Homebuying Regret: A Tale of Two Millennials
A Dream Come True
Robert Giametta, 33, and Christopher Luquer, 31, were living in a two-bedroom apartment in Kingston, New York, and paying $850 a month in rent when the Covid-19 pandemic struck. With interest rates low, they decided to take the plunge and buy a house.
Finding the Perfect Home
The couple started their search in the summer of 2020, knowing they wanted to stay within 40 minutes of Kingston, where Luquer worked as a revenue cycle specialist. Giametta, a process improvement analyst, worked remotely. They wanted a three-bedroom house with a mortgage that wouldn’t be "sky high" and a place to renovate.
The House of Their Dreams
After touring four houses, they put an offer in on the first one they saw and were outbid. Eventually, they decided on a three-bedroom, one-and-a-half bathroom one-level house in Cairo, New York, for $195,500. The house, built in 1970, was in good condition and had a two-car garage, a back deck, and 0.69 acres of land.
Renovations and Settling In
The couple closed on the house in January 2021 with a down payment of about $6,000 and secured a monthly mortgage of $1,300 with a total FHA loan of $192,000. They spent the first year renovating, buying a chicken coop, and even painting the living room. Giametta estimates the renovations cost between $20,000 to $30,000.
Regrets and Hard Lessons Learned
However, by the summer of 2022, the couple started to regret their purchase. The house’s rural location began to weigh on them, and Luquer’s work situation changed, making him fully remote. Their friends stopped making an effort to visit, and the couple felt isolated. Giametta shared their story on TikTok, and the video racked up over 55,000 views.
Lessons Learned
Giametta and Luquer have decided they’re not going to stay in the house and are weighing their options. They’re considering listing the house on Airbnb or renting it out, but learned from neighbors that the property has a history of being used that way and had been left in bad condition. The ultimate goal is to finish renovations and try to sell the house in two years.
Conclusion
Giametta’s takeaways from their experience are simple: "You really don’t know until you’re there. You can perceive what it’s going to be like as much as you want, but you’re not going to know until you actually do it and see how it feels." Despite their regrets, the couple has one positive takeaway: "This is our first house, and we learned a lot that we can use later on."
FAQs
Q: What motivated you to buy a house?
A: We thought interest rates would rise, and we wanted to take advantage of the low rates.
Q: What was the biggest factor in your decision?
A: The low cost of living outside of a major city.
Q: What do you regret most about the purchase?
A: Not considering the location more before buying the house.
Q: What do you think is the biggest mistake you made?
A: Not considering the location more before buying the house.
Q: What do you hope to achieve in the next two years?
A: We hope to finish renovations and try to sell the house.
