are paying for similar property at that time will probably make your eyes water. There's always someone who's luck was better and who has paid less. That's just life. You will be feeling lucky yourself at some point in the future.
Focus on overpaying the mortgage as much as possible in the short term. It will reduce your overall cost significantly.
Many people are feeling the stress of financials at the moment who didn't overpay for thier house. Worse than that, many people, who don't even own thier house are also suffering financial stress. Count your blessings and enjoy what you have achieved. Instead of focusing on the circumstances of those around you have been more fortunate - make an effort to stand in the shoes of those with less. You will soon feel better.

PurpleFlower1983 · 04/02/2024 06:34

Did you overstretch yourself to buy it or is it the rises in everything else that has stung you? You don’t sound like you’re convinced on it to be honest. There is nothing to be done now of course but buying at the top of the market will never see a quick return. Why did you want it? Did you research what other houses on the estate had sold for before? Were they similar?

crew2022 · 04/02/2024 06:38

I know how you feel OP. Our current house price was high for the area anyway and we bought in a rush when little was available and we didn't want to lose the buyer we had.
A few years later and house prices here have dropped, there's plenty of choice, and a house similar to ours is on for £150,000 cheaper.
It's not our forever home but I feel we have to stay longer to recoup some of the money.
If your is a forever home and you are happy then as others say that's all that matters. Put the price out of your head and enjoy the house.

Gillypie23 · 04/02/2024 06:50

You've bought in now. Nothing you can do about it. Enjoy it

upifpmpyesmyypfie · 04/02/2024 07:04

When we bought our house the sellers were really desperate to sell. No offers for 6 months (due to a busy road we didn’t care about but other buyers did) and we could have really legged them over at the end by pushing for a further reduction when we knew they really needed the money.

But we didn’t because I couldn’t have lived with myself if we did (same for DH). We didn’t pay asking price but we paid a price that was fair to us both. So we could maybe have got it quite a bit cheaper but at a terrible moral cost.

So I’d try to forget about the what ifs and also take comfort in the fact you were good to the sellers.

MrsPelligrinoPetrichor · 04/02/2024 07:06

I find this hard to believe tbh, of it was so over valued it would've been flagged up with the mortgage company surely?

Go and have a look on line OP, I'm intrigued now!

mumedu · 04/02/2024 07:07

Enjoy living in it now. You are not planning on selling it in the near future. The price will probably go up by then. It's not productive to ruminate like this. Just look at the benefits of living there and appreciate it.

Pipsquiggle · 04/02/2024 07:08

I would be worried for you if this wasn't a long-term investment.
If you are planning to stay there a long time, it really doesn't matter what you paid in 2022.

Try to enjoy your safe new lovely home

AboutYouAndPeru · 04/02/2024 07:22

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.

I was going to say exactly this.

Enjoy your beautiful new home. Make it your sanctuary and happy place.

It will all be fine. Thanks

Sureaseggs44 · 04/02/2024 07:35

We did the same , bought around the same time . Things were mad on prices. But honestly house prices have always gone up and down . Unless you have to sell try not to worry. If inflation eases next year and mortgages are more available they will go up again .

we have been through negative equity twice in our life but just rode it out.

unless you have reason to have to move put it to the back of your mind and relax .

Bunnycat101 · 04/02/2024 07:45

You have to look at this over the longer-term. You have said it is a place where you feel much safer- you’re in a desirable location that will hold value, likely has better schools etc. You can’t really put a price on a desirable place.

A few years ago I was sure my next door neighbours had overpaid as they paid significantly more for their similar property but they ended up making £150k when they sold 5 years later. We probably got a bargain rather than them having overpaid. It may be that your neighbour got a great deal but yours will hold its value .