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Missing Homeownership
One year ago yesterday I sold the cutest little house I'll ever own. It was the cutest, because it just may be the only house I'll ever own, but after all the work I and my parents and sister and friends put into it, it was darned cute. One year later, looking at the pictures, I really miss that house. Damn nostalgia! But it's not just nostalgia. In Urbana, IL, where I used to live, I bought a two-bedroom house in 2000 for $50,000. My monthly mortgage payment was about $420/month. (I also paid $100-$300/month for utilities and whatnot; it varied a lot depending on the weather—poor insulation.) But that mortgage payment was more like a bank deposit because I got it back w/interest when I sold the place. Here, in the middle of D.C., L. and I each pay $850/month for rent alone ($1700/month total), and that's really a pretty great deal for around here. The kicker: We pay twice as much, and not one cent of that money is coming back. When we move out of this place, we'll be lucky to get our deposit back. Renting just blows. And don't even get me started on car parking (which is impossible around here; plan to spend minimum half hour circling the vicinity every time you want to park unless you just get really lucky) and the lack of a yard.
I want my house back.
Posted April 28, 2004 06:17 AM | life generally
$1700!!!!?!?!?!??
Wow, that boggles the mind. We're (now) looking at 2 bedrooms in St. Louis for $800. Another reminder of why I don't want to go back east or rent for that matter.
But then again, with the sudden change in plans that der baby has foisted on us, we've got to work like dogs to get the house ready to sell...and it's ALOT of work. So don't miss it too much. Now get back to studyin'!!!
Posted by: Famous P. at April 28, 2004 09:51 AM
Bought...house...for....50,000....
Sorry, couldn't parse that. No one buys a house anymore for less than six figures. You must be joking, right?!
=)
Posted by: scm at April 28, 2004 10:36 AM
I've lived in major cities all my life and at this point have given up on the idea that I will ever own my own home.
Posted by: falconred at April 28, 2004 10:40 AM
No joke, but the caveat was that it was only about 700 sq. ft. Very small. On the plus side, it had a huge front yard and it was in one the nicest parts of town -- the old, well-kept part w/the biggest trees and nice old houses all around. The neighborhood was lots of families, university faculty, rooted people and great neighbors.
I mean, sure I made a nice profit when I sold it, and as Famous P says, owning/maintaining a home is a lot of work. Still, renting's worse.
I never thought much about owning a home; it wasn't a life goal when I was younger or anything. The only reason I bought that house was, well, when I learned little houses like that were selling for $50k I was about as schocked as you and decided to figure out how to make one mine. Turns out it wasn't all that hard. Now I see how lucky I was and wonder if I'll ever have an opportunity like that again. As Falconred says, certainly not in any city. One more reason I may be blogging from elsewhere sooner, rather than later. Have to finish finals first, though...
Posted by: ambimb at April 28, 2004 10:57 AM
I forgot to add that your house was SO cute!
We bought our first house during my first semester of second year (last fall). A royal pain to move then, but it really is worth it to own (and not just at tax time). I live in the 'burbs when it would be nice to be in the city proper (way too expensive), but it's ours. Actually, I was shocked at how easy the process was.
Posted by: scm at April 28, 2004 11:32 AM
totally cute house! i want your kitchen.
Posted by: monica at April 28, 2004 11:45 AM
Here in Indy, I'm lucky to get a decent-sized 1BR apt. (i.e., more than 600 sq. ft.) for less than $650/mo. Now that's not bad compared to most places, but man, sometimes I too miss C-U! (And am glad I don't live in a more expensive city.)
Real estate's pretty cheap here in general. E. and I were devastated to have a house sold out from under us (er, him--he buys, I cheer): old farmhouse on 7 acres selling for $85,900. (Yes, it needed A LOT of work. But still.) We're currently coveting a log cabin on 4 acres of woods in Brown County for about $100,000--but unless we want to make maple syrup and sell quilts, no real employment prospects.
Sigh.
Posted by: raquel at April 28, 2004 05:47 PM
Raquel, you better be careful or you're gonna find yourself all hitched up and the queen of some castle somewhere! That log cabin sounds awesome. Employment is *sooo* overrated, don't you think? Can't we come up with some way to start our own business that allows us to work from home, wherever home might be? Telecommuting was supposed to be the wave of the future, wasn't it?
Posted by: ambimb at May 1, 2004 08:21 AM
Hon, I'm already queen of the castle--that castle just happens to be a 1BR apt. with poor insulation and loud neighbors. But a good view of a retention pond and its resident wildlife. :)
Lucky E. works from home, except when he's out on sales calls. I could very easily do my job from home, but am not allowed. Sigh.
Posted by: raquel at May 3, 2004 09:34 AM
