Is your dream home actually a money pit?

Buyer’s remorse. It’s a terrible feeling when you’re talking about a new car or even a pair of shoes, but when you’re talking about your new home, it can be really overwhelming. So what can you do?

You may have thought it was your dream home. It may even still look like your dream home. But let’s face it: this house is a nightmare. Whether it’s the unforeseen structural issues, hidden problems or things suddenly going kaput, those plans you had for your new property are no longer feasible. Is it better to cut your losses and sell fast, or stick it out and hope for the best?

Don’t get attached

As hard as it is, especially if this is your first home or what you thought was your ideal home (at least until you moved in), try to remove emotions from the equation when considering your options. Do your sums, work out what you can or cannot afford to fix — if this is even possible — and compare these costs and effort to the possible costs of selling and moving again. Consider, too, the emotional strain that potentially long-term or drawn-out renovations may place on you.

To fix or not to fix?

Whether you stay or go, there may be some things you just cannot avoid fixing. For the things you do fix, be sure to fix them properly; the last thing you need is a dodgy fix that creates more problems down the track — for you or potential buyers.

Be honest

Don’t lie to potential buyers or real estate agents about problems you’ve encountered and why you’re selling. With agents, if they are good, they’ll help you draw out the positives enough to get potential buyers through the door.

Be realistic

The pragmatic approach applies whether you decide to stay or go. If you’re staying, be practical about what you can do, what you can live with and what you can afford to make the property liveable. If you decide to sell, be prepared to accept a reasonable offer. Don’t feel like you can’t accept the first offer: if the buyers are going in with their eyes open and make you a fair offer, you can definitely accept it and move on. Also consider all the costs involved in buying a different property.

Moving on may be easier said than done, especially if you’ve lost a lot of money on the property. But as with all disappointments in life, the best approach is to try to learn from your mistakes and look forward to bigger and better things!