Thursday, December 4, 2008

On Owning A Property

The hubs and I are house shopping. Although the asking prices are still obscene giving the direction of the economy, the sellers are starting to face the reality and more willing to negotiate. It's definitely a buyers market.

This post, though, is not about the houses we have visited or what we look for, but about my thoughts and feelings on making the biggest purchase of our lives.

I've always thought that I would be excited (that is, excited without having reservations) when Luke and I go through the process of purchasing (and owning!) our first property. Don't get me wrong, I am excited! I am looking forward in moving in, fixing it up with our four bare hands, and having something that's truly ours. I look forward in decorating.

But, there is a part of me that is freaking out a bit. Let me just preface by saying that we are currently looking at single family houses instead of townhouses that we originally favored. Buying a house (but even more so with a SFH) means we won't be saying these three things for a long time:

1. "I want to quit my job!". Once we make that purchase, both of us must be employed at all times. Scary.
2. "Lets move to the west coast!". Luke is one year away from finishing his MBA and we always thought that once he finishes, there will be nothing holding us back in moving to the west. Well, a house will, especially a SFH.
3. "How 'bout taking LWOP for 3 months and see Asia?". Once we have a mortgage, we can't miss a paycheck.

So why don't we just buy a TH to ease the burden? The hubs likes land. And he has convinced me to like it, too. Land allows for expansion. A TH is a box, what you see initially is what all you will get. A SFH with land, on the other hand, is the exact opposite. The opportunities are endless! Of course, there is that annoying HOA, but we won't get into that.

Anyhoo, while I am happy to be a potential homeowner, or a mortgage-owner like hubs eloquently put in his previous post, I do have these thoughts flying in the back of my mind. I am wondering if what I am feeling is normal. Don't people usually get this way when the life as they know it is about to change? Or in our case, the freedom we have is about to change?

I know owning a house with Luke will a bliss. And to make sure we still get out to see the world, we will always travel.

Regardless, owning a place just seem so permanent and having that responsibility will definitely be new for us. But prehaps good for us.

Anyway, thanks for reading peeps. I know this post is incoherent and all over the map, but I guess it accurately reflects that my feelings are all over the place, too.

4 comments:

  1. With the economy going like it is, one might think some of your misgivings are along the lines of what is going to happen?

    With a year left of school and an MBA coming up - plus it could take you a while to find the "just right" place - it seems like perhaps you could look and determine what you like - but not necessarily buy (until yours and the economic future becomes a clearer)? Just my two cents...and probably not even worth that much.

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  2. I ditto your feelings..want a big house but hate my job and still want to travel the world!

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  3. i guess growing up is still hard to do, even when you're 30. being tied down to a particular place or to a particular job is just too much responsibility. right now we're still free to do whatever we want, but that too comes with its own negatives. going wherever the winds takes us is nice, but not having a home base is also scary.

    but damn i do love that house and the neighborhood. just wish it was on the other side of the country or even the planet.

    oh well, we'll see what happens. we're in no rush and our offers all take into consideration the anticipated drops in value over the coming years. whether or not the sellers think that's reasonable doesn't really matter. we've waited this long and we can keep on waiting. and if enough time passes that we find ourselves leaving this area completely, even better.

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  4. Change (even good change) can cause anxiety and bring up all sorts of feelings. And buying a house is a big deal! I like owning a house though. It's nice to have a little piece of land to call your own. A buyer's market...it's a good time to buy.

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