An Aussie couple has had their biggest regrets after buying their first home.
The couple wanted to 'be real' about the less glamorous side of investing in a property in the suburbs – including a three-hour drive into the city.
The new homeowners shared their experiences with Two Broke Girls podcast hosts, who asked listeners about their worst investments of 2023.
'Buying a house was a bad investment. My partner and I couldn't afford a house close to the city, so we bought far away in the suburbs,” the woman explained.
'I just had to start a second job because of the rising interest rates and the need to pay the mortgage costs.
'Home maintenance is expensive… No more calling your landlord; that's your problem now.'
The woman said that in addition to having to get a second job, they also had to commute up to three hours a day from their new home, leaving one of the podcast hosts shocked.
The woman said that in addition to a second job, they now had to commute three hours a day from their new home.
“Getting into the city is expensive,” she said.
“The commute takes about two to three hours a day… Traveling doesn't seem like a viable option. Uber Eats options are terrible.
“I know renting isn't all roses and moonshine, but I just wanted to be realistic.”
Aussies, some of whom also admitted remorse, shared their thoughts in the comments.
One woman said buying a house was 'the worst thing' for her mental health and she missed being reckless and carefree with more disposable income.
“I know it's like boo hoo, you have a house, the problems of privileged people, but honestly I wish I waited until I was older to buy when I was responsible in my early twenties and most of it putting all the money I worked so hard for into the house has been depressing,” she said.
'Before I bought anything, I had money for everything, constant travel, lots of shopping, a brand new car, etc. – I was not under any financial pressure in any way.
“Since I made the purchase, a lot of my money has gone towards the house; I did some renovations that cost over $60,000.”
The couple wanted to 'be real' about the less glamorous side of investing in a property in the suburbs – which includes a three-hour drive into the city (stock image)
The new homeowners shared their experiences with the hosts of the podcast Two Broke Girls (pictured), who asked listeners about their worst investments of 2023
However, others pointed out the benefits of owning a home.
“At least they're not paying someone else's mortgage and losing money there,” another noted.
“Get a job closer to home, don't take Uber Eats.. Orrrrr.. rent out your house and move to the city and share a one bedroom apartment?”
'The good advice we received was to take interest rate increases into account when deciding what you can afford. We only bought what we could afford at 8% interest,” wrote a third.
'I'm saddened to see how many people didn't realize that rates wouldn't stay below 2-3%, but I guess who would remind them? The banks? Their parents?'
A fourth said: 'It was a bad investment for them in this situation. Buying a house will generally rarely be a bad investment. It gets you into the real estate game, which can then work to your advantage depending on your goals. Unfortunately, this situation is bad, as it is for most people in the current social and financial climate.”