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Buyers Remorse

Hi everyone,

I was wondering if any of you have had buyers remorse with your home? We have lived in our home for almost a year and I still have doubts. We rushed into the purchase and don't think we thought it through long enough. Don't get me wrong it's a fine home and it is affordable, it is just not what we really wanted in terms of style, layout, etc,... Anyway, just wanted to see if there is anyone else out there who felt/feels the same way and what if anything they did about it (did you wait it out to see if you felt better? Sell?).

Thank you!
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Comments

  • I wouldn't say I have buyer's remorse about our actual house, I love it (I think the husband might but he tends to see certain things that come with an 89 year old house as annoying, whereas I see them as charming).

    What I sometimes DO have remorse about is buying a home at all. It is a LOT of work, more than I really expected I think? In terms of a time commitment. I don't remember seeing my parents spend that much time on it, but looking back on it, they just didn't put as much effort into decorating or updating the house so that isn't a fair comparison. Also owning a house has made me realize how much that really can tie you down, how much harder it is to move and I am surprised to find that I miss that level of freedom. What I still don't know is if I miss it enough to go back to renting in the future or if we should instead focus on buying places that would make good rental properties when we tire of the location.

    Regardless we are staying for a while. We have been here 4 years now and I want to stay long enough that we at least come out even in terms of getting the bulk of our downpayment back. I do think down the road we will sell though, even though I love the actual house.
  • @michelelouise it's funny you say that... for me it was like we didn't have plans to leave our city, but as soon as we bought i started getting these feelings of wanting to move somewhere new. the heart is tricky!
  • When we bought our first place, it wasn't perfect, but it was workable. And we made it work.

    We paid off most of the mortgage on it, and sold it for a profit when we were ready to move.

    It turned out to be great for us as a financial decision, was a good solid house, and was a comfortable place to live for a decade.
  • Our first house we bought I never loved... We had looked thru a LOT of houses & the market was tough at that point in time & I think we kind of settled. I had never owned a place before & didn't what mattered to me. After 5 or so years in the house our hearts just weren't in it. We had done some minor reno's but to make the house something we'd love would have cost a lot more than we had to spend (a lot more space & the sun in places it wasn't possible). At the same time we were never proactively looking to move however we stumbled upon our current house, made the decision to buy it... Took 9 months to sell & finally moved into our current house 2 years ago. This house is everything we ever wanted & more. We've had to undertake decorative & minor reno's to make it our home however it has totally changed our lifestyles, we are a lot happier now & have the sun and space we always wanted!!
  • We loved our first house, but we discovered that it was in totally the wrong neighborhood for us. We were young and new in town, and the neighborhood was full of old folks whom we never ever saw. We moved into a house that we didn't like quite so well, but it was in a family-friendly neighborhood, and that made all the difference.
  • I bought my home with the thought that it would be my "single girl home", I would be here about five years, then flip it and get something in a nicer neighborhood, nicer house.

    Then the bottom fell out of the economy in 2008, and now my house is not worth what I owe on it. :-(

    I don't have buyers remorse so much as I have sellers remorse, for not selling when I should have. But my husband and I were newly married, and thought we would settle into married life a bit before moving - that was 2006. By the time the recession hit, the value of our home went from a suggested listing price of $125,000 to about $35,000 --- and I owe $97,000.

    Not a thing I could or can do about it -- so we are now fixing it up and making it our "for now" house as much as possible. Not putting in massive amounts of money because I know I'll never see it back, but making it safe and pretty so we can enjoy our life here since we are stuck till (if) things turn around on property values.
  • Hi I usually just "lurk" but felt compelled to register and comment when I saw this thread title! Yes, KSourbeer, I do have buyers remorse. We, too, have lived in our current house about a year and really regret buying it. I am constantly thinking about putting it on the market, especially now when things are selling like hot cakes in our area. Would that be weird though? At any rate, I can certainly empathize with you!
  • I feel similarly to @michelelouise. I LOVE our house, I really enjoy being a homeowner, and I think we picked the perfect house for us. But I sometimes regret not toughing it out at the old apartment longer, for financial reasons. We're doing well but are certainly more locked in place. We got pregnant so we felt like we "had" to get a house...c'est la vie.



  • @julieann, I am so glad you de-lurked to comment! Glad I am not the only one. We have talked about sticking it out for about 4-5 years and then going from there.
  • Kristy_JoyKristy_Joy Huntington, WV
    Eek! This is a scary thread to read when you're 7 days away from closing on your new home. So far, I LOVE it, but I'm not IN it, haha. I hope we don't regret our decision financially or otherwise.
  • I rent a home right now that is a bit small for our family of 5 and we are moving towards buying it. I have SO many doubts but my husband isn't really open to buying another home. What I think is charming he thinks is old and carries a lot of trouble (which most in our area probably do!) So I am fearful I will have buyers remorse but I figure we can always one day sell it or rent it since we are getting a great deal for it.

    Kimberly
    Turning It Home
  • mlbalmeomlbalmeo Santa Clara, CA
    Just registered to leave a comment for this specific thread.

    Yes. We bought in 2006. Everyone around us told us, "Buy now or you'll get priced out of the market! Your incomes will get higher and you won't qualify for downpayment assistance!! It's the safest investment you can make!!!" And everyone was wrong.

    We are now frantically trying to finish all of our unfinished projects because we have a glimmer of a chance to get out now without losing money. After all these years, and all this work, we'd be ecstatic just to break even. How's that for a great investment.

    But... we learned a lot. We will definitely approach the next one differently, and we have a lot of new skills to bring to the next one. We like to think of this as our practice house. Next one's the real deal.
  • @mlbalmeo I am glad you commented! It does make me feel better to know I am not alone. :) It is definitely a learning experience. I know that next time we need to take our time with it. Good luck to you!
  • My house is merely fine. I love the fact that I own it, it is my single girl haven. But I don't love it. I figure it's about a five year home. So I've done a lot of simple, low-cost upgrades. Lots of paint, and updated fixtures. It is perfect for my needs, and I expect to turn a bit of a profit when I'm ready for the next step the world has for me.
    I don't think I've ever LOVED a home. Although I've liked several way more than others. But all of the places I've owned have been homes as opposed to houses. I'm good at adapting.
  • We just bought our house a little less than a year ago. We rented for 5 years together all around our area so we knew just where we wanted to be. We have two larger dogs so finding a nice rental was always a hassle and we really value our privacy. I also love interior design and have itched to paint all of our rentals but never could. So far we have LOVED the experience of buying over renting and we adore our house. It was the first one we toured and I knew it was the one right away. Still a year later not a day passes that I don't think "I love this house!" and we got a great deal and bought at a 3% interest rate so that's great. BUT even then I have occasional doubts.

    1. You never really know how a floor plan will work for you until you are in it. We have a small foyer with stairs close to the front door... so if we have company it always feels really cramped. It is also a smaller house (1650 sq. feet) spread between two stories so the bottom floor does feel small if we are entertaining. When you tour it as someone else's house you don't know how it will feel to actually live there. There was a close runner up to our house with a perfect floor plan but it had an awful backyard.... so I would still buy ours for its character, just didn't expect to dislike the floor plan.

    2. We bought specifically because we expect to stay in our area long term. My family lives a state over but my husband's family is here. Well, after buying it seems like no one ever wants to come to our house and we have not even seen his family in about 2 months. Not sure what is up with that, but it is irritating because I would prefer to be near my family. I also get the occasional pang that we really gave up a lot of our professional mobility since we are both fresh out of college. We could have ended up living anywhere if we didn't buy this house.

    3. I underestimated how much I would like decorating my house. It is expensive even though I am cheap! It feels like there is always something I want to buy for the house, something to update, and you want it done immediately! I have started making lists, prioritizing, and budgeting. Also I have to consider costs like annual chimney and hvac maintenance, termite bond costs, etc. These are expenses we never had before.

    4. I seriously love house hunting. I still look at houses for sale and compare ours. Our experience went so fast that at first I wondered if we should have taken our time. I know we bought the best house for us and will be here for 10+ years, but still there are times I see a house that is up for sale now that was not when we were buying and think "well.. if only..." then I wake up and realize I still would have chosen my house.

    Overall, love owning and I highly doubt we would ever rent again... but there is always that little tinge of regret with any major decision!
  • I have mixed feelings on our house. I love the house itself for the most part. Great layout, lots of space, etc. I do not like the location and neighborhood! We initially made an offer on this house but dropped it when they counter-offered. I had second thoughts about the neighborhood - didn't want to be the poorest ones on the street! But then, a couple months later, the price dropped even lower and we ended up going for it. We had looked at so many homes and just weren't going to find something in the area we wanted for anything near the price.

    Well, two years later, I barely know any of the neighbors and I am nervous sending my kids out to play on the busy street. If I could sell it now and move, I really think I would. I'd never hear the end of it from my family but I'd do it. I'd love to be in a neighborhood where I am friends with my neighbors, not on a thru street and with more people in my income bracket.

    It seems sacrilegious to even type this - much less say it out loud!
  • omg- I have SO SO much buyers remorse about our house!

    We bought two months before we got married, after six months of squeezing into my mom's ranch. We went house shopping February, when every other weekend there was a snowstorm, which prevented us from really seeing what our neighborhood was like. I should have seen the red flag when our realtor told us we could bid low on the house because "houses in this area just don't sell for a lot of money", but I didn't investigate why that was (most of it is Section 8 housing, that's why). Plus, the house was built in 1970 and needed more work than our ametuer eye could spot (& our home inspector was terrible). We're not DIYers so it's been a struggle. Then Hurricane Sandy slammed our area and wiped out so many homes that the town's overall value has really sunk. We were hoping to be able to sell in five years, but it looks like we'll definitely be stuck here for awhile. Lesson learned.
  • I don't have buyers remorse, but we also kind of rushed into buying our house, and I wish we would have had more money saved and a larger down payment. We bought about a year before we had planned on it, because we stumbled upon a really great opportunity.
  • emilymemilym Boynton Beach
    Not necessarily buyers remorse but there are some things I don't love about the house. The master is right off the kitchen and the kitchen sink faces a wall instead of a window. Our house value has dropped considerably since buying it 4 years ago as well. But after looking at over 40 houses, this one really was the closest we could find to what we wanted and we've made it ours. I'd still buy it if I had it to do over again, but I'll be surprised if we don't move once the value comes back up a bit down the road. This is not a forever house for us.
  • I think any time you go hundreds of thousands of dollars in debt to purchase something you're bound to have doubts! We live in one of the most expensive places in the country, and we're stuck here due to the kind of jobs my husband and I have, and the fact that he starts law school part time here this fall. We knew we'd be here at least 4 years bc of school, and we'd been renting in the area for 4 years, so we decided it'd be worth it to settle down and I'd been itching to own for years bc I love decorating (and my husband always thought it was a waste to decorate rentals so I didn't get much help from him). In our area, inventory is low at our price point, and homes sell the minute they go on the market if they're fairly priced. We learned that quickly after beginning to look casually, so the minute a home came up in our price point that was decent, we jumped on it, bid on it, and got it. We've been there for about 3 months, and I definitely have a wish list now of things I want for our "next house," even though that might not happen for a decade or more. We are not 100% happy with it, bc there's no storage (no garage or basement, 1200 sf), and it's an older home that needs upgrades everywhere you look, but it's a well built, charming mid century house that we're considering our "starter home." It'll get us through the next 5-10 years: through school, and maybe a first kid, and allow us to build equity rather than throw money away renting all this time. We're just praying prices continue to increase where we live so that we at least break even when we're ready to move somewhere with reasonably price homes! Your situation may be different though--if you've been in it for a year, and there are homes available in your area for a good price, and you can sell your place for what you bought it for, it might be worth it. You'll be a lot savvier the next go-round having been through it before and knowing what you need/want in a house now.
  • I have more buyers remorse than my bf does. We bought our home two years ago and it was a rushed decision so that we were able to get the price we wanted and it was our first home so we didn't really know what we were looking for. If I could go back in time I would've paid more attention to certain things so that we could have influenced the price more. Of course, if you ask my bf, he'll tell you that he doesn't have any regrets (sigh).

    At this point, because home prices in our city have only gone up in the past two years, it wouldn't make sense to sell because we would still have to struggle with buying a new home for the same price. So we just make little changes where we can until we can save our pennies for the big renos to make our home as perfect for us as possible for right now. Just trying to live on the postive side of it!

    Allison
    http://thenutsofwindermere.wordpress.com/
  • I made an account just to comment on this thread. I bought a house a week and a half ago and moved in a week ago today. I am FREAKING OUT. I am terrified that I made a huge mistake. Before moving in we refinished the floors and painted our sons' room because it was pink. They were the only items that we had time for. Now I am in the home, surrounded by boxes. I have no place to put anything and haven't even been able to use the deck and the downstairs den area that were the 'upgrades' that sold us on the home.

    I feel like we took a step down to move forward. I know that over the next 5-10 years we can customize the home to our needs and taste but for now I can't even get my stuff together enough to unpack and make the house useful enough to cook dinner. I went from a townhouse with a ton of storage to a split entry with the same floor space and less storage. The house sold in 3 days, multiple offers and for asking price, the market in my price range is just that tight for anything that is in decent shape and doesn't need immediate overhauls.

    I am super type A and hate living in chaos so I am hoping that over the next few months I can figure this out and make the place liveable but right now I have no idea why I even thought moving was a good idea. A yard, a better school district and a family friendly area don't mean as much to me when I have no space in the kitchen to put food away.
  • vbuehlman_31vbuehlman_31 Smithfield, VA
    Other than the financial woes of buying a house that sank in value, yes, I still have some buyer's remorse. Fortunately, the good outweighs the bad. I have a front porch I adore but we couldn't do a screened-in porch on the back because of coverage laws (we are in a tidal area and they changed the coverage laws right before we bought. Grr.) Once we were in the house for awhile I realized that every room is about 2-3 feet too small with odd window placements where every room has windows literally 6 inches from the corners of the room. It's weird and makes some decorating choices hard. And there are some layout issues that I was sure we could work around but can't. Oh well. Live and learn. In the whole scheme of things I feel fortunate to have what I do when so many do not.
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