With news that our rent is going up, combined with severe frustrations regarding our complex managers, or non-managers, Amanda and I have begun exploring the whole new world of home buying. In less than a week, I have learned many new things and seen tons of houses both on my own and at home with Amanda, and we've crossed half of the county looking at them.
If I had to summarize our house search so far, I would say that there is definitely some evidence that this is a good time to buy a house. Interest rates are low, we have decent job security, we can get good deals, and lots of people are trying to mobilize their long-sunk assets. Of course, it's also very nerve-racking to even think about the huge commitment that sinking our money into a place really represents. I've spent my whole life thus far keeping my money as mobile as possible and the realization that our money is frozen into one possession for such a long time is pretty intimidating.
And then, of course, there is also the true cost of mortgages. The amount of cash paid down has so much larger of an impact on the amount you really pay for a house over time, even compared with what I learned in my farm management classes. Interest amounts are huge even at their low percentages and as hard as it is to think 10 years forward, the concept of a 30 year mortgage is that much more difficult. Wow, what a big thing it is to go house shopping. If this is such a big commitment, I can't even imagine children right now. One thing at a time...
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