We’re Homeowners Again
I have written here about how we lost all our money on an ill-advised house purchase. And yet, here we are, buying a house again! Why on earth would we do that to ourselves?
Well, for starters, we think it is worth the extra money right now to live in a detached house (as opposed to a townhouse, where we lived before). Our two boys are very active and I really want them to be able to be playing outside while dinner is in the oven, or while we relax on the patio with glasses of wine. (Boxed wine, of course.) Comparing similarly sized houses and locations, buying compares favorably to renting right now.
It seems like a safer decision this time. We have, we hope, outgrown making impetuous, poorly researched moves. There are a lot of opportunities for both of us in Denver, so our willingness to live here is not tied to one particular job (which was the case last time–and when that job went south, we were desperate to leave).
We’re optimistic it will be a good investment. Denver has a robust, diverse economy, and we bought in a neighborhood that is still up and coming. If we want to downsize when the boys are older, there’s a good chance that selling the house would free up a nice chunk of money for investment.
Then there’s the security issue. By buying, we insulate ourselves from rent increases–AND create the possibility of paying off the mortgage, eventually, and having housing drop to a minimal line item in the budget.
Despite the advantages, I’d be lying I said we didn’t have reservations. We’ve enjoyed not being responsible for maintenance, and we are not accomplished do-it-yourselfers. Will we find home ownership too stressful or expensive? The neighborhood school doesn’t sound right for our kids–will we be able to “choice them into” a better fit when the time comes?
Did we do the right thing? Did we choose the right neighborhood for our needs? Did we choose a good time to get in the market? Ask me again in five years!
Do you own or rent? What were the deciding factors for you?