Buyer's Remorse (A Tale of Two Houses)

I have a friend who is a pharmacist and works 60+ hours a week. He's looking to buy a house. I'm advising him to find a place that is move-in ready. I know that there is much satisfaction in customizing your home, but it also depends on how much time you have. If you are too busy with work, family, and activities, it would be such a burden to tackle on a full-blown construction job. People often forget that asides from the cost, there is a lot of time consumed in a remodel. Same thing for weddings. I have a couple of friends who got married over the summer. Looking back, they said they wasted thousands of dollars in wasted time and efforts. It would been more cost/time effective for them to just have things professionally done. Personally, I have a lot of time during the summer and wouldn't mind some home improvements at all.
 
Hi TC,



We bought an ugly ass house in May of '08. We did some things to make it nicer, but it's still ugly and unless we spend a fortune on it, it will not be the house I dreamed of. We bought it because it seemed like a good deal at the time. Believe me, we have had the buyer's remorse feelings many times. However, once you start getting settled in and it becomes your home, you get this sense of "oh well, let's just make the best of it.

Just this week I did some decorating in the dining room and it transformed the room. I'm inspired to make the most of it and do what we can to make it a nicer home. Along the way though, we're in this house for the long haul. Hindsight is 20/20. I don't lose sight of all the things we love.... it's our own home, we have a nice large lot so I have my garden space, we are celebrating one year this weekend with the dog that I had been wanting for 10 years who is the love of our lives and there's always something to keep us busy.



Inventory has really dried up over the last 6 months so I really do feel much less buyer's remorse than I did 6 months ago. Although, I drive through the neighborhoods that I would really wish we lived in and it creeps back up. So for now, we made our bed, we lie in it and make it the best darned bed we can and continue to create our nest.
 
[quote author="qwerty" date=1254191806][quote author="hs_teacher" date=1254189281]I currently live in my girlfriend's condo. We pay $1600/month for the mortgage. Since the place is a one bedroom and NOW is a good time to buy, we have been thinking about selling this place and buying a bigger home. The problem is... we only want to spend $2000/month. With that in mind, the most we want to spend is $350K. But we can't seem to find any decent 2 or 3 bedroom home for that price. <strong>Where are all the deals people speak of?</strong></blockquote>


Bubble Price = 850K - 900K

Todays Price = 700K



Most people tend to look at that as a good deal. Maybe it is, maybe it isnt. I dont think it is.</blockquote>


HS isn't looking in Irvine. There have been some decent SFR's for $350K in areas he would stoop down to, but they went fast and to all cash or huge down buyers.
 
[quote author="stepping_up" date=1254481890]Hi TC,



We bought an ugly ass house in May of '08. We did some things to make it nicer, but it's still ugly and unless we spend a fortune on it, it will not be the house I dreamed of. We bought it because it seemed like a good deal at the time. Believe me, we have had the buyer's remorse feelings many times. However, once you start getting settled in and it becomes your home, you get this sense of "oh well, let's just make the best of it.

Just this week I did some decorating in the dining room and it transformed the room. I'm inspired to make the most of it and do what we can to make it a nicer home. Along the way though, we're in this house for the long haul. Hindsight is 20/20. I don't lose sight of all the things we love.... it's our own home, we have a nice large lot so I have my garden space, we are celebrating one year this weekend with the dog that I had been wanting for 10 years who is the love of our lives and there's always something to keep us busy.



Inventory has really dried up over the last 6 months so I really do feel much less buyer's remorse than I did 6 months ago. Although, I drive through the neighborhoods that I would really wish we lived in and it creeps back up. So for now, we made our bed, we lie in it and make it the best darned bed we can and continue to create our nest.</blockquote>


We're in the same boat, stepping_up! I think my new house is ugly too. I'm hoping a nice new coat of paint will improve things.



I'm sorry to hear you're not happy in your house, but it sounds like your "make the best of it" attitude is way to go right now. I can relate about the neighborhood. When I'm driving around, I'll think, I wish we bought a house here instead. (One of the things I'm not crazy about is the neighborhood we bought in.) The lack of inventory and the pressure it created is really what did us in. There just aren't enough houses on the market right now and we weren't willing to wait. Maybe we'll regret that down the line when there are millions of houses for sale; I think we will. But for now, there isn't much to do but see how things turn out. I think the continued lack of inventory is actually a good thing for my mental state right now, because I keep looking at the listings and I would hate to see the perfect house come on the market now that it's too late.
 
[quote author="traceimage" date=1254543258][quote author="stepping_up" date=1254481890]Hi TC,



We bought an ugly ass house in May of '08. We did some things to make it nicer, but it's still ugly and unless we spend a fortune on it, it will not be the house I dreamed of. We bought it because it seemed like a good deal at the time. Believe me, we have had the buyer's remorse feelings many times. However, once you start getting settled in and it becomes your home, you get this sense of "oh well, let's just make the best of it.

Just this week I did some decorating in the dining room and it transformed the room. I'm inspired to make the most of it and do what we can to make it a nicer home. Along the way though, we're in this house for the long haul. Hindsight is 20/20. I don't lose sight of all the things we love.... it's our own home, we have a nice large lot so I have my garden space, we are celebrating one year this weekend with the dog that I had been wanting for 10 years who is the love of our lives and there's always something to keep us busy.



Inventory has really dried up over the last 6 months so I really do feel much less buyer's remorse than I did 6 months ago. Although, I drive through the neighborhoods that I would really wish we lived in and it creeps back up. So for now, we made our bed, we lie in it and make it the best darned bed we can and continue to create our nest.</blockquote>


We're in the same boat, stepping_up! I think my new house is ugly too. I'm hoping a nice new coat of paint will improve things.



I'm sorry to hear you're not happy in your house, but it sounds like your "make the best of it" attitude is way to go right now. I can relate about the neighborhood. When I'm driving around, I'll think, I wish we bought a house here instead. (One of the things I'm not crazy about is the neighborhood we bought in.) The lack of inventory and the pressure it created is really what did us in. There just aren't enough houses on the market right now and we weren't willing to wait. Maybe we'll regret that down the line when there are millions of houses for sale; I think we will. But for now, there isn't much to do but see how things turn out. I think the continued lack of inventory is actually a good thing for my mental state right now, because I keep looking at the listings and I would hate to see the perfect house come on the market now that it's too late.</blockquote>






Curb appeal could be enhanced and you can use trees to hide the ugly side of the facade. If you have a front yard may be adding a porch to add elevation interest.
 
[quote author="traceimage" date=1254543258][quote author="stepping_up" date=1254481890]Hi TC,



We bought an ugly ass house in May of '08. We did some things to make it nicer, but it's still ugly and unless we spend a fortune on it, it will not be the house I dreamed of. We bought it because it seemed like a good deal at the time. Believe me, we have had the buyer's remorse feelings many times. However, once you start getting settled in and it becomes your home, you get this sense of "oh well, let's just make the best of it.

Just this week I did some decorating in the dining room and it transformed the room. I'm inspired to make the most of it and do what we can to make it a nicer home. Along the way though, we're in this house for the long haul. Hindsight is 20/20. I don't lose sight of all the things we love.... it's our own home, we have a nice large lot so I have my garden space, we are celebrating one year this weekend with the dog that I had been wanting for 10 years who is the love of our lives and there's always something to keep us busy.



Inventory has really dried up over the last 6 months so I really do feel much less buyer's remorse than I did 6 months ago. Although, I drive through the neighborhoods that I would really wish we lived in and it creeps back up. So for now, we made our bed, we lie in it and make it the best darned bed we can and continue to create our nest.</blockquote>


We're in the same boat, stepping_up! I think my new house is ugly too. I'm hoping a nice new coat of paint will improve things.



I'm sorry to hear you're not happy in your house, but it sounds like your "make the best of it" attitude is way to go right now. I can relate about the neighborhood. When I'm driving around, I'll think, I wish we bought a house here instead. (One of the things I'm not crazy about is the neighborhood we bought in.) The lack of inventory and the pressure it created is really what did us in. There just aren't enough houses on the market right now and we weren't willing to wait. Maybe we'll regret that down the line when there are millions of houses for sale; I think we will. But for now, there isn't much to do but see how things turn out. I think the continued lack of inventory is actually a good thing for my mental state right now, because I keep looking at the listings and I would hate to see the perfect house come on the market now that it's too late.</blockquote>


Since you are able to do all your improvements at once, I think when you move in and make it your home, you will likely feel better. We have had to do things in drips and drabs. We did interior paint, flooring, new baseboards and opening a wall before we moved in and had to buy appliances. Spiffing up the yard came next and this year we have done some pavers and a patio and finally got some blinds, but nearly everything else has been put on hold. The exterior is still the color of pistachio ice cream and the kitchen is horrendous. At least your house will be remodeled and painted how you wanted before you move in.



As much as it seems like I'm complaining, what I found is that you just get used to it. I really enjoy visualzing and dreaming of what we could do if we had the money. Little by little it gets there and it becomes what you envision.



One of the things that makes me feel better about it is that my husband really likes the house. Does your husband feel remorse too?
 
[quote author="stepping_up" date=1254560438]



Since you are able to do all your improvements at once, I think when you move in and make it your home, you will likely feel better. We have had to do things in drips and drabs. We did interior paint, flooring, new baseboards and opening a wall before we moved in and had to buy appliances. Spiffing up the yard came next and this year we have done some pavers and a patio and finally got some blinds, but nearly everything else has been put on hold. The exterior is still the color of pistachio ice cream and the kitchen is horrendous. At least your house will be remodeled and painted how you wanted before you move in.



As much as it seems like I'm complaining, what I found is that you just get used to it. I really enjoy visualzing and dreaming of what we could do if we had the money. Little by little it gets there and it becomes what you envision.



One of the things that makes me feel better about it is that my husband really likes the house. Does your husband feel remorse too?</blockquote>


No, my husband has no regrets. He feels bad that I'm not happy, but that's it. He thinks I'll come around once the remodeling is done.
 
[quote author="traceimage" date=1254872696]In case anyone is interested, I just found out that the condo sold for over $30k more than we paid for our house.</blockquote>
I don't know what your construction costs are... but if it's within that amount... that's a bonus!
 
[quote author="irvine_home_owner" date=1254873477][quote author="traceimage" date=1254872696]In case anyone is interested, I just found out that the condo sold for over $30k more than we paid for our house.</blockquote>
I don't know what your construction costs are... but if it's within that amount... that's a bonus!</blockquote>


Unfortunately, we're gonna end up spending more than this on our renovations. But still, it makes me glad to know that at least we paid less for a house than those buyers paid for a condo.
 
[quote author="traceimage" date=1254878080][quote author="irvine_home_owner" date=1254873477][quote author="traceimage" date=1254872696]In case anyone is interested, I just found out that the condo sold for over $30k more than we paid for our house.</blockquote>
I don't know what your construction costs are... but if it's within that amount... that's a bonus!</blockquote>


Unfortunately, we're gonna end up spending more than this on our renovations. But still, it makes me glad to know that at least we paid less for a house than those buyers paid for a condo.</blockquote>
See, aren't you glad that you didn't buy that condo? I really feel that once you move in and the place is completely remodeled the way you want it, you'll be a happy camper.
 
Hey listen, I know all these guys are trying to make you feel better...



I bought a brandnew home two years ago. First I loved it then I started loving it less and less. I started having late buyers remorse... I hated it more and more. I was working more than I should to pay for everything.. Incl a $1k/month HOA/tax bill... I started hating my life... Work work work, no time to enjoy the home and ugly neighbour hood. No time for my races and sports I love...



So barley a 1 1/2 years later I decided to sell... For a good loss, close to $75k... I moved back to my old decent condo, nothing special but at a 1/4 of the cost... I know do again what I really enjoy... And my old cheap condo is doing just fine for me because I'm barley ever there anyway...



My point is... What's important to you living a happy live and do what you like (which might be spending a lot of time at home)



if you move in and you still hate the house... Sell it, move on take the loss, don't stay it in because you are 'stuck'



I felt stuck, one day I woke up and said f.. it, I'm unhappy... Let's change it...
 
how can I have missed this thread? Trace.. thanks for sharing... yes, I have similar visions of gutting out a few LBC homes we been in.. the location might be great, but the thought of spending thousands of dollars, waiting for months and finding a reputable contractor all bring me back to reality...



a couple of questions... did you have a contractor in mind before you bought? Did they take a look and quoted before you bought? How is the project now? It's been a few weeks, any update?
 
You know there's really 3 general kind of buyers out:



1. Buyers looking for a turnkey property where they can move-in right away without doing anything with the home

2. Buyers that don't mind doing some minor upgrades and/or TLC to the home they buy (majority of buyers)

3. Buyers looking for a bit of fixer so they can totally transform it into their dream home (minor of buyers)



So at the end of the day, it all depends on what the buyer's goals are for the home are.
 
[quote author="roundcorners" date=1258546407]how can I have missed this thread? Trace.. thanks for sharing... yes, I have similar visions of gutting out a few LBC homes we been in.. the location might be great, but the thought of spending thousands of dollars, waiting for months and finding a reputable contractor all bring me back to reality...



a couple of questions... did you have a contractor in mind before you bought? Did they take a look and quoted before you bought? How is the project now? It's been a few weeks, any update?</blockquote>


No, we didn't have a contractor when we bought the house, so we spent about 2 weeks finding a contractor after we bought it. We also had a wedding on the East Coast right after closing escrow, so that delayed us even more with getting started.



Oh gosh, how is the project now...I think I'll be about 87 when it's done! It's taking forever. Nothing's really been done except wiring and plumbing, so no visible improvements yet, although supposedly our cabinets have been made. Now if only we could get them installed! Right now we are waiting for the city inspection. That's what is holding everything else up. Hopefully it will happen this week.



I'm still beating myself up for buying this house. I really think we should have bought something move-in ready. Oh well, lesson learned!
 
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