Saving up for That Dreamhouse
Yesterday, I wrote about my wife’s and my desire to settle into a bigger house. We figured that the new house would be about $200,000 more than our current abode. This is no small change for us, but we feel that we need to make the jump somehow. Our current family situation dictates that and we want to stay in the same town. Also, we did discuss an addition to our current house, but we don’t have the money and land to do that. Either way, we would be increasing our budget and moving seemed the more sensible option.
Today, we talk about the finances behind such a move. I figured that a house of our dreams would add another $1600 per month to our budget. This would include not only the increased mortgage and taxes, but also the extra utilities(gas, water, electricity). Wow! That is not chump change. This number was also derived using a minimal down payment, since we have our debts that we would be paying off.
The optimum thing to to would be to find extra money for the down payment. This would allow us to cut down future monthly payments or have extra breathing room for savings. That is what we are wrestling with now. In future posts, I will layout our plan of action as we make our decisions. Do understand that this is a large undertaking for us, but we hope to be a success story.
