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Original poster

House - made the wrong choice

63 replies

tripletee · 05/07/2020 08:07

Three years ago DH and I decided to sell our tiny flat in a trendy part of zone two East London to buy something bigger and start a family.

We didn’t have a lot of choice on our budget, but it came down to two properties. The first was a flat in a very good area. It had one double bedroom and one very small second bedroom big enough for a cot or one of those (what look like smaller size?) single beds. It also had a nice garden.

The second was a house in a very untrendy part of zone 3 with two good sized bedrooms, two extra rooms downstairs, a large garden and potential to extend into the loft.

We went for option 2 as we loved the idea of having a whole house, and wanted somewhere that could potentially be a forever home rather than having to move again once baby outgrew the tiny second bedroom in the flat. We have largely been very happy with our choice, although I do sometimes miss our old area with all the great places to go out.

However, the other day I randomly started googling properties for sale and typed in our old area. What should come up but this flat we rejected - which is now on the market for £150k more than when we viewed it three years ago!

Meanwhile looking at sold prices on our street, our house price has probably gone up a couple of thousand, if that.

I’m now kicking myself that we didn’t buy the flat in the better area, live there for a few years with baby then use the extra money made to buy a bigger house elsewhere - especially as we’re no longer sure we want to spend the next 20 years in London.

I want to tell DH so I have someone to commiserate with but also don’t want to upset him - ignorance is bliss and all that.

Any thoughts?

OP posts:
Echobelly · 05/07/2020 11:17
  • I mean a flat in the area where we live now - I sold my old house and we sold our flat 5 years ago so we're now in a house.

So we have ended up in the right place regardless.

Mollythepoodle · 05/07/2020 11:19

Why keep an eye on what it sells for? It’s done, you have been happy in your home. That’s worth a great deal.

Kordelia · 05/07/2020 11:42

Please don't tell your husband.

You're saying now that you should have bought the flat, let in rise in value by a huge amount over three years and sold.

Well yes, but you didn't know that it would definitely rise in value by that amount. If you had known, you would have put up with it, but you didn't know. Meanwhile you've been able to enjoy your more spacious house and garden all that time.

Smallgoon · 05/07/2020 11:57

However, the other day I randomly started googling properties for sale and typed in our old area. What should come up but this flat we rejected - which is now on the market for £150k more than when we viewed it three years ago!

Is it in the same condition now as it was then - perhaps it has a new kitchen/bathroom and full reno works which would drive up the price.

but I’d never have expected that flat to rise in price by £50k per year

What are you basing this on? A list price? Unless it's actually sold for that price, you don't know that it has increased by that much. London property is notorious for being listed at inflated prices. I paid £35k less than the list price on the London flat I purchased this year.

Would you tell your DH or keep it from him? He was very keen on getting more space at the time, but I’m sure he will be as gutted as I am so perhaps I should keep it to myself. I’m annoyed I ever googled now.

He'll probably find out via google himself at some point, humans are curious so I wouldn't bother telling him.

I think you're getting worked up over nothing. It's unlikely to sell at that price (imo) and as others have pointed out, Corona has taught us that being stranded in a small flat for 3 months is not fun. Houses are a lot more desirable that flats in the current market.

Original poster
tripletee · 05/07/2020 12:34

No work has been done to the flat from what I can see.

I won’t tell my husband as I think it would upset him. He won’t google as he’s just not that type!

OP posts:
ChewChewIsMySpiritAnimal · 05/07/2020 12:45

These people havent "made" £150k. It's not sold. That's the asking price, it doesn't mean that's what it's worth. Really nasty to hope that it sells for a lot less though, it's not your money. Just be content with what you have.

Smallgoon · 05/07/2020 13:04

Really nasty to hope that it sells for a lot less though, it's not your money. Just be content with what you have.

@ChewChewIsMySpiritAnimal I don't think OP is being nasty at all by hoping this to be the case... I also think it's incredibly greedy to put a flat that you purchased 3 years ago, back onto the market (in its same condition), at an increase of £150k!!! Each to their own.

Bells3032 · 05/07/2020 14:15

Flats in general are falling in price atm because following covid people want gardens. Unless the flat was originally over a million they're kidding themselves.

I bought a flat 4 years ago (zone 6) and since then it's dropped in price by about 10% but other flats in the area have also dropped to the same price despite costing way more 4 years ago. Too many new build flats.

I'm selling mine at a loss now. But who cares. It was what I needed at the time and I was happy there. It happens. You don't buy a property to live in as an investment.

Original poster
tripletee · 05/07/2020 14:29

True, but lots of ground floor flats do have gardens - including this one.

OP posts:
Moomin12345 · 05/07/2020 15:03

Ah, good old property ladder (pyramid) greed... Don't kick yourself too long, they could market the flat for a million extra, doesn't necessarily mean they'll find a big enough fool to pay the asking price. So maybe save the regrets until it's been sold and is shown on land registry records?

stairgates · 05/07/2020 15:13

You could have bought the flat and walked out the front and been hit by a stray bus. Have you been happy in your house? Smile

woodlandwalker · 05/07/2020 16:17

I put my zone 3 house on the market in 2017 and had to drop my price quite a bit due to the slow market due to Brexit. If I had sold in 2016 or 2018 I would have made a lot more as I was downsizing. It doesn't matter that much as I have a nice house in a quieter area now. House buying and selling is always a lottery and we just can't worry about it.

Knittedfairies · 05/07/2020 16:24

Don't keep an eye on the property; what good would that do? You have your baby and a whole house.

Jumblebumblemess · 05/07/2020 16:36

Also how much would you have paid in service charge and ground rent over the 3 years for the flat?

I think you have been sensible. And trust me being in a flat with kids in lockdown with no garden has not been fun!

Jumblebumblemess · 05/07/2020 16:36

Also what if when you got pregnant you had had twins or triplets! A lot easier to extend a house than it is a flat lol.

mamansnet · 05/07/2020 17:10

Any time something like this happens to me (usually when I see something on sale when I plaid full price) I just tell myself that the extra money was the cost of having the pleasure of it from when I bought it, rather than waiting or missing out altogether.

150k is a very expensive pleasure, granted, but you have a forever home with garden and your mental health post-Covid will be MUCH better than that of people trapped inside tiny flats.

Your old flat won't sell for the asking price and lots of people don't want to buy flats right now so it might take an age to sell. Or not sell at all without a huge reduction. Give it time and you'll see your lovely current house was in fact a far better investment!

Original poster
tripletee · 05/07/2020 18:45

Still feeling majorly shit about this. I think anyone in my position would be kicking themselves! It just seems like such a stupid decision looking back, but at the time it really felt like we were doing the right and best thing.

OP posts:
Itwasntme1 · 05/07/2020 18:58

No offence but I do think you are being a bit ridiculous.

I could look at lots of decisions I have made about houses and run through the if onlies. But hey, you didn’t buy the flat, so why beat yourself up about it now.

This is not a big thing.

BoxAndKnife · 05/07/2020 19:26

OP, 20 years ago I almost bought a Zone 2 flat next to a tube station for cash, a 5-figure sum.

It would be worth the best part of a million quid now.

I didn't. I'm still not on the ladder.

We all make our choices, and sometimes we live to regret them. But really, it's a waste of time. Enjoy your life as it is now.

Original poster
tripletee · 05/07/2020 20:21

@BoxAndKnife how do you deal with the regret? (I’m assuming you do regret it!)

OP posts:
Cottipus · 05/07/2020 21:14

We have all looked back and regretted financial decisions- it’s easier to focus on what decisions felt wrong rather than what went right. You win some, you lose some- it’s the nature of the game. We have all done this. You will not be the first or the last.

If you are staying in the same area anyway prices rises elsewhere are pretty immaterial. And you are saving on moving costs, stamp, estate agent fees etc by not having to move.

A lot of properties seem to be going on the market with very optimistic asking prices. I think vendors are pricing in a Covid discount. They may have done this with that flat.

Heard a saying once along the lines of “don’t look back, that way madness lies.” It’s so true.

Original poster
tripletee · 05/07/2020 21:39

Heard a saying once along the lines of “don’t look back, that way madness lies.” It’s so true.

That is very true. Agree about the Covid pricing - in my region of London asking prices are still ridiculously high and are getting higher. It’s as if Brexit and Covid never happened.

OP posts:
BoxAndKnife · 05/07/2020 21:46

I don't think I 'regret it' as such, really. It's certainly not something I feel I have to 'deal with'. I do sometimes think, what would I be doing now if I'd made that decision (because I used to the money for other things that took me on a different path) but yknow, it is what it is. I wouldn't have gone travelling, I wouldn't have met my first husband or had ds, I wouldn't be doing the job I am now. I wouldn't be with my now-DH!

I'm not someone who is particularly motivated by money really, so that side of things doesn't bother me. It would be nice to have the financial security, but in terms of regretting not making a profit from the property, that isn't an issue for me at all. I think the London property market is a farce tbh, and homes are for living in, not for making loads of money from.

I think you sound as if you've made the right choice. I don't think it's the kind of thing you should be feeling 'majorly shit' about. You have a lovely home and a family, it's all good, surely?

cleopatrascorset · 05/07/2020 21:57

I'm not sure you made a mistake. First, just because it's on the market for that price doesn't mean it'll achieve it. Second, flats are likely to fall faster than houses the next year. Third, you didn't actually want to live there, and £150k isn't actually that much once you factor in the STLD, other costs and general hassle factor of an extra move plus spending 3 years somewhere too small.

Pikachubaby · 05/07/2020 22:30

Yeah but real life monopoly only works with hindsight....

It’s pointless torturing yourself with “what ifs”

Try counting your blessings instead

People treating buying homes as a giant Ponzi scheme instead of a home is at the root of the overheated housing market

We are about to hit a massive recession (it’s being pushed into winter by the Gvt borrowing billions, but it’s coming. It will be much worse than 2008 or even the 80s.

You were clever to get more house for your money so you can stay put when the shit hits the fan in a few months

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