This may be a little long.
DH and I live in Rockland County, NY. We have lived here for a year and a half, got married here and have friends here. Most of our friends live in the same town we do. Two of the couples we know recently bought homes, and both have paid more than I would like to pay for a small, old home on a rather small land. The problem with me was: DH's family lives in ATL and I see how they live, and what they pay, and it just hurts having to pay so much more to live so much worse.
However, last month DH made me realize that we may be better off buying after all. Right now our rental apartment costs us about $1300 a month. It's about 1100 sqft large, but has only two bedrooms, a huge kitchen and a huge living room. DH works from home, so he uses the smaller of the two rooms for his office. Our neighbor is a psychotic weirdo who screams and curses at his parents, who in return scream at him. He has no friends, works 5 minutes from the house, and vacuums at midnight. We definitely do not want to have kids in this apartment, if not for the lack of space, then for this neighbor. DH made me realize that with as much as $500 a month extra, we could have our own place and get lots of write offs.
Considering that the mortgage rates may wind up much higher next year, DH and I have been more inclined to search around. At first we thought about buying a small 3br/1bt home, but then we realized that for a minimally larger cost, we can get much larger homes in the town that's about 20 minute drive from where we live now. Today we went to see a bunch of the homes there, and saw one that I think could be it!
It's a nice ranch home with four bedrooms and two full baths and an unfinished basement. The yard is not ideal - it has a huge drop with trees on it on a third of the property, but overall, it's really nice. It has a original brick fireplace, a large new deck, a wall of windows and newly renovated bathrooms. If you ask me - the fireplace is what wins me. It's located in a subdivision that has two lakes for the members only, a man made beach and a large jungle gym. The community has a lot of young families so if we had kids, it would be nice to make friends with other moms. What's best is that it's over $100K less than what the majority of the homes are in the town we live in now.
For those of you who have recently bought homes - did you have this weird anxiety? Other than our wedding, I have never spent so much money on any possession. I did not have a car, because I lived in Brooklyn when you can get everywhere on a subway, I rented and I am a saver - I save my money not spend them. I am so anxious about getting a huge loan, and owning a home... How did you feel? Any advice you can share?