With the growth of our family approaching quickly, I have been feeling the "squeeze" in our home. When we moved from Laramie Wyoming, back home to the Boise area in the summer of 2006, we looked forward to the "many" options of housing we would find. Of course our budget to purchase was low. We hoped to find a home IN Boise for around $140,000 and below to start in. That hope quickly sank when we began to look. The fact was, there were NO three bedroom homes for sell in that price range...let alone IN Boise. Also, it was a HUGE sellers market, and our options were FEW. We raised our limit to $160,00, and found a little starter home about 1/2 hour from Boise for $159,900. We made an offer and here we are. Our Mortgage isn't bad, but its definitely at our monthly Limit. As you all know, the economy has taken a bit of a nose dive, along with the cost of homes. Lucky for us we aren't in an Interest Loan or an arm. So our Mortgage will stay the same for years to come. Sadly though, this means we won't be able to move to a larger home to accommodate our growing family also for years to come. Hear is a picture of a house ( NOT OURS ) but the exact same model in Kuna for $135,000.
This next home is what I was hoping we'd be able to move into priced at $154,000. Closer to town, and perfect for a growing family. This is a typical model you see around here.
Next is a home that I want! It is the same size as the previous home, with a 3 car garage, a bigger lot and more. It is in a developed area that I actually want to live in. This home is priced at $185,000!
The only way Alex and I will ever sell our home is by paying it off. That is it. We owe more than what it is currently worth, so refinancing isn't even an option. Renters would never pay to live in Kuna for the cost of the mortgage. So as we see it, we are here to stay. I must say though, despite my real-estate wo's, I feel hugely blessed to be living in a home at all. I know there are many out there that don't even have that. So with all this said, small is what I have, so small is what I will learn to love.
This next home is what I was hoping we'd be able to move into priced at $154,000. Closer to town, and perfect for a growing family. This is a typical model you see around here.
Next is a home that I want! It is the same size as the previous home, with a 3 car garage, a bigger lot and more. It is in a developed area that I actually want to live in. This home is priced at $185,000!
The only way Alex and I will ever sell our home is by paying it off. That is it. We owe more than what it is currently worth, so refinancing isn't even an option. Renters would never pay to live in Kuna for the cost of the mortgage. So as we see it, we are here to stay. I must say though, despite my real-estate wo's, I feel hugely blessed to be living in a home at all. I know there are many out there that don't even have that. So with all this said, small is what I have, so small is what I will learn to love.
I hear ya! We are in the same bind. The thing that gives me comfort is the fact that we were able to purchase a new home and we are not stuck in a fixer upper at this crunch time. We can make do I'm sure for years to come, though it will be cramped and by no means pleasant! But at least I know the carpeting will last awhile, the roof doesn't need replacing, there aren't holes in the walls, and our appliances, though not the best, are in good working order. I can be grateful for that, and for all the many new fangled items out there designed to preserve the precious storage space in a home. At least you will have local company for awhile!
ReplyDeleteI'm sorry you're upside down. It makes me sick to think of all the people who got in before the crash. :( You have a wonderful attitude about it though. I hope I would be so optimistic in a situation like that!
ReplyDeleteYou ARE lucky to have a home, even if it's a 3/2 in Kuna. Parker and I are thinking we'll try to buy a house when Micron bails out of boise and then EVERY home in Boise will be for sale, and we'll be able to pick whatever house we want for cheap. The entire city will be unemployed and therefore for sale or forclosed. WAY TO GO MICRON!
ReplyDeleteI hear your delema of having a smaller home than desired we just went through the same thing having our third. However there are no other homes for us to chose from out here so we are stuck with what we have. At least you don't have a veriable mortgage like some do(my sister luckily refinanced hers right before everything went south). When things do get better you should give my sister a call she is a realtor and can help you out!
ReplyDeleteIf you want to learn how to stack them, give me a call. =)
ReplyDeleteHome is where the heart is and I know you will be happy no matter where you are.
Anna hey it's Kami Satterlee from the ward. Just wanted to say one of my best friends grew up in that house on right off Cherry Lane in the Cherry lane golf sub right?haha how funny! It is a super cute house, and so crazy that I pretty much lived there;)
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