so my mother and I recently moved out to a new house(about sept. of last year.) in a more rural setting,and are regretting it.There is nothing wrong with the actual house(its brand new practically, built in 2006),neigbors,etc. it is just so far away from EVERYTHING! my mother works far away and with gas prices theses days it really is an expensive commute.We jokingly say that we should sell the house.Most days she even says she hates it here!I know deep down though she and I arent joking!It just seems like such a far fetched or non realistic idea to sell so quickly,but its really not?I know it isnt really a sellers market right now and that we would probably have a hard time selling especially since there are a ton of new homes being built in our area, but I still think that we should give it a shot,but unfortunatly my mother has a less optimistic, non go getter attitude. I would really like to know peoples opinions.thanks!
2007-07-31 10:15:18 · 7 answers · asked by Chelsea M 3 in Business & Finance ➔ Renting & Real Estate
This is actually a very common situation... happened to me last year actually. You basically have 3 choices...
1. Sell it.
2. Rent it out.
3. Live there and suck it up.
If you sell it, you're going to lose money. Period. If you don't have money to lose, then this is not your option. But if you can afford it and really want to, you should seriously consider taking the loss and moving on with your life. That's what my wife and I decided to do. And we're VERY happy, but poor!!! :)
If you rent it out, then you have to worry about finding a tenant in the first place. If you get them, are they going to wreck the place and further lower the value? Are they actually going to pay you? Are they going to move out and you have to end up selling it later anyway in a market that may be worse later on!?
If you suck it up... well... that's a more behavioral question than a real estate question. You have to weigh what's important... your ability/willingness to take a loss vs. your ability/willingness to stay in a place you "hate."
Hope that helps! Good luck!
2007-07-31 10:23:04 · answer #1 · answered by Keep On Trucking 4 · 0⤊ 0⤋
If you and your Mother are so unhappy then I would say put it on the market. I just moved from a city to a very rural area where it takes 1/2 hour to get anywhere! So I know how you feel. There is nothing wrong with putting it on the market but dont be in a rush to sell. Wait until you get an offer that works for you- even if it takes a year! You dont want to lose any money on the deal. And, if you can sell it yourself- you would make more money then if you paid a realtor to do it. Research on how to sell a house and you'll be all set! Good Luck! I hope your mom agrees with what you want to do!
2007-07-31 10:22:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It really depends on your area. If there are alot of new homes being built in your area, you may want to just hang in there. Maybe there will be new and better job opportunities right near you soon.
But if you really must sell. .. a home built in 2006 is pretty new, in fact it's brand new. and anyone that is thinking of buying a new home, this would be a great option and they wouldn't have to wait until their home is built. for instance, one of my friends is getting their home built, they've already sold their house and now they are living with relatives until they can move in. Essentially, they are moving twice. For some people, this is not an option - those are the people that will want to buy your house.
2007-07-31 10:22:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you are truly unhappy, put the house on the market. It may take some time to find a buyer, and then it might not. There are advantages to a 'used home' in a new subdivision. (Landscaping is already there, as well as appliances and window treatments.)
Of course, you will probably lose money on this short term venture, since you will have real estate brokerage fees involved, plus other sale expenses.
As well, check your current mortgage carefully to insure that there is no 'short term prepayment penalty'. Recently many lenders have included such penalties in their loan agreements. If there is a prepayment penalty, it could add thousands to your already expected negative outcome.
2007-07-31 10:53:54 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
You should speak with a realtor about putting it on the market. Usually, realtors do not charge a fee or commission unless the house sells. So you wouldn't be out anything for just trying to get it on the market and selling it.
2007-07-31 10:24:55 · answer #5 · answered by Hokie_Pokey 5 · 0⤊ 0⤋
Suck it up. You can't sell it for the amount it cost you to purchase because you have too much competition from new construction. Wait at least 3 years.
2007-07-31 11:38:06 · answer #6 · answered by Venita Peyton 6 · 0⤊ 0⤋
Ohhh, I envy you, my dream is to live in a rural/country setting.
I lived for a year in a semi-rural setting and loved it.
2007-07-31 10:33:31 · answer #7 · answered by newyorkgal71 7 · 0⤊ 0⤋