Considering how much work goes into buying a home, it’s surprising how many people view it as a temporary situation. The concept of the “property ladder”—buying a small, affordable “starter” house just to build equity and trade up to a larger home, and then doing it again until you’re living in some kind of mansion—makes people think of their homes as investments in their future instead of a place to live their lives.
It’s true that buying a house can be a complex decision, and buyer’s remorse is a real situation that almost anyone can find themselves experiencing—and sometimes selling your home is the best decision you can make. But there are plenty of bad reasons to sell, especially if you’re comfortable and happy in the property, or you’ve put a lot of work and money into making it your own. If you’ve got the itch to call up Realtors and list your house, ask yourself if you’re doing it for one of these reasons—and then maybe don’t make that call.
You’re exhausted
You bought a house and learned the dark secret of owning a property: You have to maintain it. Home maintenance can be a lot—in fact, about 28% of people who report buyer’s remorse about their house cite the time and cost of home maintenance as the primary reason.
Anyone who’s owned a home knows that the problems seem endless. You fix the roof, and the water heater goes. You replace the water heater, and your air conditioner dies. Selling the house might feel like a weight lifting off your shoulders. It’s important to keep in mind, however, that any property you buy after selling this house will also require maintenance—maintenance you’ll either be doing yourself, or paying someone else to do through HOA or condo fees. Selling your current home won’t remove the need for maintenance and repairs. Even going from an older home to a newer one doesn’t guarantee you won’t have a lot of maintenance to do—in a survey conducted by insurance company Hippo, 60% of new construction homeowners spent more on maintenance than they expected.
If you’re happy with your current home except for the maintenance work, spacing out and planning the work can help make it more manageable. And paying for a home warranty service (or just hiring a handyman) can give you a break from the constant effort, at least.
Timing the market
When you buy a house, the expectation is that it will increase in value over time—while you’re simultaneously increasing your equity in it. Normally this is a long-term situation, but sometimes the real estate market in your area heats up rapidly, and you hatch a plan: You’ll sell at the high, rent for a year, then buy a house again when the market dips. That’s called “timing the market,” and it’s usually a bad reason to sell a house you otherwise love.
“I worked with a couple that had bought themselves a very beautiful house in a quiet neighborhood just outside the city,” says real estate expert and owner of Fast Home Buyer California YK Kuliev. “They had spent years waiting for it to get just right for them—custom kitchen, landscaped yard, the whole deal. They saw headline after headline about record-breaking sale prices, and thought to themselves: ‘Let’s cash out now while prices are at the top.’ They did it and made really good money, but they did not have a new home lined up. They figured they would rent for a year, wait for the market to cool down, then buy again. Jump to 18 months later, and they are priced out of the very neighborhoods they used to call home. They scoured for a much smaller house in a much less desirable location and none of those personal touches built up over years in their prior home. That attempt to time the market cost them their dream home.”
Not only does timing the market risk a home you’re comfortable in, the profits are often illusory because you wind up paying rent—and often more of it, and for a longer period, than anticipated. “They think they’re going to cash out at the perfect moment,” notes Jessica Robinson, co-owner of Family Nest North Central Florida. “But forget they still have to live somewhere after they sell.”
The one that got away
One of the most frustrating aspects of buying a house is the competition—the other buyers who swoop in with all-cash offers, or offers way over list price. Bidding wars can quickly put your dream home out of your financial reach. And sometimes you see a house you’d love to buy, but it isn’t on the market when you’re ready to dive in.
But if the dream home you were denied suddenly becomes available, selling your current home to jump at it can be a huge mistake for a variety of reasons:
Sweat equity. If you’ve put time, effort, and money into renovating your current home, you might not get a return on those investments.
Financial loss. If you haven’t lived in your current home for at least two years, prepared to get smacked with some gnarly capital gains taxes. Your mortgage lender might have a penalty for paying off the loan too soon. And you’ll be paying all the fees and closing costs, eroding any small gain you might have made in the home’s equity.
Disappointment. Dream homes don’t always work out the way you expect. A house that looks superficially ideal might turn out to have hidden problems, or you might not use the amenities as often as you think you will—or at all.
If the only reason you want to sell your house is a form of FOMO, it’s probably going to be a mistake.
You’re bored
Buying and moving into a new house is an exciting experience. There’s the thrill of finding the right house, the joy of starting a new chapter in your life, and then the buzz of activity as you decorate, renovate, and get to know your neighborhood.
But eventually you settle in, finish the projects, and fall into a routine. For some people, that leads to a sense of boredom with the house—and a regrettable decision to sell just because the excitement has faded.
Robinson has seen this firsthand. “I’ll never forget a couple I worked with who sold their home because they were ‘just incredibly bored’ with their house,” she says. “It was a beautiful house, great neighborhood—but after a few years, they just felt restless.”
It was a predictably terrible idea. “They rushed to list without a solid plan and ended up in a smaller, more expensive home that needed a mountain of repairs,” she explains. “Within six months, they admitted they missed their old place and regretted the whole thing.”
Kuliev also recalls one client who simply wanted ‘a change of scenery.’ “She thought a move to a trendier area would be ‘fun,’” he recalls. “She listed her condo, sold it quickly, and bought a loft in a newer development. Six months later, her commute was longer, the community felt more impersonal, and those HOA fees were much heftier. She confessed that she missed the coziness and character of her old place. That boredom cost tens of thousands in closing costs, fees, and an emotional toll none had expected.”
This articles is written by : Nermeen Nabil Khear Abdelmalak
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