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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:
RandomMess · 24/04/2021 10:12

You have to start valuing your free time and the lack of mental load of doing building work/kitchens/bathrooms.

Enjoy the fact that you have none of that to do evenings and weekends and go out and do other stuff or just enjoying playing with the kids etc.

Roszie · 24/04/2021 10:32

Unless you're planning on moving it doesn't matter.

Just enjoy it. It sounds like a lovely house Brew

Paddingtonthebear · 24/04/2021 10:45

You probably haven’t overpaid. House prices have gone up around £30k here since the start of the year. 😒

Lampzade · 25/04/2021 14:00

From the sounds of it Op you actually got a good deal
Enjoy your new home

twoofusburningmatches · 25/04/2021 14:15

Rewiring, doing a side return, renovating a bathroom and putting in new kitchen could easily cost £100k and much more in London these days. I have friends who were quoted more than £50k for a (fairly small) new kitchen and knocking down an internal wall with a small support recently - in a house that’s probably with £600k. So that alone was almost 10 per cent of the house price - no extension, no new bathroom, no rewiring etc. Sounds like you got a bargain to me, with a finished house that’s bigger and has a larger garden.

whiteroseredrose · 25/04/2021 14:31

I think you really would be surprised at how much building work costs.

The house next door to ours was bought by a builder and had everything done. The whole street were shocked when it sold within weeks for over £800k (when two very nice houses sold last year for about £620k).

I'm assuming the buyers did their homework.

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