Here’s the thing, though. Feeling buyer’s remorse over what will likely be the biggest purchase you’ve ever made is not new. In fact, I heard from several folks who bought pre-pandemic who were shocked by just how many things went wrong that they had to fix (inspections really don’t pick up on everything) or frustrated by other compromises they’d made.
The
Zillow study points out that 81% of people had to make at least one compromise in order to afford their home. This makes a ton of sense! We live in a world where, unless you have unlimited money, it’s entirely possible that you won’t get what you want. Speaking of wants, next week I want to talk about the American Dream and what we’re socialized to want from our homes. My entirely un-scientific read on all of this is that the pandemic exacerbated things that were already happening. We are in a housing crisis with low stock and high costs.
As a pandemic homebuyer, I wouldn’t say that I regret our purchase, but there are definitely some things I feel remorse over. We bought our 2 bedroom, 2 bathroom condo for $30K under the asking price. This was mostly because we bought in a newly renovated building where all of the units were for sale, I think. Condos have remained less competitive than single-family homes.
We compromised on a few things:
- This is further north than Geoff wanted to live (but we have both come to love the neighborhood)
- We wanted private outdoor space (even if it was just a balcony), but we ended up with a large, shared outdoor space where dogs aren’t allowed to use the bathroom (enforcement doesn’t really exist, but still it’s annoying)
- I wanted an old home that I could fix up to my liking but instead, we bought in a building that had been gut renovated
Some things we’ve learned:
- HOAs are a huge gamble, and you’re essentially tying your finances to a bunch of strangers who may not share your values and priorities
- New condos in DC come with a warranty, but that also means you’ll likely have to go through a lengthy process between the developer and the city government
- Adding a second dog, even though they’re both under 20 lbs, has made our space feel impossibly small
I wish that we had spent more time looking, but I have enjoyed making this place our own. There are certainly creative challenges (like our
ugly guest bathroom and dealing with an open-concept layout) and they’ve certainly kept me entertained.
Did you buy recently? Did you decide to pause your search? I’d love to hear about it if you’re willing to share with me.
Until next week,
Dominique 🧡
