Purchasing a house is a huge commitment. There are a lot of factors that go into the process of finding a new one. You’ve selected a house in Toronto with the must-haves and might have made some compromises, but how do you know you’ve made the right choice? When you pull into your driveway, do you have a tiny sinking feeling that you wish you didn’t buy this house? Did you have a high-pressure deadline when you made your decision? Did you explore different areas and keep an open mind, or did you only look in one location? Do you find that your house is really too small to be functional? Or do you think, why do I have so much space? What’s worse than buyers remorse are the hidden expenses of owning the wrong house in Toronto.
Doesn’t Fit The Budget
Eating ramen noodles almost every night in order to pay the mortgage was NOT what you had in mind when you pictured yourself as a homeowner. Is the house more of a fixer-upper than you realized? Did you end up putting more money into house repairs than you planned on? Maybe this house doesn’t allow for enough entertainment or savings as you hoped. Perhaps your homeowner’s insurance was more expensive than you planned. These are hidden expenses of owning the wrong house in Toronto.
Maybe the house does fit your budget, but what about the neighborhood? Do you find yourself shopping in more expensive stores you don’t like because your favorite chain grocery store is too far away now? Is your drive to work further away? These are also some hidden expenses of owning the wrong house in Toronto.
Does your new house have well water? When you purchased it, you were happy to not pay high utility bills, but now you realize you are responsible for any well system repair. What if you have to redrill and move the well system? Do you hate lugging around water softener, or having to pay a company to come out and do it for you? Is your municipality planning a utility expansion in your area, and now you have to add another $20,000 to your tax bill over the next few decades? These are hidden expenses of owning the wrong house in Toronto.
Perhaps you are totally fine with the house purchase you can afford and love your neighborhood and have no pending utility issues… but you just noticed a crack along the floorboard by the front door. Maybe you dismiss it for the caulk shrinking… and then a few months later, its a little bit bigger… and bigger… is your foundation sinking? Maybe there are new cracks by the windows or new water stains on the ceiling… these are all small indicators that your house might have some structural issues. Also, these are hidden expenses of owning the wrong house in Toronto.
How to Escape the Wrong house in Toronto?
Toronto and GTA Greater Toronto Area in general have plenty of cash buyers for houses in any shape. These buyers are a great option to get out of your wrong house ASAP, but prepare yourself to accept less than retail price. They will save you a lot of time and hassle by taking the house off your hands. You might be able to restructure your mortgage or transfer loan to another lender. If now isn’t the right time to ditch the wrong house, perhaps renting a room/the house out might be a good idea and sell when the market is best.