Committed: The Ties that Bond
with Angella Dykstra
I'm a mom of three, a professional accountant, and an amateur photographer and writer. I am not a marriage expert. But my husband and I take "Til death do us part" seriously, and here I'll be sharing how we keep our marriage strong while we both do that insane work-life juggle.
Check out my Work It, Mom! profile and my blog, Dutch Blitz.
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My husband and I traipsed to our bank last week to sign our mortgage renewal papers and our banker told us that at the rate we are making payments, we will be mortgage-free in eight years. EIGHT YEARS.
(Side note for my American friends: I think mortgages are done differently up here in Canuckistan than in the U.S. Our mortgage is amortized over twenty years, but the terms (Interest, etc.) are renewed every five years.)
I remember when we first bought our house and opted for a twenty-year mortgage (as opposed to twenty-five) and I thought that twenty years was SO FAR AWAY. And now, we’ve only got eight years to go. Woah.
We bought our house in early 2001, before 9/11 happened and after that, the decrease in interest rates and increase in housing prices. We also bought a house that had been foreclosed on and got it for $70,000 less than the asking price. We have a large house, on an acreage that backs onto government forest and paid less for it than you can buy a one-bedroom condo for right now. Our timing was perfect, we just didn’t know it at the time.
If we were to be entering the housing market now, I think we would do our best to find a home we could buy, as opposed to rent. It’s something we’ve both had modeled by our families - you buy your home and build equity. I know that buying isn’t for everyone, though. Some people rent because they can’t afford to buy, some people like the freedom of not being tied to a house or a city, some just don’t need or want all of the upkeep that a house takes.
How about you? Do you own or rent? Do you have a house, townhouse, condo? What suits your lifestyle?
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Rent - because homes in my price range are an avg. of 2 hours one-way from where the jobs are.
We looked at condos - it felt claustrophobic - one can get much more square footage in a rental than a condo.
Third reason was to be able to change schools if needed. With a special needs child that can be important. A mortgage locks you into an area.
Mich | September 13th, 2011 at 2:19 pm
We own. Tulsa, Oklahoma has a great housing market. One can buy a 3 bed 2 bath home in a nice neighborhood for under $150k. Sure there are some a lot more pricey, but it just depends on your needs.
Sometimes home ownership is a big pain in the rear. Especially when neither person is very handy in the fixit department. I do have dreams of living in this nice hotel downtown that was renovated and has actual apartments available. But I know it’s just a dream because I would imagine the cost to rent a one bedroom apartment downtown is more than what I pay a month in mortgage. Plus here I can paint the walls any color I want.
Carrisa | September 13th, 2011 at 5:09 pm
We own, in collaboration with the bank, of course. I was lucky and bought our house 4 years ago, before the Queen City saw a housing boom. Actually, it was just the beginning. Now, our house would be barely affordable if we were just getting into the market. So, I’m glad we own. There are days that I wouldn’t mind owning a downtown condo… However, every year I get more and more into the yard.
Heather | September 13th, 2011 at 10:38 pm
A few years out of grad school, I went in with two friends and bought this house. So I own one-third of it, with right of survivorship (I just have to outlive them and it’ll be mine, all mine, LOL). It has been paid off for quite a while. It needs a lot of work, though.
My parents owned, and I was brought up believing that was best. One thing I hated when I rented an apartment was the fact that I had to be cognizant of my neighbors’ bedtimes if I wanted to play the piano. Now, I don’t have that problem - I just have to worry about my housemates, LOL.
SKL | September 13th, 2011 at 11:22 pm
we rent because owning in nyc is expensive. i am always looking out for apartments though but find it hard to handle the insanely high maintenance fees which can be over 1K/month for a two bedroom. that’s on top of a mortgage and everything else that comes along with it. so currently renting suits us because we have the space we desire, the commute could be better but it’s not too painful.
jen | September 14th, 2011 at 11:54 am
I just bought a townhouse this year! I live in a very expensive (cost of living-wise) area so it took me a while to feel comfortable with purchasing a home. It turned out to be a perfect time because housing prices were falling and interest rates dropped (I even already refinanced my house to get an even lower rate). I LOVE my house and wouldn’t change it for the world. Renting had it’s time and place for me but I’m happy to be a homeowner now.
K | September 14th, 2011 at 12:43 pm
We rent a house in the Lower Mainland…a beautiful place with enough space and a pool in the backyard. Starting a family so early in life (we were both 19) put us further behind our friends and peers financially and we’ve never been able to catch up in the “owning” department. There’s just no way we could afford a home here that’s big enough for the five of us. A non-renovated, 3-4 bedroom home would set us back at least $600,000 and we wouldn’t want to move our teenagers away from their friends and schools at this point. We figure that once the kids move out in 8-10 years we’ll maybe buy a two-bedroom condo or townhouse. Or maybe we’ll rent something trendy in Vancouver! Or move to Kelowna! Or Florida! One of the pros of renting that we’ve found is that we have the freedom to move if necessary (ie: job loss) or even on a whim.
Procrastamom | September 14th, 2011 at 12:45 pm
You know my situation- a renter who works off her rent by being an apartment manager. We’re in that phase of our relationship where we’re pondering if buying a house or renting a house is best for us. We’re still undecided! It’s a big risk but it seems sort of silly to pay rent when you can pay that towards a mortgage. Especially when you are fairly sure you’re staying put and you’re already in your late 30s.
sizzle | September 14th, 2011 at 1:12 pm
I rent, but wish I could own. I just can’t afford it right now. Thankfully I live in a wonderful neighborhood with fantastic landlords and my rent is a steal of a deal for a 2 bedroom suite. I’m saving up for a house, but that’s still a long way off. Housing is just SO damn expensive around here, unfortunately.
Sharon | September 14th, 2011 at 1:30 pm
We live in the Lower Mainland too, and we own. We live in Richmond, a city that’s 1/2 hour from downtown, 10 minutes from the airport, and 20 minutes from the ferry. It’s a great location. Our lot is a suburb-sized lot, but one of the bigger ones in our neighbourhood. And yes - our house is $1M+. It’s INSANE the cost of real estate, but luckily, we bought our first place (condo) in this market in 1997, so we are further ahead than a lot of our friends. We have 11 years left on our mortgage, and our kids are 6 and 9. So, we will run into that dreaded “must pay for university” at the same time as we are still paying out mortgage. The plan WAS to have the mortgage paid off by the time they hit post-secondary, but then I went and insisted we upgrade to a bigger house last year, so after all the dealing was said and done, we’d added 3 years to our mortgage.
And btw, my house is nice but SO NOT WORTH $1M!!! Crazy, crazy real estate.
Angela | September 14th, 2011 at 4:52 pm
We rent the top half of a house. I’ve rented for nearly 10 years. I love the freedom. When things break, I’m not responsible for them (unless *I* break them). When we move, which I’ve done OFTEN, there’s nothing to sell, I just have to give that month’s notice. BUT, we may be looking into buying soon (a two-storey condo). Finally. And then I can be a *real* grown-up.
Mrs. Wilson | September 15th, 2011 at 12:13 am
We own, but we put in a basement suite to rent out to be able to afford the mortgage payment. I can’t believe the cost of living. I don’t know how people do it.
Danica | September 17th, 2011 at 7:51 pm
Equity, sniff, sniff, what’s that? I am in Phoenix and bought my house in 2003. Then there was a real estate market bubble and crash. Now my house is worth less than I bought it for, although, thankfully, I owe less than it is worth. Around these parts, plenty of people are upside down on their mortgages resulting in tons of short sales and foreclosures. It’s a total bummer. I recently moved in with my boyfriend, and am selling my house. I could rent it out (but what a headache) and in 2 years, my realtor predicts it will not have increased in value. The good news is that it is a great time to buy here. Once my house sells (anyone need a place in Phoenix?), I will save more money, and hopefully find a great deal on a bigger place (and then rent his out). The loss of equity makes me weep when I think about it.
Kristen | October 3rd, 2011 at 6:07 pm