Linda Hall: Owning home worth hassle

There are actually way more pros than cons to owning your own home, says Linda Hall.

I've noticed something missing these past few weeks in my travels around Hastings.

There are hardly any For Sale signs in residential streets. I know the housing market can be fickle - sometimes there are sale signs every where you look and other times there are hardly any.

But at the moment it seems, to me anyway, that there are distinctively few, and when they do pop up the houses are snapped up pretty quickly.

The house down the road from me was on the market for just a week before it was sold.

Unfortunately for me I'm not one of those people who has made thousands of dollars from houses.

The opposite would be true for me. I've managed to buy and sell at all the wrong times.

Never made millions, I should have bought a house in Auckland instead of Dannevirke.

But I do own a house. It's not the flashiest place in town, but it's home.

I must admit that at times over the years I've wondered if it was worth it. Especially when I was quoted $10,000 for an exterior paint job.

I had an argument with myself that day. What if we just sold up and rented. Then I wouldn't have to worry about maintenance, rates, insurance ... nothing. I'd be free I thought. There would be more money to spend on dining out and holidays.

I thought of all sorts of ways I could spent the money I would save if I rented.

And therein lies the problem. I would spent the money. At least when you own your home you have an investment for your retirement.

There are actually way more pros than cons to owning your own home as far as I can see.

No need to worry about the landlord coming around for inspections - I really wouldn't like that at all.

And even worse getting a phone call or a letter telling me I have so many weeks to find somewhere else to live.

Been there done that years ago and I don't want to go there again.

I feel for people trying to get into the housing market these days.

Some people are really good at saving from their very first pay packet.

Not me. I remember thinking when I starting working there was plenty of time to save for a house.

KiwiSaver is fantastic but again lots of young people would rather spend their money on having a good time - and I don't blame them one little bit.

Being told a million times by mum, dad and great aunt Agatha that they should be saving their pennies just doesn't do the trick for most.

If only we could give them a crystal ball and let them see what their future would be like in 10 years time if they spent all their money and what it would look like if they saved just a little bit.

That might just change their minds.

There's also the trend to marry and have children later. That's grand if the newly weds have managed to put some money aside but if they've stayed single longer and spent every cent they have the chance of getting into a home and paying off a mortgage by the time they retire is pretty slim - unless they win Lotto.

Let's hope the lack of houses on the market at the moment doesn't send prices sky high, making the dream of owning a home even more difficult.

-Linda Hall is assistant editor at Hawke's Bay Today.