So let me start out this post by going to the recent past…When we first moved to the DFW area we were in temporary housing for a month. His employer paid for it and we weren’t really sure where we were going to be moving. Ultimately we chose a 3rd floor 2br/2ba apartment in a relatively happening part of town that was about $1300 a month.
About 11 months later we moved into a townhouse (where we are currently), with a 30 year mortgage in a very very quiet community. Most of the neighbors are retired or pretty close to it. The commute is about 10 miles from my job each way which is super reasonable. The mortgage is a 30 year and we put down much less than 20% through FHA program. Monthly mortgage payment is about $1000 which includes PMI and HOAs are 99/mo. Our closing amount was about $142k
A few days ago our realtor contacted us and said our home could sell for around $170k and she has two buyers. The place needs some work and there is usually some negotiation so I figure that number will be closer to 160. My fear is that if we stay here the cost of repairs will start to get high for a place we like but aren’t totally in love with. Still quite an improvement over the course of 2 years. Much to my surprise, bf wants to move own in size to a 2 bedroom slightly more south. The money used from the sale plus equity to date would go toward the 20% down on a different property and we would move from a 30 year to a 15 year mortgage.
A year ago he was looking at homes over $220k with much higher taxes but now looking at $150k and lower. Maybe my watching Suze Orman every week and telling him how much I want to be out of debt is starting to sink in? He also has been traveling a lot lately and doesn’t want to be house poor. Will see how this all pans out. Could be huge or things could fall through at the last minute.