Thursday, May 03, 2007

Arguing With Me, Myself, and I

The property manager comes to my door the other day with some news. Apparently the house that my apartment is in will be going back on the market within the next few months. This stresses me out a little for several reasons: he currently has a high asking price and wanted to give me the right of first refusal.

One part of me is saying, "YES YES, DO IT!!! You've been wanting to own your own home for years!"

My analytical, practical side is telling me "Not so fast, the asking price is high and the building has a few issues that need to be dealt with, the taxes in this town are skyrocketing along with the property values, and do you really want to deal with such a high mortgage payment?"

Then the other part says, "but there are two units in the building, you could have most of your mortgage paid by the rent from the other unit!"

So of course my practical side chimes in,"For God's sake, you know yourself and you wouldn't deal well with the stress of being a landlord in this area, you've heard the horror stories from your friends who decided to take that route. Plus, do you really want to tie yourself down to this area for an extended period of time? I know you've been planning on breaking away at some point in the next few years."

Then the other part of me retorts,"but it's a place to call home, a permanent home. You'll have the stability and control over your environment which you've been craving for years. You can finally have dog and a nice big garden too!"

Then there's an entirely familiar, yet foreign part of me that is saying,"You may be called to drop everything that gives you stability in favor of something greater. Would it serve you well to become this firmly-rooted at this point in life?"

Piffle, piffle, piffle... there, I've been wanting to say that for no apparent reason. The prospect of possibly owning my own home for the first time, especially a two-unit apartment building is both scary and exciting. Even if I don't opt for buying it right off... let's say the house goes on the market, the real estate market in my area is starting to slide a bit, the housing bubble having burst and all. The price could drop considerably, making the purchase that much more attractive. Or it could sell right away and the person may want to either clear out all the tenants or raise the rent. I guess I just don't know what to do, I won't stress about the last two possibilities for now... if it happens, it will happen. No amount of worrying will fix it or change the outcome.

Currently reading: A Prayer For Owen Meany, by John Irving. Yet another wonderful recommendation from my sister. Really, I have no clue why I should expect less at this point, she's the smartest one in the family and she works as a librarian. Her reading suggestions are always good ;-) Love ya G!!!

1 comment:

Angela said...

If you own the house, and live in it as well, the real estate laws are a little different I believe then if you own but don't reside there. Plus... if you decide you want to leave.... you could just rent out the unit you live in, or hire a property management company to deal with leasing it.

Good luck with your decision, it seems like a lot to think about!