If you stopped by last week, you probably got an in-depth glimpse of my latest financial indecision episode. I am happily announcing this week that decisions have been made & I cannot wait to give you a break down as to why. Amazing what can happen in just one week!
Alright, folks. The fiance & I have officially come to the decision that we will continue to be renting for our living situation! Starting in August we will be moving to a new apartment complex. Ahhh yes, we are those Millennials that are delaying home buying. Hold that thought though, because purchasing a home is actually one of our biggest financial goals as we speak (up there with contributing to our retirement, beefing up our emergency fund, and investing) even though we are not quite ready for it just yet. We can’t wait to begin our family and when we’re ready we will ultimately buy a home. We made this choice for several reasons, but it essentially came down to being financially & emotionally ready. Not to mention, parting away with a big chunk of your savings for a down payment is pretty nerve wracking if you ask me. Something at least I just wasn’t quite ready to do in such a short span of time.
Making one of the biggest financial purchases in your life seems next to impossible from a rushed standpoint.
To turn this situation into a positive, I am glad that this whole process of our rental house being sold led us to get acquainted with the home buying process: getting pre-approved, working with a realtor (hey, Jason! we’ll be working with you soon again), running comps., evaluating the market, researching neighborhoods, gaining some insight & advice from those around us, house touring, gathering proper documentation/paperwork that is needed for the buying process, and evaluating what we would like & not like to have in our first home (this probably only scratches the surface of what we’ve experienced in the last couple of weeks). It allowed my fiance & I to just test the shallow end with our floaties before diving into the deep end of the home buying process.
Another side of this whole situation, is we have decided to downsize from a 1300+ sq. ft., 3 bedroom rental house (in Eugene, we were able to find this size of a rental home for less than half of our take home income which is pretty neat!), to a 2 bedroom 800+ sq. ft. apartment. With just the two of us right now (and the family/friend visitors), we realized we just had too much dang space that we barely used.
Before you go, “say what?!” to our decision of renting an apartment, here is a condensed list of why we’re excited:
1. We get to re-think & re-evaluate all of our personal belongings
When my fiance & I first moved in together, we created a pretty awesome collaboration of furniture that wasn’t perfectly matching but somehow worked altogether. Think a mixture of furniture from childhood homes, thrift store finds, hand-me-downs from the family, and college keepsakes. In our 2 years of living together, we have kept all of the following items & have only purchased a handful of new items. Now it’s time to get creative! In order to downsize we must sell, donate, or purge.
2. Freed up time from yard work
Another huge responsibility that came with our lease for the house we’re currently living in. Living in an apartment complex frees up this time from taking on these duties. Although, we did enjoy from time to time digging into the soil with our hands, we’re ready to be free from taking care of a yard that technically wasn’t even ours.
3. Less costs = maximized savings
That’s right, downsizing and moving to an apartment is allowing us to have cheaper rent, lower utility costs, and will grant us more opportunities to maximize our savings for a larger downpayment on our future home. There’s more to come with that because we may have been inspired to create a savings challenge!
Gym, yoga studio, pool, BBQs, secured access, air conditioning, retail space, pet-friendly…and so much more. It’s almost as if we get permanent vacation living at an even cheaper expense than what we’re paying for now.
5. New friends…?
Bahaha…so I could imagine you might be thinking that we’re publicly admitting we do not have any friends. Not the case…(I’d like to consider each of my visitors a friend – hi there)! Most of our friends just happen to live in different cities & states from us (thankfully, we do have some wonderful family & friends in town that we love spending time with!). Eugene is a unique little town with interesting demographics. The in-between subset (range of 20’s to 30’s) of young professionals are a little more difficult to find unless you actively seek them out. An apartment complex creates community events, and also gives more opportunities to potentially meet people easily around our age-range. (P.S. we are not opposed to having friends of all ages, but you get the picture!)
Do you currently rent, or have you bought a house? What do you like best about either one? If you have bought a house, how did you save up for your down payment? Let me know!