Buyers remorse? | Imamother

amother

Thu, May 27 2021, 1:42 pm

We live in a tiny apartment in a building in Brooklyn. We finally put a down payment on a house in Lakewood in a new development where we only saw the plans when we signed contract. We literally took our entire savings for the down payment. And we’re living crazy tight now financially because of it. But we were ok with it so long as we could move to a new place, have more space, the outdoors etc. now that the houses are up, we drove down to look at it and I’m soooo disappointed. Yes they’re huge and have so many functions I don’t have now but the “backyard” is basically a few inches of grass. There’s another development right behind ours so that makes me upset too. There’ll be so much noise and people if I do sit out behind my house. There’s a gate dividing and I could put up a privacy fence or bushes but I can’t take away the noise. Is it just regular buyers remorse I’m having? Like I can’t have it all, let’s face it. After all I’m in a prime location so privacy is a luxury here. Or should I go look for something else? I’m so not moving for the huge house. I rather want outdoor space. But I also don’t drive and need stores walking distance as well as company for myself and the kids. I’m rambling. I guess I’m really let down now.

amother

Copper

Thu, May 27 2021, 1:46 pm

Sell it and move to Jackson or Toms River.

amother

Cobalt

Thu, May 27 2021, 1:47 pm

That's life in a development. A development is noisy and not private.

doodlesmom

Thu, May 27 2021, 1:48 pm

Try it out first, you might love certain things you didn’t think of before etc.

amother

Vermilion

Thu, May 27 2021, 1:51 pm

Speak to your lawyer. What deposit did you put down when you signed the contract? If you didnt close yet, you might be able to back out but you will lose that deposit.

If thats not an option, speak to your mortgage broker. He will let you know if you could afford to sell and re-buy. Your credit was affected when you applied for this mortgage, so your options may be more limited now

amother

Thu, May 27 2021, 2:18 pm

According to my contract I could get my money back if they find a new buyer. But that might take a while and prices went up a ton since we bought so we’ll need to wait for our money plus add more.

doodlesmom

Thu, May 27 2021, 2:23 pm

amother [ OP ] wrote:

According to my contract I could get my money back if they find a new buyer. But that might take a while and prices went up a ton since we bought so we’ll need to wait for our money plus add more.

In a successful development you can sometimes sell your house for more than you paid once it’s thriving.
I would not drop out for what is almost essentially a loss with the prices rising...

amother

Powderblue

Thu, May 27 2021, 2:34 pm

You can sell this house prob for 100k higher than u paid for it if you purchased it on paper more than 6 months ago. Prices in lakewood have skyrocketed like crazy. I heard duplexes on prospect went for over 850k which is nuts.

amother

Thu, May 27 2021, 3:58 pm

I can’t actually resell it. Unless I wait till I close which will take a while. The house won’t be ready until March 2021 approximately. What I can do is back out of my contract, wait until they find a new client and once the client is in contract and paid the down payment I get back mine. Even if they get more money I’ll only get back what I gave.

amother

Seashell

Thu, May 27 2021, 4:06 pm

Don't back out.

I assume it's more backyard than you have now, and you will be able to recoup your investment plus if you wait until it's done.

ra_mom

Thu, May 27 2021, 4:47 pm

amother [ OP ] wrote:

First of all- huge hugs! You're feeling gypped right now and I get it.
But think about why you chose this location. Based on the bolded, it really sounds like this is your ideal spot. Think about a big backyard but being stuck on your property with no way to go anywhere except with Ubers. It really sounds like you made the right decision based on what you knew. And that it still is the right decision for you now.
Embrace the outdoors. You're probably coming from somewhere where there was less outdoor space, so keep focused on the fact that you have upgraded. And make the space yours. Make it amazing. Enclose it with a white picket fence, put out some great lawn chairs, and enjoy it.
Once it's enclosed and is yours, you'll see what a difference that makes. (Do it now during the build. It's cheaper then. And you'll already see the difference beforehand, and that will give you menucha before you move in, seeing what a difference it makes.)
Hatzlacha Rabba and Bshaah Tova on the move!

amother

Gray

Thu, May 27 2021, 6:04 pm

Some people plant pine trees all around their yard to give them privacy(it could take a few years to grow relay tall). It also gives them a more "outdoor" feel.

I also brought in a development and was not to happy with the "yard", there are people all over in the front and back. But, we learned to make it work.

Do you have a front yard? That can make a difference. I saw some where in Lakewood(I don't remember were) some one planted pine trees in the front to the back I think it was for privacy-I did not ask-It made the house look more private.

amother

Wheat

Thu, May 27 2021, 7:00 pm

Any development being built now will have almost no yard. The lots get smaller and smaller. But housing has skyrocketed! You are much better off reselling than backing out. Houses in Jackson are 100k more than they were. 6 months ago. Anything on the market goes into a bidding war for over the asking price and there's almost nothing available. It's a serious sellers market with a big shortage.
Maybe wait until the house is done and you see the inside. The space and amenities being built in the new homes- mudrooms, attics, pesach kitchens are not something you will find in Jackson or toms river. At the end of the day you live in your house not your yard, even though a yard is very nice and does matter. Also, Jackson and toms river are not walkable to any stores which it sounds like is something you will need.
I would try it for a bit and then make a decision. It's normal to panic about things when it looks different than you pictured but it may not bother you as much once you live there

amother

Khaki

Thu, May 27 2021, 7:05 pm

My house in Tom’s River is worth between 300-450k more than I bought it for 2 and a half years ago. I did some minimal work worth about 25k.

To answer your question- the driving thing is a big problem. Heart of town always comes with smaller lots, it’s worth a lot to not be stressed with car services. I would try it and if you really hate it, try to find something else.

amother

Coffee

Thu, May 27 2021, 7:09 pm

amother [ OP ] wrote:

I’m so not moving for the huge house. I rather want outdoor space. But I also don’t drive and need stores walking distance as well as company for myself and the kids. I’m rambling. I guess I’m really let down now.

There is always a tradeoff in our decisions. If you need things within walking distance, then privacy and outdoor space is hard to find around the center of town. If you need company for yourself and the kids, then a private home with a large backyard also deters that to a certain extent.

You have to prioritize what's most important and just accept the rest.

amother

Thu, May 27 2021, 8:25 pm

Thanks for putting me at ease! I just felt so thrown off because I expected much more space around my house. But I need to focus on the positive.