If you overpaid for your property, do you regret it?

[Diffuser]

Head or heart?

I viewed a house last Friday which I loved.
I thought the vendor would be open to offers given that it's been on the market for 7 months and is currently vacant, but nope, he will not budge. As far as I'm aware he's only had 1 other offer a few months ago which was declined.

I feel it's overpriced, by around 15k. That's based on recent sold properties in the same area. I gave my best and final which was declined on Saturday but I keep thinking about it and I've actually felt quite upset over it the last couple of days. Silly I know.

I know I've made the right decision financially, but a part of me just wants to spend all my money to secure it. But would I be happy, knowing that I've overpaid? I think it would always be in the back of my mind.

If you overpaid for your property, was it worth every penny or did you end up regretting it?

Ours was down valued by £185k at survey.
We paid £10k over that new value.

Absolutely no regrets. Been here 9 years and it is our forever home.

In the area we live in houses are so sought after that they rarely go for under asking( if you want the place you have to offer at least asking price or risk losing out on it. We have never offered less than asking as our priority has been to secure the place knowing they don’t come up often. We’ve never sold for less than asking either.

so a lot will depend on the area you’re in but for me it’s about the opportunity cost of NOT getting that place. How often do properties like that come up? What are the chances a similar / better alternative will come up in the next 5-6 weeks thst you are looking? It is obvious really but it really dawned on me how the options are not ‘what are any properties in the area worth’ but ‘which of these properties is for sale and that you can afford at the precise time you are looking’

I would have kicked myself if we lost out on our place because of a false idea that you have to offer under or you’ve got a bad deal. I LOVE our place and am glad every day we got it, which makes it worth so much more than its monetary value. Different if you’re planning to sell again within 3-5 years though.

In this current market, I wouldn’t overpay. Houses aren’t selling as quickly as they used to. If a house hasn’t sold after six months, then he needs to be willing to negotiate.

Like pp have said, he’s either unaware of the current market, getting poor advice from estate agents or doesn’t want to move.

Maybe he’s just naive, I think a lot of people don’t understand what they are doing, there is a woman on another thread who is posting she thinks her buyer got a great deal as they didn’t pay her asking price, and clearly doesn’t understand they didn’t get a great deal, simply her asking price was unrealistic.

Why on earth would you give up a property you love for £15k, it’s literally nothing in the grand scheme of things. By the time you’ve put your mark on it you’ve probably put that that £15k back on

It depends what 15k is as a percentage of the asking price. 15k is obviously very different if the property costs 150k or 500k.

And also how much you like the property and how long you intend to stay there. As others have pointed out, buying a house is not all about the financials but also about buying a home you will love. People will often “overpay” to secure a property they intend to stay in for a long time but won’t if they are looking for a short term home or investment property.

There isn’t a “right value”. Markets work because one party is prepared to pay a price for something and someone is prepared to sell at that price. If you’re prepared to pay more, then there’s a reason for that and that’s the value. This is especially true with houses, as it’s a very personal decision and no two are exactly the same. As others have said, in the overall context of the transaction, it’s a small amount to secure the house you love. If you think you’ll regret not going for the house, then that’s your answer.

We overpaid, made our offer in the height of the craziness and prices were dropping all the 12 months it took us to complete. No regrets at all. I feel happy everyday I wake up here. We plan to stay at least 20 years and hopefully until we're old and infirm. It has a downstairs annex to move to when needed.
The mortgage payment is comfortably under budget for us and who knows where prices will be in a few decades

I realised yesterday if I win the lottery I would still stay in our current house. It is small. It needs lots doing to it. And we def paid over the odds. But it is perfect situation for us

Comes down to how much you want it

This. Overpaid by about £10-12,000.

Small price to pay over the years for somewhere we love.

That was £10-12k on a £280k house, so only 5% I guess. Peanuts compared to the price of the house.