Home Ownership: Is It All About the Next Door Neighbors?
In this challenge I need you to be honest. It’s time for you to take a good, hard look at your lifestyle choices and make sure they are what you want. Not what you think you should do.
In this challenge I am talking about home ownership which is a loaded gun when it comes to opinion.
When I first married my husband, I spent weekends looking at display homes and houses for sale. My goal was to save a deposit, get a mortgage and buy a house.
I never put much thought into it. It was just what you did right?
The thing was, every time I looked at a house I would end up with a splitting migraine for the rest of the day. The thought of a mortgage made me feel stressed and anxious. I mean 30 years is a long commitment!
I started to really think about my plans. Why did I want to buy? What were the positives? It turned out I didn’t have an answer. The only thing I could think of was:
If I pay rent I’m paying off someone else’s home (who cares)
I’m irresponsible if I don’t get a mortgage (Really? Since when?)
After I wrote my list of positives I wrote a list of negatives. This list was a little longer. It looked like this:
· I don’t like the town I live in and see my living here as a temporary situation so why put down permanent roots?
· If I was to buy the same house that I rent, my repayments would be $150 more each week plus I would have to pay for all repairs and maintenance and rates.
· I’m trapped into mortgage repayments for the next 30 years. I can’t take a lower wage to follow my passion or time off to travel. Until the mortgage is paid, the bank owns my freedom.
· Houses are hard to get rid of sometimes.
· If I want to move, I have to find tenants, I’m no longer a free agent.
It was a huge list. In the end I decided not to buy a house. That’s not to say I think it’s a bad investment. A 25-30 year commitment is not for me at this time. It may be for you. I know people who have mortgages and are 100% happy to rent from the bank for the next 30 years because they will own it in the end.
I’m not here to persuade you not to get a mortgage but I am here to ask you to write a list of the reasons you want one. If your list looks as small and ridiculous as mine, it might be time to rethink your game plan.
No judgement either way. We all have our own path to walk.