"I say love me, hold me, love me, hold me / 'Cause I'm free to do what I want / any old time "
After a thorough search, both of our Souls and the interwebs, Dusty and I made the final decision this past weekend to rent, not buy, a house. Even though our new mortgage broker was able to secure a pretty decent down payment rate (5.75%), we decided that there are too many unknowns with buying a house in Edmonton at this point. That canyon is too deep, so we're not jumping.
To those of you who have asked whether our decision to rent may have something to do with moving somewhere else--let's say, hypothetically, to our fair city's Texan counterpart-- to work on Hello Kitty vs. My Little Pony: Mano a Mano, I say: No. Stop asking.
Our decision was based on the following:
1) To afford a decent house in Edmonton, we would have to move money from our US accounts up to Canada. Now is not a good time for that, as the current exchange rate is US$1.00 to CAD$1.07. The US dollar, she is weak. Did the president make heinous and unpopular decisions affecting global policy and international relations? Again? Today?
2) If we end up staying in Edmonton for only a couple more years, we would not earn enough equity in the house to make it worth the purchase. We would incur the costs of buying a house this year, then possibly incur the costs of selling that house next year. I just used the word "incur" twice in that sentence. Not a good sign.
3) Buying a house in haste is as advisable as starting a land war in Asia. Most reasonable people with their wits about them take months, not weeks, to decide on a house they really want. They do not settle on a house because it is acceptable for the asking price. I would like to think we are reasonable people, with most of our wits about us. Dusty left his socks on the stove just the one time. Now he leaves his socks in the fridge, like every other reasonable man does. He is so smart. S-M-R-T...
This afternoon, we started looking at rental houses. Even though the rent on some of these places is more than double what we have been paying, it will still end up being cheaper than owning a house for just two years. Stunning, but true. Tonight, I will finally, fer reals, seriously this time, start to pack. It's nice to be free. Free like a butterfly, free like a bee.