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House jitters!

8 replies

Snorkers · 16/06/2022 16:11

To cut a long story short...

We sold privately in Nov 2020 with a view to buying a smaller cheaper place. We had a 5 bed house for just two of us and a small family loan, wanted a smaller cheaper place ideally in the same village and to do away with all debt. Only bought teh 5 bed as houses coming up for sale here that suited us (i.e. not on main road, sunny garden) were rare as hen's teeth.

Went into rented and aftr 4 months and house prices going wildly up we bought a stopgap in the nearby town.

Hated living in the town so put house up for sale after 18 months and literally the day after an almost dream house we walked past thousands of times in the village (in fact, the same street) we left came up for sale.

Had an offer accepted after writing a pleading letter! But this new house needs a full refurb, has a weird internal configuration etc. But, it will be lovely and we have experience doing up a hosue previous so not fazed by that. It's just how much it will cost.

We will now need a mortgage due to the house prices here skyrocketting, and now I am a bit worried. The whole pont of moving was to get a cheaper house, and we're moving back to the same flipping street to a house that needs loads of work and will now need a mortgage to boot (150k)

It's the only way we're going to et back here to a ouse we can stay in long term. I feel like a complete idiot for even moving and am worried about how much it will cost to do up. We will have about 50k but that won't cover everything.

I also think we are overpaying but the survey will tell us that.

Shall I just get on with it and chalk it down to a very expensive lesson learnt? I absolutely hate living in the town.

OP posts:
TheotherMissHoolie · 16/06/2022 16:55

If it's the right house in the right location and you can afford the refurb, buy it. How long would you have to wait for another to come along?

Snorkers · 16/06/2022 17:03

Probably never would! Not in our price range anyway.

OP posts:
JuneJubilee · 16/06/2022 17:06

Yeah it was daft to sell & go into rented to wait for one to come up, especially when you know how rare they are in your village.

how long do you intend to live in the village?

in your situation, if I lived the actual location of the house (in the village) the garden size and could afford to buy it I would IF I thought the purchase price & cost of renovations didn't make it 'owe me' FAR too much. Over time prices will go up & so TO ME it wouldn't matter too much, as long as I could afford the mortgage & everything else.

how much more money would you waste te noting until another suitable house came up?

Snorkers · 17/06/2022 08:17

Yes very daft, the last house was not 'quite' right, and we thought we coudl get a lovely little county cottage for a fraction fo tepice... alongw itht eh rest of the UK it turned out !

We're goingto stay tere for good I think so it odes make sense to do it. We bought in the toen, not renting still so at least this house has gone up too.

It's just all round stressful and a bit scary as i am sure almost everyone else movig house can testify.

An expensive lesson learned - don't move out unless you have something to go to. It's going to cost us £30k to just move in fees and then there's the doing up.

It's only money tho 😭😆

OP posts:
JuneJubilee · 17/06/2022 12:11

Snorkers · 17/06/2022 08:17

Yes very daft, the last house was not 'quite' right, and we thought we coudl get a lovely little county cottage for a fraction fo tepice... alongw itht eh rest of the UK it turned out !

We're goingto stay tere for good I think so it odes make sense to do it. We bought in the toen, not renting still so at least this house has gone up too.

It's just all round stressful and a bit scary as i am sure almost everyone else movig house can testify.

An expensive lesson learned - don't move out unless you have something to go to. It's going to cost us £30k to just move in fees and then there's the doing up.

It's only money tho 😭😆

@Snorkers

Life Lessons can be very expensive,so you need to learn from them!! Not many people get through life without some on the way. I can't even verbalise mine today, but suffice to say, crap as it is, I'd rather have yours!

THEN you need to look around you, hug those you love & remember, that yes, it IS only money & together you can get through it!!

OK, so, you just need to look around the village & consider your options.

could you pop notes into the houses you'd like to buy if they were considering selling?

is there anything else for sale that's in your price range, even if it's in worse condition?

I personally wouldn't mind it taking a while to renovate or costing a lot, but I'd want to buy the best 'plot' I could. I'd work on the theory that if I was going to be there a long time I'd do it the way I wanted & screw the saleability/cost. As long as I could pay the bills! I'd also do it in a way that the bank would be happy to remortgage in, say, 5 years.

throw yourself into it & enjoy the journey x

Minimalme · 17/06/2022 13:04

If you repaid the family loan and debt you had by selling the five bed house, then all is not lost op.

As long as you stress test rising interest rates on the 150k mortgage, I would go for it.

Snorkers · 17/06/2022 16:01

Thank you - It's an amazing plot, ticks all our boxes bar the state of the house and I don't think we'll get anything better.

OP posts:
JuneJubilee · 18/06/2022 06:37

Snorkers · 17/06/2022 16:01

Thank you - It's an amazing plot, ticks all our boxes bar the state of the house and I don't think we'll get anything better.

Then go for it with enthusiasm!!

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