Welcome to Homeowner Diarie$, a collection of anonymous diary entries that break the barriers between you, and buying, selling, or investing in real estate. If you’re ready to submit your own Homeowner Diary entry, click here.

Currently Reading: An honest account of a couple who weighed numerous pros and cons regarding location, closeness to their social circle, their dog, type of home, and family financial help.

What amenities did your home come with?

Washer/dryer, appliances, fireplace, and outdoor furniture.

Did you have any debt when you bought or inherited property?

We didn't have any debt at the time of purchase.

Relationship status at the time of purchase:

Engaged

If you bought while in a partnership (purchased together) did you share finances? How did you split the finances/purchase funds?

“My fiancé managed to save enough for a 5% down payment. Additionally, my mother generously gifted us $35,000. We decided to deposit this amount into a high-yield savings account, intending to use it as an emergency fund for any immediate repairs the house might require.”

Where did you get the money for your down payment or for the property if you paid in cash?

My fiancé saved enough to put 5% down. My mom gave us $35,000, which we put into a high-yield savings account as an emergency fund in case the house needed immediate repairs.

Are you and have you always been solely responsible for your mortgage payment?

My fiancé and I have consistently shouldered the responsibility for our mortgage payment. Given our high-interest rate and the fact that we only made a 5% down payment, we’ve opted to pay an extra $500 per month, which is applied directly to our principal. This strategy will enable us to refinance earlier, pay off our loan seven years ahead of schedule compared to making only the minimum mortgage payment, and save approximately $175,000 over the life of our loan.

“This strategy will enable us to refinance earlier, pay off our loan seven years ahead of schedule compared to making only the minimum mortgage payment, and save approximately $175,000 over the life of our loan.”

Did your relationship status change while owning your home? If so, what was the impact (if any) on your ownership?

We got married, but that did not impact our ownership.

If you still own, do you know what your home is worth now? Yes

What is your current home value? $820,000

Note: a $100,000 appreciation in just over a year!

How did you plan for purchasing your home(s)?

With a combined income of $200,000, we embarked on our home-buying journey in San Diego County, setting a budget of $725,000 and armed with $70,000 in cash. Despite rising interest rates, we explored Santee, San Marcos, Vista, and Oceanside, each with its unique charm. However, Oceanside, with its ocean proximity and “up and coming” reputation, won us over. Our dog played a significant role in our decision; while urban or coastal condos in Encinitas or Bayview were attractive, we prioritized a single-family home with a yard for our surrogate child. When we saw our home for the first time, it just felt right. Thus, we chose Oceanside, envisioning it as the perfect place to raise our future family.

“Our dog played a significant role in our decision…When we saw our home for the first time, it just felt right.”

Have you/did you feel any pressure or expectation to buy a home? In what way did your family/friends or social circle impact your decisions to buy and/or sell?

Initially, we had set our sights on purchasing a condo. Growing up in California, the idea of owning a home, particularly in our twenties, seemed far-fetched. However, thanks to my mother's generosity and our fortunate position of being debt-free, it became apparent that we could consider buying a single-family home. We could have opted for a condo in an area more appealing to a younger demographic, but we desired a yard for our dog, and the single-family homes within our budget were predominantly in suburban areas. To realize this, we were prepared to relocate 30 minutes away from our friends. This move, although necessary, has been the most challenging aspect of our decision, as it distanced us from our social circle. Ultimately, the 30-minute drive seems a minor inconvenience when weighed against the benefits we've reaped: the equity we've accumulated, the security of property ownership, and the $100,000 increase in our homes value.

what amount of risk do you believe you've taken on through the process of owning and/or selling real estate?

2 / 5

If you'd like to explain your risk number, please share.

We maintain a substantial amount of cash savings, and the value of our house has only appreciated, making the purchase seem less risky in hindsight. However, it was at the higher end of our budget, which did induce some anxiety. The risk was further mitigated when my fiancé successfully negotiated a lower interest rate on our loan. I was also apprehensive about our roof, but after living through a rainy winter, I felt assured the roof was doing its job.

“However, it was at the higher end of our budget, which did induce some anxiety.”

If you could do it all again, would you? Is there anything you would change?

The idea of buying a condo near the coast, where we could take our dog for walks instead of providing her with a yard, did cross my mind. However, coastal living presents its own set of risks. These include the threat of rising sea levels and maintenance issues induced by saltwater, such as structural degradation and termite infestations, all of which I've taken into account.

What is next for you in real estate?

Given our plans to start a family in the near future, we have decided to move closer to our relatives. We are fortunate that they own a property where we can live rent-free. Consequently, we plan to vacate our current home and rent it out to supplement our income. It’s comforting to know that we always have our own place to return to, should we decide to do so in the future.

Tell us about your experience with your Realtor (if you have one!)

Our Realtor was truly exceptional. His professionalism and confidence throughout the process put us at ease. We faced a moment where our loan was on the verge of falling through due to an issue with our loan company. However, our Realtor, while informing us about the problem, remained calm and never lost our trust. He ultimately resolved the issue without requiring our intervention. We have recommended him to several of our friends because of the trust we have in him.

Note: If you’d like to get in touch with this realtor, email us at hello@bettermondays.us.

Tell us about anything unexpected (good or bad) throughout your buying, selling, or ownership experience.

While I had anticipated potentially expensive repairs, such as those related to our roof, the costs associated with the trees on our property were unexpected. We are fond of the two giant palm trees that grace our front yard, but it appeared as though their petticoats had never been tidied up. This neglect can lead to issues with rodents and fire hazards, among other potential problems. The cleanup of the trees by our gardener ultimately cost us about $2,500. After discussing with other homeowners, it has become clear that trees can cause even more severe issues, including structural, plumbing, power line, and foundational problems, all of which can be expensive to manage.

“The costs associated with the trees on our property were unexpected. We are fond of the two giant palm trees that grace our front yard, but it appeared as though their petticoats had never been tidied up.”

Please add in any information that deepens the story about you and the homes you've bought and sold.

At the age of 28, I never envisioned myself as a homeowner. It's challenging to take full credit for this achievement, given that my fiancé contributed significantly to the down payment, our parents covered our college education, our cars are fully paid off, and my mother generously gifted us $35,000. I am aware that our parents desired this for us and are proud of our willingness to shoulder such a substantial responsibility. Although it required considerable effort to reach this point, I cannot separate that effort from the fortunate circumstances we were born into. I acknowledge that most individuals our age don't become homeowners without some assistance from their families. Ultimately, it is gratifying to be self-sufficient in this manner, and it is comforting to know that our future children will likely have secure housing for the rest of their lives, even if it means residing with their parents.

“Ultimately, it is gratifying to be self-sufficient in this manner, and it is comforting to know that our future children will likely have secure housing for the rest of their lives, even if it means residing with their parents.”

Like what you read or have questions for our homeowner? Drop them in the comments below. *Friendly Reminder: Kindness always wins. 

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The first step to getting ready to buy or sell your home is to get your finances in order and speak with a professional about what home buying or selling may look like for you. If you’re looking for a realtor and team in San Diego, click here. If you want to connect with an agent and real estate team out of San Diego, click here.

Have questions? Email us.

The goal of Homeowner Diarie$ is to share stories about how others have bought and sold real estate and does not serve as advice, or reflect the views of Better Mondays.