Buyer's Regret

Hello!

I am brand new here. I would LOVE your opinions.

We have just had an offer accepted on a house in SE Melbourne, we got it for about 5% below asking price (private sale). It wasn't well listed, no floor plan, needs work etc so I think we got a good price. 4 (potentially 5) bedrooms. We know and love the area, it's great.

My issue is I am now having MASSIVE self doubt about it. I've never owned a house before. I'm from the UK, desperate to go back (have a new baby who hasn't been able to meet any family due to border closures) and I do see my long term future in the UK, not here. It's definitely not our forever house. I am also terrified about my 1 million dollar plus loan (plus the huge stamp duty here), although I have a good income working as a doctor and it's easily affordable for our family. When I compare it to what I would pay for a house back home though it's very expensive!

Is it massive to take on a house if I'm not 100% committed to staying here? I am worried about making a huge mistake... Are these feelings normal!? I am so afraid the market will crash and we will be stuck.

I'd really appreciate any advice. Thank you!

 

Did you buy a house because of FOMO?
The way I am reading your message above says you are financially capable to get the property.

 

Well if nothing else demand for doctors is pretty strong!! So maybe compare renting for ur time here vs buy hold, or buy / sell later.

Not many ppl predict a crash, purchase price seems fine.

Ur all good.

And thanks for the great work u do.

 

I have been practising thinking it ..... not saying it!!

My life has improved!

 

sent you a message, thanks a million

 

Maybe... I don't know!? Financially it's not a concern.

 

Haha I'd rather hear it! Thanks for your help.

 

If you do end up returning to the UK, could you consider keeping it as an investment and renting it out?

 

yeah I think so, but is that unrealistic? I wonder if it might be a load of hard work from the other side of the world? Plus tax implications etc. I am a complete novice and wonder if other people would do that and think it's fine?

My mortgage broker says it's a no brainer to just rent it out if we go elsewhere.

 

The house is well under our budget (by about 600K)

BUT will need new kitchen, bathrooms, landscaping etc (stuff like this is a lot more expensive than it is in the UK I'm learning)

 

If you plan on coming back at some point, it makes sense to keep it.

renting it out can be outsourced to a property manager. Costs might be a little higher but it can be done even if you are in another country. Plan for the tax aspect as the rules might be complicated if you are non resident.

if you can afford it, and your job is secure, there are no obvious risks. Stay calm.

 

Depends on your personal circumstances and your risk profile for investing. To me, absolutely realistic. I lived in Edinburgh and London many years ago and always regret not buying. The next two countries I lived in, I bought. Best decision for me. I would always consider buying where I live going forward. And keep it as an investment. Not always easy, yes there can be complications (I owned an earthquake damaged house in Christchurch for 10 years but that worked out in the end too), and yes tax liabilities but also benefits. A good property manager is essential if you move out and keep it as an investment. You can always sell if you find it doesn't work for you. Exciting times, enjoy the purchase!

 

LOL first world problem right?

 

Even better, continue purchase, fix house just the way u want it, gradually drift away from motherland.

Support Australia in cricket. Keep fixing Victorians.

, then bring over all yr doctor friends!

 

well there is a full size boat styled as a bar, this was of course on my "must haves" list

 

If you are NEVER coming back to Oz to live, then I'd probably sell it in short order, say, after 12 months (and hopefully prices will stay the same or go up a little).

HOWEVER, it might be a good insurance policy/doomsday play if Europe ever turns to s*** and you want to come back....in which case Id keep it as an IP.

BUT, I wouldn't just offload it because the thought of ownership scares you - its very common. Not for me bc I love accumulating properties but for most people...