Dear Lola,
My husband and I are purchasing our first home. The market in our area has many two bedroom homes in our price range but very few three bedrooms available. I want a three bedroom so that we can have a dedicated guest room and an office. My husband says that we should stick with a two bedroom because guests can stay in hotels when they visit. While there are hotels near us, it feels inhospitable and cheap to buy a small home and not be able to invite guests to stay. I think we should delay our home purchase and save up for a few more years to get the bigger house. What do you think we should do?
Sincerely,
Couple Quarrel
Dear Couple Quarrel,
I’m not sure who your financial manager is, but I have to say that they would be appalled that you are making major financial decisions based on advice given to you by a random canine on the internet. Thankfully, I am a very intelligent canine who also moonlights as a realtor for the local feline population.
I simply bark and they obey my command to move along to the next property.
Now, let’s discuss the two housing options you laid out. Option one is to remain in your rental, continuing to pay rent that is higher than a mortgage for the next few years. The entire time you are paying your landlord’s mortgage, the cost of homes will continue to rise. Short of a recession, homes usually do not hit the clearance rack at the back of the store. Option two is to purchase now and find a way to enjoy the smaller home you can afford. Before we decide which of these is more promising, allow me to ask you a question.
Will your guests be paying any portion of the mortgage when they visit?
Yep. I didn’t think so! While hosting guests is a lovely idea, it shouldn’t require you to sacrifice your financial freedom. Owning a home is daunting and purchasing more than you can afford is a recipe for disaster. Instead of being happy in your smaller home, you may find yourself in a larger home, stressing out over each household repair that becomes necessary.
After all, roofing costs are based on the square footage of the home.
There are some serious perks to buying a smaller home today. Smaller mortgage, obviously, but also the happiness of owning a home years earlier and building up equity for the future. Guests can also be made comfortable in a hybrid room. Have you seen what furniture designers are coming up with nowadays?! Beds that drop down from walls, office desks that tuck away when not in use – the possibilities are endless.
Not to mention the added benefit of having less surface area to clean each week.
Now, since I am not a financial guru, I think it is important to mention that buying a home is a really big deal. I watched my humans do it eight years ago and they still wake up screaming in panic when appliances make strange noises. You should probably talk to a professional money man. While realtors give good advice, they also like to sell you ‘homes you can grow into’ and I am worried that you may believe the sales pitch.
You did seek out a canine for advice so obviously you can be talked into anything!
Home buying is fraught with peril and an impartial referee can be useful. To be clear, an impartial human referee. If we canines had a choice, the whole family would live in a single room cabin where we could keep our eyes on every single member of the household every second of the day.
Have you explored that as a cost-effective option yet?
♥Lola♥
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Shank You Very Much 