Those of you who have been reading this blog a few weeks know that I’ve been pondering buying a home. See here and here. I’ve decided that for now, buying just isn’t right for me and I’m going to continue renting. A number of factors influenced this decision.
- I got some bad news at work regarding a promotion for the group I was hired along with. I don’t want to go into details, but I will not be getting the promised promotion (and raise). Because of this dishonesty, I am looking for a new job, but for now, I have to realize that I’m financially stuck where I am for the foreseeable future.
- With looking for a new job, I want to know where I’ll be working before I make a decision on where I live. Right now, I have a quick, easy metro ride to work. I would hate to buy in this area and then up working completely across D.C. in an area where I didn’t think to look for a home.
- Right now, it’s just me. I was out for a run the other day, and I saw some people out doing yardwork and I realized that I’ve come to value the free time I do have on the weekends. Yes, I spend a chunk of it catching up on all the chores I haven’t done all week, but I appreciate the fact that I don’t have a yard to work on.
- I kind of like the fact that if something breaks in my apartment, I call maintenance and they deal with it. I don’t have to worry about an emergency fund to cover a new oven, for example.
- I can’t guarantee that I’ll be living in this area two and a half years from now. Maybe that’s a silly reason, but it’s just another factor to be considered.
- Given my current salary, a mortgage payment and dealing with taxes and all the other fees that go with home ownership is doable, but barely. And probably not on the type of place I want to buy.
- Yes, rent is not cheap. But there are perks that come with rent. No property taxes. Security on site (a nice feature for a 20-something female living alone). A gym. Someone to collect my packages when they arrive. Sweet location.
I think I have always believed that buying a home is just something you do, when a lot of people, especially in big cities, live much of their lives in apartments. I think that with where I am in my life, renting just makes more sense. And it means that I can save up more money to put towards a down payment on the perfect place when I’m ready.