Feeling embarrassed and 'done' when house buying

Wesser

I have been thinking of house buying for a long time but only recently gone sale agreed.
If i had gotten by ass in gear I could have bought this time last year and saved myself alot if money.
I think that one day I will be one of ' those who bought in 2017' at the peak and people will throw their eyes to heaven and say oh the madness and the stupidity!!!!
I don't want to be one of those!
But I am at an age where I want my own place and I can afford it and I like the house that I am buying and see myself being happy there for 5 to 10 years or more.
I just don't know if I'm prepared to wait another unknown amount if time until the market slumps .
Can anyone relate to this feeling.
Please excuse my sentimental rambling.

kmfrob

Ah yeah for sure. We were (relatively) lucky and bought a couple of years ago, but in the time from when we first started having the conversation about buying to finally having the approval from the bank we were priced out of two of our favourite areas and ended up possibly overpaying for the house where we got.

But you know what, it's still better than paying somebody else's mortgage and you only need worry about losing money if you sell. Settle down where you are and you'll be sound.

And I don't regret buying our house. The mortgage is still cheaper than rent would be, we have a house within 5km of O'Connell St, and the area we live in is great!

No need for you to be feeling silly!

Klonker

It's nobody's business how much you pay for a house so I personnaly wouldn't tell anyone outside of family the price.

If you can afford and want to buy buy now, prices may go up or down, nobody knows.

AndrewJRenko

Unless or until you come to move house, the value of your own house is a meaningless figure on paper, whether it moves up or down.

Black_Knight

Klonker wrote: »

It's nobody's business how much you pay for a house so I personnaly wouldn't tell anyone outside of family the price.

If you can afford and want to buy buy now, prices may go up or down, nobody knows.

Unless they check out the property price register.

Faster Doudle

Wesser wrote: »

I have been thinking of house buying for a long time but only recently gone sale agreed.
If i had gotten by ass in gear I could have bought this time last year and saved myself alot if money.
I think that one day I will be one of ' those who bought in 2017' at the peak and people will throw their eyes to heaven and say oh the madness and the stupidity!!!!
I don't want to be one of those!
But I am at an age where I want my own place and I can afford it and I like the house that I am buying and see myself being happy there for 5 to 10 years or more.
I just don't know if I'm prepared to wait another unknown amount if time until the market slumps .
Can anyone relate to this feeling.
Please excuse my sentimental rambling.

Your're not alone Wesser, I'm Sale Agreed and feel exactly the same!

Prices are crazy and it's fiercely competitive out there, so I was initially delighted to be sale agreed, but that feeling has given way to the notion that maybe I'm making a big, big mistake (despite the fact that the property is affordable to us and it a good location). It's just it's a scary amount of money and I've a bad feeling that we're witnessing history repeat itself.

Having said that I can't see any reason apart from an external international economic shock that prices will drop in the short to medium term. It's the uncertainly of the whole situation that's getting to me and I wish someone could just tell me what the right thing to do is!

suncatch

If its the right house that you can make your home it doesnt matter the price you paid as long as you can afford it. Price doesnt matter when you will have and can make lifetime memories or memories that will last long after you decide to sell or upgrade. Youve made the hard decision to buy, Enjoy the rest !!! Life is to short sometimes

rsynnott

If it's any consolation I felt much the same going sale agreed at the beginning of last year. It may well yet go down below what I paid for it, but I'm happy where I am for the long term, and I don't have to deal with renting stuff anymore. It's probably just normal buying-house nerves; it'll pass. And look on the bright side; it's still not as silly as it was in 2007!

And unless you're trying to sell, the price really doesn't matter that much. Arguably, as long as you don't end up in negative equity, it's good if it stays as low as possible, especially when property taxes are revalued.

Samuel T. Cogley

Bought in 2006 and don't (wholly) regret the decision. I'll tell you what I could careless about though and that's what anyone else thinks :pac:

I'd say hold out, to be honest, based on this line:

see myself being happy there for 5 to 10 years or more

If it's annoying you now, then it'll wreck your head going forward when/if house prices drop. Why not just look for the house you want to live in forever? And see if you can get it for a price you are happy to value it at. Then it doesn't matter what the market goes like, it's your house that you bought at a price you thought fair.

Then you can customise it and change it and do what you want without the whole "i need more space, and im beat into my kitchen every day, but i dont want to add an extension because i wont make my money back on it in ten years time, so i'll continue to live uncomfortably until then because i am terrified of losing money on a house I bought to sell at a later date"


That'd be my take on it anyway. Buy once, and make sure you're happy.

spaceHopper

Yes it's a scam the government have no interest in affordable home they want high house prices..

But if it's cheaper or better than renting and you like it and can afford it, plus you are going into it with your eyes open the why not.

Also you have to live somewhere do you want to be an adult living with your parents for the next 5 years?

If you wait and prices keep going up what then, if you rent and in 5 years buy they the cost will be rent - any drop + cost per month of paying back over 5 years less, you can only borrow up to 65th birthday!