Ah, my dad. Possibly one of the quietest men in my life (unless sharing a humorous anecdote from work, or cursing a repair that is proceeding poorly) offers some of the best words of wisdom. This quote was made over 6 years ago when I was pregnant with my son and was in reference to several situations at the time. I find myself referring to it once again.
I am about to experience "a change in situation" as it is said obscurely. So far, that fact is neither of great concern or relief, which in itself is a little troubling. I was hoping for a strong internal reaction one way or the other. Regardless, that as of itself is not what leads me to think upon my dad's pearls of wisdom, but rather a facet of it.
One of the decisions that currently face me is of where to live. There are so many options and seemingly none ideal. The where to live decision sits totally on my shoulders and that is ok - almost preferred. The decision of whether to buy or rent also sits on my shoulders and offers a little more weight. Once again, I find myself looking at rental homes and apartments, and homes available for purchase. Now though, I am caught between the considerations of affordablity, commitment, and waste.
Can I afford a home? Depending on the purchase price, maybe. The first year in the new place, I think would be the worst financially, but after that ( and after income taxes) I think I'd be fine. But that all depends if what I can afford is close to what I want or am willing to live in. (Note - I'm not looking for a $1.2 million home for $200,000 or anything like that, but I don't want to buy a $170,000 "fixer-upper" for $145,000 when I am not anything close to a fixer) I saw one today with some major plusses and some middle of the road minuses. Do I want to get into the market with something like this and stay there for five years in the hopes to be able to "upgrade"? Do I do it knowing that for 1 full calendar year, there will be no new anything because of the purchase? I'm not sure. Part depends how much time and $$ would be necessary above and beyond maintaining it. Part depends on if it's a "too good to be true offer" since I'm still a few months out from truly being independant and presently, a down payment would be a minor issue. Would I rather have a year or two to place some $$$ aside for a down payment to lower the monthly commitment? Uh, yeah, but it's a "buyer's" market. But what about if you're a buyer w/ little money? Perhaps then it is a "lookers" market instead.
Buy and take a huge risk .......or rent and give away at least 2/3 of what could be going to my own equity. Then again, the down payment isn't even comparable, the apartments are maintanence free, have some pretty spiffy amenties, and would be available as long as I needed or could afford them. Here sits another quagmire - If I wanted to rent something really affordable ( ie. cheap) and pocket a good deal of money for a year, I'd have to look at places that are "majorly" outdated or small and in some cases located in less than ideal areas. When I consider the importance of having my son reside with me a good deal of time, this is unacceptable. But, if I look at the places he and I could coexist comfortably, that savings heap dimishes pretty signifigantly. Will renting force my way out of being able to buy? I watch and hear about the East coast market and it makes me fearful.
And rent to own?? I don't even know how to consider that yet.
I only hope that a strong viable option presents itself to me when the time of decision comes. When that time is, I don't know either. It could be now.
I know that I am accountable to this one and that's ok. It's not making a wise decision and the consequences that might face me of which I am scared. Everytime my thoughts sit here, my dad's voice rings in my head...."Whatever you decide, just make sure that you can live your life with the consequences". What if you aren't sure of the consequences ?
Gee, thanks dad.... Why didn't you send me to Vo-tech instead ???
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