Buy your own house and car only if you have the capacity to pay for them. Buy only for your needs and not just to show off your assets to others.
This is one of those mature-ish topics again, not green but when an adult tries to make wise and responsible decisions as much as possible.
You see, in the past few months, I have been obsessing with finding a place of our own – I’m pretty sure it has come up many times in my posts. That, even without money to pay for equity or downpayment. Haha. I planned to pay for it by making a small loan and then paying the balance through a government housing loan.
But, alas, I read the quote found at the beginning of this post today. It comes from the fan page of the author of the very first finance book I read.
The house and lot I have been picturing for our little family is a big one, because I want a big yard for the daughter to play in and a few decent-sized rooms for my satisfaction. But, of course, we cannot afford it. Maybe we can, slowly, but it would definitely take time and so the goal of transferring there as soon as possible may take a few years more.
So, see you later, dreams of a slightly-big-but-still-cozy farmhouse, organic backyard farming, garden chickens, cows and pigs, playground and tree house for the daughter.
In the recent days, I have come into acceptance with the fact that we cannot afford to buy a 1000sqm (~10763sqft) lot and then (how in the world to do this –) have a 200sqm (~2000sqft) house built on it in a year or so. So, I have decided to look into options I have dreaded: socialized and low cost housing. The 36sqm (~387sqft) is a far cry from the original plan but what the heck, it’s the only one we can afford that would allow us to still enjoy the moment like eating dinner out or having a mini local vacation once a month.
But why would I not want us to remain living with my parents, comfortably, and get a really small place of our own instead? Mostly because the partner and I want to experience how it really is to be living on our own, as a family, and because trying to stay on budget is extremely difficult when you are tight and you have to share a few of your resources to three adults and one kid more. Although living at home could definitely ensure we won’t ever go skipping a meal – but still, it’s a challenge we would gladly accept.
Purchasing a house and a car is no easy decision to make. And they’re considered liabilities, too, since they take money out of your pocket with maintenance and all, unless you use them for business.
So there. I suppose I ought to stick to the plan, of buying a house that we can afford for now – a starter home to put it. The partner has been very encouraging and told me it would be a good place to start our DIY renovation projects. Plus I could try on paper bag and hardwood flooring since the small space would make it easier to afford. Yey!
And yes, I will do my best to stick to the budget. Hopefully making this move will allow us to build on equity for a big yard and a forever home. We might just be able to luck out on a lot with lots of fruit-bearing trees already! And hopefully I can also stick to the plan of paying for everything in cash, including a car of our own in the future.
It will be a really tough journey but challenge accepted!
And just in case you want to become inspired in making your not-so-big-house a home that’s truly your style: