or Connect
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › buyers remorse for our HOUSE!!!
New Posts  All Forums:Forum Nav:

buyers remorse for our HOUSE!!! - Page 2

post #21 of 74
im so confused about the cost of this house. i live in the usa, midwest, high col area and we bought a beautiful 100 year old home big enough for all 6 of us for less then 300K, in a good neighborhood, ect. 1/2 a million seems really high, how could that be the least expensive home in the area? is canada crazy expensive? yikes, id stay if you can afford it cause like pp stated you will likely lose a major amount on sellers fees.
post #22 of 74
Quote:
Originally Posted by organicmidwestmama View Post
im so confused about the cost of this house. i live in the usa, midwest, high col area and we bought a beautiful 100 year old home big enough for all 6 of us for less then 300K, in a good neighborhood, ect. 1/2 a million seems really high, how could that be the least expensive home in the area? is canada crazy expensive? yikes, id stay if you can afford it cause like pp stated you will likely lose a major amount on sellers fees.
Did you know Canada is geographically bigger than the United States?

Just as prices vary geographically in the US, so do they vary geographically in Canada. So "Canada" is not crazy expensive---parts of Canada are (and yes, the place the OP lives is one of those places).
post #23 of 74
Cut your losses and sell. If you break even or profit a small amount, cool.
If you lose some in the short run...it's an expensive but well learned lesson.
You'd be putting tens to hundreds of thousands into that house for years. No doubt, you'd need to deal with asbestos and all that crap.
Rent for a year or two and find the perfect house in the perfect neighborhood.
Good luck!
post #24 of 74
Quote:
Originally Posted by sanguine_speed View Post
Did you know Canada is geographically bigger than the United States?

Just as prices vary geographically in the US, so do they vary geographically in Canada. So "Canada" is not crazy expensive---parts of Canada are (and yes, the place the OP lives is one of those places).

ok. you dont need to "speak" to me as if i am stupid. i was honestly curious about the col in our northern neighboring country.
post #25 of 74
Before jumping into anything I'd so a lot of research, planning and calculations. It's most definitely possible to redo/fix a home on a budget. I have family members who do just that, often employing handymen, etc. when there is work that they don't have the time or ability to do themselves.

When you take on a huge project, often it is long term. I think it's all dependant on your lifestyle and what the reward is going to be at the end.
post #26 of 74
Quote:
Originally Posted by organicmidwestmama View Post
ok. you dont need to "speak" to me as if i am stupid. i was honestly curious about the col in our northern neighboring country.
It wasn't my intention to 'sound' rude or condescending. I was just trying to explain that Canada is huge and so cost of living isn't just a singular COL for Canada as you suggested and asked about.
post #27 of 74
It sounds like new paint is a really obvious fix for resale.

I might pick one other project (structural fix to basement, if it can be done without excavation) and get that done also ... if you can find a very trustworthy contractor. That would bring the next owner one step closer to having a ready to live in home. Any masonry repairs might be worth doing also, as they are seasonal work.

Your real estate agent will have an opinion on all the above - probably "why bother."

Since you bought in May and can resell at a PROFIT, I say go for it. Even if you break even it will be a benefit to you, as you will no longer own the house The worst case is you continue to live in the house until it sells. If someone asks why you bought then resold so quickly, the agent can mention the young baby... The implication being you freaked out at the responsibilities of parenthood + house.
post #28 of 74
Thread Starter 
Quote:
Originally Posted by mich View Post
Good luck! You sound happy and relieved to be selling, that's got to be worth something!

I sympathize, we moved into a 100 year old fixer upper 3 years ago. I spent the whole first year unhappy with the house. Then a year and a half living in renovation misery (aka renovation hell). Now after 3 years I can finally say I am happy living here, and love many things about it.

But if given the chance to do over, we would probably not buy this house again.
It's helpful to hear about your experience ... thank you so much for putting in your two cents.
post #29 of 74
Thread Starter 
Quote:
Originally Posted by chiromamma View Post
Cut your losses and sell. If you break even or profit a small amount, cool.
If you lose some in the short run...it's an expensive but well learned lesson.
You'd be putting tens to hundreds of thousands into that house for years. No doubt, you'd need to deal with asbestos and all that crap.
Rent for a year or two and find the perfect house in the perfect neighborhood.
Good luck!
I think I need this on a t-shirt, which I will wear until this is all over ...
post #30 of 74
Thread Starter 
Quote:
Originally Posted by organicmidwestmama View Post
ok. you dont need to "speak" to me as if i am stupid. i was honestly curious about the col in our northern neighboring country.
Yes, it's insane here in Vancouver. If you drive three hours in either direction, you could buy the same house for $350k or so, is my guess. Or if you want to live where it's deep winter half the year and sweltering the other half, you could buy the same for $250k. And if you want to live on the very East coast, on a wee island, you could get the same for $80k. C'est la vie!
post #31 of 74
Thread Starter 
Quote:
Originally Posted by SleeplessMommy View Post
If someone asks why you bought then resold so quickly, the agent can mention the young baby... The implication being you freaked out at the responsibilities of parenthood + house.
Good idea! We were going to say that DP got an unexpected transfer out of town ... but I like this. It's honest, which is always good.
post #32 of 74
I think you should sell if you both decide it is best. You may lose some money, but your health and sanity are far more important than money (provided it won't ruin you financially, which it doesn't seem like it will).

Good luck.
post #33 of 74
Quote:
Originally Posted by starling&diesel View Post
Good idea! We were going to say that DP got an unexpected transfer out of town ... but I like this. It's honest, which is always good.
I wouldnt lie, the new owners can probably pull property records like we can here in the states, 2 mos from now they can see your new location etc... what happens if you find the 'perfect' place 2 miles down the road and you see the new owners at the grocery, park, school etc.... that little white lie can really come back to bite you big time...

good luck on the sell
post #34 of 74
if you are unhappy and can get out, *get out*. your intuition sounds really strong on this. go for it. and good luck to you.
post #35 of 74
There is a chance that you can work hard to make up for financial mistakes. But you can never undo or reclaim troubled, stressful years of your life. If you see it coming and it can be helped, turn the other way right away. I'd sell the house.
post #36 of 74
Good luck selling it! Maybe you can move to Port Coquitlam (where I live). Houses here are in the 500k range, usually 3 - 4 bedrooms with 2000 + sqft. We're very satisfied with the neighborhood and public schools. Sure it's not 350k but you don't have to drive 3 hours either. DH worked in downtown Vancouver for a while and took Westcoast express which was crazy fast. Now he drives about 30mins to work.
post #37 of 74
Quote:
Originally Posted by starling&diesel View Post
We had to move for DP's work, so we bought the only kind of house we could afford ... a hundred year old fixer-upper for $531,000 ... the cheapest in the area.
If I'm understanding this correctly, you bought the cheapest house in your area as that was all you could afford (and at $500K+, holy crap is all I can say).

Alright, before you do anything else, it only makes sense to figure out where you're going to live if/when you sell this house. You can't afford to spend more, so that knocks out all other houses. That leaves buying a condo or renting something? Are those basically your two choices?

If you aren't willing to part with any of your pets, you need to find out what options are available. What condos that are for sale in your price range would allow your pets? What rental houses/condos would allow your pets? How much would these options cost you compared to your current mortgage?

Point is, I'd make darn sure you could find something else in your price range that allowed your pets before I got rid of the house. What happens if the only condos that would allow your pets actually cost MORE than your mortgage?
post #38 of 74
Quote:
Originally Posted by sanguine_speed View Post
It wasn't my intention to 'sound' rude or condescending. I was just trying to explain that Canada is huge and so cost of living isn't just a singular COL for Canada as you suggested and asked about.
i see what you were saying. it still shocks me that anywhere, in usa or canada, the cheapest home to purchase would be 1/2 a million plus. that was my point. id try and get out but im assuming the op was approved for this mortagage so maybe they have a very high income and can afford it.
post #39 of 74
Thread Starter 
Quote:
Originally Posted by organicmidwestmama View Post
im assuming the op was approved for this mortagage so maybe they have a very high income and can afford it.
Oh, how I wish that were true! We were approved because we have no debt and the suite would pay half the mortgage. DP is a chef, and I'm a paramedic on mat leave ... so no big incomes here. But even with the suite paying half the mortgage, it doesn't change the fact that we'd need lots of extra moolah to pay for all the upkeep and repairs. In fact, I don't think the bank should've approved us for a half million dollar mortgage, which is another reason to get out. We're feeling good about our decision these last few days. The realtor came with a designer to stage the house, and it will go on the market at the end of the month. Crazy as it is, it's the right decision for us right now. In fact, I can't wait!
post #40 of 74
Quote:
Originally Posted by organicmidwestmama View Post
im so confused about the cost of this house. i live in the usa, midwest, high col area and we bought a beautiful 100 year old home big enough for all 6 of us for less then 300K, in a good neighborhood, ect. 1/2 a million seems really high, how could that be the least expensive home in the area? is canada crazy expensive? yikes, id stay if you can afford it cause like pp stated you will likely lose a major amount on sellers fees.
Crazy, isn't it, how different our perceptions are regarding what's expensive and what's not? Here, I was thinking, "$500k?!?! That's soooo cheap!"

I'd like to buy a home some day, but in my neck of the woods, an "average" house will cost you $1.4 mil.
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Frugality & Finances
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › buyers remorse for our HOUSE!!!