For Sale

While I don't really like to talk about work too much on my blog for fear that the powers that be may read this-I do work with real estate. Add that to the recent market down-turn and I'm starting to think buying a house would be a smart idea.

In theory anyway.

You see, I don't understand how so many people who make way less money than I do can buy homes. And big homes, no less. I watch all the great HGTV shows like House Hunters and My House is Worth What? and I see people who make less than I do buying homes worth LOTS of money. (Maybe that's the very reason I have my job...but, I digress).

I also wonder where so many young people get the money to put a down payment on a house. For example, most of my friends from high school and college own homes. How in the heck did they manage to save 30K for a down payment while also paying off school loans? Maybe their parents helped them? Inheritance? Bank robbery? I'm not sure. But I do know I have nowhere near enough saved for a down payment, thus I would likely be stuck with a PMI if I decided to purchase a home.

So here's what I'm thinking are the pros of me buying a home:
1. Investment potential. Odds are good the market will go back up, thus housing values will increase. If I can live in a house for 5-10 years, I could likely sell it for a decent profit-which could be used to pay off or at least pay off a huge chunk of my daunting law school loans.
2. A yard for Fi!
3. A place to park. I have been known to cry while trying to parallel park. I've also been known to get reeeeeaaally mad while driving around trying to find a space to squeeze my little Saturn into.
4. A place that is mine. I can paint, decorate, renovate, landscape all I want. I actually like doing yard work. I like planting flowers and gardens. I like mowing the grass. Those are not negatives for me.
5. I could actually have furniture. I own the following: 1 bed, 1 dresser, 1 disgustingly old nightstand, 1 fantastic ikea chair. It would be nice to grow up and decorate the way I like.
6. Did I mention parking?

While those all seem nice, truthfully the thought of buying and owning a home nearly induces a panic attack. Here are the cons:
1. A mortgage. Unfortunately, I cannot pay for a house with cash. Thus I would be a slave to my mortgage company-and a slave to property taxes. I hate the idea of taking on more debt. While I won't have credit card debt (soon!), I still do have student loans. I don't know if I can, in good conscience, take on another sizable chunk of debt.
2. Neighborhood. I am very particular about where I'd like to live. I don't want to have to drive 30 minutes to work. There are probably only 3 areas I'd even consider buying-and they are all very expensive. Is it worth it?
3. Things will go wrong. Hurricanes happen. (Even in Ohio). Pipes get old. Windows need replaced. Faucets leak. Those are all repairs which would require me to hire someone to fix. That is costly. However-at least I could hire someone competent, which is not the practice of my current landlord. (Do not even get me started on the heat situation. Apparently some apartments are filled with smoke and others steam. They have been working at it for 4 days. I fear for my little Fi as I type this.)
4. Being on my own. Completely. Now-don't get me wrong. This seems very attractive to me. But, I need to be realistic. I will have to take out the trash, kill bugs, unclog drains, remember to lock the doors, remember not to lock myself out (this is huge). Will I be scared to be alone at night? Feel safe? I think I would-but definitely something to consider.

There are just my random thoughts... Obviously I'm in a lease until August, so I'm not going anywhere right now. But, the thought is in the back of my head. Mostly because I know someone who is always e-mailing me links to homes for sale! :)

What do you think-homeownership, yay or nay?