On Monday I was sitting down with an old classmate talking about the latest in life. We have known each other for a while; took freshman classes, and graduate classes. She is very nice and positive, and really lifts my spirits. We both got married last summer! So we have a bit more in common in terms of life experiences. She told me they just closed in on a house. They were tired of apartment living, and found a great home at a great price in a great, up and coming neighborhood. They got an FHA loan, put down 3.5%, and are closing in April. I am really happy for her, and I am looking forward to going to her open house!
Her decision got me thinking though. I started asking myself whether we should be buying a home soon to take advantage of the market and interest rates. I even started looking at some houses around the area. In Texas, houses are cheaper than in most places, so it’s really tempting!
But then I had to remind myself what my values where in life. I really want us to build financial security and our careers before we consider purchasing a home. We need to maintain flexibility to take advantage of career opportunities. We also want to travel a lot! My dream is to work overseas someday. Not to mention that we do not like doing housework. A bigger place would mean more stuff to clean. Nooo!!! Not to mention more bills. Yuck!
So, in order, to remain grounded, I am publically stating the following:
“I need to stay away from purchasing a home for a while. I think we need to have 100K in savings apart from retirement accounts before venturing into home ownership. A home for us is going to be an long term, emotional decision.”
Those are my thoughts on home ownership right now. Not to say they won’t change in the future.
What about you?