Feel so Awful about my house

[ChristmasBerriesBez]

Hello Mumsnetters, I'm hoping someone is out there....awake and on here early.
I'm reaching out really - I feel so awful about this thing. We bought a house which i had fallen in love with and my logic was clouded so we offered way, way too much.

Now it's come that I feel sick every time I think of the house. I feel sick as I know that it will never sell at anything close to what we paid. Although we got it under asking, it's asking was ridiculously inflated and I'm talking we paid I think maybe £60,000 more than it's worth.
A lot of what we paid was out savings. so literally money no longer in the bank.

There have been comments about what we paid from people who live nearby and I could just melt into the ground.

It has very little resale potential - it's layout is majorly unusual and those who have looked at it's floor plan hate it and say they wouldn't consider it.
It had been listed for over a year, it had just had an offer fall through, and I know they were desperate to sell. North facing garden too!

I got it for 6 percent less than asking price, but now i've done my research (too late!) I can see that it's worth about 10-15 percent less.
Other houses in the area measure up much better.

I've gone from loving it to having bad dreams about it, I feel sick in my stomach all the time and I don't know how to live there without thinking every day '£60K wasted that I'll never see again'
We really need that money. It was top end of budget.

I don't want to decorate or work on it because it only makes me panic that it's more money wasted on it that I'll never see again.
I feel breathless when I think that this is it now...we're stuck in this house with no option to sell in future as it will only lose value as time goes on.
Dont know why I'm posting this really, I think to vent, or to reach out, or to ask how others might handle this. Thanks MNs
xoxoxo

Thanks everyone for your replies. Am grateful to hear from so many!
I did get an agent to value it, but she added 10 percent into what I’d paid.
But it would only be worth what someone was willing to pay despite the agent’s valuation.
It had been on the market for a time before I bought it.

@ChristmasBerriesBez

Thanks everyone for your replies. Am grateful to hear from so many! I did get an agent to value it, but she added 10 percent into what I’d paid. But it would only be worth what someone was willing to pay despite the agent’s valuation. It had been on the market for a time before I bought it.

OP, you’re going round and round in circles here. None of this is relevant to your life in this house until or unless you decide to sell it at some point in the future, in which case the valuation then will be relevant.

Also, if you have a mortgage on this house, your lender wouldn’t have lent to you had they not reckoned the house’s value to be what you paid, or very close.

If you have a mortgage then surely the bank will have valued it? It sounds to me like some rude fuckers have told you they don't like or think you've overpaid who no doubt bought their house years ago so everything looks expensive in comparison and you feel embarrassed.

You obviously liked it enough at one point so I really think you need to give your head a wobble and get past this. Unless you need to sell suddenly or have put yourself in financial difficulty, it really doesn't matter if you overpaid - just live in it and love your new home.

@YourenutsmiLord

A north facing garden usually means a south facing house with lots of warm sunshine flooding in.

I totally agree! I always prefered our flat to MIL's house that was bigger because in winter our flat's reception had plenty of light and didn't feel depressing. Also, now that we have a house like that in the summer you can have some shade and still sun farther down the garden. Best of both really.

We're you a cash buyer? If so, then it's probably a huge shock to have to part with that amount of money, thinking you 'should' have 60k left over.

If you borrowed on a mortgage, then it's just higher repayments but doesn't represent a lump sum you could have 'done something with'.

The only thing that matters is if you can afford to live there.

You haven't paid 60k over, you paid what someone was willing to pay. Which is exactly how any house is valued.

Some people have made comments that you've taken to heart and are now clouding your judgement.

Despite an agent valuing it at 10% over the price you paid, you are convinced it is worth less. The reasons for this seem to be that:

1. some people don't like the floorplan (so? different strokes for different folks - I personally hate open plan while other people knock through walls to achieve it)

1. other people in the area paid less for their houses (this isn't comparable unless the houses are identical and bought in the same year, ignore)

1. it had been on the market for a long time (loads of reasons for this).

You've convinced yourself the house is unsellable. It isn't. In all honesty, you'll probably end up selling one day at a significant profit.

what are the good things about it?

The bank has to value the house, surely, to check they're happy to lend money on it??

Could you move any rooms around?

Are you living there now? Take each day as it comes, see what the house feels like.

Ignore any nasty comments. How do people know what you paid for it?

As long as you're happy, it's fine. House prices fluctuate.