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I've seen people buy houses that they later regret more than once. I agree with those that say move as soon as it's feasible.
Renting can be a good thing for some but be aware of just how much money you are "throwing away" not only in unrecoverable rent but in missed house appreciation as well. A $200k house that goes up 5% per year is gaining $55,000 in 5 years. That's a lot of equity to watch pass you by. The fact is that in our current high rental market, you will likely be paying as much in rent as you would in a mortgage for a comparable house.
This reasoning only goes for a rising market of course... in a falling market you might actually save money by not owning. Charleston looks like a rising market for the foreseeable future.
Your mileage may vary. There is always risk in buying and side effects may include dizziness, indigestion, and self doubt. The above words in no way are meant to be a guarantee that you will be rich one day. If in doubt consult your Mom.
5% a year? That's pre-bubble but now - No way, maybe 1% - 1.5% but 5% would be very aggressive appreciation.
And, I am burnt out on the house, have been since day one. But I'm putting on my big girl pants and hold off until the time is right. I'm losing too much money in stocks to take a loss on the house as well. Hopefully, it will only take a year, maybe a bit more, but hoping for the best.
5% a year? That's pre-bubble but now - No way, maybe 1% - 1.5% but 5% would be very aggressive appreciation.
And, I am burnt out on the house, have been since day one. But I'm putting on my big girl pants and hold off until the time is right. I'm losing too much money in stocks to take a loss on the house as well. Hopefully, it will only take a year, maybe a bit more, but hoping for the best.
Well the recent stock market action might suggest a change in direction but we've been well over the 5%/year pace since mid 2013.
I still think we're in a "owning is better than renting" cycle but if you were going to re-purchase, then there's no gain to waiting since however much your current house increases in value, so to will anything you're wanting to purchase. (on average of course)
I sure hope you are right. If my house appreciates 5% in a year we'll be unloading. In the meantime I have a nice home to live in even though it's not the house for me. And believe me I am trying very hard to put my personal touches in it but I really am going through the motions - my heart just isn't in it. I think the house is very pretty and I think it will be the right house for someone.
Not picking on a specific real estate agent, but have you ever heard them not pump sunshine up peoples butt even when all (agents, buyers, sellers) were starving?
They are like cheerleaders. We are down 30 points with one minute to play and the other team has possession of the ball but Rah..Rah..Go Team.
My fourth-grade teacher said we aren't supposed to love inanimate objects. Like people, no house is perfect, but if the house isn't cussing you out or hitting you, my opinion is that you should live with it until you can get out of it in the black, or get rid of it now and take a hit.
Not picking on a specific real estate agent, but have you ever heard them not pump sunshine up peoples butt even when all (agents, buyers, sellers) were starving?
They are like cheerleaders. We are down 30 points with one minute to play and the other team has possession of the ball but Rah..Rah..Go Team.
Well I'm glad you're not picking on anyone in particular!
I can defend my position by pointing out that I'm buying myself when the right thing comes up and I've recently helped my daughter and girlfriend buy as well. I believe in Charleston real estate for the short term because the immediate future of this city still looks very healthy, and the long term because with all big guns coming to town (Boeing, Daimler, Volvo, etc) I think we're just beginning to really pick up steam. The mid term is actually harder to figure with fluctuations in the world economy but that's pretty much always the case.
Yes I have heard of realtors pumping sunshine-that's why I am in this mess. I was told that I would be hard pressed to find the kind of home we bought for the price. I don't believe that was true-yes we have hardwoods, granite, etc. but I still in my heart feel as though we overpaid just looking at the surrounding market.
As far as not loving inanimate objects-that's kind of silly. Of course you should love where you live. How many times have you heard people say the love Charleston? I think people should love their house-this is where people go to find their peace and quiet, their oasis and that creates a safety net for the stresses of life. Coworkers and people in general love going home at the end of a hard days work -it's not an inanimate object-it's home.
I know that the right house is often a "feeling", but it might be helpful since you dislike your current home so much and plan on buying again at some point to make a list of what you don't like in your current home - room sizes, floor plan, not enough natural light, etc. - and what your needs and wants would be for your ideal home. Be as specific as you can be.
I'd also make a list of the type of neighborhood you want. What kinds of things do you want nearby, and how close do they need to be? What is your daily life like - what kinds of things do you do besides work and are they near to you or do you have to drive forever to get to them?
Talk to some of your potential neighbors - especially your potential immediate neighbors. What kind of people do they seem like? Do they park their car on their lawn and you hate that? Do they have kids who will be out in the yard playing and you want quiet? No, you can't really tell everything from a quick talk, but you'll get a good feel if the neighborhood is a good fit. Talk to the police about the crime in the neighborhood. Is the level of crime acceptable or will you feel you always have to watch over your shoulder?
Drive the neighborhood morning, noon and night and see what the activity is like. And dry run your work commute a couple of times. Is it doable, or will it make you frazzled? That's a big part of your life.
And yes, rent for a while and get your thoughts and priorities together. Realtors will tell you it is "throwing money away", since you "potentially" (depending on what the market is doing") are not building equity, but buying a home is a big decision, and it is more costly to have to sell a home that was wrong and buy again a home that doesn't work for you that you end up selling again.
All of these things could be helpful to prevent another disappointment since it seems it isn't just the house you dislike, it is the neighbors and your commute.
You say your husband pushed for the house. How is he feeling about selling and moving? I'd figure out before I bought again how not to get talked into something I didn't want.
Did the realtor that sold you your current home provide comps to support their statement that you'd be "hard-pressed" to find a similar home for the price you paid? If not, make sure you get a realtor next time who deals in facts and figures - sold homes within a mile or so of where you are looking, not listed homes. Also look at days on market and don't let the realtor just compare square footage and price. Similar size homes may have had very different finishes, and if one needed 50K work to update it, that a different story than a fully updated home of the same size.
What's the trend been for home sales over say the last five years in the area you are considering? Are prices constantly trending higher? Do homes sell quickly? If not, why not? Perhaps that's a red flag.
Is there a sense of community? Things to do in the neighborhood, people your age to meet, amenities that are important to you? Is that what you want, or do you want to be in a house off by yourself somewhere? Are you going to be the best house in the neighborhood or one of the least expensive homes in the neighborhood and not feel like you fit in with the other people living there because of it?
I may have missed it in your posts, but you say you sold a home to buy the one you dislike. Were you so attached to that home that another house couldn't compete? Are there other things going on in your life that are causing you malcontent? Do you like your job? It may just be this house, but I would try and sort out all of the reasons you so dislike the situation you are in before you even think of jumping into another one, otherwise it will happen all over again if it wasn't just issues with the house.
Also consider what is most important to you, as you likely will not get it all. Our last house was less than perfect - we overlooked shortcomings when we bought it because it was charming and in a great location. But we stayed and were happy there for 15 years because we could walk to town for a bite to eat, a drink or a movie, the street had great people, it was a safe community where I felt comfortable walking alone at night, the grocery store, hospital vet, bank and all necessities were not more than a 5 min drive, we were 2 blocks from the riverfront and a 5 min drive to the beach, and our immediate neighbors quickly became good friends who we would often sit with in their or our courtyard and share laughs and a glass of wine, or go out to dinner together.
I could also walk to work, which allowed me to come home at lunch and walk the dog, and which erased any commute hassle. So no, the house wasn't perfect, and we were frequently annoyed that we didn't have a dining room or a proper yard for the dog, the houses were a bit close and some of the neighbors a bit loud sometimes, the house was too small, didn't have enough storage, and because the house was over 100 years old things always needed fixing, but it still was a really great place to live because of everything in total that made our lives fulfilling, so we didn't focus on the negatives of the house. If we had been isolated out in the woods somewhere and alone with just the house to focus on, and a long commute to work or any of the things that mattered to us, that probably would not have been the case and we might have been very unhappy. Location is huge.
Best of luck to you. I hope you find something someday that makes you happy.
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