So we are kind of sitting comfortably on this side of the fence as home renters, peeking over to the side of homeownership. For years I was convinced that homeownership was the end all goal, but now that it is a little possible (maybe?) I am not so sure. We would have to sacrifice so much, you guys. We love love love where we live. We love out house. Our rent is really reasonable, since we have stayed put for the last decade. (!)
So there would be sacrifice. Primarily location. But within that, there is a lot.
Alternately, we could sacrifice space. There is a very nice, very small one bedroom house in our neighborhood that we might afford. People in New York share 1 bedrooms as a fammily of 3, no?
Also financial. We are dead set in (should we embark on the journey) keeping the mortgage low. But I know all of the other costs of owning will sneak up on us. So yeah.
The pay offs? Well. An investment. Of course. In 30 years we will have something that we can eventually pass down to Henry, instead of.... Nothing? And, you know. It would be OURS. We could do things like build a porch or take down a wall. Which brings us back to financial......
I'd love to hear from those of you who have had to make similar hard decisions. Did you skip buying in favor of renting? Did you take the leap, and how are you finding it? Do you live in a tiny place with offspring?