We moved to a southern state unaware that it had a "buyer beware" clause attached to all homes. Our real estate agent did not "educate" us that where there's wood rot, there's a high probability of termites. And his buddy, the hired house inspector, didn't go under the house so he didn't look for any termite damage. And the seller of the house, by law, didn't have to admit to there being termites at one time or whether or not they made any repairs. Just as long as there was not an active termite colony upon the purchase of the home, all was fair and legal. So our "ignorance" of termites and the state laws cost us over $60,000 dollars in repairs. The lessons we learned: hire your own professional house inspector and termite company to evaluate the property. If a house smells damp and musty upon entering, it probably has water damage and insect activity.
At the peak of the heady days before the housing bubble burst and financial crisis set in, buying a home was truly the thing to do. Banks were happy to lend the money, and voices from every sector proclaimed the virtues of owning one's own home. What many average Joe's such as myself never considered, though, was how a large monthly house payment could become a severe financial burden, not to mention limit your career options by tying you to a single place, unless of course you could manage to sell your house (though that's not as easy to do now as it was then).
When I purchased a house, I put a lot of time and effort into locating a home I liked, finding an acceptable loan rate, and determining if the house was something I could afford. Because I took the time prior to a major purchase to research, I never regretted the home I purchased.
I have not bought my own house yet. but I hope to within the next few years. It is something that I really don't want to regret in the long run so I am not going to push myself. I am going to take as much time as I need to find myself the perfect house that I will forever be happy in.
Even though I haven't bought a house yet, It doesn't mean I don't Know what I would do if I had bought one. Even though I currently live in an apartment and hate it, truly hate it! I know that buying a house is a huge responsibility and can be very costly and full of maintenance! I would probably live in an apartment but buy a cottage somewhere.