The Money Pit: The Downfalls of Homeownership


colorado.jpgLately I’ve been so homesick it’s not even funny. I’m frustrated with my job, I’m sick of paying off debt, and I’m just generally over everything. I have had such a bad attitude because of the stupid economy, and I realize I probably haven’t been the most pleasant person to be around lately.  (Sorry Mr. Money!)

This weekend my parents were in town and brought down some (free!) furniture for our guest bedroom.  While they were here, we were discussing the hardwood flooring that has been sitting in that room for about 4 months now.  We’ve got plans to install it ourselves.  Actually, that’s what we’re going to be doing this weekend.  While we were him-hawing around the subject of whether it would be better just to have someone else install it ourselves (heck no, I’m thinking!), I couldn’t help but feel overwhelmed with all the renovations that we’ve done to this house and continue to do.  At one point I was like, “let’s just sell the darn house and move back to Colorado and live with the in laws until we can afford our own place”.

 Wouldn’t that be nice.  If money wasn’t an option, I would totally go for it. Looking back, I sometimes question if buying this house was a good decision.  I know that (almost) everyone says that home ownership is the right thing to do.  I sometimes feel that we are throwing so much money away on interest each month, we’re forever fixing something or dreaming about improving something, and we don’t have the flexibility that we had when we were renting.  Of course I absolutely love our house, but I think sometimes that we made a bad decision buying this house.  It’s a love-hate relationship.

 Have you regretted buying (or not buying) your house?

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6 thoughts on “The Money Pit: The Downfalls of Homeownership

  1. Grant says:

    Sometimes I regret buying… Actually I own two places, one that I rent out because I wasn’t happy with the price I could get for selling it when I wanted to buy another place.

    I look at what my friends are paying for rent and think how nice it would be to have that extra money every month.

    I did get a great deal on both of my places, and I know that in the long run (5-15 years) I will definitely have been better off buying. It’s just tough right now when all you are paying is interest every month.


  2. Sue says:

    Hang on to your biggest asset – your house. Now that I’m in my 50’s it’s wonderful to finally own a house (with my wonderful husband).

    Before I met him, 9 years ago, I almost owned my own humble little house in a country town. It needed work that I couldn’t afford to get done, but it gave me the security of knowing I had an asset, even if it wasn’t too flash.

    Eventually I rented it out and later sold it, which enabled us to buy a better place together.

    Why pay off someone else’s mortgage by paying them rent, when you could pay off your own. One day you’ll own it, which will make for a secure retirement.

    All things come to those who wait!


  3. Mrs Money says:

    Sue- I sometimes want instant gratification and I need to learn to be patient. I can’t wait until we have no more mortgage! 🙂


  4. Sue says:

    Yes, I do agree! I say keep your house and find instant gratification in other areas.
    Your cheap renovations are a good way to get some inst.grat.


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