We were approved for a $950k mortgage, and last month, we purchased a $678k condo with a 20% down payment. We took various factors into account, including my wife's maternity leave, our children's needs, and future financial responsibilities. Our aim was to avoid becoming "house poor" and ensure we have the financial freedom to travel, spend, and buy the things we desire. We've also excluded any ancestral money from our budgeting as its going to take few years before we actually have it.
Now, about our condo:
Our 2008 condo meets our needs well. It's conveniently located near transit, in a picturesque waterfront area, and the building, while not brand new, is in decent condition. The neighborhood is vibrant with numerous cafes, dining options, and parks, although it can get a bit noisy due to its proximity to transit and downtown. Some quirks include limited visitor parking and a gym reservation system. The view from our condo is okay and not very attractive.
However, we find ourselves in a dilemma and experiencing remorse. A friend of ours recently purchased a condo in a brand-new building with a modern kitchen, top-of-the-line appliances, and impressive amenities. Transit wasn't a priority for them, so they were able to opt for a newer building. Despite not earning as much as we do, they appear to have stretched their budget.
Both my wife and I are now questioning whether we made the right choice by not going for a newer building, even though we could have afforded it and enjoyed the latest amenities. My wife is particularly drawn to their place, and I, too, desire a better view from a higher floor.
Did we play it too safe by staying well under our budget? Or were we overly cautious without sufficient reason? Should we have accounted for the ancestors money? Our long-term plan is to upgrade to a more luxurious place and have all the amenities we desire, possibly within the next six years. Will we ever be able to afford such a place? Was it a wise decision to choose a lower mortgage for our first home?
We understand that comparing ourselves to others can steal our joy, but these doubts are keeping us up at night, and we could truly benefit from an external perspective on whether we made the right decision.
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source https://www.reddit.com/r/RealEstate/comments/16lobmr/help_us_get_through_the_remorse/
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