Today I read in the Post this article about homeowners becoming "upside down" on their mortgages. That terrifies me. We aren't selling our home any time soon - and definitely not until it's paid for. Of course, we deliberately chose a home we could afford. One man featured in the Post article originally paid $538,000 for his home on a salary of $70,000 a year. $538,000!!!! What was he thinking? According to Bankrate.com, the most house he could afford was $128,280. And now he's lost $118,000 on the sale. Duh.
Why is this relevant to me? Well, when I become irritated with my house's little... quirks, I can remember that I too could be living in more house than I can afford, but then I wouldn't be able to eat. We are strapped down as it is, with our house payment being just under 50% of our monthly income. Which doesn't sound like a lot until you consider that every other paycheck gets turned straight over to the bank.
Still, I don't like having debt, even "good" debt like a home loan. In my way of thinking, it's so much better to suffer now, get the thing paid off, and enjoy total freedom from debt later. Most Americans carry some kind of debt, and that's just dumb. Why pay someone else money every month, when you could actually own a thing free and clear sooner if you just paid cash? I'm not saying I don't have debt, because I do. It's hanging over me like Damocles' sword, though. Hence the insane house payment. I believe that in 4 years, when we have no debt, it will be totally worth it.
I do become so annoyed with the house though. Most days it reminds me of Daisy and Onslowe's place. But it's mine. I can walk through it and see our handiwork in it (both good and bad.) I guess that counts for a lot.
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wakeful dreamer