The good news is my union finally agreed to a contract, so I can expect a fairly substantial chunk of back pay, and a payout deal which I can use as a down payment to buy a house. Bad news is once I get the money, it has to sit for 90 days to use the home buyers plan. So ultimately I will most likely be in a position to buy next spring/summer. Should I?
I ask this because I am sitting here listening to the guy in the backyard fixing the fence, which I think was likely a big expense. The deck here also needs fixing and there have been a couple appliance issues in the time I've been here. The garage door has also needed work. So. Owning seems to be a pricey thing, beyond just the normal buying expense. Do I even want to do that? I mean I do want to buy, I think. I know it's an investment in the future, in setting up my retirement, though I could just save the money to begin with I suppose.
Then if I am going to buy, what do I buy? and where? Do I stay near where we are, in the same school catchment? It is a good school, Jackson has a daycare space there until he graduates the school. There are a couple daycares around for younger kids as well. I know the commute to work, how long it takes, the best ways to go. The problem is the homes. Many, like the one I rent, are older. Perhaps in need of some work, some updates to make them how I would like. Perhaps needing new fences, or new roofs, There are a couple new home builders in this area but buying new here is so much more expensive than if I move to a different area. A new area means new school, finding new daycare, a new commute.
New homes are being built in other areas for a lot less. A new home means I can choose what I want, in terms of layout, finishes, but I'll need to add on air conditioning, possibly fences, maybe some appliances. And then we change schools. New areas are popular with younger families, so the classes could be bigger in size than what we have here. I know daycare of little ones won't be an issue in a new area really. The new build areas are also being done quite nicely with lots of park spaces, walking and bike paths, even the new recreation centre we like to go swimming at.
I am also a little bit torn as there are things I want in a new home, but some depend on if we have a second child. And I won't know that for a few more months. I will have an en suite bathroom off the master, I would really like hardwood or at least laminate on the main level, and granite in the kitchen. I would also like a second family room type area to eventually use as a "boy cave" for Jackson when he's older. Right now he doesn't want to spend time away from me. Which I find weird as I remember having a play room and loving being in there on my own just playing with toys. I also want an open space so kids can be playing while I'm in the kitchen but I can see them. I want some nice windows for the cats too. Jackson wants a balcony, which is not really going to happen I don't think.
Why is this such a difficult decision? I guess because it's about the most expensive purchase I will ever make?
1 comment:
Buying a home is more like locking in the cost of your rent for 30 years. I just bought a two family and the home is very old - 1900. Not so uncommon up where we live and luckily the electrical was updated but I did have to pay for some big ticket items such as a roof and floors. I bought it cheap so I will live cheaper than renting but will also have to share my yard with my tenant. It took me over a year to find this place and I looked at many homes. I found a huge two family with the extra rooms you mention - so they are out there and it will save me a lot of money down the road to have rental income. Good luck!
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