Regretting their purchase: The millennial couple bought their first home for $195,500 in 2021, but now they wish they had spent more.

Robert Giametta and Christopher Luquer, both 33 years old, resided in a two-bedroom apartment in Kingston, New York, and were paying $850 in monthly rent when the covid-19 pandemic hit.

Giametta, speaking to CNBC Make It, said that with low interest rates, she believed that if they didn't buy a house now, they might not be able to do so in the future.

In the Summer of 2020, the couple began their search for a new home, with the goal of staying within 40 minutes of Kingston, where Luquer worked as a revenue cycle specialist. Giametta, a process improvement analyst, worked remotely.

"Giametta says, "We wanted to renovate a house with a manageable mortgage payment.""

They were certain about wanting a three-bedroom house to have a dedicated craft room.

The couple viewed four properties, made an offer on the first one they saw, but were surpassed by other bidders. Eventually, they settled on a three-bedroom, one-and-a-half-bedroom, one-level house in Cairo, New York for $195,500. The house, measuring approximately 1,000 square feet, includes a two-car garage, back deck, and sits on 0.69 acres.

The property, constructed in 1970, was in excellent condition, albeit situated in a rural location, according to Giametta.

""We were a little bit nervous about the rural setting, but we convinced ourselves that it would be fun," he says."

He stated that it was an ideal starting home and slightly superior to the other options viewed for the cost.

In January 2021, the couple purchased the house with a down payment of approximately $6,000 and a monthly mortgage of $1,300, which was financed through an FHA loan totaling $192,000.

Giametta and Luquer moved into their new house in the same month. "I couldn't believe that we owned a house," Giametta says. "As a millennial, it seemed unattainable, but it happened. It was surreal and felt great to have overcome this huge hurdle of our generation."

He found it emotional because they lived in apartments and had bad experiences with neighbors and landlords, so it was nice that they didn't have anyone over them.

'We started to feel like we're all alone up here'

The couple spent the first year renovating and even bought a chicken coop, which Luquer had always dreamed of having. Giametta estimates the renovations cost between $20,000 to $30,000. In the beginning, the couple was very distracted and focused on the house.

But by the summer of 2022, the couple started regretting their purchase.

Giametta says, "We started to feel like we're all alone up here."

In October, Giametta expressed his home-buying regret on TikTok, and the video received more than 55,000 views.

"Being here has made me realize that I am more of a city person than a country person," he says in the video. "There's not much to do around here and it's getting depressing."

The older population of Cairo is a significant issue for the pair, as there are very few people their age in the city.

"He claims in the TikTok that if they were both remote at the time, they wouldn't have purchased the house. Instead, they would have been searching for a larger city like Boston, New York City, or Seattle."

Giametta's decision to move outside of a major city was influenced by the low cost of living, but now she believes that "cheaper doesn't necessarily mean better."

He adds that not taking location into account is his biggest regret.

Moving On

The couple has decided not to remain in the upstate house and is considering their alternatives.

They considered listing their home on Airbnb or renting it out, but discovered from their neighbors that the property had a history of being used that way and was left in poor condition.

The ultimate goal is to complete renovations on the house and then attempt to sell it within two years, as stated by Giametta and Luquer.

"Giametta believes that taking the next step too quickly could lead to regret, so she suggests taking it slow. She also suggests embracing the lower mortgage rate and relaxing with the new situation."

Giametta has revealed that the most frequently asked question about the couple's experience was why they didn't consider the location more before purchasing the house.

"You can't truly understand until you experience it firsthand. No matter how much you imagine, you won't know until you actually try it and feel the outcome," he remarks.

Despite regretting the purchase of this home, the couple can still find a positive aspect.

"Giametta remarks, "Our first house taught us valuable lessons that we can apply in the future. I believe it was simply a learning experience in life.""

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