Frank Sinatra was known for crooning, “Regrets, I’ve had a few, but then again, too few to mention.”
Not so with physician finance bloggers. When it comes to buying a home, we have plenty of regrets, and we like to share them.
Something about summer seems to bring out even more wonderful confessions from some terrific voices in the physician finance blogosphere. I’m guessing it’s shellshock from having to pay that first air conditioning bill on your ginormous doctor home.
Earlier this year I wrote a post admitting I wish I’d bought less house, as well as a follow up of my fantasies of how I can downsize in a cash flow positive manner once we hit the empty nest stage in a decade. I’ve spent the last few weeks hopping between different airbnb rentals (link saves you $20, nets me a small referral fee), and I’ve certainly learned that our family of four can function fine in a lot less space than we are accustomed to inhabiting. (Hard knock lesson: opt for separate beds for the kids to minimize fights and maximize sleep, yours and theirs; don’t believe their promises of “slumber party style” sibling affection.)
I thought it could be fun to collect a few posts about docs reflecting on buying their doctor homes – lessons learned, regrets, course corrections, boondoggles, etc.
BC Krygowski, a palliative care doc who is part of a dual income household, agreed with her husband to put their McMansion up for sale and eat the loss in order to toss ballast off their overloaded their financial ship. She sold the home and right-sized as part of a multi-pronged approach to turning their financial life around in an impressively short amount of time.
Loonie Doc, a Canadian critical care specialist who runs the only blog where muppets, viagra jokes and Star Trek references co-exist in perfect harmony, recently shared his dirty little 10,000 square foot secret. Just because they are more polite and their country is cleaner than ours doesn’t mean they can’t blow money like their big pimping brethren and sistren to the south.
Side Hustle Scrubs, a fellow emergency physician (and fellow beach bum) from the northeast, shoots for brutal honesty as he shares “10 Reasons I Regret My Big Dumb House.” Mission accomplished.
Physician On Fire, everyone’s favorite anesthesiologist, took a $200,000 hit when he sold a custom waterfront home after the rural hospital where he worked went bankrupt, but even that considerable financial setback did nothing to stop his path to financial independence. Who knew? Speed really can be the best anesthetic.
EJ over at Dads, Dollars and Debts, has the rare opportunity for a do-over after losing his home in the Tubbs Fire in northern California last October. He considers his options for housing following a fire, and shares his further thoughts on the advantages of smaller living spaces.
The White Coat Investor has his own tale of carnage (his word choice) about losing money on the place he bought during residency that became an unintended rental property. Discount his advice on why residents should not buy a house at your peril.
I hope I correctly pegged you, dear reader, to be the bartender type. Thanks for lending an ear and pouring a drink as we collectively cried on your shoulder. Let me know if we FI types turn out to be decent tippers.