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Original poster

Paid more than our house is worth and I can't get over it....!

73 replies

Dahlia91 · 08/07/2021 19:29

So we bought our house last September moving out of a flat in a city with our then two year old son to a detached three bed in a nice village with good school catchments.
We looked at a few houses in town prior but we were priced out of everything in nice areas/good catchments and I was totally focussed on school catchments as we're in Scotland and you have to go to the catchment school 99% of the time.
When we looked at our house we had just seen a total wreck on for about the same the day before in town and so thought it would definitely go quickly and for a lot more than the home buyers valuation (which is usual here in town). We had also had an offer made on our behalf (without checking) for a different property by our solicitor so technically were set to buy that but I had terrible cold feet realising it really wasn't the house for us.
Basically we were rushed, had sold our flat and agreed an exchange date, relied on our solicitors advice about the price we offered on our house and didn't do our due diligence. I now see houses on this estate going for less for the same or only slightly more but with a massive extension and I just cannot shake the feeling of panic that we overpaid and will lose money when we eventually sell.
We didn't plan on selling for ten years but we also thought we'd be able to do certain things to the house which we have now found out we can't because of its quirky layout....which we thought was a selling feature when we viewed Hmm .......

I just need to hear if anyone has been in a similar situation and felt awful and what you did to get over it! I just cannot fixating on how much we overpaid and it makes me not want to do any of the decorating. Especially as extensions would be far more than we had expected (despite what I thought was enough research) and I'm not sure we'd make it back. I don't want to throw good money after bad so to speak.

OP posts:
Knittedfairies · 08/07/2021 19:48

You've learned a lot of lessons there OP; mainly not to rely so heavily on solicitors. How did he/she make an offer on your behalf without your say-so?
You may well have over-paid; hindsight is a wonderful thing, but that was the decision you made at that time. What has happened to properties in your area since is neither here nor there; it's a done deal now. Get decorating and make your house yours - good luck!

Original poster
Dahlia91 · 08/07/2021 20:06

@Knittedfairies It was being sold by the same firm as ours and they knew we were interested, it was listed for fixed price so no offer price to discuss and so she just talked to her colleague as soon as we accepted the offer on our flat. There was no formal email/paper offer like there usually is/should be in Scotland

I know you're right, I just don't know how to figure out how much to spend, do we spend a lot a risk losing even more when we sell? Or will it make us want to stay longer. Its a small 80s house with small rooms and what now turns out to be a rotting conservatory that will need taking down at some point which means loosing living space - quite a lot! I think that's the other thing that's getting to me. We got swayed by an amazing view but you don't live in a view do you!

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surreygirl1987 · 08/07/2021 20:09

I'm sorry this has happened! However, I'm afraid you can't go back so do try to make the best of it. If you are planning to stay for 10 years, I would say do the extension if you feel it will add value to your lives and if you can afford it. A decade is a long time.

whatisheupto · 08/07/2021 20:13

I don't know about Scotland but in many parts of England house prices double every ten years generally. Does that help?!
Also I think sometimes we forget that house investments are not just about money.... it's about having a warm dry home for your family. That shouldn't be free should it? It's ok for that to cost money, you will get years of value from it.

If you're staying for 10 years it really won't matter by 2031.

Some people might have bought a bargain house but then they're lazy and wasteful with their money in other ways so it cancels out.

Challengerice · 08/07/2021 20:16

* relied on our solicitors advice about the price we offered on our house *

You took advice from a solicitor before you worked out what you were going on offer?

Canigooutyet · 08/07/2021 20:17

This is the thing with property prices fluctuate.
You could have lucked out and the property price increased.

Any chance you and partner of relevent, work on your assertiveness? You don't need people walking all over you and the cheeky fuckers out there will take advantage.

Challengerice · 08/07/2021 20:17

* We had also had an offer made on our behalf (without checking) for a different property by our solicitor *

Oh come off it. Really?

Horseradish01 · 08/07/2021 20:18

Don’t worry about it. It’s done now so make it your own and enjoy it! 10 years is a long time to hold off on any work just because you may have overpaid. Live in it and enjoy your home

Canigooutyet · 08/07/2021 20:20

Just out of curiosity when the solicitor put in the offer without your say so why you didn't put a stop to it. They are supposed to be working for you on the legalities, they aren't financial advisors.

iamalighthouse · 08/07/2021 20:22

But its your home? do you actually like it? if you are not selling for sone years I really don't understand why you are panicking.

Crocky · 08/07/2021 20:23

We got swayed by an amazing view but you don't live in a view do you!

I have a view of a beautiful hill from one side of my garden and the front of my house. It makes me smile every time I arrive home and when I get up each morning. I’ve been here over twenty years. We looked at moving a few years ago to somewhere bigger but I couldn’t find anywhere at a decent price with a view to match. Don’t disregard the view so easily 😁

museumum · 08/07/2021 20:26

This is your home for ten years not an investment property. Forget what you paid. It’s done now. Just settle into making it the best home possible.

Lots of posters won’t understand the Scottish system. When the market is this hot here you do need to take your solicitors advice on what to offer as they have the most recent sales figures.

MotionActivatedDog · 08/07/2021 20:27

You haven’t paid more than it’s worth. You paid what it’s worth to you. Houses don’t have a fixed price, they’re worth what someone is willing to pay and that’s what you did. Not sure I understand the panic- what horrible thing will happen as a result of this?

museumum · 08/07/2021 20:30

Oh and it’s VERY unlikely you’ll actually lose money in ten years. Not unless there are huge structural problems.

FeckTheMagicDragon · 08/07/2021 20:31

We paid 10k over what we sold ours for, 100% mortgage (1st time buyers, early 2000 at the height of the last bubble) but it was fine, we got a house we wanted, was perfect for us at the time, and when we sold it 10 years later had enough paid off the mortgage to put 20% down on our next house.

Original poster
Dahlia91 · 08/07/2021 20:32

@Canigooutyet We discussed and decided on a figure but stupidly didn't check sold prices and were just reassured by the fact our solicitor said she definitely didn't think we were paying too much and it may not be enough

And yes they did make an offer without an official request to do so. We obviously were interested in the previous property and they knew that, and that it was likely we would make an offer but when we accepted the offer on our flat the next call I got was from our solicitor saying the bungalow was ours. We hadn't asked her to do that, but because it was her colleague selling it she just did. She also basically tried to talk us into staying with it when I said we weren't sure for which she later apologised when we did pull out as she clearly knew she had pressured us. So I'm not just talking nonsense thanks

@iamalighthouse At this point I honestly don't know. We can't do what we wanted to do to it so now I don't know if I do like it. Or at least not enough to stay here for the ten years, this is my worry. What if I still don't like it after doing an extension etc?

Obviously we will do up the house as it is at least I just don't know about putting a lot more money in.

I know I just sound like why am I complaining but its more just feeling like an idiot and like I got it wrong. I feel stupid and guilty as we aren't made of money. Some of our equity is from inheritance and I just feel like I've been irresponsible with it

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ChakaDakotaRegina · 08/07/2021 20:37

Stop torturing yourself! It sounds like you have the right things - schools, village, view (which you cannot create. A nice view is pretty high up in most people’s list).

It doesn’t sound like you were miles off budget wise. I have definitely heard the same from sellers (that they refused a good offer and then kicked themselves for months afterwards). You don’t know with these other houses how many have dodgy extensions or sinking floors - there’s always something.

Also you are not renting. If you do the rental maths that we do you would really have a heart attack! I don’t see how you can go far wrong with an extension especially if you would enjoy it and make use of it.

Original poster
Dahlia91 · 08/07/2021 20:37

@Crocky this is true! everywhere else we saw was terribly overlooked, this house we can see foxes and deer from our garden/windows. I should appreciate it more

@museumum Thank you for that reassurance, its only the second time we've bought (in Scotland or anywhere) but I'm English so getting my head around the Scottish system when its so hot has been a lot to figure out. Figuring out if you're offering enough is so hard here it seems

@MotionActivatedDog I think I just feel stupid and guilty mainly, and perhaps a bit of worry of what if we can't afford the next step because we lose money/don't make money - which I know is daft and I need to talk myself down!

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StatisticallyChallenged · 08/07/2021 20:37

Our solicitor (also in Scotland) said they wouldn't be able to act for us if we wanted to buy a property that was listed with them - they had a reciprocal arrangement with another firm who would deal with everything regarding our offer/purchase in the event that happened. So I'm surprised your solicitors was happy to do this tbh

Original poster
Dahlia91 · 08/07/2021 20:41

@StatisticallyChallenged Oh really? It does seem a total conflict of interest. We also discovered that the owners of the bungalow had had an offer already but neither accepted or refused it as the offerers still had to sell their flat. And so let us view and then said who ever can proceed first... Which to my understanding isn't allowed in Scotland, you have to accept or reject an offer not just leave it on the table I think? But their/our solicitor allowed this - and didn't tell us when we viewed!

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Unsure33 · 08/07/2021 20:42

Don’t think of the house as an investment . Rethink what you can do with it especially if you have a lovely view. Make the most of that and think outside the box . I bet you could improve it and make it lovely to live in . There are not many houses that can’t be improved . Perhaps post a floor plan for ideas .

4PawsGood · 08/07/2021 20:44

@Challengerice

* relied on our solicitors advice about the price we offered on our house *

You took advice from a solicitor before you worked out what you were going on offer?

Totally normal in the Scottish system.
RandomMess · 08/07/2021 20:51

Honestly the view is worth £££££ it will be a selling point for sure.

We have a view and it makes such a difference, our last home was overlooked by maisonettes and tower blocks.

tentotwelve · 08/07/2021 20:57

You bought your house in September having been priced out of other desirable places? There's no point in comparing the prices of houses now.

You have a detached house in a good catchment area which sounds ideal for your child.

And I'm another with a stunning view and have loved it since I moved in many years ago. You don't live in the view but you can look at it every day and enjoy it. Many would be envious.

Most of us have huge anxieties about spending such a large amount of money. When I bought mine rather like now prices were rising rapidly and I had to offer way over the asking. I wouldn't have got it if I hadn't. But I've never regretted it because I'm lucky enough to live in a nice place and after such a long time the purchase price seems very low!

I hope you can make yours how you want it. Do the extension when you can afford it. Meanwhile, quirky is nice!

Original poster
Dahlia91 · 08/07/2021 21:00

@Unsure33 Good idea thank you - I asked for advice in a DIY fb group but got no responses, and we talked to an architect who was similarly rubbish so I think its killed my excitement I had when we bought the house. So any ideas would be great!!

@RandomMess I hope so! If we could maximise it it would make it a lovely house

How do I post a picture? Sorry I've never posted on here before

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