I rarely divulge details from my personal life, but today I’m looking for some feedback. Let me give you the full story:
I have been dating Miss Blinkin for approximately 1 year and 4 months. Without giving too much information, I foresee an engagement in the coming months. I have always been against couples that live together before they are married; however, it has started to make more and more sense logistically. This is not what I’m looking for feedback on, so please keep your conservative thoughts to yourself :).
Our plan is to move in together come late June/early July when her lease expires. Initially, the plan was to get engaged, rent together for approximately a year, and then deal with the headaches of home ownership.
When I expressed this grand plan to my family, I was completely surprised with their response. I was expecting something along the lines of “why don’t you wait until marriage to live together, it makes it more special” or “living together is completely different.”
But instead, I got “Why Don’t You Buy A Place?”
“Why don’t we buy a place?” I asked, “that’s the dumbest idea I’ve ever heard!”
OR IS IT??? (dun dun dun)
If you’ve been reading my blog for at least a few months you have probably noticed my opposition to home ownership. I have made my opinion clear that home ownership certainly isn’t for everyone and should no longer be the American dream.
Having said that, the option (in my life) is looking more and more attractive; but not for the reasons you are hearing elsewhere. I believe Miss Blinkin and I have put extensive thought into this commitment, but before any decisions are made I would like to make sure we’re not forgetting anything.
Trivia Question: Did you know Benjamin Franklin was the first to use a list of pro’s and con’s?
Unimportant Factors:
“It’s a buyer’s market!” “Rates are at an all-time low!” “Home values have fallen!”
(I am looking at these more as perks, rather than influences.)
Important Factors:
- We are not yet engaged, but it’s in the works
- Individually or jointly, we have great income/great credit/sufficient savings (together we are preapproved for up to $700,000)
- We are both financially savvy
- We are both highly employable
- We are both ready
- In scenario 1 & 2, do we need the same down payment? What if one of us wants to put down more?
- In scenario 1 & 2, do we set up an equally funded joint account for monthly payments and expenses?
- In scenario 3, will the “non-purchaser” feel like we’re living in the others house?
- In scenario 3, will the “non-purchaser” feel the need to pay at least a portion of the down payment (preventing the above)?
- In scenario 1, 2, & 3, how disastrous is a breakup!?! (it’s common to think “this won’t happen to me”)
- In scenarios 1, 2 & 3, what happens if one or both of us lose our job?
- In scenarios 1, 2 & 3, what happens if a child arrives (unexpectedly or planned)?
- Can we handle the “other” expenses?
- What is the quality of the school systems?
- How will this affect our commutes?
- How does this affect our daily routines?
- Is the area safe?
- What are we potentially giving up by purchasing? Flexibility? Less travel? Liquidity?
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