[leigha]

DH and I have found another place. This one perhaps better than the first one which was taken off the market in the middle of negotiations. Oh, were we disappointed. The problem is this one is $164.00 more a month than what we are paying for our house payment now. Common sense tells me to move on, we'll find something else. But in reality, I've been looking for 6 years. Our scope is limited because we would like to stay in the same town just have a little acreage for goats and chickens. This place fits the bill. It's a good house with good bones, 5 acres fenced and cross fenced, cinder block barn, hog shed, and huge workshop. It has the potential to be one of those places that 20 years from now would be double the asking price now. I'm just trying to figure out a way to either make that much more a month or save that much a month. We're about as frugal as it gets, me, dh, and 3 little ones under five. I stay home with the children and dh works making $28,000 a year doing what he loves also supplementing with his artwork (pen and ink, watercolor, pencil portraits). We have a great life, but our dream is still out there. Oh, what to do? Sorry, for my venting. Just needed some like minds to be a sounding board.
Thanks.

 

[june02bug]

That is only something you can figure out with your family BUT I will offer a piece of advice do not, do not stretch yourselves to thin financially. You will regret it. Don't give up your place is out there.

 

[greenacres]

This was really long. I meant to pm it!! Duh!!!!!!!!!!!!!

 

[ed/IL]

With the extra land you should be able to make up the difference in food and selling a little produce, eggs, goats etc. No doubt it will go up in value. Think of it as a saving account.

 

[Blu3duk]

Without trying to rain on a parade...... there are thigs you need to consider in any move and espeacially one to a place just a little bigger than you have now...

taxes - are they considered part of the $164.00 or is that to be on top of that?

animals - can you afford the added expense of the initial cost of the animal and the additional cost of maintaining feed for the animals you will ultimately have to support and keep from suffering.

Power - additional electric costs from using extra power in the outbuildings

what about additional machinery needed for the bigger place while you await the animals needed to keep the pasture from becoming a fire hazard? upkeep on the machinery.

between my wife and I we gross about $24K, we only have 2 kids on the ground, but a 3rd on the way next spring.... so we will probably loose some income for awhile, but it would be reduced to just under $14K for me..... if you were to loose a third of your income all of a sudden could you still make your budget work? it is something to think about..... not everyone looses a third of income, but thinggs happen and the way the economy is nothing is stable or secure for long anymore......

just a few thoughts that maybe might help but hopefully wont hurt you from taking the step into a better place with room to grow what you have dreamed of.

 

[wr]

If you believe that you can afford the extra money monthly, I'd go for it because you can save yourself far more than that in grocery costs, once you get things rolling. If you can't afford larger animals (cow/steer) you can assess the land and if you can, rent the grass out for a year. You don't have to take money to win, Renters are responsible for the fences and if the fences are in terrible repair, give a year to the renter to rebuild or restore the fences. Second year, take a steer calf in return for pasture, fatten him and the freezer is full. A big garden will carry you through the year with very minimal cost and chickens can be cheap. You don't need purebred chickens to start with, or ever if you're not interested in that end, we had very good luck buying older layers in the beginning. What about work from home things to make additional money? Sell some produce or jams and jellies. I know a lady that likes canning and she does custom canning, jams and jellies for people who are too busy to do their own. Hubby is an artist, but you don't state what meduim. There is a LOT of money to be made painting murals in children's rooms. I have a friend that is making fantastic money that way and started with their own kids rooms and it grew from there. Good luck with whatever decision you make, I'm sure you'll think it through and make a wise one.

 

[CaroleC]

Does your husband sell his artwork on Ebay? That could be a option to adding extra money to your income. Can you knit? Knitting a sweater or two a month while relaxing in the evening could also add a hundred or more dollars to your income. When we lived in our previous home I hung a couple of sweaters in the window of our sunporch and added a simple for sale sign. My husband and I left for the day to attend a fair and when we returned my daughter ran out with a handful of money as well as an order for 2 more sweaters. That was the beginning of several years of knitting for profit for me. The house we have now doesn't get the traffic, but there are shops around that will take your work and sell it for a commission. I'd try anything to help realize your dream. Good luck to you.

Carole

 

[Beeman]

I have no idea where you are and what prices are there. Also don't know what your husband does and how hard it would be to come up with the extra $2,000 a year in payments. The tax question and add insurance to that is one you have to add in also. Buying a place because it will appreciate in value is good but only if you plan on selling it. As it goes up in value while you live there taxes go up with it. The extra money you will need is not a lot if there is time left in your lives to make it. Is there anything of value you can sell to increase your down payment to lessen your debt which might lower the payments? How many years is the loan for? How secure is your husbands income, in other words can he make the same or more money doing something he doesn't love if he has to?

 

[leigha]

I have no idea where you are and what prices are there. Also don't know what your husband does and how hard it would be to come up with the extra $2,000 a year in payments. The tax question and add insurance to that is one you have to add in also. Buying a place because it will appreciate in value is good but only if you plan on selling it. As it goes up in value while you live there taxes go up with it. The extra money you will need is not a lot if there is time left in your lives to make it. Is there anything of value you can sell to increase your down payment to lessen your debt which might lower the payments? How many years is the loan for? How secure is your husbands income, in other words can he make the same or more money doing something he doesn't love if he has to?

Thanks, and to others who have replied. We're in Alabama, where property taxes are still low although this place would be more than our present house. Selling the place in 10 to 20 years would be an option because I inherit my parents place when that time comes (I hate to really think about it). At that time we could choose to stay put and sell my parents place to my nephew, take the profit and pay off the new place, or sell the new place for a profit and move into my parents place. Whew, if you followed that, my hats off to you. Anyway, what it works out to be is that for the next 10 to 15 years we'll have that house payment. I've already worked in the profit from our present house. I'm 38, my husband is 48. I guess no one's job is really secure, but he is the only one in his company that knows how to do what he does, not to say that they couldn't find someone else to train. He just received a big raise, big to us, and he's up for employee of the month, so he's really happy, which is important to me. I'm going to do some research about selling his artwork through e-bay, anybody have any recommendations on info about selling on e-bay. I'll do all the usual searches.
Thanks.

 

[Guest]

Other replies are correct in saying only you can figure out your families finances and choices but I'll add my 2 cents worth.

Sounds to me as if you and dh are old enough to know what your dreams are. With 6 yrs of hunting it sounds as if you have stayed focused.

I bought my first place against all my friends advice. I couldn't even afford to furnish it. Prices for land and homes just kept on going up while I bought used furniture and worked on the place. I started growing and selling perennials and left over annuals I had. Started them under flourescents in the basement till I got a tiny greenhouse. Did arts and crafts and sold them at a flea market, kids in tow, plus anything I could turn a profit on that I picked up at yard sales. Also sold kids clothes, my kids and ones I got a yard sales through a consignment shop. A few years later my dh died, leaving me with 4 kids to raise. Prices had increased so much since we bought I have no idea where I could have lived if we hadn't bought the house (still had a mortgage but it was so much less than rent).

So I guess what I am saying is dreams are important, life isn't a dress rehearsal. Come up with every idea you can to make a dollar here a dollar there. Folks here sure can come up with lots of ideas for you and some of them have already. Nothing in life is guaranteed and the perfect time to buy may just never appear. Any chance you can find a lower rate, longer term mortgage for the new place and make extra payments on it when you have the $ available?

Good luck,

Liz

 

[Beeman]

OK, now we have a clearer picture of your situation.
Your right in saying that no job is secure. Now with that in mind can you or your husband equal that salary if a career change becomes necessary. Also need to look at what portion of the salary is going toward mortgage and taxes. If your in debt the best way to be is so you can make it on the lowest paying job you would have to take to make the payments. The amount your budget comes up short is not a lot if there is time and resources to make that money. In other words if your husband is working 6 days a week at his job and with commute is gone 12hrs. a day he will be limited on another income source. On the other hand if he worked 4 days a week or got off work early every day and had all weekend he could probably make the extra money mowing lawns.

 

[earthship]

I think you should go for it. More land, more things you can do. If you move to the same payment, it is rather lateral. You would have enough land to raise some chickens - the money you can make on eggs alone would pay the difference ;-) Go for the gusto - sometimes you just have to say waht the heck.

 

[Janon]

If it is that important to your family... you'll find a way.

cheers and good luck!