Almost exactly five months after selling our condo Jonathan and I are finally ready to begin house hunting for our second home. Can I get a collective "HOORAY!" for that, please?
This has been a long and eye-opening experience for us. We borrowed from our 401(k) and depleted our savings to avoid a short sale. We scrimped and budgeted every penny that goes in and out. We got creative with alternate ways of bringing home some extra bacon. We moved in with my parents to save money and replenish said 401(k) and savings accounts. We have grown as individuals, as homeowners and as a couple and though it was an experience that I wouldn't wish on anyone, I'm grateful for the lessons it taught us.
The funny thing about all of this is that the few trolls I've had on my blog have all come out from whatever nasty bridge they live under when I post about this subject. Well, and the one who commented on our completely unrelated financial situation on my baby post, as if they really know anything about our finances except that which I decide share. (Which is very big picture, mind you). (Also, note to trolls: You get deleted). It's absolutely puzzling. We have never asked for pity or a handout from anyone and the only reason I decided to share our story is to show a different side of the housing situation from the ones they usually highlight on the news.
We pay our mortgage every month, on time and in full. We don't keep a balance on our credit cards. We have a very strict and elaborate budget that we stick to every month which tracks every last cent. The vacations and travel that we love? They're all saved for, usually a year in advance. The little things that we buy? Jon and I each have a monthly budget that we're allotted to buy whatever we want, no questions asked. Both of our cars are paid off, we use coupons and we shop secondhand or discount, first and foremost. Financially, we do everything right.
Truth be told, we adored our little condo. We lovingly made it our own by tearing down walls and installing granite countertops and bamboo floors with our own hands. We painted and hosted parties and decorated it for the holidays. It was close to work and Washington D.C., close to great shopping and restaurants. The only thing it couldn't do for us was make room for a baby, nor was it near our families, whom we are very close to. And above all else, family is most important to us.
We bought at the tippy top of the inflated housing market, never expecting it to crash so hard and so quickly. When we sold our condo, the market was nearing bottom. If we knew then what we know now, would we have bought back in 2006? Of course not. But we did and there was a price to pay if we wanted to move to start our family and that was a price we willingly paid.
We're at a place now where our savings account is replenished and we've made a significant dent in Jon's student loans. With the current mortgage rates and the difference in home prices between D.C. and Baltimore/Annapolis, we can afford a home with four times as many bedrooms as what we had, with a lower monthly payment to boot. People are still desperate to get rid of their homes so we'll thankfully get a break on this side of the deal.
We're in a good place, a very good place. I've learned a lot about saving and patience and need vs. want, lessons I won't soon forget. Our goal is to be in a home by the holidays, though we're being non-specific on whether that means Thanksgiving or Christmas. We're going to take our time and slowly dip our toes into the housing market the second time around and hope that we'll find our dream home, the one we'll eventually bring a baby home to. HOORAY!
