Tired of Being a Homeowner

Tired of Being a Homeowner

Hello folks! Hope everyone is doing alright. I’m going in a new direction with today’s post. I haven’t spoken much before about home ownership, but today is the day! I’ve been a homeowner for almost five years now, long enough to have a pretty good view of the pros and the cons. And don’t worry, this isn’t going to turn into a post solely on the financial benefits of being a homeowner versus renting! No sir-e-Bob, this is going to be all encompassing. And it goes to the heart of the matter and includes the lifestyle benefits / drawbacks of owning a home.

So let’s jump in!

My Revelation

I recently had a revelation. And that simply is that I am tired of being a homeowner. So keep in mind where this post / rant is coming from…There has been one too many home repair issues that have cropped up recently that have pushed me over the edge.

Owning, managing and taking care of a home are just too much for me! There are a lot of repairs and maintenance that is required, more than I initially expected. And I’m tired of it! It isn’t the skill required for the repairs and maintenance (youtube helps with that), it isn’t the expense associated with it (although being nickled and dimed does suck), it is the time commitment and added stress!

Admittedly I wasn’t a totally informed home-buyer. I knew there would be repairs and maintenance, but I think they were underplayed because of my experience growing up. I don’t recall my parents doing a whole lot of maintenance on my childhood home. Sure they vacuumed and cleaned, etc, but I simply don’t recall any major repairs. The most complex thing I can think of would have been a clogged toilet…wasn’t me!

And on top of my historical frame of reference, Lucy and I bought a relatively new house. At the time of buying, the home was about 12 years old. It had one prior owner. They did have a dog, but I wasn’t too concerned by that necessarily; it isn’t like they had a dozen cats or a monkey. Also, the prior owner was a commercial contractor. He no doubt knew how to DIY. Who better to buy a home from, right!?

As a matter of fact, the prior owners made a number of upgrades to the house during those 12 years. That list includes: putting in solid Brazilian walnut floors downstairs (an exotic wood, very nice, very expensive!) and cork floors in the kitchen, installing nice carpet upstairs, redoing the kitchen with nice overhead lighting, cabinets and appliances, within the prior year they bought two new A/C units (one for the upstairs and one downstairs), and they added nice tile to the master bath.

There were a few noteworthy items that were older and so we were well prepared for repairs or having to replace them. That list included an older water heater and the original roof. Not too shabby though, right? We didn’t think there would be much for issues to deal with at all.

Tired of Being a Homeowner
It was timely to replace the old roof when we decided to go solar!

The Joys of Home Ownership

We’ve all heard of the statement “the joys of home ownership” in a sarcastic tone. Well at first it is funny, second time someone reminds you of it gets a little annoying, and now I am so sick and tired of hearing it I’m ready to cry!

Let me give you some background first. I’ve now been a homeowner for five years come May 2017. At the time we bought the home we were so excited and ready to be homeowners. We were tired of living in apartments where we could hear our neighbors or be woken up by their slamming doors in the middle of the night, tired of hearing the neighbors below us throwing a party when we were going to bed; the list goes on and on. We were ready for privacy and our own place! And Lucy was ready to finally be able to paint a room…

As you could tell from above, we found what we thought was a perfect house. The perfect balance of nice and new with a few potential DIY home improvement projects was right up my ally. But low and behold the joys of home ownership…

In our five years of owning a home, we have had the following material repair and maintenance issues:

Tired of Being a Homeowner
Jr. with the hammer and Dad with the wrench…home DIY!
  • Wood rot that needed to be replaced on our shed. Not a quick and easy project, let me tell ya! This repair involved buying a bunch of new wood and putting a couple coats of primer / paint on it. Then ripping out the old and screwing on the new. And just a few trips to the hardware store…
  • Power washing moss/mildew off the siding of our home and dirt off the driveway (paid for this since we have a two story home). Bet safe (literally) than sorry.
  • Power washing moss/mildew off the shed and playground – borrowed a power-washer and completed this myself
  • Constantly dealing with moss and weeds growing in the yard.
  • A sink hole developed in the back yard around the sewer drain. Yes, a sink hole! It may be 4 feet deep in some spots resulting in wash out of soil into the sewer and won’t get too much worse I don’t think. Luckily it is about 20 yards away from the house and won’t impact the structural integrity of the home. And also luckily it is not my liability (contractor error), but there is a wait list for the city to repair these types of issues. It has already been 2 years and the current estimate is an additional 4 more years! Insane. It makes we question whether I want government run healthcare or not…
  • There was an issue with the installation of the new Brazilian walnut wood floors. This is a developing issue, but I think the problem is not enough gap around the edges of the floor to allow for natural expansion and contraction of the wood. This has resulted in buckling in a couple spots. The repair work has been quoted for around $2K to $2.5K. But, sadly, it may require a complete replacement which would be closer to $7K.
  • Refrigerator ice maker broke. This is one of the relatively newer appliances the prior owners bought. How does an issue like this pop up out of nowhere? Who the heck knows. But I was able to buy and install a new one for about $75 and 20 minutes of my time.
  • Kitchen sink is dripping. This too was fixed by my own accord with a repair kit purchased online for $15 and 20 minutes of work.
  • All three of our toilets have had issues at one point in time. Each fix has consisted of $10 or so for new parts and a range of 15 minutes to an hour or more. I’m much quicker now…practice makes perfect I guess!
  • Our A/C units required maintenance when we first moved in. It was covered under the initial home warranty, but it was a major pain in having people come out on three or four separate occasions trying to troubleshoot the issue.
  • Over the last year or so, our water heater has been dripping from some overflow or pressure release spout. I had someone check it out initially as part of a free check-up offer and they advised it was not a major issue. I placed an ice cream bucket under the spout and have to dump it once or twice a week (most frequently in the winter for some reason). This thing will kick the bucket soon, pun intended.
  • As I noted when initially buying the house, the roof was going to need replacement eventually. I elected to do so at the time I installed solar panels so I wouldn’t have to take the panels off later to replace (this would have been extra costly!).

The whole moss in the yard and mildew on the siding etc. must be a southern thing. I don’t remember this at all growing up in the upper Midwest.

Maybe I shouldn’t have been surprised to have to deal with all these issues, but like I said earlier my mindset was my childhood growing up and the fact this was a new and recently upgraded home.

Financial Considerations

While I am tired of being a homeowner and dealing with all its joyous hassles, I can’t say it has been a bad move financially. I pay approximately $21K annually in principal, interest, tax and insurance for the home.

When looking at the opportunity cost, if instead of buying a home we rented a home for a similar amount of annual payments ($21K), we wouldn’t get the tax savings from interest and property tax deductions nor the benefit of an ever increasing equity from principal payments. As outlined below, this is relatively significant.

Homeowner

Note that 2012 was a partial year (we bought the home in early May). Also, the state of NC changed its tax policy beginning in 2014 to no longer allow itemization and instead resort to a flat $15K standard deduction. So the tax savings dropped as a result of not being able to itemize for the State tax return. Lastly, the tax savings step back up in 2015 as we moved to a higher marginal tax bracket.

The last thing I’ll consider with regards to the financial merits is my down-payment of $27.5K. Had we rented, this sum would have alternatively been invested in equities. Using the S&P 500 as the benchmark for return performance, you can see this would have compounded nicely during this time period. As shown in the chart below, with dividends reinvested, the stock market return of 95% including a strong last 6 months would have resulted in about $53.5K.

Tired of Being a Homeowner

Conversely, if you believe Zillow, the house value increased from our purchase price of $275K to almost $320K. As a result, the value of that $27.5K can be looked at as now being about $72.5K, a return of approximately 164%.

As it turns out, the financial decision of buying our home was better than we could have expected. I’d chalk that up to buying at a good time and Charlotte being a good and growing city. Granted we will have more closing costs to pay upon resale. 7% agent fees on $320K amounts to $22.4K in costs. That takes a big chunk out of the benefit of the home appreciation!

Regrets?

Do I regret buying a home…probably not…so long as the pending sink hole issue doesn’t overly complicate a potential resale of the home (assuming we sell before it is fixed) or does eventually get fixed at the city’s expense.

The financial benefits paid off decently well for us. The annual tax and equity growth benefits do help me rationalize and offset the repair and maintenance cost of a few hundred dollars here and there and the time and annoyance too. My wife and I are fairly busy though and would much rather spend any extra time with the kiddo than doing repairs and not have to deal with the extra stress too.

Of course in retirement with more time on our hands, I wouldn’t expect this to be as big of an issue. And, I suppose, it will get a lot easier when the kiddos get of age to help with more of the routine chores like vacuuming, cleaning and mowing.

But honestly, I did underestimate the annoyance and stress related to home repairs. For future first-time homeowners, don’t underestimate this!

Conclusion

Financial considerations aside, I’m guessing we aren’t the exception here with home repair and maintenance. Buying a new home or even a recently remodeled home can still come with surprises and its fair share of maintenance. So buyer beware!

Hopefully this post will be helpful to those considering buying to think through all aspects of home ownership. And for the next buyer of my house…I made this all up! There wasn’t this much in repair and maintenance work…how could that even be conceivable!

Does anyone else have homeowner stories to share? I’d love to hear them.

Thanks for taking a look!

The Green Swan

P.S. Speaking of tax benefits, if you haven’t done your taxes yet it is time to jump on it now.

 

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  • Yep, been there, done that. I’ve actually never rented-I bought a condo a few months after I turned 20, and later bought the house I’ve lived in for 11 years now. In that time I’ve had to redo most of the rooms decoration (ancient wallpaper is hard to remove), remodel one bathroom, replace the driveway, make several roof repairs, make several repairs to the well, replace the dishwasher/oven/range, replace light fixtures, replace the siding…the list goes on. My house was built in the 1960’s, so it’s on the older side. Also the mildew isn’t just a southern thing-I’m up here in the Northeast and we get it too. I think it’s a humidity and lack of light on one side of the house. I always get it on the northern side, which is unfortunately the front of the house.

    • JW

      All those repairs you just listed about made me faint! That’s a lot of work and hassle, spread out over time I know but boy…!

      Thanks for sharing, Chief Mom Officer.

  • You’re adding a new visual of “a house as a sinkhole”. Can’t believe you’ve got a sinkhole in your hard. Yikes.

    We’ve owned 9 homes over 31 years (!!), and have been fortunate in not having many “major” repairs. The biggest advantage of “Buy Vs. Rent” in my mind is the fact that you never stop paying Rent, but you will (eventually) own your home.

    Since April 2015, we’ve been debt free, and haven’t had a mortgage payment. That statement alone is worth any of the headaches incurred while getting there.

    • JW

      Yes I know, a flipping hole in the ground! Unreal…

      Thanks for putting it in perspective, Fritz. Not having that mortgage payment would make a huge difference.

  • Our first home was over 60 years old, water in the basement, roof issues, new furnace and leaky everything! We ended up moving, part of the reason is we just felt like something big and expensive was going to happen.

    In addition to prepping for the maintenance, don’t settle for a place that is missing major checks on your list. Our first home had a single car garage, no central air and only 1 bathroom. Never again!

    • JW

      Great point, Mr AE! That’s one thing we are happy about in buying a relatively newer home with some recent remodels and new features.

      That’s great you were able to sell before that big expense happened!

  • Eeeesh, sorry for all of the annoying repairs. We moved into our home in September and it’s like something ALWAYS needs to be fixed. And of course that means money is required to fix it (parts, tools, etc.). I don’t think our toilets have ever functioned properly. Not once. But I guess this is why the FIRE community is so torn about owning a home. It does mean you’re tied to a property and are responsible for all of the repairs. For us I still think it’s worth it since we prefer a space of our own, but owning a home isn’t for everyone.

    • JW

      Agreed! I think it’s worth it for us too, sometimes it just gets me down though. The joys (and pains) of home ownership… 🙂

  • We have the mildew thing here in Delaware. I was just looking at the railings on my deck yesterday thinking they need a good power washing. I’m 100 percent with you. We’re on our second older but remodelled home and honestly it’s not the costs. It’s the time and the worries of what might break next. It’s a balance between making your home your own and owning repairs.

    • JW

      The time and worry is a killer!

      Thanks for stopping by, FTF!

  • Heaven to betsy, that’s for a newer house? Eeks! My parents have a house from the 70’s and they’ve sunk a fair amount into it over the years. Painting the exterior, powerwashing the deck, some tree issues, shoring up the retaining wall and fence… with more to do.

    I’m compounding the issue by buying a house built in 1910. The list of things to do to this property is long and growing by the day. Fortunately, it’s multi-family so I’ll have help paying for all the repairs and tweaks I want/need to do. Good thing I’m going in with my eyes wide open!

    • JW

      I know, right!?

      Yes absolutely, makes a big difference knowing what to expect.

      Thanks for sharing, Gwen, and best of luck!

  • Wes

    Our new home purchase had a (neighborhood) sink hole issue that went on for months in a fight with the builder.

    Thankfully it has all been resolved and shouldn’t impact the sale of our home when we find our rural property!

    Good luck with the sink hole… not fun :-/

    • JW

      Oh yeah, so you know what I’m going through!? Glad it worked out for you folks, I’m crossing my fingers!

      Thanks for sharing, Wes!

  • There are pros and cons of home ownership. Despite the maintenance work/cost it brings and the work to keep all ok, right now, it is the best for us. I like the idea that we almost own the house and that it is a homebas for our kids.

    • JW

      Having kids was a big impetus for us in buying a home and that’s how we always envisioned raising a family. You’re right, it’s not all bad. Thanks for stopping by, ATL!

  • We’ve owned our house for about 8 years now, and have “invested” roughly $35K in various repairs/remodeling activities during that time. The house is a 1950s home so it has some good bones. The nice thing about is that once you take care of most major issues, the frequency starts to drop off quite a bit, which is what we experienced. I would hate to sell this house and buy another, because I feel like I already know where all the remaining problems are lurking. Despite the annoyances, I’m still happy with the purchase overall, and once you have it paid off (like we do), addressing the issues doesn’t sting as much.

    • JW

      Oh good for you folks! It is nice having that feeling where everything with the house is sitting well and under control. I can see where once we get through our issues we should be sitting ok. Hopefully anyway! 🙂

      Thanks for the comment, Max!

  • I hear you! We are almost committed to renting in early retirement. No more effective mortgage deduction (standard deduction will be higher) and not having the hassle of repairs would be the #1 and 2 reasons for renting. Besides, we’re not yet 100% sure where we like to settle down and we’d hate the large transaction cost of buying/selling a house.
    Cheers!
    ERN

    • JW

      Yeah that’s a good spot to be in, I like that idea personally as well, once in retirement anyway. And assuming the kids are out of the house. Then having the opportunity to rent and roam for a while, what a great experience! And then hopefully finding that perfect spot to settle, perhaps near grandkids someday.’m

      Thanks for sharing, ERN!

  • I have been a home owner for 10 years now and I gotta say that I love being the king of my own castle. One of the joys for me is being able to do whatever I please with my own property such as building a deck, planting fruits and veggies at the backyard. One of the nuisances for me is paying property taxes as it goes up quite often.

  • We are definitely home buyers and have had a lot of the same issues you have had to deal with. Right now we own 6 “homes” – so we have PLENTY of work to do (this includes our rentals). We joked one time that we should just sell everything and rent forever. There are some days when that would be wonderful! Most days though, we don’t feel that way. We just try to take it situation by situation for now.

  • Our home was about 50 years old when we bought it. While we haven’t had any big issues, I do get tired of old house issues. Plus, the house was flipped about 2 or 3 years before we bought it. I’m finding now that several things were done cheaply and I’ll be replacing them soon. There’s definitely some headaches that come with owning a home, but I’ll take those over renting any day.

    • JW

      You summed it up pretty good there, GFY. We were anxious to get rid of the renting lifestyle for a reason… We need to try not to suffer from recency bias.

      Thanks for the comment!

  • We are on our third house now and have over 20 years of home ownership under our belts. Our first purchase was a brand new townhouse, so not too many problems there… except a roof leak on the night we were showing the house to the new buyers! Minor issues with the last two houses, but nothing too crazy. We certainly have mildew issues on the north facing sides of our current house as there just isn’t enough sunlight there.

    That sinkhole issue doesn’t sound good. Hope the city can get out there quicker than the next four years!

    • JW

      Ha aren’t those surprises the worst as you’re about to sell!

      Yes I know! Waiting four years plus is ridiculous! I’m about ready to just fill the whole with cement…

      Thanks for sharing, N2S!

  • Hi JW,

    It’s good to see someone call out some of the drawbacks with the point of home ownership. I’ve owned a couple of places over the years, and had some major rework doing (repainting the exterior of the block, redoing the interiors etc.) – the worst being the roof getting damaged in a storm, fortunately the insurance covered most of that!

    I’ve found that there is always something that will crop up, so I set aside a small sum every month into a separate account that I “forget about” until a repair needs doing. I once got hit with a £20k bill for repair work (it happened on average once every 5 years so not too bad), but thankfully as I had put that money aside each month I could take it in my stride.

    It is a pain with the maintenance but for me I prefer it to renting, it’s the whole security side of things. I will also admit that I have done very well out of the property to date in terms of capital appreciation – one advantage of London’s crazy housing market!

    Cheers,
    FiL

    • JW

      There is always something, but $20k is a heck of a pill to swallow! Good idea with setting aside a small amount monthly.

      Capital appreciation can be a savings grace! Having looked into housing costs in London I can understand what you mean about a crazy housing market, it’s expensive! Good for you!

      Thanks for sharing, FiL!

  • Great insight! It does make me wanna stay a renter haha! Or buying a condo.

    • JW

      Ha yes I understand. Crazy the unexpected issues that can pop up!

      Thanks for stopping by, Javi.

  • Steve D Poling

    Try being a landlord for a couple decades. You have big capital expenses, but a lot of Saturdays lost fixing stuff. It’s a part time job, but then the houses are productive assets. Would REIT investing be less work? Probably.

    • JW

      That would be a major downside to RE investing if you ask me! Nice to have those earning assets, but ouch!

      Thanks for sharing, Steve!

  • SMM

    We’re doing an alternative economic home improvement project tonight (fingers crossed). Instead of buying stacked stone to put on a feature wall, we decided to buy stone prepasted wallpaper. We bought it from Wayfair.com and it has a bunch of great reviews. We’ve saved hundreds and now it’s a matter of hanging the wallpaper and seeing how it turns out. I’ve been watching installation videos lately to prepare. Pray for us :-).

    • JW

      That’s awesome! I hope you stop by afterward to share your thoughts on the end result. What a great alternative!

      We’ve bought a number of things on Wayfair and have always been really happy with the quality of products. Good price and products, free shipping, tax free, what a great website!

  • Kimmy

    Im hatin now being a home owner but hubby dont. I feel its only great when you have kids and thet get off the bus to a beautiful house. Also we pay 2k a year on taxes, insurance, pest control. I told my husband that would be like getting a check for 4k every other year not owning. And that could be saved, invested…

    • JW

      Hi Kimmy, I agree with you there. The increased tax, insurance, home owners association fee if you have one (we do…) and those other misc costs add up! That was a big consideration for us in determining how much house we actually want. There will be no up-sizing of our house in the future as those costs only go up.

      Thanks for stopping by!

  • Jacq

    Including the noisy neighbors, a yapping dog (who once barked for 6+ hours), the apartment complex was having issues assigning my rent check to my account and I came home to an eviction notice (well to appear in court regarding eviction ) on my door. When I went in to discuss it for a series of 600+ units, the staff knew me as someone who paid on time. But the business office was somewhere else (Arizona? ). They didn’t know me, just that it looked like I hadn’t paid, because someone on the local staff credited my rent to someone else, even though my account number and address were correct on the check. That fear of coming home to all my belongings on the sidewalk, on top of a longer commute, it was time to stop renting.

    • JW

      Woah quite a story! I can’t believe they’d get something so fundamental messed up so badly. Wonder if the person who they were crediting your rent check knew about all this…:)

      Thanks for sharing, Jacq!

  • Mitch

    The author’s comparison of home ownership costs to rental costs makes me scratch my head a little. Home ownership costs are slated at $21,000 total for principal, insurance, taxes, and interest, and those cost are compared to renting for an equivalent $21k which implies that in the home ownership scenario, 100% of the principal gains are recognized compared to zero principal gains in the rental scenario.

    I think a more realistic comparison is to imagine that if you were still renting, you would not be putting the entire $21k/year into rent, and instead a significant portion would go towards savings.

    The author even says he has a $27,500 down payment made on the house. That must have come from savings while renting!

    So on top of the $22,400 that will be lost to realtor commissions, legal fees, and land transfer taxes when they sell, there should be consideration given to the lost savings that could have been accumulated while renting which instead went into principal, interest, insurance, and taxes on the new house.

    • JW

      I appreciate the feedback, Mitch. I tried to keep the analysis simple by assuming a consistent rent vs mortgage payment but I realize there are some differences. Assuming all else equal though, as in we are renting a home vs renting a smaller apartment, etc, a similar rent is not much of a stretch.

      And I certainly don’t think renting my house would have a lower rent payment. In all likelihood it would be higher and perhaps increase annually. Per Zillow, an estimate of what I would expect renting my house would cost is $23,400 per year. So not sure it is safe to assume renting would buffer savings unless we rented a smaller house or other factors changed.

      Thanks for stopping by and leaving the great comment!

  • Greg

    At the beginning of your post you gave many reasons you were tired of renting. Do you feel these are worse than your current state of being tired of owning? I ask because I am considering buying a house to get away from condo/apt life -being woken up by the person above me stomping around, or the person in the building who has a home theater with a sub woofer that seems to be always on, noisy hallways, hearing loud talkers in the unit next to mine, and the guy who smokes pot all the time and the hallways reek of it. Even if you eventually get all of them to stop, when their lease runs out, they move, and then a fresh crop moves in and it all starts again. Plus I’ve lived in condos and had those problems there as well, In addition to the guy above or beside who does renovations at all hours – I’m afraid to ever invite friends over because I just know someone will start tearing out and sawing and hammering while we are trying to have a coffee. Yes, you can complain and something might change, eventually, maybe. Then, the special assesements of thousands of dollars – on top of the monthly condo fees. And over the years many people I’ve met who own condos have also gotten big assesment bills, it seems fairly common. But I’ve never owned a house and feel I would like to try it. I’d love to get a decent night’s sleep sometime, or have friends over. Would the extra time and labour of house owning be worth it to get away from what I’ve described? I’m not in the Toronto or Vancouver area, I’m in Edmonton, so while a house is a still a big cost, it’s not bankrupting like those markets.
    I would certainly appreciate your thoughts on that.

    • Greg

      Sorry, I followed this link from a Canadian web site and assumed this was also Canadian, but closer inspection reveals you are in the US, so my reference to the three cities probably won’t mean anything to readers here.

      • JW

        No worries, my friend! It was great having this article featured by The Globe and Mail. And actually I get a fair amount of traffic from Canada. It’s great you stopped by and I appreciate the comment!

    • JW

      Hi Greg, thanks so much for the great comment and question! While I’m not Canadian, I am familiar enough to know how expensive the real estate market is in Toronto and Vancouver. Glad you aren’t having to try and buy into those markets!

      But from what you described, it definitely sounds like the time for a lifestyle change. Those were a lot of the same issues my wife and I were dealing with when we were ready to make the decision to buy. While I can’t give perfect advice as there are a lot of individualistic considerations when buying a home (like financial situation, etc), I can tell you the lifestyle trade-off for us was worth it. And from how you’ve described it for yourself, sounds like it would be well worth it for you too.

      One piece of advice on buying a home though, is make sure you’re planning to live in it for 5 years or so to make the transaction costs, etc worth it. You don’t want to buy and then move for a job (or other reason) in a year and be forced to sell.

      • Greg

        Thanks for the reply, It’s hard to find advice about these matters that is not from someone in the real estate or mortgage broker industries, as they all have an interest in convincing you that buying is the only smart option. I did find a pretty good book that makes the opposite financial case – for renting, and it was good, but it does ignore the issues I raised about the lifestyle issues I have with apt/condo life. Of course if you just can’t afford a house then it’s all a moot question, but I’m fortunate enough to be able to afford it, and I live in a province with no land transfer fees, meaning it’s just realtor fees and $500 for the lawyer to do the paperwork (not that realtor fees are irrelevant).
        Here is the book link in case you are interested.
        https://www.amazon.ca/Wealthy-Renter-Choose-Housing-That/dp/145973646X

        • JW

          Awesome, thanks for sharing the book.

          For us when we made the decision to buy, it was primarily driven by the lifestyle considerations while also knowing we wanted to start a family and preferred to do so in a house.

          The financial considerations are important, but life is short and sometimes the lifestyle factors are justification enough.

          Best of luck to you, Greg!

  • Great article! My husband and I have owned are home for just over 4 years now and we have done a number of large repairs. In fact, we try to do one major repair a year. The home we bought was built in the 1950’s, so it’s aged quite a bit. Luckily the kitchen and bathrooms were remodeled right before we bought it, so we saved some money there. However, we had to waterproof the basement and replace the roof, which both cost us a substantial amount of money. The way I look at it is, we have a great interest rate ( under 3.1% for a 30 year mortgage) so I don’t mind investing a little extra cash upfront to improve the house we plan to live in for an extended period of time.

    • JW

      It makes a difference knowing it is a home you’ll be living in indefinitely. A little easier to take the extra time and care in doing repairs the right way. That’s a good way to look at the nice low interest rate too! When we first moved into our home, we didn’t have nearly the furniture to fill it. The approach we took is somewhat similar to yours, getting the furniture and decor set for one room a year to helps space out the costs.

      Thanks for the comment, Courtney!

  • This is a big reason why we’re currently renting. Ain’t nobody got time for that. 😉

    When we’re retired and settled down, that may change — I could see repairs being something of a learning experience as opposed to just hassle in that case. Something about 40+ hours of my weeks being spent on work just zaps my enthusiasm for projects around the house.

    • JW

      Exactly, and it is never fun having the weekends filled with household chores and repairs!