Do you regret buying your home?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Topic Author
Browser
Posts: 4857
Joined: Wed Sep 05, 2012 4:54 pm

Do you regret buying your home?

Post by Browser » Thu Oct 23, 2014 1:18 pm

As a lifelong renter, I've often wondered about this:
80 percent of homebuyers have at least one major regret about their new home, according to a recent HSH.com survey of 2,000 U.S. adults at least 25 years old and in possession of a driver's license. Only 20 percent of respondents said they had no regrets about their home.

- 25 percent of homebuyers wished they had researched their new neighborhood or neighbors.
- 22 percent wished they'd researched homeowner insurance costs.
- More than 20 percent wished they'd researched property taxes
-14 percent wished they'd researched local schools.
http://www.hsh.com/finance/real-estate/ ... grets.html

How do you feel about the home you bought -- do you wish you could live somewhere else? When I see new homes going up near the freeway or in some former swamp or landfill, I wonder who's going to buy them -- but somebody always seems to. I've also had concerns about being stuck with lousy neighbors. Tell me, on balance is it really worth owning a home?
We don't know where we are, or where we're going -- but we're making good time.

stingray5688
Posts: 191
Joined: Fri Nov 09, 2012 12:58 pm

Re: Do you regret buying your home?

Post by stingray5688 » Thu Oct 23, 2014 1:27 pm

for me, its a grass is always greener situation. while renting, i always wanted my own house. now that we have a house, i miss the simplicity of renting. but overall a house fits our lifestyles much better. im a garage guy, and it would be harder to enjoy my hobbies in a rented apartment or house.

i wish we had been more patient in house shopping and had not settled for what we got. or built new, but that was out of the budget at the time.
"Don't be emotional about investing. So even a first investment should not be exciting." - livesoft

User avatar
mhc
Posts: 4061
Joined: Mon Apr 04, 2011 10:18 pm
Location: NoCo

Re: Do you regret buying your home?

Post by mhc » Thu Oct 23, 2014 1:29 pm

I have owned my house for 15 years. I have no major regrets.

Since I purchased my house, the are 5x the number of people living in it. We are beginning to out grow it. Also, the city has grown on my end of town, which has dramatically increased the traffic. Despite these current issues, I do not have any major regrets. There is no way I could have predicted my current circumstances 15 years ago.

I have a great yard. In general, I have enjoyed my neighbors. The area is safe. I am conveniently located near grocery stores and restaurants.

Disclaimer: I have no major regrets in life in spite of many errors. It is not in my personality.

letsgobobby
Posts: 12074
Joined: Fri Sep 18, 2009 1:10 am

Re: Do you regret buying your home?

Post by letsgobobby » Thu Oct 23, 2014 1:33 pm

We have regrets. A single feature that cannot be changed which bothers me, but not my wife, to no end. We are thinking of moving this spring in part for this reason. We are glad we purchased at the very bottom of the market as zillow says our house has appreciatd quite a bit, giving us in essence a free pass to have second thoughts. That said I think this immutable feature will take a toll on resale speed and price, so I'll just be happy even if all we do is break even net of expenses (I think that would be a worst case scenario and it still would have meant a very low cost of housing over the three and a half years of ownership).

I'm not surprised to see the 80% figure. The last home we owned was on a steep slope and my wife was always worried about land movement. She was very anxious about it considering how much it rains around here. This home seemed perfect, but there's that thing. Now shopping around with a bit more of a critical eye I find at least one or two major compromises in every home we look at. This is why I really want to build my own home, but it's very expensive and my wife is wary of the whole process from a stress and time perspective.

User avatar
tyrion
Posts: 1217
Joined: Fri Feb 08, 2008 3:33 pm

Re: Do you regret buying your home?

Post by tyrion » Thu Oct 23, 2014 1:34 pm

We bought our home way before we even considered having kids, so we didn't consider schools or really what it would be like when we had kids.

So yeah, a few regrets. But it's turned out well enough. Had we waited there's no way we could afford to buy the same house now, even though it's too small for our family. We did find a great charter school and generally like our neighbors and neighborhood.

I imagine new buyers have regrets around insurance and property taxes. Those regrets fade and are likely replaced by regrets about schools when that phase of life rolls around.

User avatar
dbCooperAir
Posts: 1107
Joined: Tue Jan 07, 2014 10:13 pm

Re: Do you regret buying your home?

Post by dbCooperAir » Thu Oct 23, 2014 1:34 pm

Owned our home for 20+ years, no regrets really. I sometimes wish for a little different lot but I'm not complaining, very grateful for what we have, plus we own it. Taxes are cheap and maintenance has not been to bad.

I never rented so I can't compare it to be a renter, home ownership is all I ever known.
Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him. | -Dwight D. Eisenhower-

User avatar
dbCooperAir
Posts: 1107
Joined: Tue Jan 07, 2014 10:13 pm

Re: Do you regret buying your home?

Post by dbCooperAir » Thu Oct 23, 2014 1:37 pm

tyrion wrote:We bought our home way before we even considered having kids, so we didn't consider schools or really what it would be like when we had kids.

So yeah, a few regrets. But it's turned out well enough. Had we waited there's no way we could afford to buy the same house now, even though it's too small for our family. We did find a great charter school and generally like our neighbors and neighborhood.

I imagine new buyers have regrets around insurance and property taxes. Those regrets fade and are likely replaced by regrets about schools when that phase of life rolls around.
This is well said, after being in the same house for 20 years we have had issues come and go. don't look at it as regrets, maybe they were at the time, I just don't recall.
Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him. | -Dwight D. Eisenhower-

anonforthis
Posts: 414
Joined: Sat Oct 19, 2013 1:45 pm

Re: Do you regret buying your home?

Post by anonforthis » Thu Oct 23, 2014 1:44 pm

Yes, many regrets. However, we bought when it was cheap so I guess cheaper than renting is good.

DaftInvestor
Posts: 4842
Joined: Wed Feb 19, 2014 10:11 am

Re: Do you regret buying your home?

Post by DaftInvestor » Thu Oct 23, 2014 1:45 pm

Never. Why rent and pay into someone else's real estate investment when I can pay into my own. Bought first home 1 year out of college - never regretted it.

Jonathan
Posts: 406
Joined: Tue Apr 30, 2013 5:36 pm

Re: Do you regret buying your home?

Post by Jonathan » Thu Oct 23, 2014 1:46 pm

I don't regret purchasing my home (yet), but it's hard to quantify "regret". I don't know if you can make such a big and complex purchase with zero regrets whatsoever. The article doesn't touch on how many people completely regretted making the purchase in toto.

A single day of research can address a lot of the regrets, and the article is very useful in that regard: research neighbors, neighborhood, insurance, taxes, schools (ironically, none of these factors pertain to the physical home itself). A quick background check of the neighbors on something like BeenVerified.com can be very worthwhile.

One of the challenges is that a house purchase is a significant commitment for which you have little opportunity to practice. How many times do you get to gain homebuying experience by purchasing a home, over your entire life? Things like an apple, a steak, or a hand tool, I'm good at buying, but only because I've bought my share of bad apples.

John3754
Posts: 1289
Joined: Tue Mar 19, 2013 8:56 pm

Re: Do you regret buying your home?

Post by John3754 » Thu Oct 23, 2014 1:49 pm

I don't currently own but I have in the past and it was not the best experience for me. The amount of time and expense that it takes to maintain a house, outside of writing the mortgage check every month, felt overwhelming at times. There are certainly pros to owning your own home and property and not having to answer to a landlord, but you definitely trade a good amount of your free time and disposable income in return for the privilege. It should also be noted that to this day I still here people saying "real estate prices only goes UP!"...and I hope it goes without saying that only a fool would believe this.

leonard
Posts: 5993
Joined: Wed Feb 21, 2007 11:56 am

Re: Do you regret buying your home?

Post by leonard » Thu Oct 23, 2014 1:55 pm

Overall, owning is positive.

Big Negatives:

1. Maintenance. I'd invest more up front in maintenance free everything. And, I mean everything.
2. Dealing with Mortgage Companies and Finance process. Despite the challenge - if I did it over, I'd probably save and pay cash to avoid dealing with Mortgage companies, financing and refinancing. Deeply dislike that industry.
3. Neighbors. You can't easily control this variable - but they can be a pain. I hate the notion of being a landlord - but I would (and am) seriously considering buying the neighboring house just to have control over who lives there.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.

Traveller
Posts: 722
Joined: Sat Jun 25, 2011 10:47 am

Re: Do you regret buying your home?

Post by Traveller » Thu Oct 23, 2014 2:15 pm

No regrets here. Love our home, love the property, and bought it at a great price.

ctreada
Posts: 97
Joined: Tue Jun 10, 2014 1:35 pm

Re: Do you regret buying your home?

Post by ctreada » Thu Oct 23, 2014 2:20 pm

No regrets at all. Closed late Sept 2008... yep right as everything was crashing down. Will be paid off in 13 short years after a refi or two.

User avatar
tennisplyr
Posts: 2404
Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Re: Do you regret buying your home?

Post by tennisplyr » Thu Oct 23, 2014 2:32 pm

No regrets. bought my house in 1981....lovely community, great schools, safe and fairly close to NYC. Sure there are annoying little things but feel very fortunate to have bought it. It now represents fully one-half of my net worth, not bad.
Those who move forward with a happy spirit will find that things always work out.

nordlead
Posts: 739
Joined: Thu Sep 12, 2013 9:09 am

Re: Do you regret buying your home?

Post by nordlead » Thu Oct 23, 2014 2:40 pm

My only regret is I bought the house without enough down. Thousands spent on an FHA loan because I didn't understand how much was going to be eaten up by closing costs, nor did I really have 20% to start with. Live and learn. I also regret not buying a cheap 1ksqft house right out of college. I could have afforded the down payment on that and actually built equity instead of spending it all on apartments.

My neighbors suck, but they sucked at my apartments too. At least my current neighbors are far enough away that if they want to listen to porn loudly they can and I won't hear them (yes, we had an upstairs neighbor who either did that or had a "screamer" over on occasion, I'm going with option one). I've had police helicopters directly overhead at both my old apartment and my current house (granted, both occasions were for the next building over). And these are supposed to be nice areas too. I don't think anything really happened for either event though, I have no clue why they actually brought in a chopper at my house.

Anyways, I'm a house person. I need a garage for my motorcycle and space to repair my car. I enjoy the privacy and ability to listen to music without having my neighbors complain. I enjoy all the space I have that would cost way more to rent. I get to grill right outside my back porch and I have a private pool. Way better than swimming in a community pool, and since my pool is very small it is very cheap to maintain.

expat
Posts: 746
Joined: Mon Mar 10, 2008 9:07 pm

Re: Do you regret buying your home?

Post by expat » Thu Oct 23, 2014 2:41 pm

Owning home is like having an unpaid part-time job working for the bank maintaining their investment. When the mortgage is paid, you get a house that is 30 years older and in need of more repair. :D

J295
Posts: 2247
Joined: Sun Jan 01, 2012 11:40 pm

Re: Do you regret buying your home?

Post by J295 » Thu Oct 23, 2014 2:46 pm

We have owned three homes .... loved each one .... the old saying about the three most important things in real estate are true .... location, location, location ...

anonforthis
Posts: 414
Joined: Sat Oct 19, 2013 1:45 pm

Re: Do you regret buying your home?

Post by anonforthis » Thu Oct 23, 2014 2:47 pm

expat wrote:Owning home is like having an unpaid part-time job working for the bank maintaining their investment. When the mortgage is paid, you get a house that is 30 years older and in need of more repair. :D
I don't agree with you.

John3754
Posts: 1289
Joined: Tue Mar 19, 2013 8:56 pm

Re: Do you regret buying your home?

Post by John3754 » Thu Oct 23, 2014 2:53 pm

anonforthis wrote:
expat wrote:Owning home is like having an unpaid part-time job working for the bank maintaining their investment. When the mortgage is paid, you get a house that is 30 years older and in need of more repair. :D
I don't agree with you.
Care to elaborate? I thought expat's statement was clever.

swaption
Posts: 1203
Joined: Tue Jul 29, 2008 11:48 am

Re: Do you regret buying your home?

Post by swaption » Thu Oct 23, 2014 2:57 pm

Bought in 2002, renovated in 2009. Overall very happy, great neighborhood, great town, great schools, very convenient for work. i do have the following regrets:

- Should have bought more house in 2002. In hindsight, what an extra $100 - $150k could have bought would have been well worth it. But in hindsight as well, there was a lot on my plate from a life standpoint, so can't really be too hard on myself.

- The decision to reonovate in 2009 was probably a mistake financially. Would almost certainly have been better off selling and buying another house. We love what we ended up with and the neighborhood, etc. But financially probably not wise and may end up costing us quite a bit in relative terms. Live an learn.

But by far my biggest mistake was not buying in the 1992 time frame. I had a ridiculously inexpensive rent stabilized apartment just off Central Park in NYC that i lived in for a decade. But in hindsight, that was a single, maybe a double. Buying an aprtment would have been a grand slam.

User avatar
Meg77
Posts: 2584
Joined: Fri May 22, 2009 1:09 pm
Location: Dallas, TX
Contact:

Re: Do you regret buying your home?

Post by Meg77 » Thu Oct 23, 2014 2:57 pm

I bought a condo right out of college in the neighborhood where I would have been renting, and I never regretted it. The costs were literally almost the exact same as if I'd been renting (verified by the fact that I moved and rented it out earlier this year) and the lifestyle was pretty much the same for me in that case too - with a few extra perks like writing off mortgage interest on my taxes and building up some equity.

My husband and I just got married and bought a town home in that same neighborhood (where he lived too). We have no regrets yet, but it's only been about 9 months. Sometimes I think we could have spent $75K less and been just as happy, but our place is pretty awesome and we plan to own it forever and rent it out when/if we move. It helps that we aren't spending much more than we were both paying previously anyway - if we had really jacked up our joint housing costs I might regret it if there wasn't also room to save and spend as much as we like.
"An investment in knowledge pays the best interest." - Benjamin Franklin

red5
Posts: 786
Joined: Sun Apr 01, 2012 4:42 pm

Re: Do you regret buying your home?

Post by red5 » Thu Oct 23, 2014 2:58 pm

Yes, a lot! It is not really the home that I regret, rather, it is 1,500 miles from where I want to live.

User avatar
greg24
Posts: 3759
Joined: Tue Feb 20, 2007 10:34 am

Re: Do you regret buying your home?

Post by greg24 » Thu Oct 23, 2014 3:19 pm

I'm sure renters never regret their choices.

User avatar
Toons
Posts: 13430
Joined: Fri Nov 21, 2008 10:20 am
Location: Hills of Tennessee

Re: Do you regret buying your home?

Post by Toons » Thu Oct 23, 2014 3:20 pm

No regrets whatsoever in the 3 homes we have purchased in our lifetime. :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

anonforthis
Posts: 414
Joined: Sat Oct 19, 2013 1:45 pm

Re: Do you regret buying your home?

Post by anonforthis » Thu Oct 23, 2014 3:23 pm

John3754 wrote:
anonforthis wrote:
expat wrote:Owning home is like having an unpaid part-time job working for the bank maintaining their investment. When the mortgage is paid, you get a house that is 30 years older and in need of more repair. :D
I don't agree with you.
Care to elaborate? I thought expat's statement was clever.

The maintenance fees is including in the rent. So own it or rent it, one will have to pay no matter what. I'm a landlord and that's how I calculated the rent. My tenants are paying for it.

swaption
Posts: 1203
Joined: Tue Jul 29, 2008 11:48 am

Re: Do you regret buying your home?

Post by swaption » Thu Oct 23, 2014 3:49 pm

greg24 wrote:I'm sure renters never regret their choices.
I don't understand this comment.

John3754
Posts: 1289
Joined: Tue Mar 19, 2013 8:56 pm

Re: Do you regret buying your home?

Post by John3754 » Thu Oct 23, 2014 3:56 pm

anonforthis wrote:
John3754 wrote:
anonforthis wrote:
expat wrote:Owning home is like having an unpaid part-time job working for the bank maintaining their investment. When the mortgage is paid, you get a house that is 30 years older and in need of more repair. :D
I don't agree with you.
Care to elaborate? I thought expat's statement was clever.

The maintenance fees is including in the rent. So own it or rent it, one will have to pay no matter what. I'm a landlord and that's how I calculated the rent. My tenants are paying for it.
Point taken. Thanks for the response.

User avatar
Ged
Posts: 3839
Joined: Mon May 13, 2013 1:48 pm
Location: Roke

Re: Do you regret buying your home?

Post by Ged » Thu Oct 23, 2014 4:16 pm

No, I don't regret buying my home.

In my experience any home you buy or rent will have some features that you don't like. Buying gives you more opportunity to address some of these more than renting does.

I will say it would be nicer if the home was in a more scenic location though - but that was really constrained by my having to work for a living more than anything. Renting would not have changed that.

Now that I'm retired I appreciate that the mortgage is paid off and I don't have that monthly bill any more.

User avatar
rob
Posts: 3073
Joined: Mon Feb 19, 2007 6:49 pm
Location: Here

Re: Do you regret buying your home?

Post by rob » Thu Oct 23, 2014 4:20 pm

Yes! and the bigger bills and hassles that come with it.

But it's a lifestyle thing for your family and if I had my time again I would try and find a longer term lease of some type - I hated moving each year or so when renting and was never a fan of apartments.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

canderson
Posts: 326
Joined: Wed Dec 26, 2012 9:12 pm

Re: Do you regret buying your home?

Post by canderson » Thu Oct 23, 2014 4:31 pm

I love it, but yes.

It has lost maybe $25,000 in value and getting worse as the town is bankrupt, schools among the worst in the state and crime rates around us rising.

I don't know if we can honestly get out from under it because I'm not sure it will ever sell.

Depresses me to think about. :/ But I love the physical property.

sls239
Posts: 942
Joined: Thu Oct 23, 2008 4:04 pm

Re: Do you regret buying your home?

Post by sls239 » Thu Oct 23, 2014 4:36 pm

No house is perfect. So of course I have regrets that may or may not be rooted mostly in fantasy instead of reality.

But I do not in general regret buying my home.

There's no crazy lady on the first floor to burn the place down like there was in one apartment I rented.

Bungo
Posts: 912
Joined: Wed Sep 28, 2011 11:28 am

Re: Do you regret buying your home?

Post by Bungo » Thu Oct 23, 2014 4:36 pm

I bought my first house 2.5 years ago. The only regret I have is that in the early 2000's, just as I was nearing the financial position to consider buying, price inflation started increasing wildly and I couldn't catch up. House prices nearly tripled over a period of 5-6 years, and I was too conservative to get a crazy mortgage as many were doing. So I had to wait for the bubble to bust before I could buy. I think I hit the sweet spot, as the market seems to be re-inflating now. In retrospect I'm glad I waited, because by the time I bought, I was in a much stronger financial position. And since the housing market was moribund, there were no bidding wars and I was able to negotiate the price down.

Bright side: while waiting for the market to cool, I got to live in San Francisco for several years at relatively cheap mid-2000's rent. I could never afford to rent (let alone buy) there now. :D

gloomydog
Posts: 133
Joined: Sun Nov 18, 2012 9:05 pm

Re: Do you regret buying your home?

Post by gloomydog » Thu Oct 23, 2014 4:51 pm

Going into 6th year, no regrets.

We (well, I) did a lot of research prior to buying our first home. I think all the important issues were covered - affordability (downgraded to what we could handle with 1 income), maintenance (not handy type, lazy homeowners, so bought townhouse), neighbours, location, amenities, etc.

Maybe taxes are increasing way too high, but that's not really something we can control if we want to live in this town, since rent can increase a lot as well.

Ron Ronnerson
Posts: 1390
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Do you regret buying your home?

Post by Ron Ronnerson » Thu Oct 23, 2014 4:56 pm

Overall, no. But there are aspects I miss of renting. There was no maintenance to worry about or property taxes to deal with and my previous commute was an easy 5 minutes. On the positive, I live in a much nicer town now with great schools and our home has appreciated considerably (we bought in the summer of 2009 in the Bay Area). Our old apartment (which is half the size of our home) now rents for $700 more per month than our mortgage payment. The rent seems to keep going up while the mortgage payment is fixed. We do like our home quite a bit but do wish it was closer to work. The commute wasn't so bad when we moved a few years ago but it seems to be growing worse as employment in the area picks up. Sometimes I find myself reminiscing about that old 5 minute drive to work.

Statch
Posts: 103
Joined: Mon Apr 08, 2013 2:23 pm

Re: Do you regret buying your home?

Post by Statch » Thu Oct 23, 2014 5:22 pm

I think the question is whether we regret the particular house that we bought (as opposed to the buy vs. rent decision)? If so, sometimes I regret that we didn't buy a smaller home (lower cost up front, less maintenance & cleaning, lower utility bills, etc). On the other hand, I'm virtually certain that if we had bought a smaller home, I'd sometimes regret the lack of space. That's just life. For me, at least.

The year after we bought, my dream house came on the market. It's more than we should have spent, though, so that's probably for the best.

If it's the buy vs. rent decision, I'm on the fence. We've done both, and I can find pro's and con's about each. Hmm...just like the large or smaller house question. Guess I'm just that way. :happy

Gnirk
Posts: 1178
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: Do you regret buying your home?

Post by Gnirk » Thu Oct 23, 2014 5:25 pm

No, but I regret that my husband insisted on building on a nearly half-acre lot and a house with an UPSTAIRS Master Bedroom, even after I explained to him that his severe arthritis was only going to worsen as he aged. And it did. Unfortunately, there are no main floor bedrooms to utilize. And he loves the house because it is the first he ever had custom built, so won't even consider selling it and buying a smaller one-story home.
We live in a community that requires well-maintained landscaping, and we can no longer maintain the 8,000 SF of lawn, and extensive garden beds.Ugh.

jginseattle
Posts: 764
Joined: Fri Jul 01, 2011 7:33 pm

Re: Do you regret buying your home?

Post by jginseattle » Thu Oct 23, 2014 6:17 pm

No. I'm in Seattle where real estate is rapidly getting more and more expensive. I paid cash for my new place in 2008 (and sold the old place), and my housing expenses are quite low.

Easy Rhino
Posts: 3267
Joined: Sun Aug 05, 2007 11:13 am
Location: San Diego

Re: Do you regret buying your home?

Post by Easy Rhino » Thu Oct 23, 2014 6:42 pm

we've just had our first house for a year, and yep, I have regrets quite often. Mainly about repairs and renovations. and the increased cost, of course.

(ironically, not the things listed as regrets in the original survey, we researched those).

But other times I appreciate the advantages.

But my executive summary? I'd probably have been okay renting until our 2 year old starts school.

DFrank
Posts: 474
Joined: Thu Mar 20, 2014 10:44 pm
Location: North Idaho

Re: Do you regret buying your home?

Post by DFrank » Thu Oct 23, 2014 7:21 pm

No regrets from me.

My wife and I bought our home 20 years ago when we go married, and we love living in our community. There isn't a big rental market here, so that probably wouldn't have been a realistic option even if it did make financial sense.

We purchased our retirement home about a year ago. It's worth about 75% of our current residence, so we'll net some additional retirement savings in a couple years when we retire and sell our current home.
Dave

User avatar
sdsailing
Posts: 525
Joined: Thu Feb 27, 2014 4:42 pm
Location: San Diego

Re: Do you regret buying your home?

Post by sdsailing » Thu Oct 23, 2014 7:27 pm

Multiple homes and multiple real estate investments. No regrets. Also, they have all been quite profitable either actually or on paper, or both.

madbrain
Posts: 5279
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: Do you regret buying your home?

Post by madbrain » Thu Oct 23, 2014 7:30 pm

Browser wrote:As a lifelong renter, I've often wondered about this:
80 percent of homebuyers have at least one major regret about their new home, according to a recent HSH.com survey of 2,000 U.S. adults at least 25 years old and in possession of a driver's license. Only 20 percent of respondents said they had no regrets about their home.

- 25 percent of homebuyers wished they had researched their new neighborhood or neighbors.
- 22 percent wished they'd researched homeowner insurance costs.
- More than 20 percent wished they'd researched property taxes
-14 percent wished they'd researched local schools.
http://www.hsh.com/finance/real-estate/ ... grets.html

How do you feel about the home you bought -- do you wish you could live somewhere else? When I see new homes going up near the freeway or in some former swamp or landfill, I wonder who's going to buy them -- but somebody always seems to. I've also had concerns about being stuck with lousy neighbors. Tell me, on balance is it really worth owning a home?
Nope, no regrets.

I researched none of those things for my first home - which was a townhome. I still had no regrets.
I researched all of those things for my second home, which is a mansion. And I have no regrets.

harrychan
Posts: 1613
Joined: Sun Nov 14, 2010 9:37 pm
Location: Pasadena

Re: Do you regret buying your home?

Post by harrychan » Thu Oct 23, 2014 8:34 pm

No regrets. We did our research and took our time looking for a single family house thats fit our needs in a great neighborhood. Bought in 2008 and recent comps put us $150k+ in equity.
This is not legal or certified financial advice but you know that already.

dgdevil
Posts: 938
Joined: Sun Feb 20, 2011 1:42 pm

Re: Do you regret buying your home?

Post by dgdevil » Thu Oct 23, 2014 9:05 pm

Definitely had some regrets at the time, although continuing to rent was out of the question. Undisclosed maintenance issues and dealings with contractors. I was 27 and clueless, a lamb to the slaughter. But that was 18 years ago and the house is long paid off. I am in a great street with quiet neighbors. Zillow claims I am a millionaire(*). Could do without the $3,600 property tax, and I need a new roof, new floors, a lot of things actually.

EDIT: (*) - Oops, just checked. Got downgraded.

User avatar
Wildebeest
Posts: 1204
Joined: Fri Dec 27, 2013 2:36 pm

Re: Do you regret buying your home?

Post by Wildebeest » Thu Oct 23, 2014 9:10 pm

No, I hope to die in the house we bought 25 years ago as I envisioned to sell within 10 years for twice the price we paid for it.

25 year later we still live here in the house with cathedral ceilings and two story foyer and whirl pool master bath we now can sell it for twice the price we bought it, all features we did not care for but I thought would help resale. We did take out the whirpool bath in a redo of the master bathroom.

Was it a good investment? Not from a financial perspective. We put in solar panels, finished a basement when we have too much room already, we put in two ponds, new landscaping, a new porch, deck and hot tub I have used once. I do not want even consider how much money we put in this. I am not even considering the new roof, repainting, airconditioning replacement and general upkeep.

No, but we have good memories and with all the warts we are happy here. When we are old and decrepit we probably have to invest in a elevator and live in help.

We feel very fortunate that we were lucky and did not have to depend on our home as source to help us to pay for retirement.
The Golden Rule: One should treat others as one would like others to treat oneself.

e-spice
Posts: 9
Joined: Thu Oct 23, 2014 7:58 pm

Re: Do you regret buying your home?

Post by e-spice » Thu Oct 23, 2014 10:37 pm

No - I don't regret it buying it. It felt like home to me the first night I stayed. My wife hated it but after a few years she loves it like I do. I don't think I'll ever move again.

littlebird
Posts: 1549
Joined: Sat Apr 10, 2010 6:05 pm
Location: Valley of the Sun, AZ

Re: Do you regret buying your home?

Post by littlebird » Fri Oct 24, 2014 1:45 am

None whatsoever. No one is leaping off the furniture over my head or thumping my sternum with their rock music or tv on the other side of paper walls.

I chose it for its location, view, size and price; all things I couldn't reproduce in another house. Then, since it's mine, I spent the necessary money to make it comfortable, convenient, safe, secure and aesthetically pleasing to me. All things I couldn't, or wouldn't, do in an apartment. And I know I can stay here as long as it suits me, not a landlord or purchaser.

carolinaman
Posts: 3951
Joined: Wed Dec 28, 2011 9:56 am
Location: North Carolina

Re: Do you regret buying your home?

Post by carolinaman » Fri Oct 24, 2014 7:09 am

You can always find things you wish you had done differently. We built a 2000 sq ft ranch house on 2 wooded acres 41 years ago in a semi rural area outside Charlotte. Initially, we had few neighbors and had to drive 6 miles to the grocery store. Over time the area has been almost fully developed but we still have lots of privacy, with only 2 houses neighboring our property. DW and I looked earnestly for another house a few years ago. We stopped looking when we realized we could not easily replicate our property any where else. Our lot is heavily wooded with tall hardwoods and we live on a dead end street. Most homes in our area are now on a 1/4 acre or no more than 1/2 acre. We remodeled our house extensively and gave it a modern look. We are pretty happy with it. Also, having a ranch house as seniors is a big plus with no steps to climb.

Our biggest drawback now is traffic, which can be pretty intense. However, we know how to avoid it for the most part using side streets and also, as seniors, we can choose lower traffic times to get out. Also, my DW has never been fond of the critters (mostly snakes, we have a 7 foot black snake that hangs out in our crawl space and occasionally gets on one of our decks) that come with wooded property but I firmly believe in coexisting with them as much as we can.

We lived in an apartment for about 8 months after selling our first house and while building our current home. That was miserable and I could not imagine that lifestyle for a long term basis. Owning a home is definitely expensive, well beyond the mortgage, interest and insurance. Owning an older home like ours is even more expensive as you deal with issues associated with an older home which can be expensive. But for us, this is clearly the right choice.

User avatar
topper1296
Posts: 646
Joined: Fri Apr 03, 2009 10:50 pm
Location: Nashville TN

Re: Do you regret buying your home?

Post by topper1296 » Fri Oct 24, 2014 7:18 am

I bought a townhouse almost 8 years ago and my only regret is not buying one with a garage. I may rent out my current place and by another townhouse that has one. I love townhouse living however. Upkeep/maintenance is minimal which is great since I hate yard work. :D Also, a couple years some storms rolled through and caused some roof damage to my place. All I had to do is make one phone call and it was fixed for free since it was covered under my association fees which are very reasonable IMO.

Colorado13
Posts: 969
Joined: Thu Apr 07, 2011 4:58 pm
Location: Colorado

Re: Do you regret buying your home?

Post by Colorado13 » Fri Oct 24, 2014 7:55 am

No regrets, but admit I don't enjoy the game of 52,000 leaf pickup at this time of year.

I've sold two homes thus far and sold both to the first person who looked at the homes. Location and staging were the keys to quick, profitable sales.

Locked