Society of OwnershipI’ll admit I don’t really buy into the whole joys of homeownership thing. I didn’t set out to have a house. I figured it might happen some day – but it wasn’t like my dream or anything.
When we moved to Chicago and lived in the dumpy place where the guy beat his wife (below us) and the electricity failed with alarming regularity – I didn’t think we’d stay there forever. And as soon as the rent was raised we moved.
We found a great place that was big and had high ceilings and a large bathroom. We had plenty of room (although the closets left something to be desired). Plus we had a big balcony, parking for both of our cars and were closer to a more neighborhood (not on the ambulance route).
Of course when we rented that apartment on a warm summer night we didn’t know that it was across the street from a huge in-patient facility for people suffering from mental illness. It made for an awkward move when one of the patients spit on Deeps as we hauled in boxes. And it meant that we never hung out in the large neighborhood park because it was overrun by patients during the day. But in their own way, the occupants of the giant institution kept developers at bay and kept our rents in check. We only paid about $50 more when we left than we did when we moved in five years earlier.
The idea to buy a house first came up when we started looking to rent a place in Cambridge. The rents were – roughly – three times what we paid for similar size places in Chicago. That sticker shock sent us reeling. After we signed the lease and paid our first month’s rent we started planning for a future purchase. We wanted to make a move as quickly as possible.
When you’re throwing away a small portion of your annual income for a place to live – well, it doesn’t seem as dramatic. We didn’t have any liabilities, we could break our lease any time, and we were happy enough with our space. Our biggest complaint was that we could hear the dude upstairs getting it on with his girlfriend. But then they broke up – so things got quiet.
As soon as we started tossing away thousands of dollars a month on rent, well we changed our tune. And we had to contend with living below our landlord. This was usually fine but did create a different set of annoyances. For some reason I found it more bothersome to listen to the person we were paying good money to stomping around in the middle of the night. The fat dude who would never answer his door who lived above us for five years in Chicago never raised much more than passing ire. As soon as we didn’t get a clear sidewalk or easy parking – well I think that’s when we started to get fed up. We didn’t have the easy life of renting that we had in Chicago. In these small buildings, we were at the mercy of a landlord who was more often than not the occupant as well. All the things we paid for in the past – and were paying for now – were no longer quite so easy to get. Plus we were paying three times as much for it.
Which brings me to tomorrow: we will enter the bitter world of home ownership. I think for lots of people it is exciting – it is for us – but it was more a financial inevitability than anything else. We conducted a little cost benefit analysis and figured it would be easier for us to own than to continue to rent. Plus, the lady upstairs is getting on – I’m not sure how much longer she’s going to want to keep this house. Inevitably we’d be forced to find another place to live. And the vicious cycle continues. So that was the big driver.
But now that I have the possibility of ownership dangled before me – like a juicy carrot – I must say I’m buying into it more. I can’t say that I’m traditionally motivated about my home the way others are – but I am delighted to have walls that are not white. So after the closing we’ll head over to the new chateau and dab (that’s what Deeps calls it) paint on the walls to finalize our color choices. We'll take some measurements for a semi-swanky closet system and the storm door for the back of the house.
And then I’ll start complaining about property taxes.
Labels: 2005