Feel like I made a mistake with buying a house: appreciation

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miamivice
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Feel like I made a mistake with buying a house: appreciation

Post by miamivice »

I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
easye418
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Re: Feel like I made a mistake with buying a house: apprecia

Post by easye418 »

Just a note, at least your house didn't DEPRECIATE, so consider yourself lucky.

How are you getting the appraised value of your home? Taxes?
J295
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Re: Feel like I made a mistake with buying a house: apprecia

Post by J295 »

Or should I continue my course of path, which has been highly successful for me so far?
"If it ain't broke don't fix it."
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greg24
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Re: Feel like I made a mistake with buying a house: apprecia

Post by greg24 »

miamivice wrote: Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
Next time, do a better job of knowing which area will appreciate better? :oops:

A house is a lifestyle choice, not so much an investment. If you are happy with your living arrangement, don't sweat it.
Carefreeap
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Carefreeap »

Clearly a First World Problem.

:oops:
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ponyboy
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Re: Feel like I made a mistake with buying a house: apprecia

Post by ponyboy »

Hindsight is 20/20.
Twins Fan
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Twins Fan »

I bought a house in 2005 that 2.5 years later was worth less than what I paid for it and worth less than I owed on it! It took about 5 years after that to get back to even. So, shut the.... :annoyed :wink: :happy

So much of that is timing an location that it is not worth worrying about for a second. There are folks that took a much worse beating than I did depreciation wise after 2005 that they would tell me to shut the.... Maybe this person you know that bought in a different area, bought in an area that took a huge beating before the huge upswing?

Do you like your house, did you buy it with the sole intent of getting as much appreciation as possible in a few years, do you plan to sell anytime soon,.....???

I suggest worrying about things you actually have control over. :beer
nate bricks
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Re: Feel like I made a mistake with buying a house: apprecia

Post by nate bricks »

easye418 wrote:Just a note, at least your house didn't DEPRECIATE, so consider yourself lucky.
Cheers to that one! :sharebeer

I consider the question of whether you should buy a home for its appreciation very similar to that of whether you should pick investments that promise to outperform the market. You might think you can predict what will happen, but you might be wrong and lose a lot of money chasing returns. The big difference is that with your house you have to live in your mistake!
shaboob
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Re: Feel like I made a mistake with buying a house: apprecia

Post by shaboob »

Eh. You're not underwater. Water under the bridge though..

I bought my house and thought I got a good deal; South FL, 2010. I paid about what it appraised for. Twelve months later, the neighbor's house is sold at foreclosure for 70k less that what I paid for mine. :oops:

2015 rolls around and I'm not underwater, so its not the end of the world. They just have a boatload more equity than I do. Oh well. As someone else said, these are first world problems.
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texasdiver
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Re: Feel like I made a mistake with buying a house: apprecia

Post by texasdiver »

Under Armor clothing is up 1025% in the past 5 years. I wish I had bought a bunch of Under Armor stock back in 2010, or Apple stock back in 2003. Or I wish I had put down $500k on the Patriots winning the 2015 Super Bowl. Such is life.

All you can do is make the best choices you can going forward and forget about the woulda coulda shoulda stuff cause it will make you crazy.
4th and Inches
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Re: Feel like I made a mistake with buying a house: apprecia

Post by 4th and Inches »

120% appreciation? Sounds fishy. What metric are the two of you going by? Sure the house may be valued that much more, but what kind of renovations took place to make that happen? If the house was bought for $200k and then $150k was done in renovations the ROI is not going to be as high if he did zero and it appreciated that much.
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Kosmo
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Kosmo »

Do you plan on selling the house or leveraging as much as you can in a home equity loan? If not, it doesn't matter. It's an unrealized gain, which can disappear just as quickly as it appeared.
Grover
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Grover »

My house worth 100k less than what I payed for 3 years ago .
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NateH
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Re: Feel like I made a mistake with buying a house: apprecia

Post by NateH »

Until today, I've never seen chasing returns extended to the residential real estate market.

There are no dumb questions. OP - if you look up "chasing returns" in the search box, this is essentially what you are asking.
There is nothing wrong with your home purchase unless it does not suit you anymore. Selling and moving based on a friend's good luck in the past 2.5 years is probably among the worst reasons to sell your house.
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Constant Chaos
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Constant Chaos »

easye418 wrote:Just a note, at least your house didn't DEPRECIATE, so consider yourself lucky.
?
Yes indeed! We bought our house 14 years ago and it's now worth 7% LESS than what we paid then. As with the OP, there are other nearby towns in this same metropolitan area that have exhibited phenomenal appreciation. My only solace is that their property taxes are increasing at the same pace! Mind you, my property taxes are still up. Just less than theirs!
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NateH
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Re: Feel like I made a mistake with buying a house: apprecia

Post by NateH »

4th and Inches wrote:120% appreciation? Sounds fishy. What metric are the two of you going by? Sure the house may be valued that much more, but what kind of renovations took place to make that happen? If the house was bought for $200k and then $150k was done in renovations the ROI is not going to be as high if he did zero and it appreciated that much.
+1

I wonder if the house is worth 120% of the purchase price.
4X top-twenty S&P 500 prognosticator. I'd start a newsletter, but it would only have one issue per year. | dumb investor during 1999 tech bubble, current slice & dicer.
Professor Emeritus
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Professor Emeritus »

My dad bought the house in 57 $12,000 I bought it in 77, $60,000 We did a big renovation in 87 $200,000. House is now worth a million. 80% is teh land under the house.

You can make yourself crazy worrying about shoulda coulda woulda
freebeer
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Re: Feel like I made a mistake with buying a house: apprecia

Post by freebeer »

I think other posters are giving you too hard a time.

Most home buyers don't think about their home primarily as an investment. So most don't aim to buy for maximum appreciation potential, as other factors are more important to them. And the housing market especially for single-family homes is not a particularly efficient market, in part because it is also not a particularly liquid market.

So if you want to maximize potential appreciation of your next home, you can be more careful at choosing location, at choosing the specific home (don't buy the fanciest home on the block, etc.), and aiming to get a bargain deal (be a tough negotiator, buy in a buyer's market not a seller's market, buy a "cosmetic" fixer and put in a little sweat equity, etc.). These things aren't "chasing returns" IMO... quite different than with stocks.
joebh
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Re: Feel like I made a mistake with buying a house: apprecia

Post by joebh »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.
Did either of you purchase a house as an investment? Or as a place to live?
spectec
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Re: Feel like I made a mistake with buying a house: apprecia

Post by spectec »

Sell your house and pocket the 12% (or whatever is left after transaction costs, realtor commissions, and moving expenses)

Then buy a house in a neighborhood that you know without question is going to appreciate by 120% in the coming 2-12 years.

If you can't be absolutely certain you can do both of the above successfully, then you should probably stay where you are and stop thinking of a house as an investment.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers
Grasshopper
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Grasshopper »

Sold a home in 2006 and made 300 % profit I must be smart heh. Bought a house in 2006 which is worth half of what I paid for it, I must be dumb heh. Sold at the top of the market and bought at the top of the market, silly me. :beer
Twins Fan
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Twins Fan »

freebeer wrote:So if you want to maximize potential appreciation of your next home, you can be more careful at choosing location, at choosing the specific home (don't buy the fanciest home on the block, etc.), and aiming to get a bargain deal (be a tough negotiator, buy in a buyer's market not a seller's market, buy a "cosmetic" fixer and put in a little sweat equity, etc.). These things aren't "chasing returns" IMO... quite different than with stocks.
Um, I'm not really following. Change out a few key words and take into account there's not much negotiating or sweat equity in individual stocks, you pretty much described the same thing about the two situations. So, what's different again? :happy
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Re: Feel like I made a mistake with buying a house: apprecia

Post by KlangFool »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
miamivice,

Unless you are selling the house at the moment, how does the appreciation helps you?? It does not. It only drives up your property tax. I know people that owned house that appreciates for many years. They paid for the property tax increases. Then, when they need to sell the house, the housing market crashes. They sold at a loss. So, they get nothing except more property taxes for all those years of appreciation.

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rgs92
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Re: Feel like I made a mistake with buying a house: apprecia

Post by rgs92 »

Sounds like you're comparing your house to someone in Manhattan or the good parts of Brooklyn or Queens. Don't get like those California people who think about their house prices day and night, it'll drive you nuts and cloud your investing judgement for the big picture, which is far more important.
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FabLab
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Re: Feel like I made a mistake with buying a house: apprecia

Post by FabLab »

Whether purchasing investments or buying your next house, you should always follow the advice of Will Rogers:

"Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it."
The fundamental things apply as time goes by -- Herman Hupfeld
dbr
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Re: Feel like I made a mistake with buying a house: apprecia

Post by dbr »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
I don't know if it is actionable but if you want to invest for appreciation in small holdings in real estate ((single houses) you are going to have to get luckier. It is possible you could improve the odds by getting smarter about understanding the market you are in and the properties you buy. It is also possible that the appreciation you are comparing to was a one-off opportunity involving foreclosed property or some such thing. Considered as an investment this would illustrate what is meant by saying that investments in single houses are risky. Risk means there is high variability and uncertainty in the outcome.
ddurrett896
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Re: Feel like I made a mistake with buying a house: apprecia

Post by ddurrett896 »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.
My wife bought a condo in 2010 and there has been a few foreclosures/short sales that sold for 25% less than her purchase price since. It's been a solid rental, but if we had to sell tomorrow, I would be lucky to get what she originally paid.

12% appreciation may not be 120%, but it sure beats losing money!
fareastwarriors
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Re: Feel like I made a mistake with buying a house: apprecia

Post by fareastwarriors »

Just enjoy the house!
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HomerJ
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Re: Feel like I made a mistake with buying a house: apprecia

Post by HomerJ »

miamivice wrote:Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference?
Yes, go back in time and buy in that other area... Oh wait, that's impossible to do...

Oh I know! Sell your house, and buy in the NEXT area that is guaranteed to go up 120% in 3 years... Oh wait, that's impossible to know...

Hmm... Guess there's nothing you can do.
Longdog
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Longdog »

I think it is a mistake to think of your primary residence as an investment. It's a place to live, that hopefully gives you a certain level of comfort, amenities, and satisfaction. It has ongoing maintenance requirements, both personal and financial. Do you like your house and your neighborhood? If so, the only action you should take is to let go of the thought that your primary house is an investment.
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dratkinson
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Re: Feel like I made a mistake with buying a house: apprecia

Post by dratkinson »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%. ...
Doesn't matter until you both sell your homes. On that day, the situations may be reversed, equalized, or not. Until then, it's not worth worrying about it.

Property tax is based on a home's appraised value. If you want his real-world annual experience, just increase your property tax by 120%. If your home is costing you less than his, that's a good thing.
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Watty
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Watty »

Another person I know bought a house 3 years ago that has appreciated by 120%.
In some areas that would also mean that your property taxes would also go up by 120% or more along with higher homeowners insurance.
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Re: Feel like I made a mistake with buying a house: apprecia

Post by camptalcott »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
What did you buy the house for? an investment or to live in?
"He who dies with the most toys is still, nonetheless dead"
sawhorse
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Re: Feel like I made a mistake with buying a house: apprecia

Post by sawhorse »

If the 120% appreciation is true, and I'm skeptical unless the old house was torn down and a new house built, I hope s/he has it on the market because that sure sounds like a bubble about to burst. And I really hope s/he didn't take out a home equity loan.
cherijoh
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Re: Feel like I made a mistake with buying a house: apprecia

Post by cherijoh »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
In my opinion slow and steady appreciation in housing is better than boom and bust - unless you can guarantee that you only buy after a bust and sell after the boom. But to make it work, you have to move from a housing market that is booming to an area that has had its housing bubble burst. I did have a friend who successfully pulled this off once due to a job transfer.
tomd37
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Re: Feel like I made a mistake with buying a house: apprecia

Post by tomd37 »

IMO the original poster does not submit any specific information on which to evaluate his/her remarks. Therefore we cannot make any valid comment. Much more specific info is needed.
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rakaye47
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Re: Feel like I made a mistake with buying a house: apprecia

Post by rakaye47 »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
you should sell your house and buy a house in the red hot housing market then. borrow money from the bank if needed :sharebeer
Last edited by rakaye47 on Tue Apr 28, 2015 9:46 pm, edited 1 time in total.
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LiveSimple
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Re: Feel like I made a mistake with buying a house: apprecia

Post by LiveSimple »

Enjoy your home. :D

Don't be greedy :oops:

don't compare :oops:

Be happy :D
Invest when you have the money, sell when you need the money, for real life expenses...
island
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Re: Feel like I made a mistake with buying a house: apprecia

Post by island »

LiveSimple wrote:Enjoy your home. :D

Don't be greedy :oops:

don't compare :oops:

Be happy :D
+1000. Don't put a price tag on everything.
Valuethinker
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Valuethinker »

miamivice wrote:I bought a house 2.5 years ago that has appreciated by 12%.

Another person I know bought a house 3 years ago that has appreciated by 120%.

This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area.

I'm feeling a bit bad about this. I wish that I would have bought in a different area 2.5 years ago to capture today's hot housing market.

Is there an actionable change I should make in my investing portfolio or housing situation to rectify this difference? Or should I continue my course of path, which has been highly successful for me so far?
If you like living where you live don't worry.

If it's a sign that your neighbourhood has gone into decline, then maybe you should think about moving.

RE markets have these 'hot spots' but over time, things tend to even out. The hot areas get too pricey so the buyers move to less hot areas, driving up those prices.
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just frank
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Re: Feel like I made a mistake with buying a house: apprecia

Post by just frank »

The OP is really referring to the human condition....someone will always have a better outcome, a better investment, a better job, etc.

The key here is to remind oneself that 'they got lucky'. If they explain to you how they researched the markets, and picked this location knowing it would appreciate...well, BS, they still got lucky!

For every one of this guy there are many other people who thought they might appreciate a lot, but when they didn't...they didn't tell you about it!

IN other words, people self-report their successes, and seldom their failures. Repeat this to yourself every time you are jealous that someone else has made a killing.
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just frank
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Re: Feel like I made a mistake with buying a house: apprecia

Post by just frank »

I bought a house around the same time as my friends, back near the top of the RE bubble.

They bought in a neighborhood that had appreciated >100% in the previous few years, mine 'only' ~60%. Ten years later, I have significant equity, and they do not.

I realize this is different from the OP case, but when you both eventually sell (the future sale price is the only one that matters), the situation may well be different from the way it is now. IF they 'go crazy' and try to cash out their appreciation, they could even end up in the hole.
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Re: Feel like I made a mistake with buying a house: apprecia

Post by Grt2bOutdoors »

My home has been brought up to current modern standards, yet according to the bible "realtor comps" it's worth $100K less.
Fine, while the "comps" are living in the 1950's, I'll enjoy my standard of 2015 living, now and going forward for a long time to come. If I had to rent a comparable living spaces it'd cost me a heck of a lot more and with zero equity in the end. I think I'll stay right where I am. :)

The latest thing going on in my neighborhood is the placing of lipstick (new landscaping) on the pig (home) while leaving the living space like I said above back in the 1950's.
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genjix
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Re: Feel like I made a mistake with buying a house: apprecia

Post by genjix »

Homes in up and coming neighborhoods have more upside in price value but they may be in a bad school district and things loke that. It may be hot area for young artists or young corporate but not to raise a family. Depends what your looking for. Id rather have less appreciation upside if it means im in a good place to raise a family
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miamivice
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Re: Feel like I made a mistake with buying a house: appreciation

Post by miamivice »

I just wanted to update this thread in case the update is interesting and helpful to others.

For many years, our house appreciation lagged a bit. Maybe we paid too much, maybe bought in wrong neighborhood, I'm not sure. However, after a couple years, our home appreciation took off like a rocket ship.

Today the house that we bought for $560,000 is worth about $1.3 to $1.4 million, or a rise of about $800,000. While I never know what our home appreciation would have been had we bought in a different part of our metro area, I know that I am not complaining about a rise of $800,000 in our home value.
SilverSmurfer
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Re: Feel like I made a mistake with buying a house: appreciation

Post by SilverSmurfer »

Congrats?
or sorry you didn't buy in ___ year or ___ area?

or stop comparing yourself to the Jones'?

We bought to have a place to live in a place we liked at a price that was tolerable (always wish I could pay less on any purchase). Always focusing on what could have been is not a great way to live (my wife reminds me of this - I'm not inscrutable in this regard either).
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