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Original poster

Did you regret buying an overpriced house?

80 replies

ohblahdee · 08/07/2019 15:55

The housing market is dire where we need to buy. Nothing has come on for over a month. We are renting so in prime position. There is a house with loads of potential for future and in great spot, would we be mad to pay over the odds for it at this brexit clouded time? It’s been on the market for a few months.

House is on at 450k and has been modernised but not to a high spec. They bought it for £350k two years ago : (.

I think I might feel angry at giving these greedy people my money but it’s such a good house...

OP posts:
Wisteria654 · 08/07/2019 21:28

Don't think my house has had a massive affect on you. Most houses in this area are the same.
Calm down love!

Wisteria654 · 08/07/2019 21:30

And yes... they destroyed our house in 10 months so we kicked them out. For weeks after we reviews unpaid letters, even a bailiff! They were the tenants from hell. Even left a iron mark on the carpets, hole in the wall and mouldy food in the fireplace!!

Wisteria654 · 08/07/2019 21:30

We received unpaid letters/bills*

SciFiRules · 08/07/2019 21:41

I don't think that individuals are being awful but I think the current property system is awful. We need to rebalanced but without risking people's homes.

Alexalee · 08/07/2019 22:15

So really wisteria your house 'went up'in value by 95k because you kicked the tenants out, not your 12k tart up.

stucknoue · 08/07/2019 22:17

A house is worth what someone is willing to pay! If you plan to stay long term then "overpriced" isn't as much of a consideration but it's worth starting with a really low offer

Felina · 08/07/2019 22:21

Is within the next 18 months a good time to sell our house and move to Putney? We are currently in Herts and looking to downsize to a smaller place but paying the same amount we sell for (so it downsizing money wise).

StrumpersPlunkett · 08/07/2019 22:21

We were suckers.
We believed them when we were told they had an offer at 305
So we matched it.
Next door sold for 280 a number of weeks after we moved in.
We have now been here 18 years and don’t regret over paying but I really did to start with.
Especially as it needed new everything.
Hey ho.

Felina · 08/07/2019 22:21

Sorry, should I start my own thread

absolutelyknackeredcow · 08/07/2019 22:24

I have a whole other thread running on this - we went for it - although there was another fly in ointment today so we will see if we get to exchange

WalkAwaySugarbear · 08/07/2019 22:30

We bought ours at the end of 2006, so it took about 8 years to get back to its sale price. Hmm
Thankfully we love where we are and it's a perfect location. I'd love a bigger house but not prepared to move from where we are.

Felina · 08/07/2019 22:30

Looking for your thread but cant find it.. (good luck by the way)

Moomin12345 · 08/07/2019 22:59

Those of you who say that overpaying doesn't matter one bit if you stay there long enough are making some risky assumptions : 1) the house prices will keep rising fast forever, 2) the extra years of paying back the mortgage and interest will never become a nuisance. People forget that pensions are slipping away from new generations and working till you're 70 is not fun for most.

3luckystars · 08/07/2019 23:06

Will you be staying in the house for 11years+ ?

It all depends on how long you are staying. If it's for a long time, then you won't regret it if it's the right house.

PCohle · 08/07/2019 23:16

Well if you're considering paying it the house can hardly be that overpriced! They only need one buyer...

I've never understood why people take house pricing so personally. Calling the sellers "greedy" because you think the house is overpriced is about as helpful as them calling you "cheap" for not being willing to pay it.

Toddlerteaplease · 08/07/2019 23:22

I've got a really good price on my house. I'm currently renting it but the landlady is selling to me. For the size of house it's a rip off. (137k for a Small 2 bed mid terrace.) But I'm paying for the location. I'm hoping I'm not going to end up in negative equity if prices do drop significantly.

SevenDegreesSouth · 09/07/2019 00:19

Hello!!

DH and me have been looking for a house around bromley since October with a budget of 450-470k . We need a 2+bed in a nice leafy neighbourhood . We finalised a house in Eden park (Beckenham ) . It is a 2bed terraced house and looks quite all right but we are not in love with the property . Being first time buyers we were not too sure what to pay and it was our first time in eden park as well . This is the property www.rightmove.co.uk/property-for-sale/property-74972777.html . Do you think 450k is too much ? And how is Eden park ?

SevenDegreesSouth · 09/07/2019 00:33

Hello!!

DH and me have been looking for a house around bromley since October with a budget of 450-470k . We need a 2+bed in a nice leafy neighbourhood . We finalised a house in Eden park (Beckenham ) . It is a 2bed terraced house and looks quite all right but we are not in love with the property . Being first time buyers we were not too sure what to pay and it was our first time in eden park as well . This is the property www.rightmove.co.uk/property-for-sale/property-74972777.html . Do you think 450k is too much ? And how is Eden park ? Sorry for posting this here , have an issue with my account and I am unable to start a new thread .

SciFiRules · 09/07/2019 06:09

We do seem to have been programmed with the idea that house prices eternally rise. Inflationary effects in the economy are usually seen as a de-valuing, but house price rises having been kept artidicially above inflation rates in other parts of the economy appear to be adding value. Surely at some point things must equalise?

Felina · 09/07/2019 07:53

SevenDegreesSouth I know nothing of Eden Park but just had to say that looks like a lovely house! Can you check sold prices in the area to see if its overpriced? Remember it's not your forever home and if it ticks most of your boxes I would go for it?

RossPoldarkFan · 09/07/2019 19:29

SevenDegreesSouth - I moved recently to a couple of miles from Eden Park. The house is in good condition and I would think the price is fair though I haven't checked similar ones. I viewed similar in central Beckenham in worse condition. The area is nice and if you have (or plan to have) a family you will be in the catchment for Langley Schools.

TiddleTaddleTat · 09/07/2019 19:37

@SevenDegreesSouth the property was listed almost a year ago...

Persea · 09/07/2019 22:36

And which house is it - the one right in the corner?
As a relative new build (it looks it at least) I’d be rather concerned about noise from my neighbours if so.

Persea · 09/07/2019 22:38

That was for @SevenDegreesSouth
Also, as a PP said, it’s been on for ages. Have they reduced it in that time?
Sorry OP.

JoJoSM2 · 09/07/2019 23:04

@SevenDegreesSouth Isn't the house a black spot for schools? They all seem far away.

If you don't know the area, then perhaps it's worth getting to know it before committing to such a big purchase? The house has almost no garden and I think you mentioned management fees for the estate on another thread?