First Home: small amount of buyers remorse/feeling nervous (flooring, resale value, plumbing)
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I'm happy that I had the chance to buy a house at all...I do like mine, it's just that I unfortunately bumped into something that's basically been 100% gutted from the bones up and remodeled with new everything and in a great location. It would have been affordable at the upper end of my price range...
The day I signed the contract on my current home, a much nicer house across the street went up for sale. It was $20,000 more, and I could have afforded it had I stretched. But then I wouldn't have had money to fly off to visit friends and family, pay cash for my car, etc. I know I'm much better off where I am.
It sounds like you made a solid financial decision. You were wise to stay within your budget and you had the foresight to chose something that can produce solid rental income in the future. If you had bought the expensive house, you would have been regretting that you couldn't have a new car. Some people are never pleased with what they have. The keeping-up-with-the-Jones personalities. I hope you don't end up being one of them. You're in a good place for a single guy in his 20s. You should be proud of yourself. Enjoy and be happy.
If the home has all the room you need, you like it, you have money left in savings I don't see why you would be nervous.
Honestly if it were me I would not have made the new vehicle purchase right away but I have no debt so I would not buy a home or a vehicle unless I could pay cash for it in full without any financing.
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.
Quote:
Originally Posted by Wmsn4Life
In my experience, this happens throughout life.
There will always be something that seems prettier, shinier, better than what you have, whether it's a car, a home or a lover. It can sneak up on you, and it can make you crazy. You need to think about what drew you to that house in the first place, and focus on that.
There's a reason that, "The grass is always greener on the other side of the fence ..." is a cliche.
So true.
OP, my husband and I bought a small one bedroom apartment, even though our original intent was to buy something with at least two bedrooms and we were pre-approved for a loan that was more than 150K greater than what our loan actually amounted to at the end of it all. I don't know how many times I've thought about it, wondering if this was a mistake, wondering if we should have kept saving, etc.
But you know what? What's done is done now. We have the potential to make money on the sale once we fix it up and our mortgage + maintenance costs are less than our rent was. And guess what happened a month and a half after we moved into this place? I found out I was getting laid-off. What a relief it was to not have a mortgage payment that would have been way more money at this time in my life.
Trust this: you do not want to be house poor. Something will come up, and you won't have the money for it. Financially, you did the right thing. You have the rest of your life to get where you want to be.
I'm with all the other posters. I too have felt the pangs of buyer's remorse with a house. But you have the rest of your life to find the house of your dreams or a house better suited to your desires. Right now, you are gaining experience as a home owner, and equity. And you can afford the house payments.
Make your house as comfortable for you as possible, and enjoy being master of your own place. In due time you can move up.
OP, you sound a lot like me, so I'm actually relieved to know that I am not the only one feeling like this. I also bought a 2 bedroom, 1.5 bath at the lower end of my price range and also wonder if I shouldn't have spent more near the top to get something that had been completely redone - I live very close to DC, where a lot of the housing stock is old, and when a house gets a complete makeover, the price shoots up astronomically. I definitely will need to put some work into the house. I just try to keep several things in mind: (1) this is my first home, so it's a good way to learn what I do and don't like about a home; (2) my house is walkable to Metro and has a parking spot (this can be rare where I live), so the value should hold; and (3) even when a house has been redone, you won't necessarily like the style - but who wants to redo perfectly good fixtures, etc. when they're new and/or perfectly functional?
I'm also spending some time planning decor (it sounds trite, but it really is amazing how you can transform the look of a house) and planning certain repairs - knowing that I am saving money and planning for certain things to be done keeps me looking ahead.
I think both of us would be feeling worse if we were house poor. I can learn to live with the downsides of my house. It's a lot harder living with a constant lack of funds and the fear that I'm one step away from financial disaster if something goes really wrong.
Thanks a million to everybody here...i'm feeling a whole lot better after finishing up one part of my landscaping efforts. Everything that's been said is true...I'm going to be a lot happier with the financial freedom that I still have. Like the other poster above, I set aside enough to grab next year's 50th Anniversary Mustang in cash...it's foolish yet it's not. I'll be insanely happy to have such a thing and be elated that I didn't go house poor and miss out on something that means a lot to me. Cars are terrible equity, but a 50th anniversary edition of an icon is timeless and doesn't need value to make me happy.
I'm going to toss around some rep points later on...this thread and some minor triumphs with the landscaping monster over the past few days have been exactly what I needed. My neighborhood is also kind of quirky at night in a good way...I think I'm much better suited to where I'm at with its mix of students and residents vs being locked into a family area. It's nicely free flowing where I'm at.
Thanks again...I might post some pictures down the line towards September when I'm done with my work.
I did the same thing when I was a little older than you are now and that turned out to be the best decision I ever made. I was able to pay it off quick in 5 years because of a small inheritance and I rented the basement you being younger should be on the same timeline. Later on when I went and bought another house the rent from that first house was so freakin cool month after month. You made a good decision for now and for you furture I can assure you
I would be clearing out the garage and making a spot for the Mustang
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