Regretting purchase - what to do?
I made a typical first-time homeowner mistake. I bought on a whim, and frankly - made a decision too quickly and without doing the due diligence and thought that I should've. It was such a great deal that I felt I couldn't pass it up. Now I'm very unhappy with my decision and have been very stressed out about it.
Basically, I bought a new construction townhouse in a very nice complex, but the location of my specific unit is not great. It's at the very tail end of the complex and is close to a semi-busy 2-lane road (maybe 250 feet from it), and is about 1/6 or 1/5 of a mile away from a train. I've lived in very isolated areas my whole life: grew up on a very quiet street with little to no traffic and then a condo complex that was set back far into the woods.
Because of the location - and very slow sales at the beginning of this year - the builder offered these units at $75,000 below the usual asking price of $400,000. I also got a bunch of free upgrades and my closing costs paid. The unit is real nice, but the location is not for me. I need a quiet area and when I buy again will make sure I don't make this mistake twice.
I tried backing out at one point, but the builder refused. I would've lost my down payment.
Now what to do? I am single and have a couple friends that will be moving in as roommates, so my living costs will be relatively low. They've agreed to do a month-to-month rental.
If I list with an agent, I can expect to break even and get my down payment back, at best. I'm meeting with an agent soon to see what they think it's worth. The thing I'm worried about is - with the crappy market (although my area is doing much better than others in the country) - I could have it listed for a long time for the price I want. The wait isn't so bad, but it might look bad to have a listing up for too long.
The other thing I considered is doing something like forsalebyowner.com. That way I can get it up on MLS and not have to pay an agent fee. It would be much easier for me to break even or even make a little money. I am financially stable, so I would be able to keep it listed until I get the price I want. But how effective are these services really?
The other option is renting it. The realtor says that the most I could get for rent is $350 short of my total mortgage. It's a gamble, and then I have to pay more capital gains if I do sell it.
I really don't know what to do. This has been extremely stressful, more so than I expected. I will have more clarity on Friday when I meet with the agent, but in the meantime I am distraught. Partly I am kicking myself for doing this, and partly I am just plain stressed at the uncertainty of the situation.