This is the one question I’m always asked when people discover I’m 35 years old, I’ve been dating BF for 16 years and we still rent an apartment. Well it’s the one question people ask after they’ve inquired on why we’re not married and why we don’t have kids.
Do you rent or own your home?
The truth is we like renting, so why should we buy a house? That’s always been my mentality towards homeownership. However if I would have bought a home when I moved out at 19 instead of renting an apartment my house would be paid off by now…literally.
Buying a house is a really big commitment and it’s also a big decision for a couple. BF and I like the carefree lifestyle of renting. We get to make the space our own without having the hassle of the upkeep and unexpected expenses. I think it’s a win-win.
I think we want a house
That being said as we get older the idea of owning a house keeps popping into my mind. The main reason is because I think it would be nice to open a sliding door and walk out into a backyard. The other reason is because even though our apartment is big (1100 sq ft) it’s all on one floor and therefore I hear Nick watching movies or listening to sports etc. I just think it might be nice for him to have a soundproof man cave in the basement.
So why don’t we just do it? We should just take the plunge, man up and buy a house. My sister has already bought two houses and she’s two years younger than me. Everyone says that buying a house is such a financial burden; in the same sentence they also reassure me that the struggle is well worth the benefit. Given our current living situation I honestly don’t think that owning a home will be much different financially than renting our apartment.
Are we ready?
BF and I currently pay $1500 in rent every month. If we were to apply for a mortgage loan I can guarantee our monthly payments will be cheaper than our rent. Of course we have to add on property taxes and the cost of insurance, but even at that our total monthly expenses will be cheaper.
I think the biggest shock for renters when they buy a home is the fact that they now have to factor in multiple monthly bills for utilities. BF and I always paid all inclusive rent, until we moved last October. We now pay for hydro which includes both electricity and hot water so that won’t change if we buy a house.
Then there’s the upkeep. This will be something completely new for us. We don’t have to worry about cutting grass, shoveling snow, watering the flowers or any other chores that come with owning a home. We also don’t have any of the appliances, gadgets and furnishings that come with having a backyard such as a lawn mower, patio furniture or a snow blower. So theses will all be additional costs.
What do you think, are we ready to buy a home?
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