We all dread making mistakes, especially large ones. When purchasing a house it is imperative to look at all the costs, including ones that could turn your dream home into a money pit. The real costs of owning the wrong Lancaster home can be not only emotional but very expensive. Soon you may wonder why you even bought the property in the first place. Below are 5 top items we have found that can cause homeownvers to deeply regret purchasing in the first place.
Overbought
Many times buyers fall in love with a property and are unaware of the true costs involved with ownership of this specific home, impulsively buying more house than they can truly afford. This often happens when the market is extremely competitive. With multiple offers on the table, buyers can be prone to bid up their price in order to get the property. This is especially true in Lancaster county, was houses are in high demand. Owning the wrong Lancaster home can bury you in financial debt. You could end up paying more in interest on loans trying to hold onto the property than you will ever make up in equity over time. If you find yourself in this situation, it may be time to accept your mistake and save yourself from possible bankruptcy or even foreclosure by selling.
Location
Regrettably, even the best of neighborhoods can become less than desirable. Perhaps you have had to change jobs and your commute has become overwhelming. Owning the wrong Lancaster home in the wrong location can also mean that growth has changed the atmosphere of the area from what you desire. Some areas in the neighboring counties of York, Harrisburg, and Lebanon have regressed over the years leading to lower home values. These tend to be areas that have experienced loss of business or jobs to support the local population. Other issues could be interrupted sleep because of neighbors. While you can take actions such as filing a police report or even filing a restraining order if problem neighbors come onto your property repeatedly. You may find yourself regretting your home purchase. Should you find yourself unable to live with the situation any longer, it may be time to sell.
Repairs
Owning the wrong Lancaster home could also leave you drowning in repair bills and dealing with the headaches of scheduling repair work. Homeowners often overlook the cost of major repairs when looking at monthly costs to own a home. Living in the home during major repairs can be difficult or even impossible, costing you even more in finding temporary housing. While your home may have been in great condition when you purchased it, items will eventually need to be repaired. If you find your home has started needing repairs more often and they are becoming more and more expensive, it is a good time to sell. Major items to look out for to repair include roofs, furnaces, electric panels, water heaters, and any septic issues.
Hiring Help
In order to properly care for a home both inside and out, routine maintenance cannot be delayed or serious issues can arise, and end up costing thousands of dollars in damage. Owning the wrong Lancaster home may mean that the property has simply become too much for you to care for on your own, physically. For this reason, if you are unable to carry out the tasks required, you’ll have to foot the bill to pay for someone to help you do the work. If you cannot afford to hire help, it may be time to sell your home.
Lifestyle Changes
As life progresses your priorities will change over time and your needs for housing will also adjust. As your family grows you may have a need to expand your living conditions. Conversely as we age, we may need to downsize our houses in order to keep up with maintenance or avoid paying higher and higher property taxes. Circumstances can change that may make your home too much for you to easily care for any longer. When a home no longer serves the needs of those living within, this is a red flag that it is time to sell.
Don’t hesitate! At 717 Home Buyers we are here to help. With a direct sale to 717 Home Buyers, you will have a quick closing date that is guaranteed! If you find yourself burdened with owning the wrong Lancaster home, it’s time to take action. With a direct sale to 717 Home Buyers, concerns over the costs of any repairs can be completely eliminated. Don’t waste your valuable time and money! 717 Home Buyers makes it easy to move on with your life! Send us a message or call 717-639-2164 today.