It’s a new month and a new opportunity to celebrate the best money spent. To kick off December, Mrs. Picky Pincher from Picky Pinchers stopped by to dish on why the debt on her home is her best money spent. Paint fumes and all…
Meet the Mortgage – Best Money Spent
There I was, covered head to toe in paint splatters with sweat streaming down my face.
I was dizzy from the paint fumes in our hot, partially demolished house. As I wiped an errant paint drip from my cheek, I wondered if becoming a homeowner was worth it. The lawn maintenance. The broken A/C. The freaking taxes. As I added the final touches to our new house, it seemed overwhelming and real all at once.
After spending many sweaty, stressful days working on this house, we’ve finally made it into our home.
We were initially doubtful of our $145,000 purchase and the responsibility that went with it—and who wouldn’t be scared after signing a one-foot tall pile of paperwork? I remember asking, “Where’s the fiddle contest?” as we signed our mortgage paperwork, feeling like I signed a deal with the devil.
But after all of the hard work, I can easily say that the best money we’ve spent was on our house.
Why With All The Debt, Mrs. Picky Pincher?!
The personal finance community is torn between home ownership and renting. Some people swear up and down that home ownership is the only way to guarantee financial security, while others say that renting gives you freedom to travel and to avoid pricey home repairs.
My opinion is that everybody should do what works for them.
For us, home ownership was the right choice. Here’s why we signed up for a lot of debt!
The Numbers Made Sense
I’m not kidding you when I say we did hours of math to determine whether home ownership was for us. In the end, we found that renting an apartment and home ownership were pretty much equal in our city. Neither apartments nor houses beat each other out from the perspective of monthly costs.
As an added bonus, home ownership would enable us to build equity and net worth in the long run.
We’re Hippies
Mr. Picky Pincher and I are very much about getting back to our roots. We’ve dreamed of cultivating a food forest so we can eat quality food while saving money. We did try a patio garden in our apartment, but you can only grow so much stuff in pots!
Some people don’t want the hassle of a yard, but to us, a yard is half the fun of owning a house. We also want to own chickens (yep, we’re those people) to harvest eggs, but we’ll see what the future holds! I know we’ll reap the benefits of our (extremely expensive) purchase as we’re able to produce tasty food in our own yard.
It’s Quieter
I am a persnickety old woman trapped in a 20-something’s body. It’s hell living in an apartment if you’re an introvert who hates noise. Mr. Picky Pincher and I were those neighbors who had to keep telling people to shut up. It wasn’t very fun, and I got cussed out a few times.
But you know what?
Owning a house eliminates that problem! We do have neighbors, but there’s a big difference between having someone a house away and having someone on the other side of a very thin wall.
For me, peace and quiet was worth the extra money.
Our Home Is Ours
This is the most important thing. Mr. Picky Pincher and I have dreamed of owning a home ever since we got married. While it took us a year to finally buy one, it was worth it. We wanted a space that we could own. A space where we can grow for decades and add our personal touches.
Thanks to cutting costs and living frugally, we were able to do $10,000 worth of renovations on our home, paid with cash. I go to sleep in my house every night and I want to pinch myself, and that’s how you know you’re living the dream.
The Bottom Line
Some people might think we’re crazy for buying a home, but it was the right choice for us. Moving forward, our home will give us the freedom to pursue our dreams while building financial stability. I’d say it’s the best money I’ve ever spent!
So Tell Us: What’s the best money you’ve ever spent? Is there something that many people dislike that you find great value in?
Note: If you’d like to join the best money spent series, drop me a line at shepicksuppennies (at) gmail (dot) com. I’d love to share your thoughts!
Second Note: You can also visit past guest posts here.
OMG Yes to Quieter!
Sometimes I yearn for the freedom and lack of responsibility that can come with renting, but then I remember my old neighbors. The bass that shook the walls. The dogs that barked 24/7. The smoke through the vents. The stolen parking spaces. The piano set up touching our shared wall. The naked sunbathing on the back deck.
I’ll leave you with that (elderly male) mental picture. You’re welcome.
YIKES! I already think our neighbors are far too noisy. And we live on almost half an acre. I can’t imagine sharing a wall. No thank you!
We’re in a house but there’s no land or backyard. We’re seeking 2 acres for our next home and look forward to growing food. Our best purchase was the condo we first bought in Charlotte prior to our current home. It had flaws but it got us out of NY and we knew we’d be able to sell it in two years. It also provided a good base for scoping out the area.
Another introvert here. Apartment living or condo living would be intolerable for me and the hubs as well. We bought a double wide movable home 26 years ago and put it on some property we owned. It was going to be for the short term but the economy tanked in our neck of the woods and our house was paid off so we decided to stay put. The only thing we owe over and above what someone who rents is home repairs. But we have no monthly rent. And for 25 years we were able to deduct the interest from our mortgage on our taxes. We owe no property taxes due to the homestead exemption act. After eight years, the economy still hasn’t rebounded in our area so I’m grateful that we made the choice to purchase a home and it’s paid off and we can stay in the area that has been our home for the entire 37 years of our marriage. I can’t imagine that that would have been a possibility if we had been renting and paying monthly rent of $1200 a month or more. We are free to travel and do all those things that people who rent do.
I think it all comes down to what people are comfortable with. Some feel more secure owning and some more secure renting.
We’ve thought a lot about the housing situation as we get ready to downsize too. We could move into our apartment complex. It’s in a little village – nice, quiet folks on a dead end street. But the sharing walls thing…. We have shared walls in our Florida condo – and you can hear the TV next door on occasion – but well worth it at this point in time. We’ll likely just move into our smaller single family rental for the reasons you explain here. Neighbors are close, but they are our walls. If we don’t like it – we can always figure out something new too.
The math for owning makes a lot of sense where we live. Rent is expensive in our county! Still, I would probably choose to own regardless. I like to decorate and keep my own home however I want. I also love having the choice to have a pet and keep a garden most of the year. I also know I would dislike sharing walls with anyone else!