Sunday, April 12, 2009
I have recently purchased my first home. It is a coop unit in Seattle. Yay!
This is an exciting time for me. I will take on a mortgage. I will have my own space. I will get to paint the walls whatever color I want!
It is also a big expense. My mortgage is going to be several hundred dollars more per month than what I pay for rent right now. A lot of people are asking me why I bother. I did some thinking, and some calculations, and here's what I have come up with...
1. Owning a home is a priority for me. It is one of my life goals. I value stability and a sense of ownership. This is my main reason for buying.
2. Even though the expense will be more per months, I will not be struggling. Currently, I save a large portion of my income every month. Instead of cutting into my spending money, it will be cutting into my savings money by about half. Basically, instead of saving, I will be putting my money into my home, which is an investment. Fortunately, I will still be able to save a significant amount every month if I continue to maintain my current standards of living.
3. I just calculated what I have paid in rent my whole life. It adds up to approximately $31,641 in six and a half years. Wow. That doesn't include deposits, moving costs, etc.
4. Though my mortgage is higher, my building has several amenities and benefits that will save me money in the long run. There is an exercise room and a pool, so I will never need a gym membership. (Not that I wanted one anyway, but I wanted to brag.) There is also a set of outdoor stairs that run along the side of the building, which I can run up and down for exercise.
Also, laundry is significantly cheaper at this place than it is at my current one. Fifty cents to wash and twenty five cents for thirty minutes of drying! I am in love. (I do still plan to do some hang-drying in my HUGE closet!)
And more--there is cheap parking and a storage space in another area of the building! This is in addition to the very large closets in my unit.
There are also several things that will bring me much enjoyment and in my life--a rooftop deck, an enclosed deck off my unit and a great location where I am within walking distance of plenty of activities. There's also a flight of stairs right outside the front door of my building--my favorite cheap workout.
I am so excited. Now come to my pool party.
*I know I have readers, cause at least three people now have told me that they read. Yes! Comments, please!