Anyone regret buying a home?

**humandraydel** · 01-18-2014, 11:50 AM

I sort of regret it. Not because I don't like my house, but because 6 months after I bought it we found out my wife was pregnant and she'll be a stay at home mom. I had bought a house 30 minutes from my work and 15 from hers - had we known she wouldn't be working much longer, we would've reversed that.

Also, I have a problem where I get sick of a job & city after 2-3 years and want to move. So, had we known she was going to quit her job, I probably wouldn't have bought a house at all and just waited another year and moved to the Pacific Northwest - been wanting to move out there for 8 years.

**cschin4** · 01-18-2014, 01:21 PM

I spent too much time watching HGTV and thus engaged in a lot of expensive remodeling I didn't need or didn't really desire. I was much HAPPIER when I stopped watching HGTV and learned to be happy with what I actually had!

**HappySaver** · 01-18-2014, 02:21 PM

Meh... If viewed in financial terms only our starter home was not the best decision we ever made. We purchased at peak prices in 2005 and it needed extensive renovations. When we bought our next home (the one we are in now and hope to stay in for a good long while), we ended up renting out the first home because of the massive hit we'd have taken had we sold it. Adding up what we paid for the house plus what we put into renos, minus what we would have got selling the house in 2011 when we moved, we'd be at a net loss of about $50k-$60k.

That said, I can't fully remove the non-financial benefits and emotion from the equation, so I still don't regret our decision. We loved living in the house, the location and the neighborhood, we learned so much about being homeowners and remodeling, and we absolutely loved the final product after renovations. It gave us such a sense of peace and independence to own our home that I can't imagine having spent all those years renting.

We finally moved because of work commute reasons, so first and foremost be absolutely positive that the location will suit you for a good long time (preferably at least a decade).

We also put down 20% when we bought the home, and that helped tremendously when prices started dropping to know we'd be ok whenever the time came to sell. We bought under our means, so we were able to sock away extra against the mortgage. The more equity you have in a home the more protected you'll feel.

**LivingAlmostLarge** · 01-22-2014, 05:05 AM

Yes and no. In some ways I do regret it, but then I realize we've stayed put long enough that perhaps it's better financially. I can't say that I think it's a winning solution. Homes cost a lot more than people realize. And renting has a lot of flexibility and can be cheaper.

**ua_guy** · 01-22-2014, 08:10 AM

Absolutely. We purchased our first home at high-market, and as many people do with their first home, they sacrifice needs for affordability like we did. We purchased with good and well-intentioned advice and hoped for the best, but then the housing and financial markets collapsed. The home itself turned out to have a lot of issues that were unknown to us which became a very grim financial burden for a number of years. We carried those costs and the burden and stress in the wake of a failing economy, with uncertainty around our jobs, essentially held hostage in the home until we were able to sell. There were definitely a few years that were touch-and-go, but we stuck together and rode it out and recovered.

Last year, we sold that home free and clear in a traditional sale. It was extremely vindicating and rewarding at the same time. We sold high and bought low; couldn't have asked for better conditions. Most importantly, our finances are in good shape and we're now in a home that we absolutely love.

**KTP** · 01-22-2014, 08:19 AM

Yes, I regret buying our home. We bought it 13 years ago and will probably end up taking a loss, even after doing improvements. The mistake was buying in a small town vs closer to the big city.

Ah well, win some lose some.

**TBH** · 01-22-2014, 08:37 AM

Well. I don't regret it really, but I knew when I bought it that it was a stretch financially. Nearly 5 years later, it's still a stretch financially. We really have no business owning a house this nice, this big, and this old. Also it dropped in value after we bought it, and hasn't really recovered. It's in an area that doesn't tend to appreciate very much so I doubt we'll ever get our money out, even if we keep it for 30 years. But I love the house. I'm not sure I would buy it if I could go back and do it over, but I don't really regret buying it.

**riverwed070707** · 01-22-2014, 08:50 AM

Originally posted by humandraydel View Post

I sort of regret it. Not because I don't like my house, but because 6 months after I bought it we found out my wife was pregnant and she'll be a stay at home mom. I had bought a house 30 minutes from my work and 15 from hers - had we known she wouldn't be working much longer, we would've reversed that.

Also, I have a problem where I get sick of a job & city after 2-3 years and want to move. So, had we known she was going to quit her job, I probably wouldn't have bought a house at all and just waited another year and moved to the Pacific Northwest - been wanting to move out there for 8 years.

This is so me. I get ancy after a few years and just want to pack up and do something different. Thus far its always been in the midwest, mostly iowa, and usually just involves a new town. I'm ready for a big move but its scary and I really don't have a specific place in mind, just want to go. I'd love to live someplace people like to vacation -- we don't see family much now, so maybe it would make them come around more haha. Makes me think I shouldn't be the type of person to buy, yet somehow we currently own two houses

**JoeP** · 01-22-2014, 09:05 AM

Two minor regrets:

1. The house I bought was pretty low quality and had painfully dated floors and cabinetry. As a result, I ended up spending around $20 over the 7 years doing remodeling. We would have liked to enjoy those improvements longer.

2. We listed it and had offers within 6 hours. This was early 2001. We got almost all our improvement money out of the deal, and found an awesome house exactly where we wanted it that was vacant for 6 months that we low-balled and got for a steal. So I kind of wish we listed the first house for higher!

**disneysteve** · 01-22-2014, 10:01 AM

I don't regret buying our house. I think the reason I don't regret it is because I went into it with the proper mindset. It isn't an investment, it's a place to live. I don't care if the value goes up, down, or sideways as long as it provides us a safe home. We also spent a very modest amount relative to our means so there is no financial regret. When we bought the house, we were earning about 85K. We spent 142K, well under 2x income.

I think if more people would keep those two factors in mind there would be far fewer regrets. Your home is not an investment. Don't spend as much as everyone says you "should".

**cschin4** · 01-31-2014, 03:01 AM

Too many people think of a 'forever' house. Well, I think those days are pretty much over for the most part. But a home that suits your needs, when it no longer does and you wish to move and have the money to do , then by all means.

**cyreneq** · 02-16-2014, 10:23 AM

No, I regret renting. Renting has no benefit in the end, at least owning a home is an investment.

Anyone regret buying a home?