buyers remorse for our HOUSE!!! - Page 3

[wifeandmom]

Originally Posted by starling&diesel

Oh, how I wish that were true! We were approved because we have no debt and the suite would pay half the mortgage.

You must have a killer interest rate if your total mortgage is only $2K a month!

And I have to wonder what you're going to find that fits your family, including animals, for $1000/month if that's all you are paying towards the mortgage with the rental income coming in as well. You'd have to find a condo for literally half the price to keep your monthly output the same. Is that possible in your area?

[anywaybecause]

Originally Posted by organicmidwestmama

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.

Chiming in late here. It really is all relative. We moved from Silicon Valley to metro Boston by choice. People here found out we wanted to move here & their jaws would drop as they asked us why on God's green earth we would want to move someplace so expensive. When we told them that we sold a 2-bedroom 2 bath condo in Silicon Valley, bought a 5-bedroom 2 bath house with a 2-car garage, full (unfinished) basement, on an acre of land and our mortgage was lower -- they understood. It's expensive here, but it's not as expensive as where we moved from, and it's not as expensive as the DC metro area. In the Silicon Valley, to have even half the house that we bought here, my DH would have had a daily commute that was 2 hours each way. To keep the commute he preferred, it would have cost us 1/2 mil or more.

To the OP -- It sounds like you are feeling much calmer now that you've decided to resell the house. That means it was the right choice! I hope it sells quickly for you, and I hope you find a condo or townhouse that will work much better for you.

[meandmine]

OP,

If it takes off the stress and feels right, then follow your gut.

I am in a divorce situation and keeping the house serves so many priorities. Friends have suggested finishing the basement and getting a tenant and yes, that might cut my monthly costs by almost half, while adding the debt burden of financing finishing the basement but ...

I don't like yard work any more and can't afford a lawn service; the house will need capital improvements (roof in about 5 years), etc.

*My* gut says go get a townhouse or condo and I will be much less stressed financially.

So, I understand how you are feeling.

Now, in my case, still not sure what I will do because staying has such high value for my children and my neighbors have made it possible for me to return to work and stay sane.

As for housing costs ... in my area, the *average* cost of a sfh is over $500,000.

M

[organicmidwestmama]

Originally Posted by misswerewolf

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.

um, for MOST americans 1.4 mil for a home would never be an option. according to the us govt. 75,000/year income is upper class for a family. the minimum wage is still less then 7$ in most areas of the country, so you, my lucky mama freind, are very very blessed to be thinking a 500k home is cheap.

[organicmidwestmama]

just looked up the midian household income in the united states, according to the us censes and wikipedia it was about 50,000 in 2007http://en.wikipedia.org/wiki/Household_income_in_the_United_States

and wow, i wish our mortgage was only 2000 for a 500k home, then we too could buy that home. our mortgage at about 5.6 percent interest rate is 2300 for a 300k home.

i realize its all relative, the cost of a home, depending on your areas col and your income, among other factors, but lets just remember that most familys are not wealthy, many families in the usa are struggling to even pay rent, much less buy 1 million dollar homes.

[lovebeingamomma]

I looked up my address online because I just bought a 1092 sq. ft. ranch 3bd 1 bth, and up came the same addy for sale in another state...and I my jaw dropped...if I lived there I could by a two story 4 bed 2 bath two car garage beauty for slightly cheaper haha! crazy.

[meandmine]

Originally Posted by organicmidwestmama

um, for MOST americans 1.4 mil for a home would never be an option. according to the us govt. 75,000/year income is upper class for a family. the minimum wage is still less then 7$ in most areas of the country, so you, my lucky mama freind, are very very blessed to be thinking a 500k home is cheap.

I think the previous poster's point was that in some areas a "cheap" house would be $500,000 because that is the least expensive house/s on the market.

I live in such an area. There are not many single family homes under $500,000, although with this market you can now by a home for under $500,000 for the first time in many years.

I am a school teacher--school teachers, *on one salary* -- aren't buying sfh-s; townhouses and condos are all they can afford.

M

[Kyamo]

Originally Posted by organicmidwestmama

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.

Me too actually. I live in Toronto, so housing is definitely not cheap around here. Downtown there are little houses worth over a million. But the cheapest house is a different question. We have a 3bdr condo townhouse which we paid $219k for. I'm sure it isn't the cheapest townhouse around either. And I know there are detached houses around this area for $350k ish too. So it seems strange that Vancouver wouldn't have similar options?

[SoCaliMommy]

Sorry but if you could afford to by a house for $531,000 you should just stick it out and slowly do renovations not try and think you can sell it fast just because you think you made a mistake. you should have planned better before buying the house.

[LionTigerBear]

Originally Posted by wifeandmom

And I have to wonder what you're going to find that fits your family, including animals, for $1000/month if that's all you are paying towards the mortgage with the rental income coming in as well. You'd have to find a condo for literally half the price to keep your monthly output the same. Is that possible in your area?

You may have already come up with a good answer to this, but it is definitely a good question.

[organicmidwestmama]

Originally Posted by meandmine

I think the previous poster's point was that in some areas a "cheap" house would be $500,000 because that is the least expensive house/s on the market.

I live in such an area. There are not many single family homes under $500,000, although with this market you can now by a home for under $500,000 for the first time in many years.

I am a school teacher--school teachers, *on one salary* -- aren't buying sfh-s; townhouses and condos are all they can afford.

M

for sure, it wouldnt be possible for you as a teacher to buy a 500k house probably anywhere, sadly teachers in our country are not paid what their servieces are worth, imho.

where i live there are of course cities and areas of the city that i could never afford to buy a home in. there are places within 10 miniutes of my house where the cheapest home would be 1 million bucks. but here's the thing- we havent moved to those areas because we like where we live and it is affordable here, we wouldnt even be ble to consider moving to some of the nearby suburbs as the col is at least 3 times what it is here in the metro/urban area. you make a choice to live in a wealthy community, there are lots of great, not wealthy cities to livwe in too

[gnutter]

We live 30 miles ouside of Nashville. Our house in nashville proper would be twice as much. We bough this house 12 yrs ago for 90,000 and now it would be 140,000-i amazes me the way property values change. I have friends who bough a very large house for 300,000 here in tn. They moved from a large ciy in CA and their one bedroom was over 300,000.

[starling&diesel]

Originally Posted by SoCaliMommy

Sorry but if you could afford to by a house for $531,000 you should just stick it out and slowly do renovations not try and think you can sell it fast just because you think you made a mistake. you should have planned better before buying the house.

I agree with the bolded part. I was a brand new mom trying to manage it all with my partner already moved to the city ahead of us, and all the while looking at properties three hours away with a new baby. Excuse me for making a mistake under pressure.

[starling&diesel]

Originally Posted by LionTigerBear

You may have already come up with a good answer to this, but it is definitely a good question.

We can afford this house on a monthly basis. It's the capital costs we can't save up for. Roof, new kitchen, etc. We're just trying to avoid sinking ourselves into debt when it comes to the repairs and renovations. The house is going on the market on at the end of the month for $599,800. Wish us luck!

[SleeplessMommy]

Just want to point out - millions of Americans regret home purchase decisions made in the past 5 or so years. ONE Canadian has realized she bought something too big for her family and budget, and is taking action to fix it. Lets be nice about it!

S&D, I totally understand that the Vancouver CA market is expensive. (just like NYC, for example) I hope you get a great offer soon!

[Crunchy*VT*Mom]

Good luck to you, Mama!

Don't let this stress over your housing spoil this year with your new baby.

The house stuff will work itself out -- either you will sell it or you will end up staying and paying things off gradually -- try not to worry so much about this and enjoy your precious baby.

[LionTigerBear]

Originally Posted by starling&diesel

We can afford this house on a monthly basis. It's the capital costs we can't save up for. Roof, new kitchen, etc. We're just trying to avoid sinking ourselves into debt when it comes to the repairs and renovations. The house is going on the market on at the end of the month for $599,800. Wish us luck!

Good luck!!! :

[D_McG]

Originally Posted by SoCaliMommy

Sorry but if you could afford to by a house for $531,000 you should just stick it out and slowly do renovations not try and think you can sell it fast just because you think you made a mistake. you should have planned better before buying the house.

Can you explain the logic of this? If she bought the house in error and can now sell it. Why shouldn't she? It's not like she bought a dog or something. A house is an inanimate object. Why the 'you made your bed' attitude?

She's not the first person to make a mistake in real estate and she won't be the last.

[crunchy_mama]

Originally Posted by D_McG

Can you explain the logic of this? If she bought the house in error and can now sell it. Why shouldn't she? It's not like she bought a dog or something. A house is an inanimate object. Why the 'you made your bed' attitude?

She's not the first person to make a mistake in real estate and she won't be the last.

I don't get it either. It is not like she is just trying to run away from it or something. If she wants to sell and can, why not? To the OP I wish you good luck. I think we all have made financial mistakes we regret, sometimes big, sometimes small. Every one of those makes us a bit more cautious for the next time. Good Luck!

[thriftyqueen]

There are lots of should haves, could haves, would haves and you have expressed many of these yourself and other have expressed them for you. The bottom line is, if you know in your heart that you cannot handle the house and that you made a mistake, do what you have to do to get out. Don't let others make you feel bad for your decision. No decision is going to be an easy one, but you sound like a level headed person who can make it right. Good luck with selling your house. And congrats on your baby!