Do you regret buying your home?

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Flashes1
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Re: Do you regret buying your home?

Post by Flashes1 »

I love our home....it's a custom house with everything I wanted. Big Maple trees in the back, putting green, hot tub, outdoor fireplace, screened-in-porch, home theater in the basement, indoor fireplace, and whole house Sonos. It's a fun place to raise our 2 young kids.
davebo
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Re: Do you regret buying your home?

Post by davebo »

I was very focused on a particular area/school district when we moved, but it was tough because inventory levels were low and it's hard to find what you want without breaking the bank (on prices and taxes).

As far as houses go, I think we hit a home run and got a great house. Huge lot, close to a great school, mature trees, great house, etc.

The one thing that does bother me is that there are not a lot of kids in my immediate area...mostly people in their 50's/60's. And since the area is mostly ranch homes, I have a feeling that people will stick around longer. This area is the "next frontier" for teardowns due to large lots and low taxes, but it'll probably come after my kids are already well through school.

But on the flipside, if I were to move into a more vibrant part of town I probably would be sick of neighbors always wanting to do things together or a smaller house or higher taxes.
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TheTimeLord
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Re: Do you regret buying your home?

Post by TheTimeLord »

After 15 years love our house. When building it we put in every upgrade we wanted and made a few modifications to the plans. If I had to nit-pick I am sure I could find a couple things I would change but overall it has been an extremely positve experience. No complaints.
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staythecourse
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Re: Do you regret buying your home?

Post by staythecourse »

Lived in our home for last 4 years and would NEVER make a change. In our area the options to rent are slim to none. We have 2 year old now and trying for another so it is a great feeling knowing we are making all these new experiences in a place we have full control over.

Good luck.
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Rodc
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Re: Do you regret buying your home?

Post by Rodc »

I have been in my house for over 20 years. I like it fine. Actually I like it a lot.

Almost nothing in life is perfect. So in almost all areas of life one might wish for some changes. If you want perfect you are going to be disappointed.

We did a major renovation and expansion of the house right before I got married and started a family. What was fine for a single person was too small for a family. I explicitly took the position that even if I found a new house it probably would not be perfect in every way so with the renovation if it turned out 90% just as I wanted I would count that as success. I would say it came out better than 90% but less than 100%. So sure, I would do things a little different if I could do it over. But you know, over all you don't need to score 100% to earn an A.

House, car, vacation, any major purchase or major undertaking is likely to leave you thinking you might have done a little better. That is how we learn. But that is not a bad thing.
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max12377
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Re: Do you regret buying your home?

Post by max12377 »

Life circumstances make renting a no brainer for me. Even if I could afford a house with all the trappings I doubt I would bite. I'm a single guy and would rather spend my time travelling. If I had a wife and kids, I doubt I would rent.
kazper
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Re: Do you regret buying your home?

Post by kazper »

No regrets, but admit I don't enjoy the game of 52,000 leaf pickup at this time of year.
You play that game too? Glad I'm not the only one (we have roughly 8 large Oaks on our property).

We rented for many years. When we lived in the midwest, it made a lot of sense to rent because the difference between rent and a mortgage was rather substantial. Now that we're in the DC area, the two are very close together. Outside of closing costs, we basically transferred our rent check right over to a mortgage. Granted we have to pay for upkeep, but we also don't have crazy landlords trying to jack the rent up at least $100 per year (yes, this happened several times to us).

We probably should have had more to put down up front, which is perhaps my biggest regret. But I like the house, yard, safety, and general area where we live. It might not be a mega mansion, but it works for me :D
physicsgal
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Re: Do you regret buying your home?

Post by physicsgal »

I love my house! I bought it 3 years ago and, though it's work to maintain and I've had to call the plumber way more than I'd like, it's overall been great and I have no regrets. I don't have kids in the local schools yet though, which I hear aren't very good.
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Lon
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Re: Do you regret buying your home?

Post by Lon »

I have owned four houses in the past 55 years, two in the United States and two abroad and did not ever regret buying them. Each home was a good financial decision and served me well.
Digital Dave
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Re: Do you regret buying your home?

Post by Digital Dave »

I've made mostly good decisions in my life, and one of the best was buying my little 700 sq. ft. ranch style house in a small 150 home community. I purchased this, my first and only home in 1981. I estimate that my living costs including the purchase price (15k), repairs and upgrades, taxes and insurance averages a little over $200 per month. I put 60% down and assumed the mortgage. Three years later, I paid off the balance. The repairs haven't been bad for this 60 year old home. The neighbors are fine, and life is good here.

I like the stability of a home purchase too and I would do the same thing if I had it to do over.

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Caduceus
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Re: Do you regret buying your home?

Post by Caduceus »

I wonder if this is going to be a generational issue. Mobility and regular geographic moves for job reasons seems fairly common now in many high-paying fields. It's not just a rent or buy question, but that perhaps people are delaying the age at which they settle down.
MathWizard
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Re: Do you regret buying your home?

Post by MathWizard »

No.

We will have to eventually go to single level from a split foyer, once the knees start to go,
but being in a good school district and close to the school were important when the kids were young.
Atilla
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Re: Do you regret buying your home?

Post by Atilla »

Three home purchases and no regrets on any. Rents in this city are so outrageous we could never have lived in anything comparable for the money without buying.
stonerolled
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Re: Do you regret buying your home?

Post by stonerolled »

No. no regrets. It has been a learning experience for sure. The neighborhood is hanging in there probably due to location. My immediate neighbors are a blessing. The property drains well which I didnt consider at purchase. My projects have been fencing, security upgrades, and insulation and sealing. Utility bills are great and taxes and insurance are 200 a month. I no longer have projects pending and have gotten efficient at yard work which is love/hate but overall therapeutic and feels great AFTER every time. The house is paid off so total cost is about 500 a month. One bedroom apartments around here are about 1100. This allows savings vehicles to be maxed out. It is amazing how long appliances last when proper care is taken. I plan on paying rent at a secure low maintanance place one day with money saved while living here when i have more time to travel.
bhsince87
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Re: Do you regret buying your home?

Post by bhsince87 »

First home, yes, absolutely. Lived there 8-9 years, and I lost money versus renting. From a lifestyle perspective, it was generally positive, but maintenance took a lot of time I wish I had back!


Second home, no regrets whatsoever. We feared it was too big and too expensive when we pulled the trigger, but that hasn't been the case at all. It's been wins all around!
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Johno
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Re: Do you regret buying your home?

Post by Johno »

First purchase was a condo we don't exactly regret, happy time of life when our kids were little, but recognize as having been suboptimal financially, got in at a local peak in prices, eventually sold for a slight (nominal) profit 8 or 9 years later after having being landlords for a few years after we moved out. And such cheap construction, though like everything else in our area it's way more expensive now than when we sold it ~18 yrs ago.

Second purchase was our current house around 10 blocks away. It's a piece of history and a work of art, they really don't make them like this anymore. And it's quadrupled in (nominal) value in 20 years which whatever come back anyone could make (of course some other assets have returned even more) certainly doesn't bring on waves of regret. On the down side the age makes upkeep somewhat of a PITA and there's always the worry something really expensive to fix would go wrong. Also property taxes were high but are now very high. And the area has lost some of its charm along with the demographic shift which as brought the big increase in values. But it's also less scruffy than it was. And basically it's home.
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StevieG72
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Re: Do you regret buying your home?

Post by StevieG72 »

No, No, and No!

Is everything perfect? NO! It is still, by far, the best investment I ever made.

First the bad, since some folks love the negative. My house is small, I have 1/2 of a garage ( big enough for a motorcycle but not a car). I live in a blue collar, lower income neighborhood. I have had some of the most annoying neighbors you can imagine.

Now the good.... If not for the equity I had built up in my home in about 6yrs. I would have been unable to purchase my current business. You don't build equity paying rent! While speaking of rent, my mortgage along with escrow is CHEAPER than the average 2 bedroom apartment in my area. My home is 3 bedroom 1.5 bath ( but like I said it is small)

The indifferent..... I have thought about renting out my current home when I finally choose to move out of my starter home, but will likely just sell it. I can have plenty of exposer with alot less headaches investing in REIT's.

Home Ownership has worked for me BECAUSE I bought a home I could afford on my own income. I got a sensible mortgage 30 yr conventional. I do not use my home as an ATM. I did bet the farm on my business but it was a homerun and is no longer leveraged against my home.

My home is far from perfect but I love it, and certainly don't regret buying it!
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Judsen
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Re: Do you regret buying your home?

Post by Judsen »

I bought my home in 1979, paid it off in 1996 when I retired. It is a 3 story 3 bath passive solar redwood A-frame. Being a retired facility maintenance manager and a hands on DIY kind of guy, I regard home maintenance/improvements a kind of hobby. I have absolutely no regrets! I paid a premium when I bought it, but after 35 years that has no significance.
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Mudpuppy
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Re: Do you regret buying your home?

Post by Mudpuppy »

I don't have regrets about the house. I did have regrets about the timing of buying the house. I bought far too early in my career, before I had adequate savings and investments to make that move (this was in my time before discovering the Boglehead forum). That made me "house poor" for several years, which was very stressful. Now I've had adequate promotions and extra project income to make up for the poor timing of purchasing, but had I waited even another year, it would have been a more stable decision.
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VictoriaF
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Re: Do you regret buying your home?

Post by VictoriaF »

greg24 wrote:I'm sure renters never regret their choices.
When renters regret their choices, they move to other rental apartments.

Victoria
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Ninegrams
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Re: Do you regret buying your home?

Post by Ninegrams »

I did, for a while. We focused so hard on the house and yards ( the yards more than the house, they are really something special ), and didn't pay enough attention to neighbors ( well one in particular ). The neighbor moved away which solved that problem. Now after putting in a remodel on the house we can enjoy the peace and quiet of what has turned out to be a pretty nice neighborhood. Neighbors are always a potential problem, even if they're fine when you move in, over time they can and often do sell to somebody else and you never know the issues that may bring. Enjoy while you can.
chuppi
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Re: Do you regret buying your home?

Post by chuppi »

Ninegrams wrote:I did, for a while. We focused so hard on the house and yards ( the yards more than the house, they are really something special ), and didn't pay enough attention to neighbors ( well one in particular ). The neighbor moved away which solved that problem. Now after putting in a remodel on the house we can enjoy the peace and quiet of what has turned out to be a pretty nice neighborhood. Neighbors are always a potential problem, even if they're fine when you move in, over time they can and often do sell to somebody else and you never know the issues that may bring. Enjoy while you can.
Can you give some examples of how neighbors can be a problem enough to make house purchase a bad decision? I live in a condo now and I can understand how neighbors can be a problem when you are in a condo or a townhouse kind of setting.

In a single family house where you have sufficient spacing between the houses, the only thing common is the fence. Obviously it is great to have good and friendly neighbors. How bad can it be otherwise?
Louis Winthorpe III
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Re: Do you regret buying your home?

Post by Louis Winthorpe III »

Not at all. My house lost a ton of value after I bought it, and I wish that hadn't happened, but in spite of the financial loss, I'm very, very happy with the decision to buy my home. Renting doesn't appeal to me at all.
dgdevil
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Re: Do you regret buying your home?

Post by dgdevil »

chuppi wrote:
In a single family house where you have sufficient spacing between the houses, the only thing common is the fence. Obviously it is great to have good and friendly neighbors. How bad can it be otherwise?
Check out last week's episode of Modern Family:

http://abc.go.com/shows/modern-family/e ... r-neighbor

(Synopsis: Phil is selling the house next door and he and Claire are excited by the prospect of having wonderful new neighbors, but that quickly turns into panic when a loud and obnoxious couple come to look at the house.)
harrychan
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Re: Do you regret buying your home?

Post by harrychan »

VictoriaF wrote:
greg24 wrote:I'm sure renters never regret their choices.
When renters regret their choices, they move to other rental apartments.

Victoria
Not if under contract.
This is not legal or certified financial advice but you know that already.
Mudpuppy
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Re: Do you regret buying your home?

Post by Mudpuppy »

chuppi wrote:
Ninegrams wrote:I did, for a while. We focused so hard on the house and yards ( the yards more than the house, they are really something special ), and didn't pay enough attention to neighbors ( well one in particular ). The neighbor moved away which solved that problem. Now after putting in a remodel on the house we can enjoy the peace and quiet of what has turned out to be a pretty nice neighborhood. Neighbors are always a potential problem, even if they're fine when you move in, over time they can and often do sell to somebody else and you never know the issues that may bring. Enjoy while you can.
Can you give some examples of how neighbors can be a problem enough to make house purchase a bad decision? I live in a condo now and I can understand how neighbors can be a problem when you are in a condo or a townhouse kind of setting.

In a single family house where you have sufficient spacing between the houses, the only thing common is the fence. Obviously it is great to have good and friendly neighbors. How bad can it be otherwise?
One might quip that there is no such thing as sufficient spacing when it comes to living near certain personality types.

Here are but a few of the issues that commonly arise in suburbia: dog that barks all night, cat or dog that constantly uses the yard as a bathroom, trash along the property line, constant nagging about trivial things (e.g. the "get off my lawn" sort of folks; someone here put up a brick wall to the annoyance of his neighbors supposedly to keep kids from cutting across the corner of his property on the way to/from school), smoking so heavily that one can smell it from houses away, partying in the middle of the street during the middle of the night, using half the block for parking all of their vehicles so everyone else has to scramble to find parking, and so on.
bcjb
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Re: Do you regret buying your home?

Post by bcjb »

harrychan wrote:
VictoriaF wrote:
greg24 wrote:I'm sure renters never regret their choices.
When renters regret their choices, they move to other rental apartments.

Victoria
Not if under contract.
Surely, that's not much of a restriction. Who has a lease for longer than 2 years? I assume that 1-year leases are most common. So if you can't stand your new neighbors or outgrow your house, you only need to be patient for a short while and then you can move. Just knowing that you can move might make you tolerate certain imperfections that would otherwise drive you crazy.
harrychan
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Re: Do you regret buying your home?

Post by harrychan »

Agree but the notion that renters can pick up and move at will is a fallacy.
This is not legal or certified financial advice but you know that already.
Riversider
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Re: Do you regret buying your home?

Post by Riversider »

Lousy loud obnoxious neighbors (in fairly decent neighborhoods) have generally spoiled the joy of owning and/or living in three different homes. Apartment living was great, and boy was it simply just easier. BUT: as a renter you are indeed paying for somebody else's piece of the earth and with your own home you generally stand to reap your own rewards. However, if I sat down and figured out how much I've spent in home improvements, repairs, weekly lawn and yard maintenance, property taxes, mortgage interest, insurance, etc., it's quite possible that renting would have been the bargain. Plus my home is now worth less than what I paid for it (you know, the downturn), but at least I am not upside down. Home ownership: pros and cons. Apartment living: ditto.
mikeast
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Re: Do you regret buying your home?

Post by mikeast »

Although I don't really like all the maintenance (my labor and the expense) and yard work that comes with my house, some of these neighbor comments
have made me realize how lucky I am to live where I do. I have woods on the South, East, and West sides of my house. No one can build there because
it is either protected wet lands or the wooded part of my rich neighbor's multi-acre lots. Only one next-door neighbor to the North and he is a nice guy who
is always gone on business. He says he has no intention of ever selling and even if he did, I could throw up a privacy fence and forget about it.
I can walk out on my deck in my underwear to let the dog out, fire a gun in my back yard--nobody cares. This thread has made me appreciate home
ownership a little more.
Luv2savmoney
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Re: Do you regret buying your home?

Post by Luv2savmoney »

yes and no

When i bought my condo it was twice my salary..peak of market.Now it is 0.9 times salary with almost no equity. It certainly anchored me early on in the place and forced me to grow my career with some luck. Looking back may be I would have chickened out during recession and moved somewhere and be not in a position career wise where I am right now.

For now I am saving for a house 2 yrs down the road
Ninegrams
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Re: Do you regret buying your home?

Post by Ninegrams »

chuppi wrote:
Ninegrams wrote:I did, for a while. We focused so hard on the house and yards ( the yards more than the house, they are really something special ), and didn't pay enough attention to neighbors ( well one in particular ). The neighbor moved away which solved that problem. Now after putting in a remodel on the house we can enjoy the peace and quiet of what has turned out to be a pretty nice neighborhood. Neighbors are always a potential problem, even if they're fine when you move in, over time they can and often do sell to somebody else and you never know the issues that may bring. Enjoy while you can.
Can you give some examples of how neighbors can be a problem enough to make house purchase a bad decision? I live in a condo now and I can understand how neighbors can be a problem when you are in a condo or a townhouse kind of setting.

In a single family house where you have sufficient spacing between the houses, the only thing common is the fence. Obviously it is great to have good and friendly neighbors. How bad can it be otherwise?
Some others have given you some common issues. For us it was one of the previous next door neighbors dog ( large pit bull ) that would charge the common fence anytime somebody walked by. He would leap up as high as the fence top snarling ( but interestingly not barking ), very disconcerting. The neighbors themselves were ok, except that they smoked like chimney's, which when the breeze was right carried onto our property. Other than that, we've had no issues with neighbors to this point.
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Re: Do you regret buying your home?

Post by LadyGeek »

This thread has run its course and is locked (not personal nor actionable). See: A reminder that non-investing general comment threads are OT
- It must be personal. In other words, you must be asking about your own situation. You can also ask on behalf of someone specific, such as a family member.

- It must be actionable. You must be able to do something specific with the replies that will make a difference in your situation.
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