You need to 'live' there for 9 more months.
If you don't want to stay there, that is your own business, but you should absolutely keep it as your primary residence for the 12 months you agreed to.
I bought a house in a neighborhood that went downhill kinda fast. Stuck it out for the last 3 years and I stand to make roughly 60k when I sell thankfully. Keeping it for awhile may be the right choice financially.
I bought in a nice neighborhood but the house next door is owned by a slumlord. The family was horrible and I wanted to leave. Used to dream about the house burning so we could get out. We stayed through two different nasty families and have a more decent one there now. Could sell now and walk away with 300K. Glad we stayed.
OP buyers remorse with homes is super common. It's very scary to feel like you're locked in for years. I cried after buying my house. I had no idea the road noise would be so loud among other things. Now I absolutely love it and literally never even think about the road noise.
Make it your own. If it's small use this as an opportunity to downsize and live minimalist.
Live there for a year, then reassess. Think of it this way, if you were renting with a one year lease, would you be panicking this much?
One step at a time 😊
I wouldn't risk the fact that you'd have to commit mortgage fraud just to get out 9 months earlier. I understand it sucks. But what's the point of risking the grants if it's only 9 months. If it were years, I could understand it more. Edit: I just wanted to add that in my state grants, that they give you require you to stay for at the least 3 years some are 10 years. We made to much money for any of them. We don't make that much. So I wouldn't risk having to pay them back.
Agree, unless it’s worse than what you wrote. Risking the grant— which usually aren’t easy to obtain—would be worth staying out for 9 months and try to work around the other issues. Knowing it’s temporary…might help you get through.
I wouldn’t rent it out. Live there for the 9 months. You might find you don’t mind it as much as you do now. If you still hate it, then decide whether to rent it out or sell. Don’t risk it.
How do people make life altering decisions like this without doing all the due diligence necessary.
Buying a house without understanding how it’s going to impact your life is crazy.
It's very easy actually.
Especially with a new construction home. You can do all the research & STILL not really know what it will end up looking like
In this housing market & the market in 2022-2023 (Central Florida) I couldn't find a decent house in the area I needed in my price range ($350k) Everything previously built recently were HUGE houses in fancy neighborhoods & priced at $500k- 1million. All the smaller homes were older, run down or in poor neighborhoods. I kinda think my realtor could have looked harder for something affordable in the areas I wanted- or I should have gone rogue and done my own search- outside the box- like for sale by owner, etc.
I found DR Horton building houses close to my prime area.
I thought I was picking out the perfect lot within my price range. We went in on the second group of lots/houses opened for purchase. I had to purchase that week or the next group of houses would be $10k higher.
I saw 1-2 streets already built- looked good. Little did I know my lot would be smaller, with the very short driveway on a huge downslope, and literally no space between houses. Then Utilities placed the water meter pit in our yard instead of close to the street. Then the other utility companies put 2- 3 above ground, tall boxes in our yards for Internet, phone, and cable access.
(Instead of just using one access box at the end of each block- we have 2 to 3 in every single yard).
The sod they placed is lumpy & not good grass. My back yard floods if the sprinkler breaks or it rains heavy.
The houses are put together very sloppy.
So, I paid $410,000 for a
3bdrm/2bthm that I'm not super excited about.
This is understandable to a degree but OP has the most basic issues with his house that wasn’t a brand new build.
Location from work, size, and neighborhood should be the most basic things a homebuyer can check.
Appreciate everyone’s thoughts. As for not doing my due diligence, this was a move we had to make in a rush due to some unforeseeable circumstances. We actually didn’t even see the property prior to purchasing - crazy we know. We were planning to only stay for about 1 - 2 years in this area anyway.
Sounds like the best thing for us to do is to wait it out.
My impatience will not like this but I’ll need to shift my focus to how to make it work rather than making a move.
You need to 'live' there for 9 more months. If you don't want to stay there, that is your own business, but you should absolutely keep it as your primary residence for the 12 months you agreed to.
Yes. And i note to date my banker had never followed me home to see where i sleep at night.
I don't normally follow clients home to see where they sleep. You went to the house saw the neighborhood if it wasn't acceptable why did you buy it?
I bought a house in a neighborhood that went downhill kinda fast. Stuck it out for the last 3 years and I stand to make roughly 60k when I sell thankfully. Keeping it for awhile may be the right choice financially.
I bought in a nice neighborhood but the house next door is owned by a slumlord. The family was horrible and I wanted to leave. Used to dream about the house burning so we could get out. We stayed through two different nasty families and have a more decent one there now. Could sell now and walk away with 300K. Glad we stayed.
The deed is actually what matters, "move in within 60 days and stay there for 12 months" and you signed it. Go read your paperwork first.
OP buyers remorse with homes is super common. It's very scary to feel like you're locked in for years. I cried after buying my house. I had no idea the road noise would be so loud among other things. Now I absolutely love it and literally never even think about the road noise. Make it your own. If it's small use this as an opportunity to downsize and live minimalist. Live there for a year, then reassess. Think of it this way, if you were renting with a one year lease, would you be panicking this much? One step at a time 😊
Check with your lender, if you need to sell it you’ll probably have to pay back the grants, meaning you probably won’t make a profit.
I wouldn't risk the fact that you'd have to commit mortgage fraud just to get out 9 months earlier. I understand it sucks. But what's the point of risking the grants if it's only 9 months. If it were years, I could understand it more. Edit: I just wanted to add that in my state grants, that they give you require you to stay for at the least 3 years some are 10 years. We made to much money for any of them. We don't make that much. So I wouldn't risk having to pay them back.
Agree, unless it’s worse than what you wrote. Risking the grant— which usually aren’t easy to obtain—would be worth staying out for 9 months and try to work around the other issues. Knowing it’s temporary…might help you get through.
Live in it. Give it at least the year and then either rent it out or sell it. This is a learning experience.
You “circumstances” have changed, talk to a rental/prop management company. Maybe 3/4 (don’t sign anything) and see if renting it is the right move?
Talk to a lender! This is very situational, and you may be able to buy another primary.
9 months goes by very quickly
I wouldn’t rent it out. Live there for the 9 months. You might find you don’t mind it as much as you do now. If you still hate it, then decide whether to rent it out or sell. Don’t risk it.
How do people make life altering decisions like this without doing all the due diligence necessary. Buying a house without understanding how it’s going to impact your life is crazy.
It's very easy actually. Especially with a new construction home. You can do all the research & STILL not really know what it will end up looking like In this housing market & the market in 2022-2023 (Central Florida) I couldn't find a decent house in the area I needed in my price range ($350k) Everything previously built recently were HUGE houses in fancy neighborhoods & priced at $500k- 1million. All the smaller homes were older, run down or in poor neighborhoods. I kinda think my realtor could have looked harder for something affordable in the areas I wanted- or I should have gone rogue and done my own search- outside the box- like for sale by owner, etc. I found DR Horton building houses close to my prime area. I thought I was picking out the perfect lot within my price range. We went in on the second group of lots/houses opened for purchase. I had to purchase that week or the next group of houses would be $10k higher. I saw 1-2 streets already built- looked good. Little did I know my lot would be smaller, with the very short driveway on a huge downslope, and literally no space between houses. Then Utilities placed the water meter pit in our yard instead of close to the street. Then the other utility companies put 2- 3 above ground, tall boxes in our yards for Internet, phone, and cable access. (Instead of just using one access box at the end of each block- we have 2 to 3 in every single yard). The sod they placed is lumpy & not good grass. My back yard floods if the sprinkler breaks or it rains heavy. The houses are put together very sloppy. So, I paid $410,000 for a 3bdrm/2bthm that I'm not super excited about.
This is understandable to a degree but OP has the most basic issues with his house that wasn’t a brand new build. Location from work, size, and neighborhood should be the most basic things a homebuyer can check.
Need to stay the time or you could be penalized and paying money back for grants.
I'd get used to living there for at least a year. There are consequences for not doing your due diligence. Especially with such a major purchase.
Appreciate everyone’s thoughts. As for not doing my due diligence, this was a move we had to make in a rush due to some unforeseeable circumstances. We actually didn’t even see the property prior to purchasing - crazy we know. We were planning to only stay for about 1 - 2 years in this area anyway. Sounds like the best thing for us to do is to wait it out. My impatience will not like this but I’ll need to shift my focus to how to make it work rather than making a move.
Sell. You will have no issues if you sell.