If you bought a house in 2020 or 2021, you’ve probably heard people say you were lucky. Home prices were lower in many areas than they are today, and mortgage rates were at levels that buyers now wish they could get.
But getting a great deal on a house doesn’t automatically mean you’ll enjoy owning it.
A low mortgage payment certainly helps, but it doesn’t cover everything that comes with owning a place. Repairs, yard work, property taxes, insurance increases, appliances that eventually break, and plenty of other expenses can eat into your budget.
For some homeowners, the regret isn’t necessarily about buying the house itself. It’s about realizing that owning a home takes more money, time, and energy than they expected.
There’s Always Something That Needs to Be Done
One of the biggest surprises for new homeowners is how quickly the to-do list grows. A fence needs repairing, an appliance stops working, the gutters need cleaning, or the lawn needs attention, and another job always appears after you finish the last one.
Doing the work yourself doesn’t mean it’s free, either. Lumber, tools, paint, replacement parts, equipment, and trips to the hardware store can add up, turning even basic DIY projects into regular household expenses.
Related: Before You Buy Junk Journaling Supplies, Look Around Your House
Your Mortgage Payment Is Only Part of What the House Costs
It’s easy to compare a $2,000 rent payment with a $2,000 mortgage and assume the two options cost about the same. But homeowners have plenty of expenses that don’t show up in that monthly mortgage figure.
Property taxes, homeowners insurance, landscaping, appliances, HVAC systems, plumbing, roofing, fences, and routine maintenance all need to be paid for. Some years may be relatively quiet, while others can bring several expensive repairs close together.
Related: The real cost of owning a home goes far beyond the mortgage
The Yard Can Become Its Own Expense
A backyard sounds wonderful when you’re thinking about family cookouts, gardening, or giving the kids and dog somewhere to play. The less appealing part is keeping it in decent shape year-round.
Mowing, pulling weeds, raking leaves, trimming trees, cleaning up after storms, and maintaining fences can take up a good portion of your weekends. Hiring someone to handle the work costs money, while doing it yourself means giving up free time.
The Time Can Bother You as Much as the Money
Home repairs involve more than paying the bill. You may have to research the problem, find a contractor, compare estimates, schedule appointments, shop for supplies, and wait around for someone to show up.
Before long, weekends can turn into a string of cleaning jobs, repair appointments, and unfinished projects. Even homeowners who can afford the work may start wishing they had more time to relax instead of spending their days off looking after the house.
Building Equity Doesn’t Make the Expenses Disappear
Building equity is one of the main reasons people choose to buy instead of rent, and it can be a valuable financial benefit. But equity in a property doesn’t mean you have cash on hand when the water heater breaks or the roof needs replacing.
Your home may increase in value while you continue spending money on repairs, upkeep, and other ownership costs. Selling also comes with expenses, so subtracting the original purchase price from the sale price won’t show how much you actually gained.
Renting Can Start Looking Surprisingly Appealing
After spending a Saturday fixing a plumbing problem, having someone else handle maintenance can sound pretty appealing. The same goes for not worrying about lawn care, exterior repairs, or finding thousands of dollars for an unexpected household problem.
Renting has its own drawbacks, of course. Rent can go up, landlords may be difficult to deal with, and renters have less control over their living spaces, but those trade-offs may be worth it for someone who wants fewer household responsibilities.
A Condo or Townhouse Can Be a Middle Ground
Buying a home doesn’t have to mean maintaining a large single-family property. A condo or townhouse may offer the benefits of ownership while leaving some exterior maintenance to a homeowners association, depending on the property and its rules.
HOA fees and restrictions need to be part of the decision, but this type of property may suit someone who wants to own their home without spending every weekend mowing the lawn or handling exterior repairs.
Related: HOA Practices That Cause Homeowners the Most Frustration
Plenty of People Would Still Choose the House
Despite all the work that comes with owning a home, some benefits are hard to give up. Homeowners may enjoy more privacy, fewer shared walls, their own driveway and yard, and the freedom to paint, renovate, garden, keep pets, or make changes without asking a landlord.
For some people, those benefits are worth every repair bill and weekend project. If they enjoy working on their homes and having a place that’s truly their own, the responsibilities may feel like a fair trade.
A Low Mortgage Rate Doesn’t Guarantee You’ll Love Homeownership
A low mortgage rate can save a homeowner a lot of money over the years, but it doesn’t tell you whether you’ll enjoy the responsibilities that come with owning a property.
That’s something worth thinking about before buying, especially since so much attention goes toward whether someone can afford the monthly mortgage. It’s just as important to ask whether they can handle the ongoing costs, maintenance, and time commitment, and whether homeownership is the kind of life they actually want.
