Living w/ inlaws looking 2 move WWYD?

iVillage Member
Registered: 09-29-2006
Living w/ inlaws looking 2 move WWYD?
3
Thu, 01-11-2007 - 8:31am
DH and I are currently living with the in laws when we look for a new home. We want to move and have been looking at places. Here’s my question, we want to start a family soon and when we do we have decided that I would be a SAHM and maybe finding a small job I could do part time to bring in a little extra income. We saw a garden style condo for sale the other day that is really nice hardwood floors, granite counter tops, 2 bed 2 bath. It is cheaper than the single family houses or even the other townhouse we were looking at. If we lived here our mortgage would be about 900-1000 a month! There would be a condo fee of $220 each month but it includes your heat and water! It is in a nice neighborhood and in the town we were looking to live in and if we did move hear there would be no doubt I would be able to be a SAHM and we’d be able to save. The only thing is this is a lot smaller than the other places we’ve been looking at its about 900 square feet so for people who like to entertain like we do we wouldn’t be able to have big crowds. WWYD? If you were just starting out and looking to start a family and having one parent be home with them would you move into someplace smaller which you may be able to save more live there for a few years save more and then move into a bigger home or would you move into a bigger place now where you could stay for a while and would be paying more and wouldn’t be able to save? Thanks!
Community Leader
Registered: 01-03-2004
Thu, 01-11-2007 - 11:27am

What,


Buying a home is a major financial commitment. It's more than the monthly mortgage payment. As the owner you'll be responsible for home owners insurance, property taxes, utilities, condo fees, and repairs. All these things can add up pretty quickly, above and beyond the monthly mortgage payment.


You should plan to stay in a house three to five years before selling. Even in today's market with escalating property values reaping fast turnovers, you'll need to be realistic about your space needs. A 900-square foot home can do nicely for two people and baby, and before you know it that 2 bedroom space will shrink!


I'd suggest you get some Basic Finance 101 before jumping into a mortgage.

iVillage Member
Registered: 03-14-2006
Thu, 01-11-2007 - 5:27pm

It sounds great, very beautiful, and 2 baths is really good.

 

 

 

iVillage Member
Registered: 03-26-2003
Fri, 01-12-2007 - 8:56pm

whattodo01 - Do you have any friends with little babies? Have you heard them say that they have NO time for themselves or their old hobbies? When my DD was little, there were days I didn't even get a shower, that's how busy she kept me. I put all my hobby items away in boxes, no more painting, ceramics, much less gardening... and there is no way I could imagine getting the whole house ready for a big party! Unless it was one of DD's Birthday parties, one of those per year was ALL the entertaining I could manage.

However, if you are really super interested in entertaining, AND your busy mommy-schedule will allow, there is probably a nice common-room in the association's club house that you could rent.