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Hi there. I ask that you please don't think poorly of us or the decision we made. We purchased a house 6 months ago that we expected to stay in long term. We have now had a major change of heart and are thinking we will probably want to move on within 3-5 years. It's in a great neighborhood in western washington, but home ownership just isnt for us right now.
I know if we try to sell this soon that:
1. We probably wont get as much as we paid for it.
2. We won't recoup the sunk costs.
My concern is that if the housing market crashes in the next few years we could be in an even worse spot.
Are my fears justified? I have bad anxiety because of this.
Thanks
Last edited by NoLimitViking24; 05-27-2020 at 01:08 PM..
It happens but how you deal with it is the issue not that you made the wrong decision.
I'd work on other investments and try to increase your income some how(I know crappy timing). Also if there is the smallest window over the next year to sell at near cost or possibly a profit go for it even if you have to clear out in 30 days, put some stuff in storage.
2 factors still big in real estate location and timing. It's about the market. Play or monitor that local housing market.
Buyer's remorse is very real, I had it after buying my home, I've been here going on 6 years now and honestly love it now. We planned on starting a big family so we bought a big house more than we need so we can grow into it, unfortunately God or somebody had other plans and we can't have kids.. go figure.
Also keep in mind when you sell a house you'll have to pay agent commissions so even if you could sell the house for "break even" you really need to be probably 5-10% above what you bought it for to really "break even".
Give it a little time, you may find the anxiety you feel starts to go away like mine did. True, there could be a housing dip, but it's unlikely to be a crash, and if it happens now because of CV19 it's very likely in 3-5 years when you're ready to move on you'll be able to sell the home for more than you purchased for.
Purchasing a home can be a scary thing... pick a room and really make it yours, one step at a time, that can really help. You're not alone in regretting your home purchase at first.
Wait at least a year so it isn’t considered a flip. Make sure to look at tax implications. I think you can deduct some of your selling expenses which helps a little.
The main issue is that we are now expecting a baby and the elementary school we are zoned for is a 2/10. That's why we've kind of put a 5 year time frame on it. I hate the feeling that we own a house that we want to move out of within a certain time frame. Makes it hard to enjoy it.
On the other hand am I a bad father if I don't do everything in my power to send my child to a better school?
The main issue is that we are now expecting a baby and the elementary school we are zoned for is a 2/10. That's why we've kind of put a 5 year time frame on it. I hate the feeling that we own a house that we want to move out of within a certain time frame. Makes it hard to enjoy it.
On the other hand am I a bad father if I don't do everything in my power to send my child to a better school?
Look into ways to enhance your upcoming child's education that don't depend on the school itself. You have time. Find out about local resources/programs for parents, tutoring, extracurriculars, homeschool options, etc.
The main issue is that we are now expecting a baby and the elementary school we are zoned for is a 2/10. That's why we've kind of put a 5 year time frame on it. I hate the feeling that we own a house that we want to move out of within a certain time frame. Makes it hard to enjoy it.
On the other hand am I a bad father if I don't do everything in my power to send my child to a better school?
This is normal. A 5-year time frame is a long time. I am assuming you don't hate the place and want to move out next month, but rather just don't want to stay long term. I wouldn't worry too much, it is hard to predict the market. Just start planning in a few years time when you're actually ready to move.
You have to wait for baby to get here and grow about another 1/2 decade before you have to worry about that. Enjoy your house.
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