The Emotional Cost of Purchasing a Home – Part One

21 Jun

For many years, purchasing a home has been a dream of mine. Of course, my city is so expensive that I can’t afford to buy a house, but I can still purchase some entity nonetheless.

Aside from the financial drain, purchasing a home can take a huge emotional toll on someone as well. Being that this has been a huge dream of mine, I should have realized that no matter how logical I am, there will still be some emotions involved.

How Purchasing a Home Can Be Emotionally Draining

1. The Savings Hit – We have worked very hard to save our money over the years in order to have enough money to put down on something. We withstood the jokes about us being cheap and we annoyingly answered questions from people who couldn’t fathom the idea of getting rid of their cable like we did. The savings account we have almost feels like a blanket to me — we have all of this money just in case. At the same time, we were saving for a down payment in the first place. When you work so hard to save a large sum of money, it feels incredibly scary to all of a sudden have that money disappear. We are going to be putting down 20% so for us, that is a ton of money!

2. Never Quite Right – We have been looking at places for over a month now. We had a short list of things we were interested in finding in a place such as:

  • Two bedrooms, though if the space was large enough or a junior four, we would consider one bedroom
  • Private outdoor space such as a terrace
  • Lower maintenance costs, considering I’ve seen maintenance costs at over $1,000/month
  • Washer and dryer must be available on-site; does not have to be within the unit itself
  • Must cost $350,000 or less
  • Prefer that there is at least one thing that can be remodeled; do not want something that is completely new
  • Must allow cats

There are so many co-ops in my area and the fact that this is so hard to find has been driving me crazy. I don’t think we even have a large list of demands so I don’t know why this has been so difficult.

  1. We have looked at numerous two bedrooms and one or two junior fours. (A junior four is usually a larger one-bedroom apartment that may or may not have a second room.) Many of the two bedroom units that we can afford are small and because of the second bedroom, the price exceptionally higher. There are a couple we have been interested in but things seem to not be working out for us. One of the junior four units that needed work had a no pets policy and exceedingly high maintenance.
  2. The outdoor space is something that is actually at the top of my list in terms of purchasing a co-op. I would really, really like to have a terrace and would take a one-bedroom co-op in order to have one. Unfortunately, terrace units are much harder to come by and usually more expensive.
  3. Maintenance costs are additional costs on top of our mortgage. Some of them make purchasing a co-op for us prohibitively expensive, even if there is a tax deduction at the end of the year.
  4. We actually really like one particular co-op and this is the only reason we haven’t made an offer—it has no washing machine on-site. I can’t imagine owning my own place and having to drag my laundry out every weekend.
  5. Given that maintenance costs for the places we have been looking at run upwards of over $700/month, we must be able to keep our budget on the lower end.
  6. We consider this a starter home and would possibly like to make money off of it down the line. If I buy something that has been completely remodeled before I get there, what can I personally add?
  7. Many co-ops around here do not allow dogs but most of them will allow cats—however, we have come across some places we liked that have strict policies against pets.

I think the most emotionally draining part of the points above is that we have found places that we really liked that are just not working out for us. We have been talking about this two bedroom co-op since we saw it almost a month ago and it’s the one we keep coming back to—but without a washer and dryer on-site, there is no point for us. The realtor for the seller has been pretty annoying about it and we seem to not be able to get our minds off of this place.

Until next time…

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5 Responses to “The Emotional Cost of Purchasing a Home – Part One”

  1. Katie June 21, 2012 at 11:53 pm #

    I can imagine trying to find the right place is emotionally draining. When I married my husband he already owned a house so we just stayed. I never went through the whole house hunting experience.

    • thethriftyspendthrift June 22, 2012 at 5:32 pm #

      Ah that seems so convenient. 🙂

      I think house hunting can be fun but I think it’s a little more difficult in my area especially when you can’t even afford to own a house.

  2. Financial Confessions of a Former Brat June 22, 2012 at 11:41 am #

    I just can’t imagine owning my own place and being told I can’t have a pet. To me that’s just so bizarre.

    I’d agree on skipping the place with no on-site laundry. When I was searching for a place to rent I never even considered a place without laundry facilities. It’s a deal breaker for me. I do a lot of laundry, and there’s only so many times I’d be able to go to my mom’s house before I was told to scram.

    • thethriftyspendthrift June 22, 2012 at 5:34 pm #

      The no pet (or usually no dog policy) is mostly a co-op thing. Co-ops are a different animal in terms of housing and when you purchase a co-op you’re not actually owning the property.

      Considering I work full-time with annoying hours coupled with the fact I will be taking classes I cannot imagine traveling by foot or car to do laundry!

Trackbacks/Pingbacks

  1. The Emotional Cost of Purchasing a Home – Part Two « thethriftyspendthrift - June 24, 2012

    […] I began by detailing the emotional costs of purchasing a home here. […]

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