I’m not happy about timing either. I agree with you. I bought because my kids need something stable and home-like; I suspect in the longer term this will hurt me financially compared to other options. But renting here for an entire family is borderline impossible, and the places I might have had a chance at renting were dumps. I could choose between $5k per month to be sure we won’t face renoviction or ending leases (in a brand new home, too), or around $3750/month to live in a poorly maintained, inefficient, unstable rental situation.
I know it’s a huge difference. As a parent I’d almost be willing to pay even more, though. I can’t rely on someone not selling my home from underneath me and then needing to find something else when vacancies are well below 1%.
I’ll probably feel some pain from this purchase eventually, but I’m prepared. I can also keep in mind that the alternative downsides of renting were serious and constantly present, with no real upside. Rates are extremely high here.
I know it’s a huge difference. As a parent I’d almost be willing to pay even more, though. I can’t rely on someone not selling my home from underneath me and then needing to find something else when vacancies are well below 1%.
I’ll probably feel some pain from this purchase eventually, but I’m prepared. I can also keep in mind that the alternative downsides of renting were serious and constantly present, with no real upside. Rates are extremely high here.