Barefoot investor: Scott Pape on why home ownership is like parenting a newborn

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The email came through with the subject line REGRET. Scott, My partner and I are both professionals in our early 30s. We bought a house last year and we hate it. We are struggling to adapt to a slower pace of life in the suburbs and have learnt we don’t need as much space as we thought we did. We feel stupid for spending a ton of money on something we can’t stand. What are our options?” Erica Strewth! There’s more emotion in Erica’s email than a midnight meltdown from my 18-month old. They hate their new home … they feel stupid … they can’t stand it.

Well, the dream of owning your first home is a lot like parenting a newborn — the thrill rubs off disturbingly quickly and then the reality of the responsibility sets in: I’ve signed up for a lifetime of this?

It’s not hard to understand why Erica is spitting the dummy.

This time last year everyone was FOMO-ing off their face. Interest rates were at all-time lows. The Reserve Bank had committed to no rate rises till 2024. Property prices had risen 30 per cent since COVID. And that’s when Erica and her partner got property pregnant. And that’s also when everything changed.

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