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Do you regret buying a big dumb house?

Home Mortgages and Home Buying Do you regret buying a big dumb house?

  • Avatar adventure 
    Participant
    Status: Spouse
    Posts: 1183
    Joined: 10/24/2016
    “The things you own end up owning you”

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    We take a box of stuff to goodwill every month. We are at war. No clear winner yet.

    #208917 Reply
    Avatar Docbeans 
    Participant
    Status: Physician
    Posts: 172
    Joined: 01/11/2016

     

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    One of my greatest entertainments is sitting outside on the back porch with a cup of coffee and watching the aerial combat between hummingbirds. They might or might not feed but want to make sure no one else feeds. It is amazing to see 2 birds rise up parallel to each other inches apart for 20-30 feet and then one dive bombs and then the other follows at breakneck speed. Sometimes there are five or more in combat at close quarters that it is a miracle they don’t bump into each other. Their sideways, backward, up and down movements and hovering are something a fighter chopper pilot will be envious of.

    All it requires are a couple of $5 feeders and 1:4 sugar water that we prepare at home and store in 2L empty coke bottles in the fridge. And replenish the supply every 2-3 days. Pity they will be flying to South America next month.

     

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    I’m envious! I had no idea hummingbirds migrate up around here… saw them in Central America and fell in love. We have Sandhill cranes though, pure elegance. Childless couple arrives in fall and a bundle of joy joins them by spring.

    #208974 Reply
    Liked by Kamban
    Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2487
    Joined: 08/01/2016

    They come up quite high into various states of USA.

    I am awaiting this years return. Photographing them while they sit on the feeder is easy. Photographing them in flight approaching the feeder is difficult. Photographing one bird chasing another one while both go into a dive bombing sequence is next to impossible.

     

     

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    IntensiveCareBear IntensiveCareBear 
    Spectator
    Status: Physician
    Posts: 235
    Joined: 12/22/2018
    Earnest refinancing bonus

    “A man builds a fine house; and now he has a master, and a task for life: he is to furnish, watch, show it, and keep it in repair, the rest of his days.”

    It all depends on what you want and what you feel will make you happy. That’s different for everyone.

    If you always wanted to play house or host things or build things (very frequently), a house will usually help to meet your goals. It gives you plenty of tasks. I don’t know a lot of men who honestly dream of this stuff, but some do. Many more do it in hopes of keeping a woman around… to each their own.

    If you want freedom and hobbies and experiences, a big expensive house is one of the worst purchases ever. It solves none of your goals to overspend on shelter, and it creates a recurring liability for your time and money every month. There are always rentals with basement for woodworking, community gardens and parks for rec, and banquet rooms for rent if you want to throw a party. And if you can’t save as a renter, buying won’t fix that either… it simply opens up doors to many, many more optional and required expenses related to the property.

    …The funny thing to me is that people’s needs change, yet nobody foresees that (in fact, many buy based on predicted changes that haven’t even materialized yet). Home buyers move every 7 years on average… yet do 20+ year avg mortgages. People change jobs (or even career) even more frequently. Based on stats, it would seem smarter to buy only what you can pay off in 5 years – 7 at most – than to think “as long as I live there a few years, I’ll make money or at least break even” as you sign a multi-decade mortgage.  It is a head-scratcher.

    …I do miss the townhouse lifestyle and not spending so much of our day cleaning. I dream about downsizing after the kids are older..

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    How do you even spend any appreciable amount of time cleaning? Personally I do weekly laundry… and some 1min stuff like making the bed, loading dishes, and taking out trash. That’s it… seriously.

    A maid service only runs about $100 (with tip) for 3-4hrs monthly and can have the bathrooms, vacuuming, dusting, floors, etc done and sparkling. Unless you have kids or pets making a mess, that monthly once-over is all you need for a 2000sq ft or smaller apt/condo/townhouse. You also save a lot on cleaning products and tools that way. I couldn’t even tell you if my vacuum works since I haven’t used it in years.

    "Hmm, that sounds risky." - motto of the middle class

    #209455 Reply
    Avatar GPGP 
    Participant
    Status: Physician
    Posts: 186
    Joined: 05/02/2017

    We bought more house than we should have – both square footage and related to income. It’s all turning out fine as my income as grown. We love the house and neighbors.

    I certainly wish I had seen the “rent for 6-12 months first” advice. We bought during a 1 week house hunting trip- I’ll never do that again.

    #209480 Reply
    Liked by Eye3md, Zaphod, Tim
    Avatar bobedwards 
    Participant
    Status: Physician
    Posts: 10
    Joined: 02/08/2019

    Interesting thread.

    Back in 2005 (my current wife, then girlfriend)  bought a house after graduating from med school (moderate cost of living). It was 3 bed/ 2 bath and 1200 sq feet. I moved in shortly thereafter and we married. We knew we were going to stay in the area for a while. We had a close friend as a roommate during residency. It worked out well. Fast forward to to 2016, we sold the house as we moved for a new job opportunity (lower cost of living but more pay).  We made good money on the house sale, but nothing earth shattering.  We now live in a middle-of-the-road cost of living area and rent a 2 bedroom apt with low rent. COULD NOT BE HAPPIER. We will likely move back to where we grew up soon and may just continue to rent. We really like the idea of very little net worth tied up into a house. We are so averse to the absurd transaction cost of buying and selling. I think we have always lived in less house than we could afford and the flexibility to grow net worth by saving has been huge. I’m an internist and she is a pediatrician. Not having a doctor house has been the best decision we have made so far. I thought I would share another opinion.

     

    #211028 Reply
    Avatar Jenn 
    Participant
    Status: Physician, Retired
    Posts: 61
    Joined: 01/15/2016

    Interesting thread.

    Back in 2005 (my current wife, then girlfriend)  bought a house after graduating from med school (moderate cost of living). It was 3 bed/ 2 bath and 1200 sq feet. I moved in shortly thereafter and we married. We knew we were going to stay in the area for a while. We had a close friend as a roommate during residency. It worked out well. Fast forward to to 2016, we sold the house as we moved for a new job opportunity (lower cost of living but more pay).  We made good money on the house sale, but nothing earth shattering.  We now live in a middle-of-the-road cost of living area and rent a 2 bedroom apt with low rent. COULD NOT BE HAPPIER. We will likely move back to where we grew up soon and may just continue to rent. We really like the idea of very little net worth tied up into a house. We are so averse to the absurd transaction cost of buying and selling. I think we have always lived in less house than we could afford and the flexibility to grow net worth by saving has been huge. I’m an internist and she is a pediatrician. Not having a doctor house has been the best decision we have made so far. I thought I would share another opinion.

     

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    In our 50s, empty nest and job/ family wise (just not house wise!) able to move from the area, so renting sure sounds good to us. All I ever wanted was acreage, now I’ll be happy with a yard and no longer need ownership for nonrental congruent activities like livestock. Instead we have our huge eclectic house in the exurbs and anyone who might want it and be able to afford it will likely just build their own on 50 acres instead of 6. Even the preteen who insisted we get this one “or I’ll tell Daddy!” and wanted to buy it from us for the next 7 years is away and owns her own home and isn’t coming back. Looking to get back a bit less than we bought it for, and certainly not the 50% more of improvements, and not relishing the year plus of living here while trying to sell. If we go I guess we’ll either use “we buy ugly houses” or a local version (like the guy we bought it from but he’s now retired) who will reno and resell, or pay someone tons a month to keep this white elephant from crushing itself without us here to note and fix every hiccup before there is some damage (swimming pool, the annual 10″ rain storms usually break something and triannual freeze under 20F may not yet have shown us all our vulnerable pipes, tho when we take the dogs with us they can’t cause the damage they do half the time we hire a dog sitter).

    At the time we bought it was our top 2 option given we wanted 4 BR, WITHOUT private baths for each including the 5 yo kid’s, without private entry for the soon to be teen (yikes!), not a trailer, acres of land not of swamp/pond or no acres and no livestock allowed, and not having to build it ourselves since school and army post began 6 weeks after we hit the ground without dad or any furniture. The other option had a house and acreage both shaped like a bowling pin and I wasn’t convinced even with 7 acres that I could keep a cow next to a golf course and wall to wall homes inside city limits.

    #211070 Reply
    Liked by Eye3md

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