We paid cash: a down payment.

We paid cash: a down payment.

File under: things I forgot to tell you.

We moved earlier this year. One of our goals for years was to keep (as in, not sell) our starter house after we moved out of it so we could use it as a rental. It was a big, fat goal, because the finances were tricky.

This month I shared why and how we did it over at Money Saving Mom. From the post:

My husband and I set a big hairy goal more than ten years ago. We wanted to move out of our much-loved starter home (6 people, 1 bathroom, you get it) into a slightly larger place — while keeping our first home so we could rent it out. We wanted to do it before our oldest child — then a toddler — hit the teen years….

Read the rest at Money Saving Mom.

Also, I owe you a house update. I can’t believe it’s been six months! (If there’s anything specific you want to know or see, tell me in comments?)

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14 comments

  1. Molly says:

    I’m curious about the cash down payment. My husband and I will be looking to buy our first home in the next six months or so. Having been a renter all my life this entire house-buying thing scares me a little (I’m a financial worrier). I’m not even sure what my question is. I’m just constantly trying to gather information.

    • Anne says:

      Here’s my advice: find a good banker and ask them all your questions. If you’re a financial worrier, it wouldn’t hurt to quiz two bankers at different institutions so you can get possibly different perspectives. Talking to a realtor now about what you’ll need, what the process is like, etc. isn’t a bad idea.

      We’ve known for a few years that we would be moving in the 2012-2015 window sometime. I sat down with our realtor (someone we’d worked with before and had a lot of confidence in) several years ago and hit her with all my questions: this is what we need in terms of square footage/bedrooms/baths, these are the neighborhoods we’re considering, how much does that cost, and what else should we take into consideration? That conversation—way before we were ready to buy—was extremely helpful.

  2. Congrats on achieving such a huge long-term goal! My husband and I would really like to move from our starter house to an old barn-turned-awesome-home on a nice chunk of land. This post has me inspired to crunch the numbers and figure out how much we need to auto-save each month to make it happen!

  3. Karianna says:

    Thanks for sharing, Anne, especially how it took 10 years! Hubs and I have made the realization that we may be California Renters for life as a 20% down payment for a house where we are would EQUAL our total mortgage in Missouri (houses start in the $600K range here in Pasadena.)

    But it’s good to have a goal, right?!

    • Anne says:

      We have good friends who have moved to and from Orange County and what they’ve said about real estate prices there give me the cold sweats. I just can’t imagine!

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