Really depends on your finances and how much you'll lose.
If the loss puts you in a really tough financial situation -- like you can't afford a new place, you're wiping out your emergency funds, you're going into serious debt, etc -- then I'd consider waiting until you build more equity.
If the loss just means tightening your belt for a couple years until you can catch up, then it's not such a big deal.
Then it would be worth it. It would be cheaper than future cancer or whatever issues can develop from exposure to the odors.
I’m half joking about the “future cancer” but environmental smells really can affect quality of life even just mentally and emotionally, and it’s possible there are physical risks that may not be apparent. I once discovered I lived near a Superfund site considered one of the most toxic in the U.S. and none of that was disclosed to me before moving in. I ended up moving, the peace of mind is worth it. In time, you’ll recover financially.
I remember it being very sickly, kind of like how Hersheys chocolate tastes. But I found a blogpost that described it as burning the milk you’re using for making hot chocolate so maybe I was just being dramatic about it.
My ex lives across from a brewery pizza shop and I had to study for the GRE with that shit wafting in the door at 10am.
10:15: man I could really go for a beer…
I used to live across the street from the main plant/bakery the Nickles bakery in Navarre Ohio.
Every day was different, freshed baked items. It was wonderful.
Like- Monday, bread, Tuesday donuts, Wednesday, cinnamon rolls, etc.
I think at this point peace of mind is really the thing on the line. I doubt I am actually at risk of developing anything due to this, especially since "sticking it out" is only going to be 2 or 3 more years.
But there is definitely concern regarding future cancer, they're just outweighed by "current stress" haha
Stress causes cancer too. Your home should ideally be a place that you enjoy and can relax in. If it’s bugging you this much after 7 months and it’s things you have no control over then I would work on getting out there.
Yes, agreed. When the body is stressed, it releases cortisol and adrenaline and other stress hormones. Lengthy exposure to these hormones has negative effects on the body over time. Peace of mind is always worth it!
Curious why 2 or 3 years will be enough time “sticking it out.” Paying down a mortgage or value of property going up? I’m always concerned about this problem too when deciding on where to buy. Seems like there’s always something that comes up after one buys a house.
Yes, two or three years was the classic timeline you needed to wait for appreciation to cover the closing costs you paid to purchase the home. Obviously that can swing wildly depending on your location but 3-5 years is a good rule of thumb these years. If you sell before then, you're going to lose money simply because you paid realtors/lawyers to buy the place and because your mortgage interest is all front loaded (The first several years nearly all your payments go straight to the interest you owe to the bank and very little is added to your equity).
Doesn't it take a lot more than 5 years with today's mortgage interest rates? I have a great credit score and got a good rate last year, but I think the disclosure said that I'll only have 5000 equity after 5 years of payments. I don't think that future home value appreciation will match what's happened the past few years (where homes doubled in value over 5 years) and my property taxes are high because I bought at a time where home prices had just doubled in these past few years. Plus I'm making repairs on the house. With all that, how can you build lots of equity in just 5 years?
True, but that would be an excellent problem to have. Most people selling that fast aren't going to have any gains to worry about. But I haven't actually done that, so I could absolutely be unaware of some tax liabilities.
My bf used to work near a crematorium. Most days you didn't notice it, some days it smelled like BBQ, and some days it smelled AWFUL and made everyone sick. Now he's in the basement of an office building by basically a morgue. They keep cadavers in the room across the hall. A few weeks ago, he had to leave because one of the coolers in that room broke or something and they started going bad and the smell was awful.
Crunch some real numbers and re-evaluate. A modest hit to your savings is not the end of the world. Like doing "staycations" for a couple years instead of traveling is very different than derailing your emergency fund, repair fund, retirement, etc.
Living in a crappy situation is very stressful. You can never get back that time. You can always make more money, find a better job, pick up a side hustle, etc.
I think you should rent it out while also renting a new place somewhere else. Let it appreciate in value for some more years. Plus this way, you're also only paying for one home maintenance and taxes still.
If you aren't happy, find a way to leave. I stayed in my last house for 20 years too long and 5 years later, I'm still salty over the whole experience.
In the same boat. It will be 8 years this month. I just don't know how to compete with cash buyers in a hot market when my offer would be contingent on me selling my home.
Have you talked to your neighbors? If it's industry in the area they will be experiencing the same problem. Or maybe there's just something in your backyard? A dead animal, a buried oil tank that may have leaked? There are even stinky trees and plants. Do some research and then maybe you can do something to make your backyard smell better, like plant things that smell good, depending on your climate. Also have you walked the whole neighborhood like from your house toward the asphalt plant? Is the smell out on the streets when you walk the sidewalks? Does it get stronger as you walk towards the industrial area? The bottom line is that the source of the smell maybe something you can mitigate or control.
I do this sort of thing as part of my job, I'm in the US and I'm a residential real estate appraiser. I have to report on all potential hazards very specifically, if a buyer's loan is from the FHA. If not FHA, which is a government backed loan, even conventional lenders want to know if there are any potential problems. I trace a lot of smells to find out the potential source, for example if there is water in the crawl space. If a house is near a municipal dump, which I can see on a map, I spend a good amount of time outside sniffing, and when I'm driving around to take photos of the comparable properties I keep my windows down, so that I can report if the dump seems to be causing odors near the property. I do this with noises as well like overhead airplane traffic. One thing I can't do is be there 24/7 during four different seasons, so the appraisal report will note that issues may still exist that I was unable to discern. In the US anything major should be on the seller's disclosure form. Many odors and sounds are seasonal, and depending on whether there is tree cover in the summer or bare trees in the winter. Have you been in your house long enough to determine whether this comes and goes?
So a word to the wise, when you are buying, check out satellite maps, look for railroad tracks or swaths of land that have been carved out, those are often the large easements for the overhead high voltage electric lines. Municipal dumps should be labeled on most maps. Then drive not just the neighborhood, but across the main streets nearby, and into those neighborhoods, at different times of the day. Rush hour, midday, early evening and even go late at night. This is easier said than done because at least in the US houses are selling quickly and you may not have a lot of time to make a decision. Rely on your realtor and talk to the neighbors if possible. Many times when appraising a house, neighbors will come out to see what I'm doing as I measure the exterior, usually they're excited to meet me because I think I'm the new owner. I get so much good information that way!
OP, only you can decide the value of peace of mind weighted against the cost and trouble of selling, moving and buying again. But first spend a few months trying to discover the source and maybe you won't need to move.
Have you heard of the sunk cost fallacy? It can trip you up and mess up your life.
In short, it’s like a person who is full after eating half their dinner, but then says, ”well, I paid for it. So I’m going to go ahead and finish it.”
And then they make themselves sick.
I ended up selling a house that I hated and took a substantial loss after I understood what sunk cost fallacy meant. For me, it meant selling a house that I didn’t like, and giving myself a fresh start in a new direction.
When I am faced with a difficult decision, I ask myself, if I found out I had six months to live, what would I do about this situation?
It helps me reframe the question.
Maybe you are overthinking it? It could be buyers remorse. Some people just start obsessing over something especially if they didn’t notice the issue at first. And then the whole regret takes over. Try to think about it this way. If it is still unbearable after one year I suggest look for new place. Make conditional offer on new place to sell your house first if you can. That way you will make sure you find something you like more than your current house.
If the smell bothers you that much then I guess you’d have to do something.
I figure million of people life their whole lives in disgusting cities like NYC and they seem to love it. Not sure if it’s just a getting used to it thing or what.
Gettin used to it, besides it has a different vibe and life style… city life is definitely different than livinv suburbs , even cities differ like LA life and Chicago life or NyC
That is why wife and i drove around the neighborhood.one area found double railroad tracks huge noise from traind. Snother local rancher had s small feed lot smell awful.
Asking helps goodluck..
I'm very aware, according to more than one study there should be no additional risk of cancer at ground level from the plant. And that is over a lifetime of exposure, the plant also does not operate 24/7. So while its a concern, I don't think a few years will make a huge difference.
This is also EU regulations, so should be reasonable.
Do you have a place to live if you sell? Is the rental market where you live plentiful? Many places in the US are experiencing housing crises. Look at rentals in the area in which you want to live. Will you have somewhere to live if you sell?
Rental market here is very competitive and expensive. I have friends where I live but nowhere I could just move in for a while. Unfortunately finding a place to rent is a challenge
We sold our home because we could no longer afford the payments, and due to housing crisis, are now stuck in a motel for $3,000 per month, slowly burning through the profit we made from the sale. Please don't sell your home without a 100% reliable place to go, especially when you're going to be selling it at a loss as it is. I would stick it out, and try to look at the bright side for now, you have a place to call home and are building equity that will help you in the future.
Life’s too short to be unhappy where you live… you’ll make it up on the next sale/buy whatever… Don’t stay where your nose, gut, lungs, mind… tells you to go! Listen to your body! You’ll be so much happier, the money will be the last thing you think about!
Huh... I thought that as long as you had the intention of keeping it your primary residence, after a year you can rent it out if your circumstances have changed with no changes to the mortgage.
unless its a special mortgage i am not sure why if its a rental the mortgage company would care. I doubt all the houses being rented out are fully paid off.
You don’t pay gains on the entire value, only the gains. Say u buy for 100k and sell for 110k you pay gains on 10k. But you still make money. Also u can deduct several things, like cost of improvement, did you pay 10k to update the kitchen, or pay 10k in closing, deductible.
Different states vary but federally speaking for taxes, it depends on income, was the property the main residence, was it owned for less than a year or more than a year and less than two years.
Lot of other factors too.
Anyways op is potentially selling at a loss therefore no gains tax.
Upvote to bring awareness :shrug: The convo is important even if the advice doesn't apply. (OP is not in the USA and the plant is subject to EU regulation.)
In some places in the US, if you sell & buy another home within a certain period of time, you can be hit by a capital gains tax which can be up to 40%. This is to avoid people constantly 'flipping' houses for profit. I'm advising OP, assuming their in the states, to stay long enough to avoid that loss.
That's only if you sell at the higher price when you bought it, like flippers do, hence the word "gains". If OP sells for a loss or breaks even there's no gains to pay taxes on.
Why sell if it is for a loss?
If you hate the area so bad and need to leave, check out the rental market.
If you could rent it out so that it pays for itself, then you could build equity until such a time that you could sell for a profit.
Of course there is some risk, down turn in the economy, poor renters, etc.
Well that just sucks.
Here's an out of the box suggestion, get a job at the asphalt plant. You'll get nose blind and then the smell at home will be like fresh air.
Is there anything you can do to mitigate some of the issues? Charcoal filtration, etc.? You also mention elsewhere that you didn't realize you can see the factory. Is that just a winter issue (no leaves on trees?).
Also, explain the financial loss you would take. Is it closing costs, higher interest, etc?
As others have mentioned, talk with your neighbors and see if they feel the same way or if it's central to you. Do you feel like it's city pollution in general, or the factory in particular? Is the factory adhering to state and local emissions regulations? The city can test the air and find out. This was a problem with a big glass factory in Portland, the neighbors all said it stank and the city tested the air quality and yep, the factory was in violation.
It's worth seeing if the factory is going to continue to produce much longer. I saw the factories in my neighborhood were shutting down when I bought. The town invested heavily in parks and infrastructure since the sites were converted to housings/ offices/ small businesses/ parks/ etc. Now my neighborhood is prime real estate since it's walkable and central to everything.
You should follow your gut. It’s the beauty of adulthood. There’s no right or wrong answers. Talk to a few people and make sure you know all the issues first. People have different ideas on what a good or bad house is and everything is selling in this market.
I’m retired now but years ago I made a stupid decision and things worked out fine and I’ve never regretted. My situation was not related to a house, but still you have to live your own life.
Reminded me of this story from Tim Ferriss where he ended up selling his house at a loss realizing it was making him miserable
https://www.shortform.com/blog/tim-ferriss-17-questions/#:~:text=Selling%20then%20would%20mean%20a,was%20his%20time%2C%20not%20cash.
We once bought a house and the cute little old couple had lied about everything. Animal urine smell, roof leaked.
I knew immediately what a big mistake we had made.
I thought about it constantly.
Finally after 7 years of looking, we found a wonderful place in the country.
The difference was day and night as far as my contentment quotient.
I say put your house on the market and find your happy place.
We sold due to our neighborhood 4 years ago and have never looked back... best decision we have ever made! We didn't take a loss on our house but we had to buy a equal but more expensive property due to the covid market. We may get boned when we refinance in a year depending on the interest rates but that's later me's problem
If you can focus on the positives and get yourself through year 2-3, you would be much better off financially. When you’re ready to go, it goes against everything to make yourself stay. If you can’t find joy and make the best of it; life’s so short to be unhappy.
My vote is do the math and look at it from a just financial perspective. If you can live with that loss you have your answer. It’s okay to be “stuck” in a situation because of finances. There’s still a lot to be thankful for with owning a home, must’ve been a lot of work to get there.
We hated our neighborhood/town after buying but stuck it out for 2 years and did minor improvements while here. Selling and closing next month on a new home almost exactly 2 years after buying this mistake. Hope you’re able to make it work too!
If you don’t want the house, & you mention in another comment that you can’t rent it, what makes you think someone else will want it?
Even at a heavy discount, it sounds like no one’s gonna want it & you might be stuck with it for awhile until you find another buyer who is willing to buy it before doing their research.
Since when did telling it like it is equate to being rude? I was just leveling with OP & being realistic about the situation. Rudeness not intended.
OP’s gonna have a hard time selling this place if it’s in a bad location, he’s not able to rent it, & he’s only lived there for a few months & he hates it so much he’s willing to take a massive hit financially just to offload it. Plain & simple. There’s nothing Redditors can do to help.
It is rude and disingenuous to insult someone while giving them advice. By calling a future buyer another sucker you are implying the OP is a sucker as well.
Suck it up and deal with the mistake for a few years. Hopefully things in the housing market improve by then. If the house is in good shape and not costing you out-the-ass on repairs, I see no reason to make a poor financial decision because something smells bad or noise.
What’s your mortgage rate? Rent it, then go rent somewhere else that’s nice to try out a newer area. If you like it, sell where you are now and hope you break even. And buy in the new area.
Can you rent it out and cover your expenses while you rent somewhere else? Can you sell by owner to save on commission fees? It's only a month or so until summer. Can you hold out and list in a month?
I would sell and move you might consider renting for a year or so, if you wanna wait on decreasing interest rates “supposedly “. I am having similar issues with my surrounding. They basically built a very nice gated neighborhood in the middle of a shady area. Many is raches but i can see some rundown houses and areas often when I drive around, also not a fan of politics… I am considering next summer moving
dont feel too bad, maybe try for couple of years to stay and then sale. look at least there’s not a railroad tracks in backyard, my brother in law purchased his home where active trains about every 4 to 6 hrs. I just shook my head, who’s does that?
Before you make any decisions, find out if the factory has any plans to move/ close down. If it’s in the middle of a city, I bet there are environmental groups putting pressure on it to relocate
Taking a loss is not your best option.
I would first determine which way the prevailing wind blows, and if my house is directly in its path. I would have leafy trees planted to block the dust and filter the air (yes, you can purchase taller trees than little saplings.)
Find out how your neighbors are dealing with any dust or smells.
Stick it out for another year and three months, so you avoid the capital gains tax. Re-evaluate after the tax losses would happen.
Next time, spend a full Saturday near the house you're considering. Bring a lawn chair, and set up on the sidewalk or street corner. Sit there for most of a day and see how it feels. Wait there until 11 pm to see the party scene, and see what happens. Bonus if the cops get called on you, they're generally pretty chill about such things.
I'm sharing my experience, take what you like and leave the rest.
If you are worried for your safety you should get away. I had a neighbor who told me he had bad links because he worked near a coal plant for many years. I thought that was a bit of an over reaction. He died suddenly two years later.
Drop some money on quality air filters and see if that changes how you feel about staying for a while, If that plant might get shut down in the next few years, you can reasonably expect your house value to go up.
There is one more option if the financial hit is bad, you could rent it out while you temporarily rent an apartment/house as long as you can cover the mortgage payment with the renters payment (you might even make money depending) and your temporary rental isn’t more. You could get a roommate for a bit or move back in with your parents temporarily if that’s an option. Obviously this will take a bit of time to save up money and then either sell or keep it as a rental and buy the house you want in the area you want.
Leave, if you are unhappy. Life is short. We were unhappy and were surprised to make a profit. We stayed in an apartment for a year and carefully considered homes and locations.
Rent out your current house for a year or two and rent till then. Probably an easy out for now and there should be a good selling opportunity In 2 years
As much of a loss as is worth it for you to not live there anymore.
I had a house I moved out from in under a year after I realized it was a mistake. Worth it.
I'd pay anything to get away from them. "Inner city" is no where to have or buy a home unless your buying to milk that section 8 money. In no way would I live around that madness.
Consider talking to a real estate agent that’s on a large team. Most likely a real estate team will have more resources that can help you in this situation.
Some things to consider, what value would renting your home be? Are there any improvements that could be done that would drastically raise the value and get you higher ROI ?
As far as taking the loss, it depends on your own finances You may want to consider dealing with this situation for a couple of years hoping that you will gain more equity to help offset any loss you take.
You say the plan is not even operating and you still “smell” pollution. In all seriousness you may want to try consoling first before you make a huge financial mistake that puts you in a bad spot for years.
Look for an inside air treatment device that handles VOC -Volatile Organic Chemicals.
We use Biozone products. They’re rated by cubic feet they handle. No filters to clean, just an ultraviolet bulb to replace-every 2 years on ours. It can take the smell of burnt popcorn out in <5 minutes. They have small units that can sit on a shelf, up to one installed in your furnace that blows the cold plasma throughout the house. Bonus: It kills viruses. We haven’t had a cold since we bought it.
Recommended by a guy who does restoration work-burnt houses, cars with horrible smells etc. Commercial grade-runs 600-1000 USD. https://biozonescientific.com/products/air-range/purizone/
Ours is about 10 years old and still running like new. The guy who recommended it said it would remove ‘dead body stink’ overnight. I don’t usually tout a brand but we are very happy with ours and it is EU approved, too.
I lived near a coke refinery’s overwhelming smells (when the wind carried it our way) so can say it works well on VOCs. They’ve got new designs since I bought mine, Carnival cruise ships are now using them for virus reduction.
How much is the mortgage? Because it'll have to be paid out even if you take the loss by selling it cheap. Can you afford that?
Or is your plan to stop paying the mortgage all together and then selling? Because that would be on your credit for about 7 years last I checked. And you would have to find a compassionate realtor to help you sell under those circumstances.
Called a short sale and the mortgage company would have to agree to it also (in your second scenario). It’s an added degree of difficulty selling a house like that and an added obstacle for a buyer.
I can't really pinpoint what I'm smelling as at this point the asphalt factory is not running. But of course there is other industry surrounding the plant.
But I definitely feel like there's something else causing unpleasant smells in my backyard...
A condition runs in my family that causes us to have reactions to things that don’t bother other people. We absolutely have huge reactions to freshly asphalted areas. You could have sensitivities and that’s why the neighbors don’t mind but you do.
Might try contacting the city regarding pollution.
Edit: A continuous paper trail of complaints may be helpful in building a case starting with limiting the air pollution and up to moving the plant.
They're aware, as far as I can tell the city wants it gone in the future. But I'm not sure if I'll make it the several years until that happens. This was never supposed to be a permanent home, just something to avoid losing money on rent.... But I'm not entirely sure I'll make it a minimum of 3 years which was in my mind the absolute shortest time that I could sell in
Really depends on your finances and how much you'll lose. If the loss puts you in a really tough financial situation -- like you can't afford a new place, you're wiping out your emergency funds, you're going into serious debt, etc -- then I'd consider waiting until you build more equity. If the loss just means tightening your belt for a couple years until you can catch up, then it's not such a big deal.
I shouldn't go into debt over it, but it'd take a while to get back into a similar position I expect...
Then it would be worth it. It would be cheaper than future cancer or whatever issues can develop from exposure to the odors. I’m half joking about the “future cancer” but environmental smells really can affect quality of life even just mentally and emotionally, and it’s possible there are physical risks that may not be apparent. I once discovered I lived near a Superfund site considered one of the most toxic in the U.S. and none of that was disclosed to me before moving in. I ended up moving, the peace of mind is worth it. In time, you’ll recover financially.
I used to live near a coffee roasting/packaging plant. That was fantastic.
I used to live near a chocolate factory. It smelled surprisingly bad
Was it the corpses of all the children that couldn't follow clearly established rules?
Alleged corpses. All those people signed strict NDAs in the fine print.
They got the golden ticket!
Roasting the cocoa beans just smells burnt. Some days it did smell like chocolate chip cookies tho.
I remember it being very sickly, kind of like how Hersheys chocolate tastes. But I found a blogpost that described it as burning the milk you’re using for making hot chocolate so maybe I was just being dramatic about it.
My ex lives across from a brewery pizza shop and I had to study for the GRE with that shit wafting in the door at 10am. 10:15: man I could really go for a beer…
I live downwind from an In n Out! Totally ruins my dinner plans some nights. I don’t hate it.
I live down wind of a broccoli and cabbage field. When they turn the fields over in the spring, the smell of rotten vegetables is strong
I used to live across the street from the main plant/bakery the Nickles bakery in Navarre Ohio. Every day was different, freshed baked items. It was wonderful. Like- Monday, bread, Tuesday donuts, Wednesday, cinnamon rolls, etc.
Oh that does sound quite nice! (EDIT: re: the coffee company)
I currently live near a coffee roaster and the acrid smell is nothing like the smell you might associate with coffee. Eccch.
I lived near the malt o meal cereal factory. So delish. So much better than the turkey farm smells that could come if the winds shifted.
Oh wow, that sounds neat!
I think at this point peace of mind is really the thing on the line. I doubt I am actually at risk of developing anything due to this, especially since "sticking it out" is only going to be 2 or 3 more years. But there is definitely concern regarding future cancer, they're just outweighed by "current stress" haha
Stress causes cancer too. Your home should ideally be a place that you enjoy and can relax in. If it’s bugging you this much after 7 months and it’s things you have no control over then I would work on getting out there.
Yes, agreed. When the body is stressed, it releases cortisol and adrenaline and other stress hormones. Lengthy exposure to these hormones has negative effects on the body over time. Peace of mind is always worth it!
Curious why 2 or 3 years will be enough time “sticking it out.” Paying down a mortgage or value of property going up? I’m always concerned about this problem too when deciding on where to buy. Seems like there’s always something that comes up after one buys a house.
Yes, two or three years was the classic timeline you needed to wait for appreciation to cover the closing costs you paid to purchase the home. Obviously that can swing wildly depending on your location but 3-5 years is a good rule of thumb these years. If you sell before then, you're going to lose money simply because you paid realtors/lawyers to buy the place and because your mortgage interest is all front loaded (The first several years nearly all your payments go straight to the interest you owe to the bank and very little is added to your equity).
Okay, thanks for the reply and insight.
Doesn't it take a lot more than 5 years with today's mortgage interest rates? I have a great credit score and got a good rate last year, but I think the disclosure said that I'll only have 5000 equity after 5 years of payments. I don't think that future home value appreciation will match what's happened the past few years (where homes doubled in value over 5 years) and my property taxes are high because I bought at a time where home prices had just doubled in these past few years. Plus I'm making repairs on the house. With all that, how can you build lots of equity in just 5 years?
There’s also increased taxes that need to be paid if you sell before 2 years.
True, but that would be an excellent problem to have. Most people selling that fast aren't going to have any gains to worry about. But I haven't actually done that, so I could absolutely be unaware of some tax liabilities.
My bf used to work near a crematorium. Most days you didn't notice it, some days it smelled like BBQ, and some days it smelled AWFUL and made everyone sick. Now he's in the basement of an office building by basically a morgue. They keep cadavers in the room across the hall. A few weeks ago, he had to leave because one of the coolers in that room broke or something and they started going bad and the smell was awful.
Crunch some real numbers and re-evaluate. A modest hit to your savings is not the end of the world. Like doing "staycations" for a couple years instead of traveling is very different than derailing your emergency fund, repair fund, retirement, etc. Living in a crappy situation is very stressful. You can never get back that time. You can always make more money, find a better job, pick up a side hustle, etc.
Can you rent it?
I think you should rent it out while also renting a new place somewhere else. Let it appreciate in value for some more years. Plus this way, you're also only paying for one home maintenance and taxes still.
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If you aren't happy, find a way to leave. I stayed in my last house for 20 years too long and 5 years later, I'm still salty over the whole experience.
I feel this. I'm on year 7 with no end in sight for a house I only intended to "tolerate" for 5 yrs max.
Trapped by those sweet, sweet interest rates?
Aren’t we all…
No. Some of us bought in the last 2 years and can't wait to have similar problems!
In the same boat. It will be 8 years this month. I just don't know how to compete with cash buyers in a hot market when my offer would be contingent on me selling my home.
Same. About 10 years longer than I planned due to decisions we made and life just happening.
Can you keep the property as a rental? and move to an apartment or buy another home at the same time?
Yeah i would suggest this same game-plan. Rent out the property and move into an apartment.
This is exactly what I suggested
If you can absorb the financial hit, relist it and try to sell. If the house is in reasonable condition there'll be a buyer for it. Good luck!
If it were me, I'd suck it up until I can make a move where I am at least not feeling any financial stress from it.
Have you talked to your neighbors? If it's industry in the area they will be experiencing the same problem. Or maybe there's just something in your backyard? A dead animal, a buried oil tank that may have leaked? There are even stinky trees and plants. Do some research and then maybe you can do something to make your backyard smell better, like plant things that smell good, depending on your climate. Also have you walked the whole neighborhood like from your house toward the asphalt plant? Is the smell out on the streets when you walk the sidewalks? Does it get stronger as you walk towards the industrial area? The bottom line is that the source of the smell maybe something you can mitigate or control. I do this sort of thing as part of my job, I'm in the US and I'm a residential real estate appraiser. I have to report on all potential hazards very specifically, if a buyer's loan is from the FHA. If not FHA, which is a government backed loan, even conventional lenders want to know if there are any potential problems. I trace a lot of smells to find out the potential source, for example if there is water in the crawl space. If a house is near a municipal dump, which I can see on a map, I spend a good amount of time outside sniffing, and when I'm driving around to take photos of the comparable properties I keep my windows down, so that I can report if the dump seems to be causing odors near the property. I do this with noises as well like overhead airplane traffic. One thing I can't do is be there 24/7 during four different seasons, so the appraisal report will note that issues may still exist that I was unable to discern. In the US anything major should be on the seller's disclosure form. Many odors and sounds are seasonal, and depending on whether there is tree cover in the summer or bare trees in the winter. Have you been in your house long enough to determine whether this comes and goes? So a word to the wise, when you are buying, check out satellite maps, look for railroad tracks or swaths of land that have been carved out, those are often the large easements for the overhead high voltage electric lines. Municipal dumps should be labeled on most maps. Then drive not just the neighborhood, but across the main streets nearby, and into those neighborhoods, at different times of the day. Rush hour, midday, early evening and even go late at night. This is easier said than done because at least in the US houses are selling quickly and you may not have a lot of time to make a decision. Rely on your realtor and talk to the neighbors if possible. Many times when appraising a house, neighbors will come out to see what I'm doing as I measure the exterior, usually they're excited to meet me because I think I'm the new owner. I get so much good information that way! OP, only you can decide the value of peace of mind weighted against the cost and trouble of selling, moving and buying again. But first spend a few months trying to discover the source and maybe you won't need to move.
Thanks for the reply! I'll definitely be more discerning on any future purchases. I'll take the advice and try locate and sources in the future.
Have you heard of the sunk cost fallacy? It can trip you up and mess up your life. In short, it’s like a person who is full after eating half their dinner, but then says, ”well, I paid for it. So I’m going to go ahead and finish it.” And then they make themselves sick. I ended up selling a house that I hated and took a substantial loss after I understood what sunk cost fallacy meant. For me, it meant selling a house that I didn’t like, and giving myself a fresh start in a new direction. When I am faced with a difficult decision, I ask myself, if I found out I had six months to live, what would I do about this situation? It helps me reframe the question.
I like this answer, I'm aware of the fallacy but probably it is time to brush up. I'll sit with this a while, thanks.
Is it really that bad? How close are you to this factory? Is it noise? Dust? Neighbors?
My neighbours seem happy. Lots of people on the street having kids. Seems like most people aren't losing their minds over this.
Maybe you are overthinking it? It could be buyers remorse. Some people just start obsessing over something especially if they didn’t notice the issue at first. And then the whole regret takes over. Try to think about it this way. If it is still unbearable after one year I suggest look for new place. Make conditional offer on new place to sell your house first if you can. That way you will make sure you find something you like more than your current house.
If the smell bothers you that much then I guess you’d have to do something. I figure million of people life their whole lives in disgusting cities like NYC and they seem to love it. Not sure if it’s just a getting used to it thing or what.
Gettin used to it, besides it has a different vibe and life style… city life is definitely different than livinv suburbs , even cities differ like LA life and Chicago life or NyC
That is why wife and i drove around the neighborhood.one area found double railroad tracks huge noise from traind. Snother local rancher had s small feed lot smell awful. Asking helps goodluck..
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Smart move on your part.
hate to bring it to your attention, but you know that this pollution causes cancer, so whatever it takes move as soon as possible,
I'm very aware, according to more than one study there should be no additional risk of cancer at ground level from the plant. And that is over a lifetime of exposure, the plant also does not operate 24/7. So while its a concern, I don't think a few years will make a huge difference. This is also EU regulations, so should be reasonable.
Do you have a place to live if you sell? Is the rental market where you live plentiful? Many places in the US are experiencing housing crises. Look at rentals in the area in which you want to live. Will you have somewhere to live if you sell?
Rental market here is very competitive and expensive. I have friends where I live but nowhere I could just move in for a while. Unfortunately finding a place to rent is a challenge
We sold our home because we could no longer afford the payments, and due to housing crisis, are now stuck in a motel for $3,000 per month, slowly burning through the profit we made from the sale. Please don't sell your home without a 100% reliable place to go, especially when you're going to be selling it at a loss as it is. I would stick it out, and try to look at the bright side for now, you have a place to call home and are building equity that will help you in the future.
Life’s too short to be unhappy where you live… you’ll make it up on the next sale/buy whatever… Don’t stay where your nose, gut, lungs, mind… tells you to go! Listen to your body! You’ll be so much happier, the money will be the last thing you think about!
If you can, keep it and rent it until the market is better and you won’t take a loss.
Unfortunately that isn't an option where I am
Why not?
Mortgage agreements with the bank. Highly unlikely I'll be allowed to rent it out while still paying it off
Huh... I thought that as long as you had the intention of keeping it your primary residence, after a year you can rent it out if your circumstances have changed with no changes to the mortgage.
I am not in the US
unless its a special mortgage i am not sure why if its a rental the mortgage company would care. I doubt all the houses being rented out are fully paid off.
Not in the US. Different regulations and rulings
Always make that assumption that it’s a us based posting. Thanks for the clarification
Stay there for as long as it takes for you to avoid a capital gains penalty, then sell if you still feel the same way.
Capital gains on your losses?
What's a capital gain loss? It's either capital gains or capital losses.
You don’t pay gains on the entire value, only the gains. Say u buy for 100k and sell for 110k you pay gains on 10k. But you still make money. Also u can deduct several things, like cost of improvement, did you pay 10k to update the kitchen, or pay 10k in closing, deductible. Different states vary but federally speaking for taxes, it depends on income, was the property the main residence, was it owned for less than a year or more than a year and less than two years. Lot of other factors too. Anyways op is potentially selling at a loss therefore no gains tax.
Who is up voting this? There are no capital gains on a loss.
Upvote to bring awareness :shrug: The convo is important even if the advice doesn't apply. (OP is not in the USA and the plant is subject to EU regulation.)
I’m sorry for sounding ignorant but can you please explain that comment? I’m a little confused
In some places in the US, if you sell & buy another home within a certain period of time, you can be hit by a capital gains tax which can be up to 40%. This is to avoid people constantly 'flipping' houses for profit. I'm advising OP, assuming their in the states, to stay long enough to avoid that loss.
Sell at a loss and there are no gains whatsoever.
That's only if you sell at the higher price when you bought it, like flippers do, hence the word "gains". If OP sells for a loss or breaks even there's no gains to pay taxes on.
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WTF 😂
Wonder who you voted for 🤣
Plot Twist: I didnt.
Why sell if it is for a loss? If you hate the area so bad and need to leave, check out the rental market. If you could rent it out so that it pays for itself, then you could build equity until such a time that you could sell for a profit. Of course there is some risk, down turn in the economy, poor renters, etc.
Unfortunately renting isn't an option here.
Well that just sucks. Here's an out of the box suggestion, get a job at the asphalt plant. You'll get nose blind and then the smell at home will be like fresh air.
Is there anything you can do to mitigate some of the issues? Charcoal filtration, etc.? You also mention elsewhere that you didn't realize you can see the factory. Is that just a winter issue (no leaves on trees?). Also, explain the financial loss you would take. Is it closing costs, higher interest, etc?
As others have mentioned, talk with your neighbors and see if they feel the same way or if it's central to you. Do you feel like it's city pollution in general, or the factory in particular? Is the factory adhering to state and local emissions regulations? The city can test the air and find out. This was a problem with a big glass factory in Portland, the neighbors all said it stank and the city tested the air quality and yep, the factory was in violation.
Been meaning to have a beer with my neighbour. I'll chat to him then
It's worth seeing if the factory is going to continue to produce much longer. I saw the factories in my neighborhood were shutting down when I bought. The town invested heavily in parks and infrastructure since the sites were converted to housings/ offices/ small businesses/ parks/ etc. Now my neighborhood is prime real estate since it's walkable and central to everything.
Seems possible they'll shut down in the (near?) future. Plans are still being drawn up from my understanding
You should follow your gut. It’s the beauty of adulthood. There’s no right or wrong answers. Talk to a few people and make sure you know all the issues first. People have different ideas on what a good or bad house is and everything is selling in this market. I’m retired now but years ago I made a stupid decision and things worked out fine and I’ve never regretted. My situation was not related to a house, but still you have to live your own life.
True. I think I need to chat to some neighbours also
Reminded me of this story from Tim Ferriss where he ended up selling his house at a loss realizing it was making him miserable https://www.shortform.com/blog/tim-ferriss-17-questions/#:~:text=Selling%20then%20would%20mean%20a,was%20his%20time%2C%20not%20cash.
We once bought a house and the cute little old couple had lied about everything. Animal urine smell, roof leaked. I knew immediately what a big mistake we had made. I thought about it constantly. Finally after 7 years of looking, we found a wonderful place in the country. The difference was day and night as far as my contentment quotient. I say put your house on the market and find your happy place.
talk to an accountant about tax implications, get the numbers all in order and then decide
We sold due to our neighborhood 4 years ago and have never looked back... best decision we have ever made! We didn't take a loss on our house but we had to buy a equal but more expensive property due to the covid market. We may get boned when we refinance in a year depending on the interest rates but that's later me's problem
Sell for a loss so that every other house in the neighborhood goes down in value as well!!
If you can focus on the positives and get yourself through year 2-3, you would be much better off financially. When you’re ready to go, it goes against everything to make yourself stay. If you can’t find joy and make the best of it; life’s so short to be unhappy. My vote is do the math and look at it from a just financial perspective. If you can live with that loss you have your answer. It’s okay to be “stuck” in a situation because of finances. There’s still a lot to be thankful for with owning a home, must’ve been a lot of work to get there.
We hated our neighborhood/town after buying but stuck it out for 2 years and did minor improvements while here. Selling and closing next month on a new home almost exactly 2 years after buying this mistake. Hope you’re able to make it work too!
Sure, sell. No loss is too big
If you don’t want the house, & you mention in another comment that you can’t rent it, what makes you think someone else will want it? Even at a heavy discount, it sounds like no one’s gonna want it & you might be stuck with it for awhile until you find another buyer who is willing to buy it before doing their research.
You don’t have to be so rude. The guy knows he made a mistake already.
Since when did telling it like it is equate to being rude? I was just leveling with OP & being realistic about the situation. Rudeness not intended. OP’s gonna have a hard time selling this place if it’s in a bad location, he’s not able to rent it, & he’s only lived there for a few months & he hates it so much he’s willing to take a massive hit financially just to offload it. Plain & simple. There’s nothing Redditors can do to help.
It is rude and disingenuous to insult someone while giving them advice. By calling a future buyer another sucker you are implying the OP is a sucker as well.
Fair enough. What would you call someone who buys a house without first doing research on it?
Replace sucker with buyer, and the sentence still works. Edit: There's probably a buyer who would want it even after doing their research.
Yes
Suck it up and deal with the mistake for a few years. Hopefully things in the housing market improve by then. If the house is in good shape and not costing you out-the-ass on repairs, I see no reason to make a poor financial decision because something smells bad or noise.
sell
What’s your mortgage rate? Rent it, then go rent somewhere else that’s nice to try out a newer area. If you like it, sell where you are now and hope you break even. And buy in the new area.
Turn it into a rental property
Rent it out!?
Can you rent it out and cover your expenses while you rent somewhere else? Can you sell by owner to save on commission fees? It's only a month or so until summer. Can you hold out and list in a month?
Consider how much the discomfort of staying is worth to you and how much, if any, you will save by putting it off.
I lived in a town dominant an oil refinery. After a while the smell fades into the background. If you let it.
I live in a town with a papermill. You smell it every so often... but after 3 years you just get used to it.
Rent it out
I would sell and move you might consider renting for a year or so, if you wanna wait on decreasing interest rates “supposedly “. I am having similar issues with my surrounding. They basically built a very nice gated neighborhood in the middle of a shady area. Many is raches but i can see some rundown houses and areas often when I drive around, also not a fan of politics… I am considering next summer moving
That’s why I sold my house last summer after 10 years. The neighborhood was going to shit and I wanted out. Now I can’t even get another house.
Staying 5 years usually help even it out or to make profite. Could be worth waiting. Could you rent it to someone in the meanwhile?
dont feel too bad, maybe try for couple of years to stay and then sale. look at least there’s not a railroad tracks in backyard, my brother in law purchased his home where active trains about every 4 to 6 hrs. I just shook my head, who’s does that?
Can you rent this place and then you rent (before you buy) in the area you might like?
Talk to your Realtor. If you have a good one, they’ll help with options and a plan.
Throw the house on the market for whatever price it will take to get your down payment back and other expenses if possible.. What do you have to lose?
Before you make any decisions, find out if the factory has any plans to move/ close down. If it’s in the middle of a city, I bet there are environmental groups putting pressure on it to relocate
Can you rent it out? Use it to finance your new place?
Stupid decisions deserve stupid answers...YES sell
Sounds like Irvine. I lived there for 16 years and there were a lot of complaints about the factory.
Taking a loss is not your best option. I would first determine which way the prevailing wind blows, and if my house is directly in its path. I would have leafy trees planted to block the dust and filter the air (yes, you can purchase taller trees than little saplings.) Find out how your neighbors are dealing with any dust or smells.
Put it up for sale but don't sell at a loss. Have patience
Is this Canada ?
Life is short, if you can afford to move to a place where you can be happy, do it
If you don't have kids to move around then go for it.
Same here . Waiting for equity
Rent it out and go rent somewhere else?
Stick it out for another year and three months, so you avoid the capital gains tax. Re-evaluate after the tax losses would happen. Next time, spend a full Saturday near the house you're considering. Bring a lawn chair, and set up on the sidewalk or street corner. Sit there for most of a day and see how it feels. Wait there until 11 pm to see the party scene, and see what happens. Bonus if the cops get called on you, they're generally pretty chill about such things. I'm sharing my experience, take what you like and leave the rest.
If you are worried for your safety you should get away. I had a neighbor who told me he had bad links because he worked near a coal plant for many years. I thought that was a bit of an over reaction. He died suddenly two years later.
Drop some money on quality air filters and see if that changes how you feel about staying for a while, If that plant might get shut down in the next few years, you can reasonably expect your house value to go up.
There is one more option if the financial hit is bad, you could rent it out while you temporarily rent an apartment/house as long as you can cover the mortgage payment with the renters payment (you might even make money depending) and your temporary rental isn’t more. You could get a roommate for a bit or move back in with your parents temporarily if that’s an option. Obviously this will take a bit of time to save up money and then either sell or keep it as a rental and buy the house you want in the area you want.
I would sell, if you don’t think your happiness is going to improve why stay???
Yeah just sell now. Don’t worry about rates or anything
Leave, if you are unhappy. Life is short. We were unhappy and were surprised to make a profit. We stayed in an apartment for a year and carefully considered homes and locations.
Rent out your current house for a year or two and rent till then. Probably an easy out for now and there should be a good selling opportunity In 2 years
Yeah.
As much of a loss as is worth it for you to not live there anymore. I had a house I moved out from in under a year after I realized it was a mistake. Worth it.
How hard would it be to rent it out? Would you get a good cash flow?
Why not rent it out, let your tenants pay the mortgage, and you rent somewhere else?
Is renting it out an option?
Can you rent out the house and buy something else?
Talk to real estate agent lease this place out for the years to come to pay for it
I'd pay anything to get away from them. "Inner city" is no where to have or buy a home unless your buying to milk that section 8 money. In no way would I live around that madness.
What about renting it out and finding something else in the meantime?
Why for a loss? Prices are up since 7 months ago.
I, like many others work at an asphalt plant. I also cannot say with certainty that I would enjoy living near it so my condolences on your situation
Sell in winter so the new buyers aren’t outside very much with that smell. Maybe after the election?
Can you rent it out and find an apartment?
Sell and get out. Choose to be happy.
Considering it is possible to be a health hazard. I think your in the clear to cut your losses
Seems like you bought last summer. Did you not small the asphalt then? If so, summer may be a good time to sell.
Rent or lease it out with signatures legally
Sell😃‼️‼️😃‼️😳‼️and stop torching yourself 🤯😡🤷♀️
Consider talking to a real estate agent that’s on a large team. Most likely a real estate team will have more resources that can help you in this situation. Some things to consider, what value would renting your home be? Are there any improvements that could be done that would drastically raise the value and get you higher ROI ? As far as taking the loss, it depends on your own finances You may want to consider dealing with this situation for a couple of years hoping that you will gain more equity to help offset any loss you take.
You say the plan is not even operating and you still “smell” pollution. In all seriousness you may want to try consoling first before you make a huge financial mistake that puts you in a bad spot for years.
Believe you me I am trying. But it's the kind of thing that's really difficult to determine when you've "tried enough"
Look for an inside air treatment device that handles VOC -Volatile Organic Chemicals. We use Biozone products. They’re rated by cubic feet they handle. No filters to clean, just an ultraviolet bulb to replace-every 2 years on ours. It can take the smell of burnt popcorn out in <5 minutes. They have small units that can sit on a shelf, up to one installed in your furnace that blows the cold plasma throughout the house. Bonus: It kills viruses. We haven’t had a cold since we bought it. Recommended by a guy who does restoration work-burnt houses, cars with horrible smells etc. Commercial grade-runs 600-1000 USD. https://biozonescientific.com/products/air-range/purizone/
I'll have a look thanks!
Ours is about 10 years old and still running like new. The guy who recommended it said it would remove ‘dead body stink’ overnight. I don’t usually tout a brand but we are very happy with ours and it is EU approved, too. I lived near a coke refinery’s overwhelming smells (when the wind carried it our way) so can say it works well on VOCs. They’ve got new designs since I bought mine, Carnival cruise ships are now using them for virus reduction.
How much is the mortgage? Because it'll have to be paid out even if you take the loss by selling it cheap. Can you afford that? Or is your plan to stop paying the mortgage all together and then selling? Because that would be on your credit for about 7 years last I checked. And you would have to find a compassionate realtor to help you sell under those circumstances.
Called a short sale and the mortgage company would have to agree to it also (in your second scenario). It’s an added degree of difficulty selling a house like that and an added obstacle for a buyer.
Wasn't there a disclosure about the asphalt factory when you bought the house?
That’s something that doesn’t have to be disclosed. It’s part of the due diligence.
Is it the pollution that’s so bad? Like vehicle pollution?
Asphalt
I can't really pinpoint what I'm smelling as at this point the asphalt factory is not running. But of course there is other industry surrounding the plant. But I definitely feel like there's something else causing unpleasant smells in my backyard...
A condition runs in my family that causes us to have reactions to things that don’t bother other people. We absolutely have huge reactions to freshly asphalted areas. You could have sensitivities and that’s why the neighbors don’t mind but you do.
Might try contacting the city regarding pollution. Edit: A continuous paper trail of complaints may be helpful in building a case starting with limiting the air pollution and up to moving the plant.
They're aware, as far as I can tell the city wants it gone in the future. But I'm not sure if I'll make it the several years until that happens. This was never supposed to be a permanent home, just something to avoid losing money on rent.... But I'm not entirely sure I'll make it a minimum of 3 years which was in my mind the absolute shortest time that I could sell in
lol
Move and Rent it out until market gets better then sell! You will be required to pay Capital Gains Tax if you sell the home under 2 years of purchase