As much as I’m proud of the work we’ve done on our house, there are some weeks I’d kill to be a renter again. The biggest reason lately is mobility. Last week I was in San Francisco for a conference and feeling the creative vibrancy of the place made me yearn to pack our bags for good… except for the ball and chain that is our mortgage.
It’s been hard lately to watch friends who purchased real estate around the same time we did sell their homes and move on to new cities, new neighborhoods. I’m happy for them, just insanely jealous. If we sold our home today at the high end of what units are going for in our neighborhood ($150,000), we would still owe the bank around $80,000. (That’s about twice what I have left in student loans.)
While in San Francisco, I actually found myself considering the prospect of “strategic default,” a recent trend of homeowners to have banks foreclose on their homes. Tempting but not wise. Not for us anyway. We made a commitment, we should stick to it (at least as long as we’re viably capable of doing so.)
I feel grateful that we have a home we can afford. But, okay, I’m also envious of the people who recently purchased homes in our neighborhood. (They are such nice people, I feel bad writing this.) Sometimes I daydream of what we could do with all the extra money if we had a $150,000 loan instead of a $235,000 loan, and if it was at 4.85% instead of 6%. We could install a dishwasher, replace the mismatched linoleum on the kitchen floor, plan a real vacation, or most of all… put more money away for our daughter’s college education.
At times like this, I try to summon the darker periods of my life — times when things seemed dire and the prospects of change dim. In each instance, it was not an eternity before things changed (though it may have felt like it at the time.) The worst days are often followed by the best. So, life is teaching me a lesson right now. For whatever reason, we’re meant to live in our over-priced condo, on this strange little cul de sac. For some reason, this is precisely what we need to do right now. Or so I keep reminding myself, even if daydreaming about San Francisco.
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Hang in there Katie…
You have lots of company… although I’m sure that doesn’t make you feel much better. I think you’re right - there are better things ahead, although it’s hard to wait sometimes to see what they are. Funny though, life has a way a changing in a moment and you never know what is just around the corner. I hope your “moment” comes quickly.
btw - don’t feel bad. It is what it is. I get jealous sometimes too. I guess it’s just our nature. I have to say that you handle it with such grace… which is a lot more than I can say for most people.
Considering you have a place you can afford, it’s definitely not the best time to move… especially to SF. Down payment on a place in SF is at least the amount owed to the bank. :-/
Visit often?
John, thanks for the kind words. You’re right, jealousy’s a part of life, too. I keep telling myself there must be important things for us to do here. So, we’ll see what comes next!
Suki, totally hear you on prices in SF. It is outrageously high, although prices in DC are steep, too. I was on RedFinn periodically while I was there checking listings in the vicinity. On the other hand, not sure I’m convinced that buying is always a smart strategy. Might opt for renting the next time around.
have you thought about home swapping, like in the movie ‘the holiday’? you could also join servas.
You know, anything’s possible. Home swaps have always seemed a bit short-term to me (3month to a year?) and with all of our stuff, plus a toddler & dog, it would be a big process. Maybe worth it though for a change.