Purchasing a house is a major commitment. There are lots of factors that go into play when finding your new home. You have likely selected a house in which the must-haves and the might-haves made some compromises, but how do you know that you have made the right choice?
Buyer’s Remorse
When you pull into your driveway, do you get the slightest feeling that you wish you hadn’t bought this house? Did you have a high-pressure deadline when it came down to making your decision? Did you really get to explore all the other possibilities? Did you look into different areas with an open mind, or did you limit yourself to one location? Do you feel that your house might be too small to be functional? Or maybe you think to yourself, why do I have so much space? These are all signs that you have buyer’s remorse.
Doesn’t Fit the Budget
Eating ramen noodles daily in order to pay for the mortgage was probably NOT what you had in mind when you envisioned yourself as a homeowner. Has the house seemed to become more of a fixer-upper than you expected? Have you ended up putting more money into house repairs than you had originally planned? Maybe this house doesn’t allow for the entertainment and savings you hoped for. Perhaps even your homeowner’s insurance was more expensive than you planned. These are all indications that this house does not fit your budget and you are likely living in the wrong house.
Issues in the Neighborhood
Maybe the house does fit your budget, but what about the neighborhood? Are you able to hear your television over the neighbor’s blaring music? Is there more traffic passing your house than you had imagined? Does the train wake you up early in the mornings? Do you find yourself shopping in stores you dislike because your favorite grocery store chain is way too far now? These are signs that your neighborhood is an issue and you might be living in the wrong house.
Utility Availability
Does your new house have well water? When you purchased the house, you were delighted to not pay for high utility bills, but now you’ve come to realize that you are responsible for all system repairs for the well. What if you have to redrill and move the entire well system? Do you hate having to lug around a water softener, or having to pay a company to do it for you? Is your district arranging a utility expansion in your area, and now you have another $20,000 added to your tax bill over the next few decades? These are all major signs that you’re living in the wrong house.
Structural Issues
Perhaps you are totally fine with the house purchase, and you can afford it, love your neighborhood, and there are no pending utility issues- but you noticed a crack along the floorboard by the back door. Maybe you dismissed it for the caulk shrinking and then a few months later… it’s a bigger crack! Maybe your foundation is sinking? Maybe there are even new cracks by the front door or some new water stains on your ceiling. These are all small-scale signs that your house has structural issues. These are also indicators that you are living in the wrong house.
How do I Escape the Wrong House ?
In general, most cities have plenty of cash buyers for houses in all shapes. These buyers can stand as a great resource to get out of your wrong house, but be prepared to accept less than the retail price. They will save you a lot of hassle and time by taking the burden off your hands. You might be able to change your mortgage or shift your loan to a different lender. If now just isn’t the right time for you to ditch the wrong house, perhaps renting out the house, or even just a room, might be a good option. You can then sell when the market is best or when the time is right for you.