Yes, basic stuff for you pros out there…
Biggest regret
Too picky, miss the buying opportunity
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Good one! I may have lost out on places (knowing all too well my bid was not strong enough) but fortunately the places that did come up for me as true opportunities I did not hesitate to buy.
first one i can think of is my sister,
back in around 2010, i told her to get a house, she’s a renter
well she spend like a full 9 months + , finally made an offer i remember is around 420k house, in southern california forgot which city but closer to main areas, more convinient. a very beautiful single family home. well she won…and got accepted. But during inspection, inspector say there’s some minor roofing problem and electrical problem(backyard patio where the outdoor grill is connected), then she back out…
took another couple months and found a townhouse like condo for 435k new build in brea.
well fast forward to now. she regretted not getting that old, now worth around 120-150k more
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I can totally relate to your story. A family member ended up buying a condo instead of a SFH many moons ago and honestly would have been way, way better off in many ways not only financially had this person listened to us. I’m sorry, but around these parts, SFHs clearly went up way more than condos did (even if our Fearless Leader throws some stats that say otherwise). Maybe that is why I hate condos so much since it kinda hit home too closely…
Not only that, in 2011-2, i ask my collegue to buy a sfh together with me
in daly city 4bd/2bd around 380k, but need all cash, i think around 25k to make it decent rentable.
I don’t have all that cash was trying to split with him. but dude’s wife decided they want a nice wedding, spent all the money on luxury wedding with rolls royce instead of investing with me.
Now every now and then, he brought this up and regret for all his life. i think now worth probably around 750-830k
Whats his regret the wife or the lost investment opportunity?..lol
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During 2011, when I bought my primary, I showed to my colleague $675k 2005 built 3600 sqft 4 car carriage 5BD 4BH 1/2 acre home in Livermore as REO. He was looking homes in Dublin, Livermore area and this one was well suited. He simply said, let it go down we can buy later…finally ended up 4BD 2BH 2050 sqft 2 car home for 975k in 2015 !
Similarly, another friend I showed him 450k 2BD 2.5BH Cupertino condo, but left it, now renting with $2600/month 2BD room apartment.
There are plenty of such incidents, it is ignorance and delay even though they were eligible to buy primary.
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Buying with partners is always a crap shoot…It could have been worse…You could have bought the wrong house and had disagreements about it for years…I have one of those…You learned immediately this person was the wrong partner, quickly move on…
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I acknowledge all the comments above, however it’s hard to predict the future isn’t it?
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i know what you mean, but during that time, bank won’t lend any money when they see house not in great condition, forces all cahs purchase. And supposing this should be a 3-4 year flip. buying with another partner was my best option in that time. Bank just too tight back then.
True, It is hard to predict the future, but buying primary is not based on home value growth. It has lot of other things associated with it. Few things to consider, whether they are eligible, whether they can sustain economical pressure to keep holding the home. With inflation going up steadily over decades, home will easily save the owner.
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Absolutely!!! It is easy to Monday morning quarterback anything but you have to admit, unless someone was sleeping under a rock for the oh what, last 10 years or so, you probably got impacted negatively financially if you were twiddling your thumbs waiting for the world to reset for you to jump in. Perhaps no one expected the foreign money to be as robust as it has been. Oh well. One thing that should have been clear to everyone is that this whole area is a great place to live so if you want in you mind as well buy sooner than later. Why pay more rent than you need to? Interest rates were at the absolutely lowest point (need I show you my 2.5% interest rate loan again?). Chances were (and are) that other peoples from around the world will want to get here too.
Thats why I hate bankers…They caused the Great Recession. .got off scot free…and then dragged along the misery for years…I still cant get a loan, even though my credit score is over 800…Don’t fit in the tight little box the banks and Feds created. .The only good thing is I am too old for loans and am now bullet proof…Had to leave my hometown behind…But living in paradise, I don’t miss it…Will be skiing till the 4th of July
Years after buying, my regret is choosing house over location. Bought a nicer, newer, bigger house in south SJ; versus older, smaller place in Cupertino. Today, there is $700k difference in appreciation.
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From a coworker, buying a flip where they didn’t disclose that they cut all the way through the beams supporting the flooring to upgrade the plumbing. It was caught by the inspector as he’s in escrow to sell. He’s already relocated and doesn’t want to keep maintaining 2 payments, so they’re take a huge discount to close the current escrow.
Hmm, I can see the tough call you had to make at the time though. Perhaps the S.S.J home was cheaper and you really needed the space of the larger home? It is true that the older homes, especially in established locals, tend to have good bones and hence tend to hold their values really well.
My regret was that even after being late of my first purchase, I did not listen to my realtor’s statement on value of the lot size. Just for 100k (higher) difference, we did not bid 0.25 acre Cupertino property. After many years, we realize the value of bigger lot ! Had we bought that 0.25 acre property, we would not have moved out so many times !
The other side of the coin is that we would have missed buying 2008-2011 period ! This way, I am compensated very much and financially free.
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yeah , chinese loves big lot, i think eventually americans will realize the land is value
mine in san bruno is around 30k lot size, although on top of the hill slope useless, but it’s still mine.
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The ranch owner lost his horse 
You don’t know whether it is a good or bad thing.
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