Can I blog in 5 minutes? Sure I can! Watch this!
So, I'm packing my house up, my parents are helping and it's really weird to not know where we're moving to yet! Praise the Lord the house is sold. Now He'll provide a house. This will be the third house we've bought in our nearly 12 years together. We've stretched ourselves with both purchases previously and now we're thinking about doing something different. We have two choices before us:
Choice A: Buy a bigger house with acreage whose mortgage payments take up a third of our income - yes, we have one in mind and it's really cool.
OR
Choice B: Buy a house that just meets our needs: yard, garage (for the Fury) and is el-cheapo and pay off my school loan quicker, pay off the mortgage quicker and be out of debt completely in the foreseeable future. We're looking at foreclosure homes as an option for this.
Right now we're leaning toward B. I figure we can always see it as a stepping stone house and move again. Anyways, my five minutes are up, more later!!!
Friday, May 29, 2009
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2 comments:
a third of your income? Net or gross?? If it is gross, then I wouldn't even consider it. Even 1/3 of net could be really hard... considering the unstable economic conditions (will groceries, gas, etc, go up again), your children are still LITTLE and as they get older, will likely cost you more (food, clothes, lessons, sports, admissions to things, etc).
Just my two cents worth.
Consider...the housing market is expected to rise (maybe not as much as it has fallen, but it will go back up to reach "equilibrium". Buying the bigger house now is an investment that should pay off as the market rebounds.
If you can afford it I would say buy the larger acerage unless you feel it may require more renovation then the smaller home.
The one thing that they don't make any more of....land. Thus the larger home should be more valuable as time goes on.
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