It has been a long time since my wife and I owned a home. We bought our first home about 2 years after we were married. It is was a great first home (3 bedrooms and 2 bathrooms). We put int a lot of blood, sweat, and tears to make it our own. Many family members and friends helped us paint walls, refinish cabinets, and update the bathrooms.
We had no idea what we were doing, but we enjoyed the process.
Getting A Loan
We choose to buy a house that we could afford, not the dream house that we might want someday. The mortgage company tried to offer us a larger loan, but we choose a smaller loan based on my salary at the time. We were using most of my wife's salary to pay off school loans.
We applied a very basic, yet often overlooked financial principle. Don't get something that you can't afford! We still try to live by the principle. Most days we do well. Somedays we have to fight off the urge to overspend. Materialism is a real threat to contentment and financial stability.
Buyers' Remorse
The first night we slept in our new home, our stomachs hurt. We ached because we realized the size of our decision. We just made the largest purchase of our lives. We just committed to making payments for the next 30 years.
We woke up the next morning feeling better, but the idea of spending 10's of thousands of dollars was never a small deal for us.
Now Back in the United States
We have rented for the last 10 years or so. While living overseas, buying a house was never an option. Since moving back we have bounced around from house to house. I would love to settle down and provide some stability for my family.
I notice the urge to own a home is creeping back in. I have been watching a lot of DIY shows lately. I have been checking out properties on Zillow and Trulia (these sites did not exist during our first house buying rodeo).
A lot of things have changed in the last 10 years. It seems like the American dream (owning a house) is not considered as a simple dream any longer. People seem to be moving towards the idea that owning a home is a right and in the most extreme cases a right that governments should help fulfill.
I do not believe this is the case. I believe that certain "rights" (owning a home in this case) should only be granted when we can meet the responsibilities associated with the right.
Homeownership requires ...
- a certain level of financial capacity
- the ability to manage and maintain the property
- disciple and forward thinking
Owning a home is not a simple task, so if you are not prepared for the task then you should wait.
I would love to own a home, but right now there are challenges that prevent this type of purchase. I want a home, but I am not ready for a home. Owning a home is still a dream of mine, but in my opinion, it is not a right.
Life, liberty, and the pursuit of happiness? YES. And when I am ready to own a home and all of the financials line up, I will make it apart of my pursuit of happiness. But until then, I choose to be content. I will let the dream grow, but for now, I will not let it sink my current financial stability,
Financial Thoughts
I would love to hear your thoughts on this topic.
- Is owning a home a right?
- Do you own your own home or do you rent?
- What should people prepare for in order to buy a home?
Thanks for stopping by. I will be sure to reply to your comments.
@SumatraNate
Image Source: https://pixabay.com/en/kitchen-home-house-interior-modern-2165756/