A couple of years ago, we found out about a mortgage loan program for teachers through my husband’s retirement program. It seemed like a great deal, 3% down and a deferred 17% second for five years. It just about put a home within reach for us. We had the 3% saved but not much more. We planned to borrow the closing costs from my 401k and my parents. With that in order, we set out to buy a home with a firm plan to spend around $300,000, even though we were preapproved for much more. We made seven or more offers on homes and probably looked at between 40-50 houses in the span of about five months. We lost out again and again, coming pretty close to having our offer accepted once or twice. It was quite a disappointment when after five months of an exhaustive search we called it quits. My dream of home ownership was almost within our grasp and it just slipped away.
Once we decided to rent for a few more years and save up more money, I accepted that decision. We moved to a larger, more comfortable home and life, as it does, went on. In hindsight, I appreciated that we hadn’t bought any of the houses because some were either in less than desirable areas or were older and would need quite a bit of work. It was a better financial decision for us too.
Now, I see that if we had bought a house, my dream of leaving my job wouldn’t be an option. I would need to continue working to pay the mortgage and upkeep on a house. Renting has provided us the flexibility to quickly reduce our expenses to enable me to quit my job. Of course, I had no idea at the time that my disappointment at not buying a home would lead to this. I couldn’t foresee the future or imagine a time when I would be able to leave the workforce. Perhaps, other people are out there in the same situation. They’ve been disappointed. Things haven’t quite worked out in one way or another. Try to remember that beautiful things can come from keen disappointments.