I want to buy a house
Oct. 31, 2002
After a great deal of thinking, I've decided that continuing to pay rent is a bad idea. Currently, Eric and I pay nearly $600 a month to our landlords. Effectively, this money simply goes down the drain. Sure, we get someplace to live, but for that much cash, I'd like something more than memories to show for it. Thus, I've decided the best thing to do is buy a house.
I'm going to be living in the U-C area for approximately the next 5 years, as that is usually how long it takes to get a Ph.D. around here. In that time, if I'm paying on a mortgage, I would have anywhere from 1/6 to 1/3 of the equity of a house paid for. That's actually something. If I instead continue to live in an apartment, I get nothing. On top of all this, the mortgage payment for a comfortable 2 or 3 bedroom house is actually less than the amount we're paying now for rent! Plus, the interest on the mortgage is tax deductable. How can I possibly stay in an apartment knowing that I'm wasting my money this way. I could be living in a nicer place, for less money a month.
The only possible drawback is that it is unlikely that I will find a house as close to campus as my current apartment, but considering that the apartment also comes with 3am-bass-loving neighbors, a roudy band of 4am-trumpet-playing frat boys across the street, and a guy upstairs who steps loud enough to put Josh to shame, I consider that a fair tradeoff.
Wish Kim and me luck in the house shopping!