I bought a house with the intention of living there, but for various reasons I've changed my mind. I took possession 1 month ago only. I know it's a dumb move, and I'll be losing substantial money. I'm prepared to accept that loss as painful as it'll be and I've been lucky in my life that I can afford the loss. I was hoping to hear what options would be best for me based on these facts:
-I paid all cash, no mortgage, so only property taxes/heating costs are the main expenses
-I think I overbid and overpaid a bit. I doubt if I sold now I'd recoup anywhere close, then there's land transfer taxes, lawyer fees and realtor fees.
-It's a higher priced home for the area, so finding renters may be difficult if I go that route
-It's a 20 year old house and needs a new roof and furnace for sure
So with that in mind I was considering:
-Selling now and accepting the loss.
-Sitting on the property for a year and eating the property taxes/other costs. Then hoping that cooling off period gave some time to negate a bit of the "why are they selling so fast?" thoughts that may hurt the price.
-Same as above, waiting a year or two, but renting it out in the meantime. The issue here is finding suitable renters (I'd want to be hands off so I'll probably have to use a realtor and that'll eat 10% of the rent each month + renter finding service of 1 month's rent, so 20% essentially). There'd also be the wear and tear factor, and I'd want to get a new roof and maybe a new furnace to keep the house in good shape.
Or if there are other options I'd love to hear them. Any advice is appreciated, thanks.
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source https://www.reddit.com/r/RealEstate/comments/r5roz4/i_just_bought_a_house_and_took_possession_i/
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