Reply to If you are house poor, do you regret it?

Forum Index » Money and Finances

Reply to "If you are house poor, do you regret it?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]We regretted it so much that we are selling. Hoping to go on the market this week. We lived in the house for 6 months. Thankfully, the market is so hot that we've every reason to believe we'll get more than we paid.

In the meantime, we found an apartment in a wealthy community we had not previously considered when we were looking to buy. The commute (huge surprise to us) actually ended up being shorter than it was from our super expensive house that's technically closer-in. Dad is home every night for dinner. Schools are great. The rent is also only about 66% of our old mortgage, which has allowed us to save more in cash than we were getting in earned equity on our $1 million loan. That's great too.

The other thing to consider are repair and updating costs. Maintenance and repair are often more expensive on higher-end homes (bigger yards, more windows, expensive finishes, etc.). We found that these costs were an unexpected budget killer. Now, we bought a 100 year old house, which was part of the problem, but higher repair costs are still something to consider, even with newer homes.

The other thing to consider is square footage. Because we moved into a closer-in neighborhood, we got less space for more money. We went from a 2/2.5 with a small den to a 2/1, no den. We initially thought we could live with this - DH shared a bedroom with 5 brothers! - but it made a huge difference in our QOL on a day-to-day basis. The apartment we've rented is actually bigger!

Our plan is to save and invest aggressively (and carefully) until such time as we're able to purchase a more appropriate home. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics