flooding

This week, Kim and I hired a contractor for what we hope will be the last major project on the “country cottage” we bought last summer. We’re replacing our rotting back deck and installing a hot tub. It’s an expensive (and extensive) project.

The cost hurts all the more because we’ve already poured nearly $100,000 into performing needed repairs on this property. (In fact, as you may remember, we considered forgoing the deck replacement altogether.)

Budgeting for this job led me to reflect on the costs of owning a home. Like my colleague J.L. Collins (who believes a house is a terrible investment), I refuse to join to the cult of of homeownership. Yes, I own a home — and have for 24 out of the past 25 years — but I’m under no illusion that this is a smart financial move. Kim and I want to own an acre of land in the country, which is why we bought this place. We didn’t buy it because we think it’ll make us wealthy. (It seems to be having the opposite effect!)

Today, both for entertainment and catharsis, I want to spend some time talking about the high costs of homeownership. And lest you believe the stories below simply prove that I’m a fool with money, I want to point out that my experiences seem typical. Everyone I talk to about homeownership has similar tales to tell. I’ll bet you do too!