Why We Still Live in a Condo

All of the media coverage the past month about the $8k tax benefit to buying a home now combined with a great blog post by Alexander Kjerulf, author of the Chief Happiness Officer blog, reminded me of an interesting lesson I’ve learned; there is great freedom in having a small mortgage/rent payment.

Amber and I have lived in a 2 bedroom condo for the past 5 years and have often thought about “moving up” and buying a larger home.  At one point, two years into living at the condo, we even put an offer in on a beautiful place but ended up losing (man I hate losing) to another couple.  The unwritten rule for our generation seems to be you must buy a home somewhere around your mid 20s.  Even though we did not initially start out with the goal of keeping our mortgage expense low we have been blessed by doing so and value the freedom it has provided.

Here are four advantages to keeping a small mortgage or monthly rent:

1) Freedom in your finances.  Once you buy a home a strange things happens; you are stuck with a mortgage payment for the next 30 years.  The largest fixed expense in you budget’s is probably related to where we live.  By keeping your mortgage/rent low you free up money that can be used for a wide variety of activities and purposes.  You have more money to give away, to invest, to travel, to serve and to provide flexibility for whatever stage of life you are in.

2) Freedom in your time.  Homes take a lot of time to maintain.  If you don’t have the time commitment of mowing, landscaping, painting, and repairing you can serve more, pursue other interests (like photography), and travel more.  Weekends can be spent with friends, family, and on mini-vacations instead of weeding and mowing.

3) Freedom in your job.  Having the ability to work almost any job and still afford to live in your place gives you the opportunity to take risks and seize opportunities.  The latest layoff rumor or economic downturn does not affect you the way it would if your job was the only real means you have of affording your home.  Do you want to start your own company or work for a start up that can’t pay much for 6 months?  If you don’t need your current salary to live on you can jump on those chances.

4) Freedom from the accumulation of stuff.  Living in a smaller place forces you to routinely clean up and get rid of things you don’t need.  You also aren’t as tempted to buy new furniture or any other large items because there simply isn’t room.  The more stuff you have the more time and money you have to spend to maintain it.

We are thankful to have roof over our heads and for the freedom that small roof provides to pursue jobs, ministry, and the hobbies we love together.  If you are considering buying a home take a second to think about what portion of your income you want to dedicate to that expelnse.  I would love to hear your thoughts and feedback on this topic!