Four reasons we aren’t rushing to buy a house

I was sitting at the desk in the spare room, working on a project when I heard the dripping.

At first, I thought it was coming from outside, the result of snow melting near the open window. I don’t know what prompted me to look left, but I’m glad I did.

The closet wall was glistening. A cardboard box on the top shelf was soaked. And the piece of pressboard nailed to the ceiling was warped and loose on the right side.

I called Jeff in for a second opinion. He pried off the damp pressboard, peered into the tiny hole and confirmed my suspicion.

Our ceiling was leaking.

That was 8:30 p.m., on a Sunday night.  

Three days, eight hours of work, and exactly zero dollars later, the dripping stopped. 

And let me tell you: I have never been so happy to be a renter.

The Dream Home

Homeownership isn’t on our radar right now. 

We think about it from time to time. We see the sale signs on front lawns around our city and look at listings every once in a while.

But we’re not financially ready for a house. Not yet. 

That does not stop people from telling us all the reasons we should buy. 

“A house is an investment. You lose out if you rent.”

“Buying just makes more sense if you’re planning to stay in one place long-term.”

And my personal favourite:

“Renting is just throwing your money away. You’re just paying someone else’s mortgage.”

These people often mean well and I’m not suggesting they are entirely incorrect in their commentary.

But they’re not entirely correct, either. 

Renting the dream 

Our current apartment is a cozy, two bedroom basement apartment on a little cul-de-sac in a nice neighbourhood.

The apartment is in a house, which we share with an upstairs tenant. Our landlord is lovely.

Everything is included in our rent – heat and hydro, internet and cable, even snow clearing in the winter. Our washer and dryer are not coin operated and we are not charged extra for our two cats.

There are some sacrifices we make as part of our current arrangement. We don’t have a bathtub and we hardly have any cabinet space in the kitchen, but overall it is a nice little space.

And we love all the ways we have benefitted from choosing to live here.

The benefits of renting (for now) 

Four things make renting worthwhile for us right now 

• No maintenance costs

We pay for routine things, like replacement lightbulbs, but when something is broken, it is not our job to fix — or pay for — it.  

Fortunately, we have not had a lot of problems since moving in, but it is nice to know should an unexpected problem arise, we aren’t responsible to come up with the cash to fix it.

• …which means we actually pay less to live here

If we bought a house, our mortgage would likely be less than we currently pay in rent.

However, what this fails to consider is the fact that all our bills are included in our rent. Major repairs or higher than normal bills don’t affect how much we pay.  As we focus on paying back debt, we appreciate the predictable nature of our housing costs.

• More freedom 

The job market is unpredictable. Reality is we don’t know what we will be doing in six months time. Renting gives us more flexibility and freedom in the event that we have to relocate for work by removing the process of selling a house from the equation.

• Renting allows us to focus on other priorities 

Our main financial priority is getting out of debt.  That’s not to say you can’t pay off debt and own a home – people do this all the time – but at this point in our lives, it would be a challenge, especially if/when maintenance costs arise. By choosing to rent now, we will be able to put ourselves in a better position to consider buying later.

Final Thoughts

For many, homeownership is still viewed as a milestone of becoming an adult. There are certainly benefits to owning a house, but it isn’t the only option — and I would argue there are times when it isn’t the best one, either.

In our case, when we are finally in a position to think about buying a house, we want to be able to enjoy it. Part of enjoying it will be knowing our budget can handle not only the day-to-day costs, but also the unexpected tub replacements.

We want to buy, but we want to buy when the time is right for us. For now, we will continue to rent and be grateful for the way it allows us to continue working toward our goals.

Are you a renter? Why or why not?