Millennials Regret Buying Rural Home: A Cautionary Tale of Pandemic Homebuying
Robert Giametta and Christopher Luquer, a millennial couple, thought they were making a smart move when they purchased a home in rural Cairo, New York, in 2021. Driven by low interest rates and the desire for homeownership during the Covid-19 pandemic, they secured a seemingly affordable three-bedroom house. However, their initial excitement quickly soured, turning their dream home into a source of significant regret. Their story serves as a cautionary tale for prospective homebuyers, highlighting the importance of considering all factors before making such a significant commitment.
Key Takeaways: A Millennial Homebuying Regret
- Location is Key: The couple’s biggest regret was overlooking the importance of location. While the low cost of living in a rural area initially attracted them, the isolation, lack of social life, and limited amenities ultimately proved detrimental to their happiness.
- Remote Work Considerations: The couple’s remote work situations significantly impacted their perspective on location. Initially, only one partner worked remotely; later, both did. This highlighted the crucial need to consider work arrangements when choosing a home location.
- Unexpected Costs: Renovations added significant, unanticipated expenses, totaling $20,000 to $30,000. This underscores the hidden costs often associated with older homes, even those in seemingly good condition.
- Hidden Location Drawbacks: The rural setting, while initially charming, quickly became a source of isolation and loneliness. The couple’s experience highlights the importance of thoroughly assessing the lifestyle implications of a location before committing to a purchase.
- Lessons Learned: Despite the regret, the couple gained valuable insights into homeownership and the importance of careful planning and consideration.
The Allure of Affordable Homeownership
In the summer of 2020, Giametta and Luquer, then paying $850 a month in rent for their Kingston, New York apartment, began their house hunt. Low interest rates fueled their aspirations, and they felt a sense of urgency to buy before prices potentially escalated further. Their search focused on properties within a 40-minute radius of Kingston, where Luquer worked as a revenue cycle specialist, with Giametta working remotely as a process improvement analyst.
They prioritized a three-bedroom house – one bedroom to be used as a craft room – and a manageable mortgage. After being outbid on their first offer, they settled on a 1,000-square-foot, three-bedroom house in Cairo, New York, for $195,500. The property, built in 1970, was in good condition and included a two-car garage and a back deck, situated on 0.69 acres of land. The rural location, while initially deemed acceptable, would later become a source of significant discontent.
The Initial Excitement of Homeownership
The couple closed on the house in January 2021, making a down payment of approximately $6,000 and securing a monthly mortgage of $1,300 with a total FHA loan of $192,000. The joy of homeownership was palpable, especially after dealing with negative experiences with landlords and neighbors in their previous apartment. Giametta recalled the emotional significance of finally owning a home, an achievement they previously considered unattainable as millennials.
The first year was dedicated to renovations. They even added a chicken coop, fulfilling a long-held dream of Luquer’s. The couple estimates spending between $20,000 to $30,000 on renovations, creating a welcoming space and customizing the home to their preferences.
The Growing Discontent: Rural Life’s Unforeseen Challenges
By the summer of 2022, however, the couple’s enthusiasm waned. The initially appealing rural setting started to feel isolating. Luquer transitioned to fully remote work, eliminating the need for a commute. Their friends, increasingly distanced by the rural location, stopped visiting as frequently. This social isolation, coupled with the lack of nearby amenities, led to a growing sense of regret.
Giametta’s TikTok videos, one of which garnered over 55,000 views, candidly expressed their disillusionment. In the video and subsequent interviews, he voiced concerns about the lack of things to do in Cairo and its older population- the absence of individuals their own age in the community contributed to their feelings of isolation.
The Impact of Location and Lifestyle
The couple now acknowledges that their decision was significantly influenced by the lower cost of living outside of a major city. Giametta points out that “just because it’s cheaper doesn’t mean it’s better.” The allure of affordability overshadowed the critical importance of lifestyle considerations and future work arrangements. They recognize that they wouldn’t have purchased this property if they had both been working remotely from the start, aiming for a more urban setting like Boston, New York City, or Seattle.
A Path Forward: Learning from Regret
Giametta and Luquer have decided to sell their house, aiming to complete remaining renovations before listing it in approximately two years. They explored options like Airbnb or renting it out but the negative experiences of their neighbors, who encountered issues with property damage, deterred them.
While they have faced challenges, Giametta has emphasized the lessons learned, saying, “This is our first house, and we learned a lot that we can use later on. I guess it’s just a learning experience in life.” Despite their current discontent, they are thankful for the experience, hoping to utilize their learnings in future homeownership pursuits.
Their experience highlights the importance of extensive research and careful consideration of lifestyle preferences, work locations, and potential long-term implications before investing in a major financial commitment such as buying a home. It’s a stark reminder that the allure of affordability should never overshadow the crucial factors of location compatibility and overall quality of life.
