I talk a lot about how excited and anxious I am to move into a larger house. Recently its been difficult to think about because of how much value my home has lost over the last year. I talked to Amy about it and we have what sort of amounts to a plan. That is to get into our Toll Brothers home (or similar) by the time I am 30. Here's a picture of the one we toured that made us fall in love with TB. This home is about 2 miles from where we currently live.
From this picture it is difficult to tell how big the place is. While my place makes 1500 square feet seem small, this place makes 3200 square feet feel even bigger.
Every once in a while I email my "mortgage expert" who is my coworkers wife to get a feel for where we need to be to pull off a mortgage like this.
The subprime mortgage issues have scared regulators into tightening loan standards which previously were practically non-existent. I fear that this may affect us in a few years but there is still a lot going for us.
Dual incomes: This is the biggie. Aimers has been working hard and is set to finish school in April. When she gets a job our monthly income will skyrocket, even if she has to start low- thats what I did.
Credit: My credit remains extremely strong and Amy has been working like crazy to clear hers up, our thought is that in a few years hers should be high enough.
Savings: While actually coming up with a sizeable deposit may be difficult there will be money to show. While my job by no means pays like a...FED Job for example.... Our benefits include a retirement plan that right around the 5 year mark (lucky me) really starts to expand rather quickly, add to that savings, 457, and stocks and we should be close to having 20% of a Toll Bros home 'available'.
Hopefully there will still be sites available at the Saline Estates property in two and a half years but since they are already selling much of the property that seems unlikely. And hopefully when the time comes I can find a suitable renter or buyer willing to pay at least close to what I did for my place. Still plenty of time though.
So why the heck am I writing about this? Motivation a little. Putting it out there, announcing it to myself as the goal and reminding myself what has to happen to get there.
From this picture it is difficult to tell how big the place is. While my place makes 1500 square feet seem small, this place makes 3200 square feet feel even bigger.
Every once in a while I email my "mortgage expert" who is my coworkers wife to get a feel for where we need to be to pull off a mortgage like this.
The subprime mortgage issues have scared regulators into tightening loan standards which previously were practically non-existent. I fear that this may affect us in a few years but there is still a lot going for us.
Dual incomes: This is the biggie. Aimers has been working hard and is set to finish school in April. When she gets a job our monthly income will skyrocket, even if she has to start low- thats what I did.
Credit: My credit remains extremely strong and Amy has been working like crazy to clear hers up, our thought is that in a few years hers should be high enough.
Savings: While actually coming up with a sizeable deposit may be difficult there will be money to show. While my job by no means pays like a...FED Job for example.... Our benefits include a retirement plan that right around the 5 year mark (lucky me) really starts to expand rather quickly, add to that savings, 457, and stocks and we should be close to having 20% of a Toll Bros home 'available'.
Hopefully there will still be sites available at the Saline Estates property in two and a half years but since they are already selling much of the property that seems unlikely. And hopefully when the time comes I can find a suitable renter or buyer willing to pay at least close to what I did for my place. Still plenty of time though.
So why the heck am I writing about this? Motivation a little. Putting it out there, announcing it to myself as the goal and reminding myself what has to happen to get there.
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