As most of you know, my wife and I got a daughter in April. We currently live in an apartment on the east side of Oslo. It is a 68 square meter apartment with two bedrooms and one living room with an open kitchen solution. We have lived there for the last four years, and it has done wonders to us. It lays next to the underground station with just 30 minutes to the city center.
Since I got a job at the west side of Oslo, I’ve been using 45+ minutes each day to my “regular job”. It is near the limit of what I want to spend on travel to work (approx. one hour and 30 minutes each day, it adds up..) With the new house, I will spend less than 20 minutes which will save both time and energy on a daily basis.
The apartment we now got is on the 4th floor, with no elevator, making it quite a hassle to move up and down with a newborn baby. And most important: I do not have an office (which kind of drives me crazy right now).
The new house went way above the initial asking price (unfortunately). Even in a market that is expected to decline in the coming three years (Oslo, Norway). But I couldn’t let that house pass as it is the house of our dreams. Even though, as an investment choice, it might be a bad decision, but as a choice for our next 10 to 20 years, it was the correct decision (I can feel it!). I don’t care if we lose some money on it.
We are taking out the largest mortgage we could (also a bad decision for most), but with my current investment- and business plan, including income from our regular jobs, I believe we can manage just fine. My wife is a lawyer working for an insurance company in Oslo, it’s a stable position. Including the position I got in a shipping company.
I do not know if you should “learn” anything from this post, other than it is not just black and white. Good investments can still be bad financial wise, but good for you and your family. You have to weigh up both, or more, factors. Then in the end, you have to be able to live the life you want to live. Money isn’t everything.
Please let me know your thoughts in the comment below. Was this a huge mistake, or do you salute the purchase?
And: Do let me know if you are in Oslo anytime from August and onwards, maybe I can invite you to a few drinks and we can discuss financial freedom IRL.