FTB dissapointment

[hopingforgood]

Changed the name for this - Without going into too much detail I might lose a huge chunk of the value of my flat (c. 15%-20%) due to an issue that was discovered after I moved in 5 months ago. It was my own fault for not researching properly and overpaying immensely. I basically will end up worse off than before I tried to climb the property ladder. I am a FTB with Help to Buy equity loan.

One choice is to try and sell next year, but I think I will lose even more and I will most definitely struggle to sell.

As an alternative, I am trying to combat the issue, it costs a lot of money and I am not massively hopeful it will be totally resolved, it can be improved though.

So at the moment plan of action is to overpay the mortgage in the meantime to just about avoid negative equity, while trying to combat the issue. However, being here in the meantime is very difficult.

I feel utterly disappointed in myself for not doing the job properly. It keeps me up at night, I keep calculating possible loss/looking at other properties which I could have bought instead, which I know is a waste of time.

To other FTBs out there - DO NOT BUY NEW BUILD WITH A HTB equity loan. Do not even look at them. Again, I know I should have known that myself.

Could I please hear your stories if you felt like this as an FTB but then was able to change the situation towards the better?

What is the problem?

tbf I think anyone who’s bought in the last few years stands to be in negative equity for a little while

What's the issue?

I do think we need to know the issue before commenting/helping to be honest.

What issue?

What’s the issue? With a new build, they will fix snagging for the first year and then you have usually a 10 year guarantee for major things.

What kind of issue is it? Isn’t it covered by the warranty? Or is it more just that the design/parking/area etc is rubbish?

It’s hard to know without more information. We bought a new build with help to buy and found it was great- we wouldn’t have been able to get a decent enough deposit otherwise. As others have said new builds are covered with a 10 year warranty so if it’s something structural you should be covered?

we moved to our next home last year and vastly overpaid due to the market at the time. We’re not in negative equity yet, but may well be if house prices go down but will ride it out hopefully. I think most people who bought recently are likely to be in the same situation.