Our-Financial-Story

Previous Post: We’re Moving

While searching for a home in Georgia, we quickly became discouraged with the housing market. There didn’t seem to be any homes within our price range, they were either way below because they needed a lot of work or they were way above the amount we felt comfortable spending. There just didn’t seem to be anything in the middle.

We were constantly checking real estate listings on the internet and calling our realtor to see homes that interested us. The ones we liked were at the top of our price range and still needed quite a bit of work.

In early March during one of my routine searches, I came across an adorable brick ranch! It looked like my ‘dream’ home and from the pictures on the website, it wasn’t going to need much work. The downside, it was only a one and a half bath and didn’t have a garage. The positive, it was about $30,000 below the maximum amount we wanted to spend and was on a 1 acre lot in a rural setting.

We scheduled a showing for the next day and both liked the house as soon as we pulled into the drive. The house had many of the features we were looking for but had an incredibly small kitchen and we still were caught up on the fact that it didn’t have two full baths. Of course at 1,300 square feet, you can’t expect a home to meet every wish on your list.

We left talking about how much we liked the home, how the fenced in back yard was perfect for Paxton and even starting throwing around the possibility of adding on to the house, maybe expanding the kitchen or adding on a master suite. We really liked the house and most of all we loved that it was below our budget at a price we could easily afford.

New Home

In mid-March we made an offer which was accepted and we were purchasing another home with a 20% downpayment. We closed on March 25 and after a couple of days of painting and cleaning, we moved in on April 2, just 2 weeks before Paxton’s first birthday.

Since our mortgage was a couple hundred dollars below our condo rent, we decided to make an additional principal payment each month so that the mortgage and principal was the same as our rent since we were already used to paying such a large amount. Just making this extra principal payment will take years off of our mortgage.

When we moved in, we still had intentions of adding on. We were planning to begin construction on a master suite in a few months, using some extra money we had from the sale of our first home.

Then a month after moving in, we found out some surprising yet exciting news.

Next Post: An Addition

 

Rachel

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