I find that the decision to purchase a home has become entirely emotional and not so much fiscally practical.
Because financially, I’m not so sure that buying is a better option as opposed to renting—at least where we live.
The reason against buying a house? It is extremely expensive.
The reason for buying a house? To have a place we can call our own, that we can make it the way we want, and be a home for our family.
When it comes to Head vs. Heart—how do you decide which one wins?
The Right Time to Buy a House?
Over a month ago, Eric and I saw a listing for a three-bedroom townhome that was way under our budget. It was pretty tiny and needed a lot of work (definitely a downgrade from where we’re currently living), but it was in a desirable neighborhood and we knew we could make it our own.
Within 24 hours we got super excited and were prepared to make an offer, but ultimately my financial sense kicked in.
Essentially, I had a major freak-out because I felt that we were in no way prepared to make an offer on a home and we hadn’t even done any research. And I didn’t even like our realtor. Or the bank with which we were getting pre-approved.
The whole situation didn’t sit well with me, and we decided to back off. I was really glad we did.
But that hasn’t stopped us from still scouring listings to see if anything comes up in our price range that we may be interested in.
The Argument to Buy a House Next Year
The rational side of me says we should just keep saving. That has been our whole plan all along, is to just save, save, save this year.
Next year, we can save some more and Eric will finally be done with his first year of probation as a firefighter—meaning he will have much more free time since he won’t have to devote his off days to studying for tests and preparing presentations.
The Argument to Buy a House Now
We already feel that we’re getting priced out of the market. Three-bedroom single-family homes have inched from the low to mid $500,000s a year ago to now reaching the low $600,000s. At what point will they be next year?
And interest rates will continue to rise as well.
There’s this part of me—the logical part of me—that feels we shouldn’t buy until we are comfortable with our finances, no matter what the market is doing.
There’s the other part of me—the emotional side of me—that feels that I will never be comfortable with investing so much into a property and that if I don’t just leap and take the jump…it may be too late when we finally decide to move forward.