Back in Debt… with a Mortgage!

Sorry for the hiatus, but the last 3 months have been quite hectic! After knocking out all of our student loans and being debt free for a month or so, my wife and I decided to re-enter the debt world with a mortgage! Hooray! We have been super busy the past 3 months with scouring the internet for home buying knowledge, going through the home buying process, making the move, meeting the neighbors, and finally an 8 day celebratory trip – details on this trip will be in the next post!

The timing was just right for a house – we were getting sick of our apartment neighbors (they were avid believers of door slamming), our lease was almost up (well, we had a few more months to go than would have been ideal), and the neighborhood we had always loved had a house for sale.
We decided we shouldn’t wait until June when our lease expired, or else there would be a good possibility we would have lost the house to the spring-time home buyers. I looked at our apartment lease as a sunk cost, and figured we might as well get started on the mortgage as long as we could afford it. Plus, I had plans to later try to break our lease when closing on the house was a sure thing… which I later found out unfortunately was close to impossible to do!

Our initial plan was to build new in the neighborhood, but after a few meetings and looking at floor plans, we decided the perfect build in the neighborhood would be way out of our budget. The house that we found makes us just as happy and is our current dream home, plus we got an excellent deal on it. I’d be lying if I said I didn’t enjoy the home buying process… Is that weird?! From getting the best rate from the right lender, crafting the perfect initial offer, renegotiating details to strike the perfect balance, strategizing to make use of all credit, all the way up to signing at the closing table – learning as we went through this process was quite the adrenaline rush! What has been your experiences with home buying? Or let me know if you’re currently in the market and have any questions!

Having been in our home for 2 months, we are settling in quite nicely. We are delaying upgrades (new furniture, new blinds, home gym mirrors, etc) as much as we can, as well as deciding to upgrade little by little instead of all at once. By doing so, we avoid consumer debt and are able to maintain our investment contributions (don’t want to miss out while stocks are on sale!). We also are aiming to do as many projects ourselves as possible. Sure we can hire someone to repaint our high walls and ceilings, but where’s the fun in that?!

Speaking of which… please share some interior painting advice – I have yet to begin my research! While we’re at it, let’s hear all of your home owning tips! Much appreciated!

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5 thoughts on “Back in Debt… with a Mortgage!

  1. Many congrats! What’s great about being financially responsible is that you can treat your apartment lease as a sunk cost and take advantage when the right situation comes up. A perfect example of the benefits of this FI path even before FI is reached.

    And like you, I also enjoyed the house-buying process. I think it is a bit weird, but I’m okay with that.

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    1. Thank you OMSC! You’re right, that’s definitely a perk of being financially responsible! Who knew adulting could be so fun. Haha!

      Can’t wait to stumble upon the many other benefits đź‘Ť

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  2. Hey Chris, this is extremely relatable as my fiance and I just purchased our first home together a couple of months ago. We now officially feel like adults! – I think it’s having a mortgage that’s officially done it.

    Welcome to the adult life as they say. We’re loving our new home though, and much like you, it means no more noisy neighbours! (we too had issues with door slamming, amongst other things…)

    We’re also doing the little by little approach. Yes, we need blinds, curtains, mirrors, tables, chairs etc… but one thing at a time is the way to go I think!

    As for painting advice, I would recommend the “cutting in method” – and don’t skimp on cheap brushes or rollers. In my experience, it’s just not worth the hassle!

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    1. Hey Iain, congrats on your home! Definitely a great feeling, although currently my lower back is sore from some lawn care yesterday. Ha!

      5 months in and we’ve only managed to upgrade our couch and get a couple of chairs… Much more to cross off still on the list!

      I hear ya about not skimping on painting tools, and I’ll definitely check out the “cutting in method.” Must practice steadying my hand! Thanks!

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      1. Thanks, Chris! It is a great feeling, but a strange one at the same time. Speaking of lawn care, I need to cut our grass again – it’s been growing at a crazy rate lately! I’m sure it’s on steroids.

        Yeah, keep taking it a bit at a time and you will eventually get there. That’s what I’m going to keep on doing.

        I learned the hard way with the skimping on paint brushes and rollers. I thought I was doing a good job until I noticed all loose bristles and foam that came off during the painting. Was not a good look!

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