How soon to move after property purchase?

Sum2021 · 2021-07-06T17:29:03+00:00

Hi all. I have major buyers remorse. The house we bought we probs rushed into to beat stamp duty deadline. The bedrooms are MUCH smaller than we thought and just not workable (fireplace in middle so little wardrobe space, bay window so makes that wall unusable). Theres a lot of work and we discovered mice/rats in the loft, a leaking garage and just a LOT of work. We are doing plastering and updating to a more modern standard but im really contemplating putting it up for sale. How soon is too soon to sell a house?

ItsSnowJokes · 06/07/2021 18:52

Most mortgage companies won't lend on a house that has sold in the last 6 months so you have 6 months at least. Personally I would do some work, update the place, except the fireplace to make more room etc.... and then see if you like the place.

I totally get where you are coming from. I have a bit of buyers remorse for our new place, but the more rooms we renovate to what we want the more I am liking the place. We are having the garden done next month and I am actually really excited about it so maybe I am liking it more and more.

PaleGreenAndBrightOrange · 06/07/2021 19:00

Sorry you’re in that position OP. Did you pay any stamp duty? Hopefully not.

I bought a house and had buyers remorse. Sounds like some similar issues to you. I had paid vast sums in stamp duty so stayed there for a while, made some improvements and then sold for enough of a profit to make me feel less guilty (but realistically not enough to have made it all worthwhile!)

MargotHeggerty · 06/07/2021 19:06

I hated HATED my current house. Felt like there was a never ending list to do and a huge mortgage compared to the compact cosy newbuild i had just left...

However I did the first "big job" ripped out and got a new kitchen...and then some smaller ones...painting wallpapering some rooms and after 3/4 months it did feel more like home.

Over the last 2 years we have chipped away at more jobs and it does slowly feel more like ours.
Is it habitable? Is it safe?
However in answer to your question try and do 1 year id say. Do a few jobs...then hopefully sell and break even or small profit

Gettingonabitnow · 06/07/2021 20:25

I’m sorry you feel like this @Sum2021. I’m worried we may be in the same boat (if we ever complete), as we had 15 mins to view it and put in an offer before the next people.

Any advice, if you had your time again?

I hope you begin to love yours x

Original poster

Sum2021 · 06/07/2021 22:00

Thank you all.

We didnt pay stamp duty - I would maybe have pulled out I think if we needed to (maybe I should have lol).

Just discovered there is asbestos in one of the walls and potentially the roof - there goes the renovation budget.

Same, we kept getting outbid on all other properties and were getting fed up. All viewings were rushed and queues at the door for the next people. We deffo felt pressured to offer 'quickly' and maybe just the worst market to buy in.

Our situation was that we were renting and the diff between renting and mortgage is approx £150.

I would advise multiple viewings, listing questions before the viewing and asking, checking garages and outbuildings and even measuring rooms for yourself. The room measurements on rightmove and the actual measurements are quite a bit out. Also maybe check taps arent loose, ask if any rodents, check roof tiles. If there are fitted wardrobes check if its hiding anything -in ours the wardrobe side was to the wall which has caused damp. Also make viewings during the day and DO NOT RUSH.

We have moved to an area where crossrail will eventually be coming and im hoping that will boost prices. Tbh at this rate if I get enough to cover renovation costs, sols and stamp duty costs I would be likely to put up for sale (which is a lot and wishful thinking I know). The bedrooms are too small and I fear if I end up 'settling' I'll never move. Contemplating moving out of London at this rate.

OP posts:

Original poster

Sum2021 · 06/07/2021 22:03

@Gettingonabitnow

I’m sorry you feel like this *@Sum2021*. I’m worried we may be in the same boat (if we ever complete), as we had 15 mins to view it and put in an offer before the next people.

Any advice, if you had your time again?

I hope you begin to love yours x

Go and view again if you can. I wish we viewed multiple times.

OP posts:

Original poster

Sum2021 · 06/07/2021 22:05

@PaleGreenAndBrightOrange

Sorry you’re in that position OP. Did you pay any stamp duty? Hopefully not.

I bought a house and had buyers remorse. Sounds like some similar issues to you. I had paid vast sums in stamp duty so stayed there for a while, made some improvements and then sold for enough of a profit to make me feel less guilty (but realistically not enough to have made it all worthwhile!)

Sounds like you got through it and into a house that you prefer. Yeah im trying to do jobs to make it more 'us' and hopefully add value and given myself the goal to see if we can sell in two years.

OP posts:

Original poster

Sum2021 · 06/07/2021 22:07

@ItsSnowJokes

Most mortgage companies won't lend on a house that has sold in the last 6 months so you have 6 months at least. Personally I would do some work, update the place, except the fireplace to make more room etc.... and then see if you like the place.

I totally get where you are coming from. I have a bit of buyers remorse for our new place, but the more rooms we renovate to what we want the more I am liking the place. We are having the garden done next month and I am actually really excited about it so maybe I am liking it more and more.

I'm happy that you are liking your house more. Hope I do too. Im doing basic renovation - I say basic still very expensive to me and will DIY garden and hope that increases value and put up for sale when I can afford to.

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BrieAndChilli · 06/07/2021 22:12

Can you actually afford somewhere with bigger bedrooms etc?
If this was top of your budget and was the best you can afford then you may need to learn to live with it! There will always be something ‘wrong’ with any house unless you have millions to spend!

Chumleymouse · 06/07/2021 22:13

Check taps aren’t loose !!!!!! That’s not really a deal breaker is it ? . It’s a minor diy job to tighten them up.

Original poster

Sum2021 · 07/07/2021 22:37

I know lol just a bit of advice. Just generally check things are working.

I didng go top end of my budget as wanted go keep monthly expenses low but still feel we overpaid for this house. I think im just going to hope that property prices increase and as I renovate I enjoy the house more. Ive given myself a timeline of 2 years and might spend some time in between researching where I would actually like to live.

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Kipperandarthur · 07/07/2021 23:59

Give yourself some time. You have been swept up in the frenzy of the hurricane of buying recently. It may take a while but settle down and live with it for a while and things may change.

Everything is awful when you’ve just moved in. It’s not what you know and being bare and empty all the faults are magnified.

Do some basic painting and organisational things. Live with it for a while and see how you feel about everything.
If it doesn’t work for you in time go forward from there.

Flowers500 · 08/07/2021 08:25

Bay windows and fireplaces in rooms? The house sounds gorgeous! If you did it up nicely it would have massive charm. It sounds like it has massive potential to be a dream house, you might just need to be a bit more creative when you think about storage. Nowadays it’s easy to get great storage into even a small bedroom, look online and watch interior design shows for ideas.

If lack of bedroom storage and leaky taps are the initial issue, that is easy to fix. The asbestos will cost you, but such is housebuying!