Buyer's Regret

Hi, fellow doctor here. Good to meet you.

Buyer's remorse is a real phenomenon especially for first time homeowners - looks like you actually made a good purchase that you can financially afford with margin - well done! It means you are already ahead, and have plenty of options.

Congrats!

 

Buyer's remorse is normal!

First property, remorse because it needed much time, travel and elbow grease when there were fellowship exams coming up.

Second property, remorse because there were many annoying little things that needed fixing and it could not be rented for many weeks while dad reinforced my doubt about the amount of debt (in a well meaning, do you need help sort of way).

As property values grew and income climbed, this debt started looking small, rents were paying most of the costs and savings were growing and so it was a no brainer to go for number 3.

Third property, remorse because, oh my god, that's an even bigger tonne of debt. It's a beautiful home to live in with no work needed and decently priced in current times. Remorse is slowly fading now.

 

, Pretty much sums it up right there! Especially the bit about supporting Australia in cricket

 

Thanks everyone, really helpful comments. I guess I am just scared of telling my mum (my parents are NOT property investors and will very much interpret this as me staying in Australia for good...)

 

You bought, from the sounds of it, a large free standing house in a capital city and did it well within your means.

Ask most people who have done that in the past and they'll generally say the only regret is that they didn't/couldn't buy more.

 

Of all the houses I've bought over the years, I regret not 1 purchase.

Sales of property on the other hand is a different story.

 

Mammaphobia.

Take 5 mg valium, take long nap, if required raunchy weekend away with significant otjer

 

haha love it

 

What suburb was it and house or unit and price range?

 

bonbeach, 1.26

 

For my first home, I signed 5 different contracts (5 different houses) and got out all five contracts with the cool off term before I actually felt confident to buy my first house.

It is psychology for FHB.

 

Hi there Wise man. Just bought my first PPOR pending settlement. It was a well established property, nothing fancy. Wondering if you can spare some time to give some opinions too. And yes, I can take “ugh, that is crap!”

Thanks a bunch.

 

Thanks. Can you pm so I can reply, I couldn’t as a newbie.

 

Invest your time in finding a good Property Manager who is responsive and has a reputation of looking after their clients assets. It would be a smooth ride if you get the PM selection correct.

I would not worry about tax implications, as you pay tax because you are earning an income (which is good, right?). Engage an investment savvy accountant who can find ways to optimise tax returns for your situation.

 

10th property, remorse for not buying more when they were so cheap then! I am now paying 4 times more for the same property 20 years older and with a much longer mortgage! What was I worrying about *****!

 

Buyers remorse is a normal feeling, especially when you have a new little baby, you’re very emotional about everything

I’ve never been concerned about buying property, I’ve bought more than 20. You never lose.

When I moved back to Australia I bought an apartment to live in, just because I could. I sold it after two years (to buy my first family house)
for basically the same price —which simply meant that I had lived for free in my own place not pay rent… That’s great..

even if you don’t own this place for very long, or you hold onto it for five or 10 years which is most likely, it’s a win-win.

You’re not actually spending that amount of money on a house, you’re putting your money in a gold investment. that’s happens to also be tax free when you sell!!

So you can’t actually compare prices with another location in the UK unless the performance is similar - it’s like comparing two different companys stocks.