Did/do you regret buying a home vs. renting? Why?

posted 8 months ago in Home
Post # 31
Member
550 posts
Busy bee
  • Wedding: October 2015 - Fairmont Banff Springs Hotel

Ugh yes I do regret buying. We bought a starter home with the understanding that in 3-5 years we’d sell and move into the house I really wanted (but couldn’t afford at the time). Well now it’s 3 years later, our house has dropped $50k in value and if we sold now we would OWE the bank money. We definitely would have been better off renting in our case. 

Also, I did not realize that it would cost about $15K to sell and buy the new house with agent fees, the lawyer, etc. Oops!

Post # 32
Member
2527 posts
Sugar bee
  • Wedding: September 2018

I don’t regret it at all. But I will say you need to properly prepare and make sure you have a decent savings before buying. We had a home inspection done and still things that have popped up that weren’t caught on the inspection, plus things breaking over the last year. We’ve been able to cover everything without going into debt, but wouldn’t have been able too if we didn’t have a significant savings.

Our mortgage is about the same as what we’d be paying in rent, but we’re building equity instead of just throwing that money away. I love the privacy our house offers us that our apartment never did, the amount of freedom we have now that we own, and the fact that we have a fenced yard for our dog is close to priceless! 

Post # 33
Member
322 posts
Helper bee

I regret it, the prices of houses in our city dropped like 50k so we’re stuck here for a while now.

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