Rent or Purchase?

The other day, my colleague asked me if I have been fully utilizing the company’s relocation expenses. That was when I remembered receiving an important e-mail sometime last week from the relocation counselor. In the e-mail, I was asked if I still planned on buying a house in Red Deer, and that I have until 6 May 2008 to qualify for corporation-paid lawyer fees, house inspections, and other real estate expenses.

Our conversation took flight into a discussion of the benefits of purchasing a home. Currently, I am still renting in the same, somewhat spooky apartment. But rest assured, I got some help … and so far, nothing weird has happened since then. I still sleep with my side lamp on though, tee-hee.

From this discussion, I got to learn a few things about mortgages and what not. You see, I was worried about being stuck with the mortgage contract. I have to admit that I had little knowledge on this subject. Seriously, it was mind-boggling to think that it will be difficult to sell the house 5 years later if I needed to. Obviously, I did not know that there are different types of mortgages, and that it is easily transferable to the next purchase of a home.

My colleague was explaining why he wanted to purchase a home when he started working here. I guess he really had the passion and all, but for me … I just feel that I am not ready to buy a house (myself), and take care of it (myself). However, he suggested that I could always rent out a room, and that will help subsidize my monthly mortgage payments. Aiyo, I don’t think I am ready to live with housemates again! I have had terrible experiences back in university. Who is to say that it won’t happen again? He did have a reasonable point about screening potential housemates, and that it will probably be a girl who is mature and earns a living too. My best friend also pointed out that I won’t feel as lonely anymore. It is always nice to have someone there when you come back from work.

But you know, I think I will stick to pets to cure my loneliness. I am thinking of getting a cat … but I don’t know how successful this plan is going to be as my apartment is a no-pet zone. In other words, no pets are allowed in the building.

My mind wandered off for a minute there … unless the house comes equipped with a dishwasher … I don’t mind … I desperately need a dishwasher !! I cannot stand washing my dishes anymore, especially when I have to cook my dinner and lunch (for work).

People at work tend to think that renting is not worth it. Of course, your rent is helping the building owner to pay off his/her mortgage. In the end, it is not your property and it is of no value. With a home of your own, the property is under your name. It’s ultimately yours, per say. And I guess it will be cozy, there will be a garage to keep luxury cars from the horrid winter weather … there will also be a nice backyard for summer basking-in-the-sun activities …

Then again, I think “some” people here try to lure newbies into settling down in Red Deer FOREVER. They convince you a whole bunch of butterflies in your garden when ultimately their goal is to keep you a slave on their land. Metaphorically speaking, of course. Heck, they even try to lure your boyfriend, girlfriend, fiancee, to work in the same company …

But wait … am I ready to shovel the walkway all through winter? Am I ready to clean an area three times as large as what I live in now? Am I ready to share furniture with a housemate? Am I ready to deal with her habits? Am I ready to handle the stress of buying and then selling the house?

My colleague says I lead a carefree life. And, I could not agree more. Until the day I am tied to wedding vows with a baby on its way … I will not feel secure with just a purchase of a house.