In 2021 we decided to move due to dog attacks and safety issues. Sold home at a 190k profit. Wanted to rehab an old home but the market was bonkers and we couldn’t compete with cash offers. So we moved to a rural area and bought 2 acres in a gated neighborhood and built a custom home.
Due to supply chain and lumber issues we ended up nearly 60k over budget (526k contract price + overages). Paid cash for the overages and put 20% down. So basically all the profit from house 1.
Well, we absolutely hate it (love the actual house; hate the location). The commute sucks and my position within company has changed and I went from 2-3x in-person to 3-5x/wk. Daily commute is around 2hrs (unless an accident) and the return is just stacked with traffic (both freeways I can use are currently under construction). We also hate being far from everything and hate all the bugs and critters. Our dog loves it though and he is ultimately the reason we moved.
Houses in neighborhood are sitting upwards of 6 months right now (some are overpriced). Realtor says we would be somewhere between 550-600k, but recent new build isn’t selling and if it did we’d be at 500k.
Currently have a 4% loan, but it’s an ARM (only option for a construction loan at the time) and has one more year before it jumps 1%.
Do we cut our losses in the spring? Try to tough it out another couple years? The commute is just soul sucking. Renting isn’t an option as we have done that before and we don’t have the temperament to be landlords.
**Also applying for an out of state job and may have to sell in a rush in March, but won’t know for a few more months.
Posted by twiggers12345
1 Comment
I personally am a ‘cut your losses and go be happy’ kind of person…start planning now. Could you possibly get a corporastemove/buyout with potential new job??