In shock about my keenness

[SlippersandTV]

Hiya all.
I'm obsessing about losing money and it's taking over - I think about it all the time.
Bought a house recently and was so love-struck I didn't go in low enough with offer. The rule is 10 percent or more lower first, no??
I offered and paid 6 percent under. But a massive whack of stamp duty on top.
A neighbour has now made a comment about 'ALL the money I've paid for new house' and I haven't slept right since.

FWIW, the house had been on market well over a year, odd layout, very unusual and much more shabby around edges than I thought. Old boiler. Old house. pretty and quaint - I guess you'd call it 'naice'?

I can't stop thinking of the 20,000 odd I could have negotiated off had I been more savvy - and I worry someone when buying will offer me as low as 75,000 less than I paid. I feel sick with it all!
all. that. money. I am not rich, and I spent my savings on this.

Does everybody generally expect 10 percent less than they list the house for? I am shocked that I didn't think more clearly and the loss of that money is haunting me. I will never see those savings again, not even when I sell.
Have I been had here? Or driving myself crazy for no reason? how do I get on and deal?? It's making me so regretful. Maybe someone has been through similar? THanks all

[RainingYetAgain]

DS offered asking price last week. Has had an email saying they have had a cash offer of 7.5%more. He would have gone to 5% more at a push. So 6% under seems great to me

[ChicCroissant]

Does everybody generally expect 10 percent less than they list the house for?

No.

[SeasonFinale]

You generally pay over the asking price in the city in which I live.

[Dillydollydingdong]

I've never heard about this 10% rule. At the moment there's even a bit of gazumping going on where your offer can get trumped by someone else's. You were lucky!

[Bluecheck679]

I was really anxious about buying our house at first (sounds similar, was on market a while, odd layout) but we've been here 5 years and I love it! Don't really care if we maybe could have got it 10k less but that used to keep me up at night so I totally understand!

[Heronwatcher]

Unless it’s a 1 bed studio in central London at the moment you’re lucky to get it below asking price at all. Decent stuff is still selling off market for over asking near me. And unless you’re planning on selling in the next 6 months it won’t make a jot of difference in the long term.

[Roselilly36]

I wouldn’t give it another moments though OP, if your neighbour bought in 03, of course you will be paying double at least in most areas, our property achieved over double in this time.

[PenelopeVonDelius]

I also don't see the problem. You got it for under the asking price. Things are going for well over the asking price round here!

[Fleurty]

There is no rule about how much to offer, it depends on the market, how much you want the house and how much the vendor is willing to accept.

We knew our house was exactly what we wanted so offered 97%. We would have gone to asking price, despite it being over our budget, because we really wanted the house. We were looking at it as a home rather than an investment, now 4 years later it is now worth 120% what we paid but it doesn't matter because we don't want to move.

[Wingedharpy]

Stop looking at it as an investment and start looking at it as your home.

[WoolyMammoth55]

OP, I agree with all PPs that there's no rule, your situation is fine and you should be celebrating your lovely home.

In all honesty what I take from your post is that you're not in a good place mentally - spiralling anxious thoughts about anything really ought to be a reason to chat to a GP or get some private counselling.

Life is about much more than money and it sounds like you have a lot of good things going on - it would be good if you could get control of your anxieties and enjoy your life. Best of luck.

[curtains15]

every house in my area is going for more than the asking price. it sounds like you had a good deal. House prices are pretty much high all over the country so you have probably made equity in it all ready.

[museumum]

Is this your home?
Or just some attempt at a get rich quick scheme?

If the former then concentrate on that. Make it your home. Love it. Live in it. Forget about when and if you sell until that time comes.

[WWBD13]

There is no rule. We’ve just paid 20% over asking to secure our new home. It’s 300k more than what they bought it for in 2016. House next door to it has just sold for 70k more than what we just paid. It is what it is. This is our long term home not a money maker. House prices around the world are just insane right now.

[Amadrienia]

I echo what PPs had said. We're about to complete on our forever home in a couple of weeks, we offered asking as soon as we walked out of the viewing because been looking for over 6 months by that point and nothing came close to it in our price range. A bit of a bidding war started with another couple which we dearly wanted to avoid so we offered 5k over providing they take it off the market that afternoon. If anything we had anxieties about being gazumped and gazundered and wishing on our lucky star it all goes through on agreed moving date. Contracts have been exchanged and just want to get in now.

Sounds like you got a bargain based on what the market has been like lately, the prices are ridiculously high and at the end of the day it's a home to you. We missed stamp duty holiday as offered in Q1 but again ppl have been paying stamp duty since the dawn of time so don't matter if at the end of it you get a house you love. Just enjoy your new home!

[KosherDill]

@LakeShoreD

I honestly don’t see the problem. You’ve bought a house you love, you could afford it and you didn’t even pay full asking price. Sounds fantastic to me 🤷‍♀️

This.

Where I live, the "rule" lately is many thousands OVER asking.

Don't forget that regardless of profit or loss when you sell, you've also had a place to live. There is value in that.

Just enjoy doing it up and making it yours. Frugal DIY and decorating can be fun.

[KosherDill]

@Roselilly36

I wouldn’t give it another moments though OP, if your neighbour bought in 03, of course you will be paying double at least in most areas, our property achieved over double in this time.

Exactly. Prices 20 years ago are irrelevant; it's a different world today.

[leavingtime]

I've bought and sold for decades and never experienced any 10% rule It doesn't exist. If I'd offered 10% below asking price for any of my properties it would not have been accepted on any of them.

6% discount sounds good to me and I have no idea why you are getting so agitated about this. It should be your home, just enjoy it, it is, or should be, a home. You've somewhere to live, many don't. Appreciate that. I would suggest you try and stop being so money obsessed, it's not what life is about.

[MyAnacondaMight]

In order to buy a house, you kind of have to pay more than anyone else thought it was possibly worth - otherwise they would buy it instead. If you’re not willing to do this then you’d never have a house.

Forget about whether you got a “bargain” or not - just enjoy it.

[Calmdown14]

Was there another house you wanted or would you have been gutted to lose out on yours?
Even in the event you have 'overpaid', if you are happy in the house and it is favourable to alternative options then that was money well spent.
I paid 5k over for mine to stop it going on the market. I'll never know how it would have done. It may have had no interest and I could have got it cheaper. But it wasn't worth that stress and, while the value hasn't gone up much, I cannot buy what I have in this house in terms of garden and position where I want to be