I’ve never said that owning a house has ever been a bad thing, but I’ve always tried to tell people that owning a house is not the be-all and end-all, and it is NOT A retirement plan or a guaranteed investment.

Rent is also never throwing your money down the drain — I see it as paying for a plumber, utilities, things to work, shelter, and elevators — all the things you have to do yourself and pay for, yourself, as a homeowner. I’m paying for the privilege of not having those worries.

Thanks again for the feedback! I keep checking back when I have time. Thanks Joey – it did feel really good to be able to buy on my own. One of the positives about this place – even though costs have increased significantly with 2 kids (1 still in full daycare) and hubby, we could still afford to keep it if hubby lost his job. It’d mean giving up some other stuff but we wouldn’t lose the house.
Thanks for the wishes about the neighbour! It was so much nicer with the family who lived there previously….sigh. Problem here is that most consider these “starter homes” and in a unit of 6 Freehold townhomes, there are only 2 of us still here from when I originally moved in 8 years ago. Sad, isn’t it? Maybe that’s part of it – I feel peer pressure to move on too!

Sylvia – that makes me feel better! Everyone is always going on to me about how 1200 sq ft is not large enough for 4 of us (everyone except hubby that is – this is the biggest place he’s ever lived in!). I have to remind myself that around the world people live quite contently with less space. Kudos to you for building a room in the basement! Your daughters must be thrilled! We have enough bedrooms for everyone and they are a good size so we’re fortunate in that sense.

I get what you are saying about less than desirable neighbours anywhere but I admit, I do wish quite often we were not attached. It makes a big difference! When the neighbour and significant other have all their children together (not every weekend as the kids are from previous relationships) – it can drive me crazy with all the loud banging on the walls! Never heard a peep from the previous neighbours nor the ones on the other side of us (whom I love – they are great!)

I really appreciate the comments I have gotten back! They have been most helpful!

@Mees, even if you moved, there are Never any guarantees that your new neighbours would take care of their property. As for the size of your home, we have a 700 Sq Ft Toronto home and we’ve got two teen daughters (16+17). We now have a 3rd bedroom in the basement but Up until last year they shared a bedroom. If friends asked why we didn’t get a bigger house so they could have their own rooms, I would say “I share my room, they can share theirs”. We also only have one TV (in the finished rec room) and we are all perfectly happy to watch the same program Together. We live a modest lifestyle, but have A Lot of Fun TOGETHER. (I also cannot imagine trying to keep a Big house Clean)

However, you have some good points and I do tell myself that if I were a single parent, I’d be staying put so what’s the difference? Still, it would be nice to be detached.

By the way, I love this line: “When the walls are closing in, you go outside”

I wanted to make a point as well to those who mentioned that your monthly (or bi weekly or weekly) payment for your mortgages don’t always have to include the property taxes. You don’t have to pay those included, you can separate your taxes and pay direct monthly or semi annually to the city direct. We do that and it’s easier overall. Also make sure you know your mortgage insurance term and plan and what it covers…many are not great and you’d be surprised what little they cover. Cover those things in your regular insurance policies or add to them. I find people just take on whatever plan for payment is given and they don’t really delve into how much is going where, what it all means etc. Be curious!

Where I think most couples struggle is when circumstances change. For example, many couples will buy a house using both incomes, and then have kids. Well, suddenly both spouses aren’t working full time any more. Even if they choose to work full time, they need to pay big daycare fees- it is at least $1500 for 2 kids in ft daycare.

I don’t think many families consider these factors when they choose their house.

The way I look at it is this: When the interest rates finally starts to rise (and they will), my husband and I will have our downpayment ready. The ones that are overextended will be forced to sell at a much lower price. I know it sounds a little cold, but to buy a house at a reasonable price, we will be waiting for the market crash.
We don’t quite have it saved away, but that’s okay, I estimate that the crash will take a couple years (time it will take for the first few to get to the end of their terms). I may pay an average interest rate (instead of super low), but I will have a house that the mortgage matches the true value of the home. Until then, we rent.
If I had not learn Gail’s lessons so well, I might have been on the other side.