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We've already signed a contract and gone through the option period, inspections, etc.
I realized, after all of this, that the house I'm buying is slightly more expensive than similar homes in the area. And by slightly, I mean maybe 8-10k more. The home is in good condition and had a great inspection. It's the perfect floor plan for us and I think my hubby and I may have fallen in love with the house before we even signed the contract.
I think the fact that we loved it might have clouded our judgement, we didn't even look at the other pricing in that neighborhood before we made the offer.
My question is this: Is it a bad idea to buy a house that's more expensive than the other homes in the area of similar layout, size, age? What if it's in better condition or has better landscaping, appliances? Do those things affect price usually?
And would we have problems selling later on?
P.S. And I should add that we got the appraisal back at the sales price, but I noticed the comps they used were over a year old (and there are tons of similar sales within the last few months, so why? )
We've already signed a contract and gone through the option period, inspections, etc.
I realized, after all of this, that the house I'm buying is slightly more expensive than similar homes in the area. And by slightly, I mean maybe 8-10k more. The home is in good condition and had a great inspection. It's the perfect floor plan for us and I think my hubby and I may have fallen in love with the house before we even signed the contract.
I think the fact that we loved it might have clouded our judgement, we didn't even look at the other pricing in that neighborhood before we made the offer.
My question is this: Is it a bad idea to buy a house that's more expensive than the other homes in the area of similar layout, size, age? What if it's in better condition or has better landscaping, appliances? Do those things affect price usually?
And would we have problems selling later on?
P.S. And I should add that we got the appraisal back at the sales price, but I noticed the comps they used were over a year old (and there are tons of similar sales within the last few months, so why? )
You are having buyers remorse. $10K is not that much more even on a $100K home.
You can probably go find a house close by for $10,000 less that you wont like near as much.
You're living in it, no one else.
I did the same thing. I bought 10 acres in Florida, in a parcel of 10 acre tracts. Mine was $5,000 more than the rest of them, but it was nicer than the rest of them; perfectly square, and the highest parcel in the area. I didnt care that I paid more than the others, I was just glad I got it! And Im still on it. And couldnt care less what I paid for it, I LOVE it.
Our house is the biggest, nicest, and on the best lot in the area except for a few on water. I know that goes against the standard investment logic but we've loved our home and location. It does give us pause as we have upgraded it and continue to do so but realize we may not be able to get back what we put into it. THen the decision becomes how long do I want to live here.
We were actually turned off of a house because it was the best around. And when I say that, I mean the house was like a diamond in the manure pit. It is still on the market (trending down in price) we still like it, but are very reluctant to buy what is clearly the best house in the hood.
I just walked away from a home that I really liked a lot, because it was a $350k home in a neighborhood of $200k homes. And the new subdivision across the way was going for $175k. I'm no investor, but I figured that these numbers were so substantially different that I'd have a problem reselling.
You love the house, 10k is now a big deal. Enjoy your new home.
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OMG! Don't buy a house
