I’m not afraid to admit it. Our house purchase was more of an emotional purchase than a financial one.
This wasn’t a fixer upper or a foreclosed home. It wasn’t a brand new home but it was move in ready. It wasn’t an especially good deal and the housing market wasn’t down by any means. But we bought it anyways.
There are arguments for both sides. I see why renting would be attractive. You don’t have to worry about property tax. Big repairs are handled by the landlord. The best one, there’s no long term commitment. You can get up and leave whenever (or whenever your lease is up).
For us, we knew we wanted to live and stay permanently in L.A. This house is perfect and I can honestly say that I can live here forever. Our house consists of 3 bedrooms, 2 baths, a den and a detached garage. So. Much. Space. We are literally 5 minutes from my mom’s house and 15-20mins away from my in-laws. Some would balk at the idea of having family so close but we love it. They give us our space to live our lives but there are some definite perks. We can have weekly dinners together. Also, whenever my mom cooks, she’ll cook extra and I can swing by to pick it up. This is especially great when she cooks my favorite dishes. More importantly, if there was an emergency I know they would be there for us and vice versa. Now that we are expecting a little one at the end of the year, my mom willingly volunteered to help me babysit when I go back to work. I’m so grateful because that alone will save us so much money on daycare.
By owning our house, we have extra expenses that renters don’t have but there is just something nice about owning it. We can do whatever we want. We can paint the walls whatever color we want or install/drill any holes we please. There just this intangible feeling of ownership that just feels good.
It’s also comforting to know that when we pay off the house, our biggest housing expense would be property tax. It’s going to be a while from now; we are guessing another 20 years or so but it’s something that we really look forward to.
Are you renting or did you buy your place? What pushed you to your decision? Share with us!