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Original poster

Have you ever bought a house that was a massive mistake?

32 replies

peachjuice · 05/02/2021 09:58

I've exchanged contracts on a new house and I'm now thinking I've made a massive, very expensive mistake.

Has anyone else been in a similar position? How did it turn out, did you move again quickly?

OP posts:

Susanthepig · 05/02/2021 10:00

Is it since you’ve exchanged? Are you sure it’s not just nerves now you’re tied in?
I’ve experienced doubt and dread every time we’ve moved but it’s always been for the best.

Remaker · 05/02/2021 10:08

We bought a house that DH really wanted and I wasn’t that keen on due to its position on a busy road. We lived there for almost 6 years and it wasn’t great but it was fine. Once we had two kids it really wasn’t suitable and we moved to our current house that we love. We’ve been here 12 years and will probably be here until we retire. The advantage of the first house was the manageable size of the mortgage so that enabled us to get ahead financially.

Pepperkins · 05/02/2021 10:36

We thought it was a massive mistake right after we moved in, having moved to a new area and realising the road is busier than we thought it would be (even though it's not an A or B road, it is often used as a thoroughfare). It also doesn't help that it feels like you have to climb a mountain to start getting the house the way you like it. Luckily the house was in an ok-ish state and all we had to do was put in new floors in some of the rooms and decorate the walls (the downstairs corridor needed a replaster). We are getting used to the house now but can't help thinking that we would like to be somewhere a bit quieter and are thinking of moving in the next year. Not ideal to stay in a house for about a year but it was our first one and if anything it has taught us what we like and don't like, and our long-term priorities. Just remember no house is perfect and compromises have to be made in some places.

Bluntness100 · 05/02/2021 10:41

Why do you think it’s a mistake?

AlwaysLatte · 05/02/2021 10:42

I sold my first house to move to a smaller house but in a lovely village, which was lovely as I was on my own and there was a nice community feel. I then met my husband which was wonderful, but I sold up to move in with him as his house was bigger for raising a family. If I'd had a crystal ball the move to the village and solicitors fees etc wasn't really worth it for just two years!

CaraDuneRedux · 05/02/2021 10:50

Not massive mistakes, but yes, I'm probably a serial house-mistake maker!

Back in the 90s, first house, the days of "gentrification." Couldn't afford a decent area, had a choice of 3 middling areas any one of which might have gone up (for reasons of proximity to decent employers/ good facilities). Two of the areas did indeed become gentrified and house prices doubled. One nose-dived. Guess which one I'd bought in?

Current house - started out renting it, then got the chance to buy it (was single parent to a toddler so trying to avoid hassle of more moves than I needed). It had various dodgy bits of renovations - more than 20 year old extension and loft conversion done without building regs/planning permission. They're now beyond the point the council could make me do anything about them, and I naively bought on the basis of indemnity insurance, not realising that insurance or not, it would render the house unsaleable. So now I'm stuck. It's not a bad house, and it's in a good area, but it's too small for our needs now.

So, yeah, I'm crap at buying houses.

MojoJojo71 · 05/02/2021 11:11

Yep, bought new build which we were happy in but value dropped more than I expected and never recovered. I sold at a 10% loss 10 years after moving in

Original poster

peachjuice · 05/02/2021 11:19

It is since I've exchanged, yes. Not sure if I was being carried away by excitement before and now I'm thinking... what have I done?!

I originally started looking because I wanted a downstairs study and more space.

I've somehow ended up buying something with no downstairs study and less cupboard space. Started thinking about where I'm going to put things and had a bit of a panic and a massive cry this morning thinking what the hell have I done! I also don't think the garden is going to get much sun. The rooms are bigger and it's in a nice area but I'm doubling my mortgage for what feels like a house that doesn't have enough advantages over my current house for it be worthwhile aaaaaaaargh.

OP posts:

Original poster

peachjuice · 05/02/2021 11:19

Oh my goodness @CaraDuneRedux

OP posts:

Aiaiaicorona · 05/02/2021 11:25

Ours wasn’t a mistake until we sold it. We bought it just before the market collapse in 2007, paid over what it was worth because competition was high and that was how much they were, valued at the same. Sold it 5 years later and lost a fair bit on it. We would have been stuck if DH hadn’t inherited money for a deposit for our new house as all equity was lost with the price decrease and fees.

MaryIsA · 05/02/2021 11:28

I think its fairly normal to have a massive wobble after exchange. Especially when you first walk in and its empty and maybe not that clean!

We moved for a garden (we were limited in our choice by location) and actually the garden isn't that big, I haven't been able to do anything particularly with it as we have building work starting on a v expensive extension that will churn up the garden and make it even smaller.

I keep thinking it'll be worth it ... but also that we are probably going to sell at a loss at some point due to the renovations building work - to buy something that does have a decent garden - but that I'll be too old to really make something of.

But basically every house is a compromise!

Aaargh.

WowIlikereallyhateyou · 05/02/2021 11:32

OP, why is no downstairs study causing a problem? Our study is upstairs and specifically designed so my OH who works out of it gets a great view. Is the view not better from upstairs? As for storage you can put that in at any point.

DDIJ · 05/02/2021 11:34

This reply has been withdrawn

Message from MNHQ: This post has been withdrawn

InescapableDeath · 05/02/2021 11:42

Current house. We'd had two possible purchases fall apart and I was several months pregnant so we bought it because it was available, basically, in the town we were buying. I didn't want to see any problems so ignored them on viewing. Moved in and realised it had orange ceilings, dog hair everywhere, MDF radiator covers in front of every radiator. World's smallest bathroom.

Actually it's sort of been okay, and it was a three bed house so we knew we could grow into it. But I wish I'd had the luxury of time (ie not trying to move before mat leave) so that as FTB we could pick and choose from the houses and find one that didn't need so much work (we are not handy at all and have barely updated the house, which has made it harder to seller on.

Luckily we are in the process of (trying to) moving now and have found a lovely house that doesn't need any work. Could've had a bigger one for less, but we knew our priorities this time!

GrumpyHoonMain · 05/02/2021 11:47

It’s just nerves. Think of the positives of the house. Can you get the study / cupboard space you need? Extension potential? Look on pininterest and houzz for storage ideas

garden4569 · 05/02/2021 12:05

i haven't fortunately, but we did nearly buy a house that once where we'd agreed the price and had offer accepted etc. that night instead of feeling excited and happy our search was done, i had an overwhelming feeling of anxiety and worry, it just didn't feel right.

we pulled out of the sale and found a different house... before we offered on this one, i walked round to the potential new house late at night by myself and went through to the back garden (the house was empty) felt safe, happy and knew it was the right place.

Murinae · 05/02/2021 12:15

We did. Husband wanted to buy a house in a particular area just because it was cheap. The house was fine but the kids and I always hated the area (it was dire and in the middle of nowhere) and we sold it at a 10K loss three years later and moved to a house I chose and love in a much better area more suited to our needs.

RainingBatsAndFrogs · 05/02/2021 12:16

Yes, once.

Check out the neighbours - who lives there, who owns it. That's all I will say.

OP - you must have found something about this property that grabbed you? Twice I have bought properties that didn't match my original criteria, and these have been my top favourite properties, I think.

Big rooms and a nice area sounds good.

CaraDuneRedux · 05/02/2021 12:48

I think the "it's all about compromise" comment is so true.

Yes I'm crap at buying houses...

But...

I've never been in the income bracket to have the luxury of a "forever house.". I consider myself lucky to be able to buy.

I'm very pragmatic about houses - I need a roof over my head, is this an okay house in an okay area at a price I can afford each month?

Have I paid less over the years in mortgage than I would have done in rent? Yes. Do I have an asset? Yes? Will I own my house outright when I retire? Yes.

Could I be in a better position re. position on the housing ladder (eg 3 bed semi instead of 2 bed terrace) if I'd made cannier decisions? Almost certainly.

But the situation's pretty good on most measures, area is nice, DS is in decent school as a result, house is okay despite lack of paperwork (even if I do swear about it being too small).

MaryIsA · 05/02/2021 13:00

Pragmatism about houses is a good thing.

Ours is a good solid house, very sellable, in a good area, lovely park views at the front, nice neighbours, quiet road.

Also, we didn't absolutely stretch ourselves, we could have bought a bigger better house, but this way we have got a plan for paying off the mortgage and we can always move. We may make a bit of a loss but we'll have been living in it.

LittleOverwhelmed · 05/02/2021 13:25

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

lucyposting · 05/02/2021 14:29

I have had this (bought and sold a few flats and houses now).... but actually there is isn't that much correlation between how happy I was once I was in and feelings beforehand. I have pulled out of a few purchases prior to exchange though (and it was always the right decision). I think it is good to be very pragmatic about it all. The 'forever house' idea really isn't very helpful. Better to concentrate on the practicalities of what you need rather than want and then work out where you are prepared to compromise and just do the best you can.

user1471538283 · 05/02/2021 22:24

Yes my last house. I lived there for 17 miserable months. It was in a great location and I did alot to it because I thought I would be there for at least five years. You need to be very careful with neighbours. I lost £20k on it and I could still cry about that.

SushiGo · 06/02/2021 07:33

We are between exchange and completion and also feeling the nerves!

There must be things about the new place that you loved? Concentrate on those.

I think moving in lockdown is particularly hard, our list of jobs to do is rather overwhelming.

user86386427 · 06/02/2021 09:02

@peachjuice OP why did you buy the house? I'm sure there's lots of good reasons you just need to concentrate on those right now! We did a big move last year, love the house but we did compromise on location, so I still feel a bit jittery about it but I'm sure it's going to be fine. We will make the best of it, and I'm sure you will too.

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