Becoming the Landed Gentry
October 28, 2010 3:08 PM Subscribe
I'm having difficulty with the idea of being a homeowner. What are some paradigm shifts, re-conceptualizations that would help me make the transition from long-term renter to homeowner?
posted by otherwordlyglow to Work & Money (22 answers total) 21 users marked this as a favorite
We're looking at buying a house in San Francisco in the next few months. Prices are down (for SF), interest rates are down, things seem to be aligning to make it good time to buy, relatively speaking given the market here. I've been a renter for 20 years and the thought of being a homeowner is pretty strange although I do want to do it. My husband has owned a home before so it's not quite as foreign a concept to him and that helps but I almost can't see myself as a homeowner.
Our finances are pretty good, we have excellent credit and generally I think we're in a good spot to make the jump.
We're meeting with realtors, mortgage brokers and a CPA to figure out what's best for us and are being as deliberate and thoughtful and careful as we can be but I still envision myself bolting from the room when we get to closing or even when writing an offer. This must be normal, right? So how do people make it through the process without freaking out?
Practically thinking, I'm also having a bit of difficult figuring out how to just conceptualize being a homeowner. For example, I know that the thought is that rather than giving your landlord your rent, your building equity so even if you're spending more on a per month basis (which we will be doing), the equity and tax benefits somewhat offset that. But I still can't get over the "We'll be writing a check for 1.5 times as much per month!' thoughts. The talk with the CPA is tomorrow so clearly I need to get some feedback from him about taxes, withholding, etc.
Also, the thought of being a Adult and responsible for getting plumbers and roofers, and anybody else to work on problems, rather than having a landlord deal with all that, is a little scary even though my husband will probably handle all of that.
My usual approach to stressful situations is to educate myself and get as much good information as I can. I am doing that and asking as many questions as I can think of to everyone we're meeting with but could use any other approaches or thoughts on making this transition as easy as possible. I don't want to be the crazy lady at the last minute having a crisis about signing on the dotted line. My realtor and my husband thank you in advance.