Sometimes Life Starts at the Bottom of the Price Range

Today is a new day and certainly time for more discussion.  Last night, my husband and I were going over ideas for when we’re able to buy a home and it’s looking more and more like the home we want to have with the three car garage and acreage is a dream worth holding onto for later.  However, that doesn’t mean that I am banishing my dream of home ownership but redefining my current parameters.

What we might consider is a condo development that hasn’t been built yet.  We looked at the floor plans online and while the units are on the smallish size (1,328 sq feet for the plan we liked the most), the attractive price is better than renting for the remainder of the time that my husband is in school.  We could use the time to build up our savings for a larger home on a bigger lot or just save up for a simple older home on acreage that we can demolish and put up our dream home.  We haven’t decided what exactly would be the right course of action but yesterday’s disappointment played a big factor into this consideration.

We LOVE the idea of having some property but right now those homes and properties in our price range are in less than desirable areas and the ones we like the most (we did take a detour into Blandford Homes’ The Pecans neighborhood in Queen Creek) are $400,000 and up!  I will admit though that The Pecans houses were gorgeous (I should have taken photos) and everything was stunning since it was set off by these attractive pecan groves.

We still have some saving up to do and talks that need to be done with our realtor, Barbara, to make sure we understand how the condo buying process is similar and different from buying a brand new home.  And of course, Thomas and I must consider whether we’d want to keep the condo as an investment property once his schooling is over or whether it would be more beneficial for us to sell it and use the profits towards a detached home.

Here’s the condo floor plan (3 bed/2 bath/2 car garage):

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We obviously have time on our hands but I know we want to make the most appropriate decision for our lives now and the lives we anticipate having 6 to 10 years from now.  We don’t want to be house poor now, then, or ever, for that matter.  One of the most crucial things we are learning is that no one enjoys being under water on their mortgage and we can learn from their mistakes.

If that means holding off on the bigger home, than that’s just an option we must be willing to explore.  Buying a condo is a viable alternative to renting where we currently live.  We can get a three bedroom condo for probably $800 or less (including HOA fees) whereas in our target neighborhoods for renting, we are looking at $945 (for a 2 bedroom apartment) to $1,300 (for a 3 bedroom house). So, here’s to exploring what the future holds for us.

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