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Original poster

We overpaid

56 replies

Pandapawson · 22/04/2021 18:32

By 10% Blush

We completed on our house sale and purchase last month.

It was a big step up for us financially and I think it was a knee jerk reaction to spending too much time in our old house over lockdown and wanting a change.

Our new house is lovely, don't get me wrong, but I think we panic bought and could have waited a little longer. Nothing was coming on the market and so we stretched our budget.... we are in London and houses rarely come on the market on this particular street (not at this size, most have been split into two flats) and so when our house came on the market we snapped it up. Nothing else had sold down there since 2013 according to Zoopla (there are about 40 houses).

Our house is lovely. Apart from a couple of minor things (some lights that were taken by the sellers had to be replaced and one set of curtains) we have not had to do a thing (although we will need some new bedroom furniture) and so no additional expense/ hassle.

Since we moved in just before Easter two further houses have come on the market. One is a lot smaller and on the other side of the street, has a north facing garden and so not a direct comparable (it sold in a day though!) but the other is a few doors down and almost identical - it needs updating but the bones are almost there, ours is slightly bigger because it has had a side return extension and our garden is about 20ft longer. The kitchen is old and the bathroom is avocado, it will definitely need some money spent on it, but probably not as much as the difference between what it is up for and what we paid.

It is on for 10% less than we paid for ours as "offers over".

I feel a pang of regret. Although our house is lovely and with two young DC it has been great not having to do anything major, it isn't all to my exact taste/ specification. Having lived here for a few weeks some things just plain annoy me 😂

We bought our old house more than 10 years ago and gradually renovated and replaced everything so when we sold we had chosen everything and knew that everything was decent quality and done properly - there is a bit of style over substance in this house, some things look great on the surface...

I know I shouldn't have looked on Rightmove but when I saw the for sale sign this morning, I couldn't help myself.

We have fucked up, haven't we?

Or is it actually better that we haven't taken on a project?

Is this a perfectly normal reaction?

Aargh. I feel like we are idiots. Everyone in our new street is going to think so when Rightmove sold prices updates in a couple of months.

OP posts:
m0therofdragons · 22/04/2021 18:37

Presumably they’re priced with the fact they’ll pay stamp duty which you didn’t?

gingerninja99 · 22/04/2021 18:37

I don't think you have overpaid, I'd rather pay for a house that I don't have to do anything to, with an extension and bigger outside space than save 10% and need to do all that work, extension and still not have the extra outside space. The 10% 'saving' will get sucked up in a new kitchen and bathroom probably without anything else being done so sounds like you got a good deal
Don't forget even if 10% would cover the cost of the work the price would increase by more than 10% once it was done

tinierclanger · 22/04/2021 18:37

I think you’re mad, in the nicest possible way.Smile

Yours has an extra 20 feet of garden and the side return. This other one hasn’t even sold, you’ve got no idea what they’ll actually get for it.

Grimbelina · 22/04/2021 18:38

It doesn't sound like you have overpaid at all, it sounds like you bought the right house but just made a lot of decisions (probably very sensibly) very quickly and are still sort of catching up. Once you factor in a full refurb (because it probably needs everything doing including electrics and plumbing if the bathroom and kitchen are 20 or more years old) and the longer garden you probably got a good deal.

Beyond that, if it's a home and the right one, it doesn't matter what you pay for it!

Well done for making so many changes in such a terrible year and give yourselves time to settle in.

NewYearNewTwatName · 22/04/2021 18:40

Err no you haven't fucked up.

the house across the street sold I'm a day!

the house down the road needs loads of work, is small and has a smaller garden.

imagine if you put your perfectly finished new house on the market today, it would be valued higher then the house down the road and probably sell as quick as the house across the road.

The housing market is going mad at the moment. if you were buying today you would probably would not even get a look in on the house you now own.

pinkearedcow · 22/04/2021 18:45

If the property has an old kitchen and an avocado bathroom you can bet your boots that it's not only immediately visible things that will need updating. I bet the wiring will need looking at for a start.

Your garden is bigger, your house is a little bigger and it was in move-in-and-do-nothing condition. That easily explains the difference in price. Stop torturing yourself and enjoy that fact that there are a lot of people out there who would love to be in your position!

Do you really think people are going to rush to Rightmove to judge you on the basis of what you paid?

RainingBatsAndFrogs · 22/04/2021 18:46

Your house is bigger, your garden is bigger, your expenditure is limited to a light fitting and some curtains and you think you fucked up?

If the bathroom is avocado I bet there is loads more work that needs doing: new windows / re-wiring, new boiler etc.

Get off Rightmove and enjoy your new house, it sounds wonderful,

pinkearedcow · 22/04/2021 18:46

Stop torturing yourself and enjoy that fact that there are a lot of people out there who would love to be in your position!

Sorry that should have said Stop torturing yourself and enjoy the fact you have a lovely home. Remember that there are a lot of people out there who would love to be in your position!

HotChoc10 · 22/04/2021 18:47

Oh gosh if you can afford it it just doesn't matter. It's done now. No ones going to think you're stupid!

The time cost of not spending every evening and weekend doing up the run down one is equally worth considering as the cost of renovating, even if it's something you'd not necessarily shy away from.

sunshinesupermum · 22/04/2021 18:51

I don't think you've overpaid. If the other house needs modernisation it could possibly cost more than the 10% you think you've overpaid, plus all the hassle of living in the house while it's all being done. You have a lovely home so just enjoy it! Why do you care what people will think about what you paid?

ClashCityRocker · 22/04/2021 18:53

If it's 10 percent lower at offers over (so may go for nearer your asking price) and has a smaller footprint and garden and needs a lot of work doing to it, plus will miss out on the stamp duty holiday...

...I think you've probably got a decent deal there,tbh.

Original poster
Pandapawson · 22/04/2021 18:55

Thank you - I needed a good talking to.

I think it's just the stress catching up with me. You're right, it won't just be a new bathroom and kitchen - it will be all the hidden stuff that costs loads too.

OP posts:
RandomMess · 22/04/2021 18:55

You have a longer garden and a side extension already done and it's ready to move into.

Have you ever had to live through your house being reworked with young DC Shock

cherry425 · 22/04/2021 18:55

majority of houses are selling for over asking price. yours sounds bigger and nicer so it sounds about right

Winnithegreat · 22/04/2021 18:56

Just be sooo happy you don’t have to do any building work or big projects on the house you’ve bought. I would have easily paid 10% more for our house if it been well done up.
You can still make changes over the next few years but knowing it’s not a ‘must’ takes a lot of pressure off.
Our house ‘just needed a few things doing’ when we bought it, but it was a) a money pit and b) just a lot of work by choosing materials/items/workmen etc.
Nah, I think you’ve done well Smile

Jellybabiesforbreakfast · 22/04/2021 18:58

You obviously don't value your time or your peace and quiet very much!

Do you really want to be taking on a project with young DC? Having to have endless days of workmen in the house, bathroom being replaced, not being able to use the kitchen, making cups of tea for people...?

MusicWithRocksIn1t · 22/04/2021 19:00

It sounds like you got a great deal and none of the hassel of the smaller house with a smaller garden that needs lots of updating

Jellybabiesforbreakfast · 22/04/2021 19:00

We had some major work last year and by the end of it I was silently screaming "Get out of my house!" whenever the workmen came traipsing through. I just wanted to work, play trains with my little DS and cuddle up with him after nursery in peace.

RandomMess · 22/04/2021 19:00

The replastering and the dust after rewiring.

Geez worth it to escape that!

Larger garden in London after this last year, priceless!

pitterpatterrain · 22/04/2021 19:01

We bought a house with avocado bathroom etc -it def cost more than 10% of the price to do the renovation as needed rewiring, new plumbing, boiler, bathrooms, kitchen, windows etc etc etc etc

CoconutChair · 22/04/2021 19:09

We bought our house 2.5 years ago. I’ve spent that time thinking we paid 7% too much (it’s an expensive house, so it’s quite a lot of money). Zoopla estimates that it’s now worth 19% more than we paid (maybe because of lack of supply).

We’re planning refurbishment works this year (moving doors, walls and turning staircase etc, nothing essential). I’m shocked by how much builder costs have risen since lockdown, To be honest, I would have happily paid a premium to buy the finished house, but actually it wouldn’t have looked as I want if someone else had designed it. It’s such a hassle contemplating building works with 2 FT jobs and DC.

Be glad your house is done and look to the future.

mobear · 22/04/2021 19:13

Just echoing what everyone else has said, it doesn't sound to me like you overpaid!

isseys4xmastinselcats · 22/04/2021 19:32

as someone who nearly two years later is still doing the doer up stuff our house needs i would have quite happily paid 10% more and not had to put in a new kitchen, decorate right through, get the electrics done right through the house carpet and replace all the internal doors luckily we are nearly there but it has been hard work and our house and garden is the same size as every other house on our street as they were built in the 1940's by the same builder

mumdone · 22/04/2021 19:34

Totally overthinking this. You haven’t messed up at all. Chill and enjoy your house

burritofan · 22/04/2021 19:40

What’s done is done, OP. You’re not going to get that money back by fretting over it. Plus, side return extensions at London prices, with the post-lockdown demand for builders, are eye-watering – if someone wants to do that to the other house with the smaller garden than yours it will eat up the price difference.

We overpaid for our fixer-upper last year, but you know what: it was what was available on the market at the time we absolutely had to move, with what the market was doing at the time. It’s easy to look around and peruse Rightmove under different circs and regret, but you buy what you buy when you buy it. If you hate it you can leave. But god, a house that needs nothing doing to it is PRICELESS. I’ve got a caved-in staircase and a toddler and can’t find a bloody carpenter and would KILL for a “needs nothing” overpriced house! ¯\(ツ)/¯