Wise spending: We Bought A House At Half Our Maximum Mortgage

After having lived in a very, very cheap rental home for more than 10 years it was time to move and buy our first house. This house suits our (future) needs perfectly and I hope we will be living here for quite a number of years.

See, we knew the maximum amount of money any bank would loan us. This was a ridiculous amount of money. We could have decided to shop for houses in this price range, but we didn’t. We didn’t even take a little peak at the very expensive houses in order to not tempt ourselves. So, we decided to shop for a house at almost half the amount the bank would loan us and felt good about that decision right away. However, we were unable to find a house we liked in this category. So we waited.

All of a sudden we heard about a project that would be built in our neighbourhood. I rang the real estate agency. Unfortunately, most of the houses were already sold or reserved for other people. The guy said that possibly one townhouse would come on the market again. I gave him my phonenumber and asked him to call me back as soon as he knew more about this situation. He didn’t.

A week later I phoned him and he said that the property had come on the market again. Dude, why didn’t you call me? Never mind, put the damn house on my name and I want you to confirm this by email. My husband and myself will come down to your office later this week. Why so emotional about it? These houses were an extremely good deal compared to other projects, that’s probably why they sold out so quickly. Needless to say there was no room for bargaining.

To make a long story short, we bought the house and a year later it was ready for us to move into. It’s a house that is future-proof, by which I mean we could fit two or three kids in there easily. There’s also room for my side business and enough room for my husband and myself to work from home. Our house is about 140 square metres which is equivalent to about 1500 square feet. 

Did you make a Wise Spending decision when buying your home?


Mrs Econowiser


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