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I tend to under buy on our houses. Here's what I do when these feelings hit me. I think about that shiny bigger house that could have been mine. Then, I think of the what ifs. What if it needed all new flooring because something happened. What if it needed a new roof. What if it needed major plumbing repair. So on and on. Then I think if I could still afford it then. Money in the bank, whether it be for that new car or for emergencies or whatever is a great thing to have. You've got a potential income producing property if you decide to move out one day, a house that is easily affordable and can still afford you a life - feel sorry for the poor suckers that don't have that and relish in the comfort of your own situation.
Dunno...I'm single and in my mid-late 20s and just grabbed my first home in a decent part of a big college town. It's about a 60/40 split between owned homes and rentals. It's a little bungalow with some character, a 2 bed 1 and 1/2 bath, very small finished basement, a detached garage, and a deck out back. It's quirky but I like it, it almost feels like a condo built into a house. I opted to go for this house due to it being at the bottom end of my price range, me wanting to still have some money left over to have a life/buy a new car, and because I thought it would be a solid option to potentially be able to rent it out for profit later on since it's within walking distance to campus. I figure that I'll be there for about 5-10 years before probably moving on in life.
After spending all summer landscaping and doing work to it, I'm starting to wonder if I should have shifted all of my funds toward buying a more expensive home in a more prominent area with long-term appeal...could have did it if I gave up the car and other things that I wanted. Money would have been tighter and a nice house would have been all I truly had in life, but I definitely could have handled it.
Just kind of curious to get feedback/thoughts from people with experience...I'm happy, but honestly wondering if I made the right call.
You knew what was right all along. Life is for living. Congratulations! You now have the best of both worlds: your own home and enough leftover to comfortably enjoy other things in your life.
I'm sure there will be many people envious of your position, including people much older than you, who didn't make as wise a decision and have nothing other than a nicer house.
Enjoy YOUR home and YOUR car now.. because when you get married, you're right.. there will be a LOT more sacrifices to come,lol.
Besides when you're ready to look for a more permanent house there will be plenty of renovated turn key homes to look at... I personally like the older homes that need updating so I can make it my own.
I'm almost positive buyers remorse happens with any big purchase... even when buying a computer.
Just remind yourself of that feeling you first got when you realized "this is IT."
I think you did the right thing. In my town, smaller older homes were the only ones to hold value through the recession. In a college town, you could hold onto that house forever.
+1. Not being able to afford your house payments is a very stressful way to live, OP. Financial worries can eat away at your happiness day in and day out. I believe you made the right decision, especially since you are in a college town. It's wise to consider the demographics of the town you live in when purchasing a home in terms of future resale value. Since many of the city's population are college students and other young singles, you should be able to sell the home quickly since it is a small house more suited for people like that. A giant home in suburbia wouldn't hold its value as well where you are. Plus being within walking distance of the campus really increases its value. Enjoy your new home
Dunno...I'm single and in my mid-late 20s and just grabbed my first home in a decent part of a big college town. It's about a 60/40 split between owned homes and rentals. It's a little bungalow with some character, a 2 bed 1 and 1/2 bath, very small finished basement, a detached garage, and a deck out back. It's quirky but I like it, it almost feels like a condo built into a house. I opted to go for this house due to it being at the bottom end of my price range, me wanting to still have some money left over to have a life/buy a new car, and because I thought it would be a solid option to potentially be able to rent it out for profit later on since it's within walking distance to campus. I figure that I'll be there for about 5-10 years before probably moving on in life.
After spending all summer landscaping and doing work to it, I'm starting to wonder if I should have shifted all of my funds toward buying a more expensive home in a more prominent area with long-term appeal...could have did it if I gave up the car and other things that I wanted. Money would have been tighter and a nice house would have been all I truly had in life, but I definitely could have handled it.
Just kind of curious to get feedback/thoughts from people with experience...I'm happy, but honestly wondering if I made the right call.
One of the ways my wife and I have gotten to where we are (retired and financially comfortable) was we lived below our means when it came to houses. We lived nice and often in a new or near new home but one we could easily afford. I saw many friends become house poor. They could do little except afford their house.
We always bought new cars but mid line (Ford Taurus, Totota Camry, Ford Escape, etc.) and kept each one for 8-10 years.
I also like the future potential of a rental. Do so with faculty, grad students, univ. employees, Stay away from under grads.
I bought well below my means and it saved me from becoming homeless during the economic problems we had recently.
When I bought I was making 60 to 70k a year working at a pretty good company. I was told I could "afford" a 300k dollar house. I found a tiny little house (680sqft) on 15 acres in a rural area for 50k. It needed some work however it's location and lack of neighbors appealed to me. I always figured if I wanted a "nicer" place I could build on the property. The thing that sold me on the house is I could pay cash for it and not worry about keeping up with payments.
About 7 years after I bought it I lost my job when the company ceased production at my location. I was 48 at the time and finding work was difficult. Had I went for the huge house payment I would have lost my home and been on the street.
This tiny little house might not be a "status symbol" but neither is living under a bridge.
After spending all summer landscaping and doing work to it, I'm starting to wonder if I should have shifted all of my funds toward buying a more expensive home in a more prominent area with long-term appeal...could have did it if I gave up the car and other things that I wanted. Money would have been tighter and a nice house would have been all I truly had in life, but I definitely could have handled it.
I wouldn't commit all my liquid assets into a house -- you need a buffer in case of any unexpected expenses, and don't want to be scrounging each month just to make your payments.
And you aren't locked into this house forever, you can always sell and move up to the more expensive home in a more prominent area with long-term appeal.
Never look back. Make your home the stand out you thought it could be the day that you saw it for the first time. Every home has potential and you must have saw something in this house that you loved? I don't know of anyway to change the past other than selling what you have and hoping you can get the dream home.
Another way to look at it is when you found your home, were any other options available at the time? For example we purchased a home that we loved just over 3 years ago. It was the best thing we could have done at the time. Since then another, much nicer home came our way, but we were not able to make that deal. We had allready made our choice. We needed to buy a home back in 2010. We were able to do that. As good as this new deal would have been, it was not available in our original time frame.
What we have done is looked at homes and used ideas from these homes to make our home a much nicer home.
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I found a tiny little house (680sqft) on 15 acres in a rural area for 50k. It needed some work however it's location and lack of neighbors appealed to me. I always figured if I wanted a "nicer" place I could build on the property. The thing that sold me on the house is I could pay cash for it and not worry about keeping up with payments.
