Regret not taking advantage of low interest rate

Apple
Musk4CEO

Go to company page Apple

Musk4CEO
2d 26 Comments

I was listening to blind and being conservative on what I could buy with my TC comfortably instead of stretching

Now I’m stuck with a house that’s good size now but feel small when kids are older. Yard is sufficient but could be bigger.

Now price is up, interest rate is up. I would never be able to save up for a second home that I could’ve stretched to buy instead.

Lesson: Always stretch and buy at the max the bank allows you! Nothing is ever too big

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TOP 26 Comments
  • Peloton
    whs714

    Go to company page Peloton

    whs714
    Dumb
    Nothing will ever be big enough. You decided to play it safe. Thats not unwise
    2d 3
    • Meta
      bpmfdt

      Go to company page Meta

      bpmfdt
      Don't forget leverage is also what makes people broke!
      Having said that, you could consider an expansion in the future, vertically or horizontally. May be better than trading up or may not be. But you still have options!
      2d
    • Apple
      Musk4CEO

      Go to company page Apple

      Musk4CEO
      OP
      Bay Area rule for adding second floor is insane. Seismic reinforcement for entire house. Cost 100k easily just for that before you add a single sqft
      2d
  • Google
    jtu98c

    Go to company page Google

    jtu98c
    Don't you think you drew your lesson too early.

    What if there is a recession? Or what if you lose your job?
    2d 4
    • Google
      jtu98c

      Go to company page Google

      jtu98c
      Unfortunately, not-scared money don't make money either.
      2d
    • AT&T
      helloatt

      Go to company page AT&T

      helloatt
      It is always good to stretch little bit in normal market. This is not normal market. Its stupidity to overpay houses..

      Yes Scared Money do not make money in normal times but Stupid money also do not make money when shit hits the fan..
      Yesterday
  • PayPal
    aaaaabbbbb

    Go to company page PayPal

    aaaaabbbbb
    LOL “nothing is ever too big”

    In a massive up market, yeah sure. In a flat market, you’d be house poor with massive buyer’s remorse.

    Banks will lend people a crap-ton of money. They know you’ll move heaven and earth to pay the mortgage. It doesn’t mean you should abdicate your responsibility to think for your financial self.
    2d 0
  • Save the money that you didn’t use to buy a bigger house.
    Do some investment wisely.
    2d 0
  • Apple
    BJvG20

    Go to company page Apple

    BJvG20
    I stretched (5x inflated TC) and got one where I have to rent portions of it out so I can live for free or die hard. Up $1m now, hopefully a few more in a few years. Back up plan is to 1031 exchange into cash flowing apartments and retire off of that
    2d 5
    • New
      LVOf37

      New

      LVOf37
      You’re a single person? How do you rent it? Our house is 4500 sq ft and feels like it would be squished with renters
      2d
    • Apple
      BJvG20

      Go to company page Apple

      BJvG20
      Single
      Yesterday