FINANCE | GOALS
Housing Frenzy FOMO?
Last month, my house was valued by a real-estate friend at over a million dollars. Except it’s not my house anymore. I haven’t lived there for five years.
I now rent.
Since I bought that house over ten years ago, its price has more than doubled. Most of that rise happened in the last two years. My real-estate friend thinks it will keep going up.
Up, up, and away.
It can feel kind of depressing.
But, if you are still renting, living at your parents, or even couch-surfing, with major FOMO when your friends talk endlessly about how much their house is worth, here are eight solid reasons why you shouldn’t be panicking:
So many people want to be on that ladder before it moves out of reach (spoiler, it’s already out of reach for most). Scrabbling for that last rung for dear life, then clinging on like there’s nothing below but a sheer drop to oblivion.
In the past year, in my adopted home country of Canada, parents gifted over 10 billion dollars to help their kids buy their first house.
And yet there is still record-high mortgage debt across North America.
(And that’s with record low interest rates that won’t last forever.)
It’s like when you are desperate to buy an item of clothing: your heart races, you must have it. So you buy it, and you feel immediate remorse. What were you thinking?
Well, what if it was a fucking house?
If you drop off the housing ladder, or can’t reach as it’s pulled further and further up, just look down. Turns out you are still standing. On your own two feet. You didn’t fall into a massive black hole.
Not owning a house is keeping your powder dry. Just think — you aren’t yet in massive debt!
Also, dude, people are actually homeless.
Landlords can be annoying and some are downright assholes, but they are restricted (hopefully) by tenancy laws. And banks aren’t angels: try not…