Slightly embarrassed to admit tears were shed
August 21, 2008
After posting the last entry about how my personal experiences with house hunting have really sucked, I read through the seventeen pages I had hastily signed or initialed (in duplicate as they didn’t have a photocopier handy) and my blood pressure decreased significantly. Just as the representative of the seller said, I wasn’t signing away my meager savings in any way, shape or form.
I went to bed after that, with the hope that with a new day would come some clear answers. And I figured even if I still wasn’t sure, having my parents and sister come with me the next day to look at the place would give me some different perspectives to consider.
So, we met my agent and she left us alone to poke around the different units, ending with the unit I had put a reserve on. Nobody had any significant negative comments about the unit, though my mom thought the kitchen cabinets were a bit dark (they’re dark brown, practically black).
The only real complaint about the unit is its cost, which is somewhere between 10 and 18K more than I wanted or expected to pay for a terrace home. Unfortunately like some of you said, new home sellers are not open to bargaining or negotiating whatsoever, especially when their properties are selling well, or expected to sell well, so I can either pay up or free them to happily move on to the next customer who can afford it. And that is where I am stuck.
My agent is convinced that the extra money is worth it because of some differences between this builder and the one I dubbed the front runner; namely the exterior finishes and the resulting curb appeal, size difference between the two places, two extra windows and large kitchen pantry. I am wondering if four or five years down the road when I’m ready to sell, the house, being a terrace home, will be able to command at least what I paid for it. If someone could guarantee me that, I would really appreciate it. And then there’s the fear that this seller’s market will change shortly and become a buyer’s market and I’ll have a difficult time selling (and repeatedly beat myself for “overpaying”).
I really like the house, but I don’t want to pay 18K more than what I thought was a reasonable price. I can always go back to the front runner but I must admit I’ll feel like I chose the inferior product. But really if I’m not willing to pay, then I should be happy with what I get, right?
I’m also thinking of halting the hunt and not buying at all, ever, but what if next year continues to be a seller’s market and someone is selling a similar unit to either of the two I’m considering for more than I’d pay now? (And, since the builder of the home I like better is no longer building these homes, and the front runner will likely be done building by next year, what will I do?) I’d be pretty cranky paying loads more for either house for no good reason other than my indecisiveness.
Can you tell I need to sleep on this some more?
We bought our terrace home brand new before the site was finished. And now two and half yrs later the model we purchased is selling for 210,000 and we paid 172,000. I say don't settle because you will regret it. If this isn't the right home either then take longer and keep looking. Time is on your side.. :)
I'm thinking u r just anxious about everything cos buying a house is such a big deal. Just don't buy something u don't love cos u r going to be stuck paying for it for a while. I think u should take ur time.
I'm surprised it's sellers market over there. It's a buyers market over here. Another reason to move down to the states. Oya, pack ur bags.
Don't buy a house you already have major issues with and If you can afford the one you love buy it. It may become a buyers market next year and the year after but the market will always change. Nobody has a crystal ball to guarantee that you will make a good profit when its time to sell. Its a risk that you are either prepared to take or not…I feel that your wanting to find the best bargain out there might cause you to lose out on something u love.
I think maybe u should just take a time out for now – re-evalute. Maybe a few months from now you will find what you want for the right price?
I think I agree with Oya… Its not about choosing an inferior product. Buying the perceived "top of the line" is not always worth it. If your heart has settled with one, go with it. Especially since the one you're mulling over is more expensive than your front-runner. I'm also surprised that its a seller's market over there. Its quite the opposite here.
You won't lose money on buying a new home from a developer – you'll likely make a ton of money, just like LeeAnn mentioned and I have done on my two homes, one of which is my current terrace home that has gone up by 30k in 3 years. It's practically a guarantee – I would not hesitate at all about buying a new home in Ottawa for fear that it would devalue below the purchase price.
Brand new homes in Ottawa go up up up … because developing neighbourhoods are priced lower than the expected final price of the fully-developed neighbourhood, and because housing prices in Ottawa are still below national averages and catching up.
Not too sure about the house market in Canada, but I'm sure everything will work out fine sweets.
I was quite anxious when I bought my house too… infact when I was talking to the mortgage person over the phone… I was shaking… I had to ask him to give me a moment… and being a first time home owner… he probably sensed it and told me to take my time… cuz he'd been there as well… but I got a house that was more expensive than the one I was looking at… bigger and better… and I'm happy with it… buying a house is a commitment… dont buy something that you dont like… because you'll be married to the house for quite some time… try looking in a different location… I prayed about it… and actually found my house online… brand new… with everything that I wanted… I had to dump my agent… cuz he wasnt giving me any of what I really wanted…. and I got a better deal because I didnt have the agent… which meant no split commission.
Go for what you want… and trust me when I say that if it is not God's Will… then something will happen that will make your deal not go through… Trust… and believe :-)… and I trust and believe that All will be well!