You should always try and learn from other people’s mistakes. Take their failures and turn them into your success. Our biggest money regret was buying a home in a town we were moving to. This is a common thing that people do, but there are definitely some things we learned about the process that we wouldn’t do again and we would tell others to follow our lead. Here are some things we did wrong.
1. Know the town you are moving to. We listened to the realtors, but I’ll be honest, realtors are a lot like salesmen, they only get paid if something sells. A lot of them will tell you what they want you to hear for you to buy. We moved into our dream home and we HATED the neighborhood and the town.
2. Home value issues! We bought our house when we thought the market was at its lowest. After hating the city more than anything, we decided to rent it and move back to where we were. Then after one year we decided to sell it. We put it on the market, got an offer, but when the appraisal was done it came in $20,000 less than our asking price and way less than what we owe.
3. We should have walked away. Things never went really well for us buying this house. Everything went wrong from the beginning to the end. We should have seen that as a sign to walk away. It as a terrible investment and my family is still suffering as our old house sits empty with us footing the bill.
Have you ever made a big money mistake? Tell us about it!
Spread The Word!
No comments yet.
Sorry, the comment form is closed at this time.