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Buyer's Regrets

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  • 14-02-2023 8:32am
    #1
    Registered Users Posts: 6


    Hi everyone,

    I’m posting this here to get some advice on what I should do in the situation that I’ve got myself into.

    I purchased a house at the end of last year in Wexford. The house is in Gorey (technically, in an estate nearby), and it’s a three bed-room home. It’s in good condition, but needs some cosmetic work. The house itself, however, is not my problem.

    I bought this house hoping to settle with my girlfriend, but in the last few months since getting the keys, our relationship has collapsed. I don’t want to go into details, but its suffices to say that we will not be reconciling, so she is out of the picture. Thankfully, I am the full owner of the house, so there will be no issue with that. The problem is that I don’t especially want this house now that I am on my own. I bought it primarily as she is from Wexford, but now that she’s gone, I’m left owning a house in a town that I have no connection to. Furthermore, the place feels “tainted” as it reminds of her and of the mistake I’ve made.

    Thus, my question is what I should do. If I put it on the marker now, I doubt that I’d get my money back (I paid 280k). Renting could be an option as I can live with my mother (she doesn’t mind), but it sounds like a headache. 

    Sorry if the posting is rambling; I’m just trying to see what options are available.

    Thanks



Comments

  • Registered Users Posts: 14,512 ✭✭✭✭Dav010


    Were you the only bidder?



  • Registered Users Posts: 6 NicksShilling


    I was yes. The house actually sold for 10k under the asking. 280 was my first and only offer.



  • Moderators, Sports Moderators Posts: 24,846 Mod ✭✭✭✭CramCycle


    Where do you work? If it's nearby keep a room to be close to work and rent the rest to cover mortgage while weighing up your options. You won't have any issues renting in Gorey. Hard to know if you'll make a loss but if you sell now, it certainly won't be a large loss. What's more important, your finances or the emotional annoyance of the house. Personally I could bury my emotions if the house suited location wise for awhile. Don't move back with your mam unless you have too, certainly will make it harder to move on with someone else in the future.



  • Registered Users Posts: 6 NicksShilling


    Sorry, I should have specified that.

    I’m from Dublin, and I work there. However, I can work remotely most of the time. I could technically live in the house, but I feel depressed simply being in it.



  • Registered Users Posts: 1,089 ✭✭✭DubCount


    I think this is sound advice. Just to add, you may have been a first time buyer when you purchased the house and only needed a 10% deposit. If you sell and look to rebuy, you will no longer be a first time buyer and will likely need a 20% deposit.



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  • Registered Users Posts: 6 NicksShilling


    Thank you.

    The mortgage was only 175k, with the rest being cash. I still have about 35k in cash with about 45k put into investments that I can't liquidate for a while.



  • Registered Users Posts: 782 ✭✭✭Dolbhad


    As a second time buyer, you no longer need a 20% deposit but still can only borrow 3.5x your salary. I would rent out a room (might be easier to live there with others around), save some money up and then sell the house. You will sell the property (price alright will depend) but question is where would you go. I would line up somewhere else to go first.



  • Registered Users Posts: 617 ✭✭✭Kurooi


    No harm in listing it see if you can get your money back. You will still likely lose money because you paid stamp duty, solicitors fees twice... now probably EA commission too. But you could technically get away losing 5-10k. Only problem would be people will see the house was bought recently, may be wary of there being issues with it so bad someone wanted out after 3 months. Some will hold back from bidding. And of course it's an out there enough area you saw yourself there weren't many bidders. But you could try!

    You wouldn't see an awful lot of rental potential there and you could well find yourself unable to buy a new house if prices go down, market cools off even just a little. I'm not saying this will or won't happen, but you are taking on the risk of being stuck owning this house. I'd consider getting out.

    On a more personal perspective, you were in it very shortly, you haven't exactly built memories there together. It took me sometimes over a year to really settle into a place and feel home - that taint could go away especially if you bring in some friends, family, girlfriends, or even bring in items for yourself and build some positive memories around the place.



  • Registered Users Posts: 3,678 ✭✭✭RichardAnd


    Hmm, you say that the property is in need of some work. Why not fix it up nicely before trying to sell it? I'd keep it for a year, do it up yourself (if you can) and then see what its worth.



  • Registered Users Posts: 14,962 ✭✭✭✭elperello


    You could consider the Rent a Room scheme.

    You can earn up to 14k tax free by renting rooms in your house.

    Having different people in the house might improve the vibe and help to erase the bad memories.



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  • Registered Users Posts: 1,289 ✭✭✭alwald


    Sell to the council or housing body. I read on this forum that the councils are buying a lot of properties this year.



  • Registered Users Posts: 1,811 ✭✭✭mrslancaster


    ^^ This if you really want to sell.

    Recently talking to someone who is renting to a HAP tenant. They gave the tenant notice as they want to sell and the tenant contacted the council HAP department. A few weeks later the council contacted the owner and made an offer to buy the house so the tenant doesn't need to move out. That's in Dublin though. Maybe Wexford CC are buying houses - you could ring and check.



  • Registered Users Posts: 4,249 ✭✭✭Juwwi


    Selling to the council sounds like a good idea .

    I'd sell now while you can , nobody knows what will happen with property prices in a year or 2 , it could be worth €350k or €200k who knows .

    Last thing you want is being stuck in a house you don't like and not being able to sell it .

    The easiest thing to do is ring the estate agent you bought it from , ask him would he be confident of getting the €280k you paid for it back for you .



  • Registered Users Posts: 6 NicksShilling


    Thanks everyone for the replies.

    Regarding selling to the council, is there an avenue to do this? I looked online, but I didn't find anything. Is it a case of contacting Wexford council directly?



  • Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 14,117 Mod ✭✭✭✭pc7


    Yeah give them a call and they can guide you https://www.wexfordcoco.ie/contact-us best of luck OP not an easy situation



  • Registered Users Posts: 1,289 ✭✭✭alwald


    Yes call the council directly and see...keep us posted 🙂



  • Registered Users Posts: 3,295 ✭✭✭howiya


    The purpose of that sale was to keep the tenant in situ though. Still worth contacting the council.



  • Registered Users Posts: 119 ✭✭byrne249


    Get rid of it as fast as humanly possible. Found myself in a similar emotionally scarring scenario. Bought in a relatively okay but known dodgy estate in Galway. Ended up beside some real reptiles. Chinese drip torture. Tipping point was the Husband 'playing' fetch incessantly with his dog using a plastic bottle, throwing it into 'MY' garden. One day he hit my window with the bottle. Tried to confront him, long story short, emailed the council and they were buying, nightmare over in a matter of weeks.



  • Registered Users Posts: 1,157 ✭✭✭wildwillow


    Don’t go down the rental route. Read all the threads on renting here.

    If the cosmetic work is just painting and cleaning, it might be worth doing a little. Put it on the market as soon as possible. It’s costing you utilities and tax while you own it. A possible loss will be hard to take but better in the long run

    You are so lucky it’s not a shared buy. Maybe that decision was subconscious in thinking the relationship wouldn’t last?



  • Registered Users Posts: 6 NicksShilling


    Well, I bought it myself because she had no money, but yes, it is fortunate.

    I'm going down this weekend to do some work on the house. I reckon that I could repaint the whole thing in a few weeks.



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  • Registered Users Posts: 3,678 ✭✭✭RichardAnd


    Hmm, if he sells now, he will almost certainly lose money. I personally don't see any big correction house prices on the way. I'd say that they will remain fairly static for the next while. If the house is done up a little, it will be an easier sell. As mentioned above, a house that's right back on the market after a few months will make people think that there's something wrong with it.



  • Registered Users Posts: 1,297 ✭✭✭walterking


    Do the work required. Have it in "move in" condition. Garden looking well even if it just has grass - some grass weedkiller and lawn feed will have it looking good quite quickly.

    Kitchens and bathroom are the rooms to focus on. If they are looking well, it will sell easily

    Relist it at 295k



  • Registered Users Posts: 1,215 ✭✭✭herbalplants


    Don't forget most of potential buyers will look at property register. I know I would and if I see you bought a month ago for 280k, damn I will offer you less, hardly more.

    Living the life



  • Registered Users Posts: 89 ✭✭blarb


    So sorry to hear that OP. Sounds like a really tough situation, esp if you're not from the area.

    Unless you're willing to be down some money (i.e. solicitors fees and estste agent fees again, and maybe even a loss since people are not likely to pay more for a house that just sold a few motnhs ago, particularly if you were the only bidder, shows the demand is not too high.) But you could chance putting it on the market and weigh it allvup when you find out what the interest is, what offers you get.

    i would probably consider renting a room or two out for now, see if that helps change the feel of it. It would be tax free, and probably pay the guts of your mortgage. And they would be licensees in your home, so not subject to the long notice periods that tenants have.

    Then see how you feel after a while. You could keep on saving and ultimately buy again somewhere you want. You could either sell it later on when some time has passed and improvements done, or you could end up keeping it as a rental, a sort of long term pension plan or something.


    Whatever you do, I wish you the best.

    Post edited by blarb on


  • Registered Users Posts: 119 ✭✭byrne249


    The mental health side of this cannot be underestimated. If you live in a place that you don't want to be every minor life issue is magnified ten fold. It really is a bigger problem than can be outlined here. I'm only guessing based on the wording, 'tainted', but that to me is enough to suggest that peace of mind the the primary requirement here, not financials.



  • Registered Users Posts: 210 ✭✭Mr Hindley


    Is it worth giving it a year, and seeing if you can make a go at a new life where you are - find a club to join in the area, make some new friends, so that there's more to the place than just 'where you moved to be with her'? A year will fly by, and you might feel different by then (and be glad you stayed on the property ladder.)



  • Registered Users Posts: 234 ✭✭niallpatrick


    How about a house swap of the same value in a place or town you'd like to move to, it'll be a one shot deal once its processed no going back for either party. I live in the 6 counties and this is housing executive and housing association tenants but I know it's been done, perhaps possible in the 26 for private owners?



  • Posts: 1,539 ✭✭✭ [Deleted User]


    Do you really want to go back living with your mother?

    Everything about the breakup is fresh to you right now. If you can work from home, I'd keep it and live in it for a year and rent out a couple of rooms.

    See how you can get on. If it still feels crap after a year, then sell it.



  • Registered Users Posts: 71 ✭✭ApeEvolved


    Op get your property back on the market asap. There is still lingering stupidity in the market and you may not lose as much as you think.

    But do it ASAP!.



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  • Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    Even you are only able to achieve circa thirty grand below what you paid for it, you shouldn’t rule out selling it if moving on and drawing a line under things is very important to you here ?

    stuff just happens some times and money isn’t everything



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