Done! That happened sooner than expected! 03/18
I have no idea how to do this. But I am going to do it though it will take time.
I will do it alone. I am not going to buy a house with some guy and having to sell if it doesn't work out between us.
This month has been a whirlwind. But we did it! In two weeks we will move into our very own home.
Received mortgage preapproval
Moved into Dave's house summer of 2015
It was a long time coming...
150 sq ft is 40,000 dollars
Recap from my last post:
Assuming a $1,000 initial deposit and .46% interest rate on a CD... I need to save $500/month to have $22,000 saved on my 30th birthday.
I used to contribute 15% of my paycheck to my 401k, but if I cut it to 6% (the maximum my employer matches), I can invest 9% ($180/month) into this savings CD. That leaves $320/month to save. Say I save an average of $30/month with grocery & credit rewards cards, that leaves $290/month to find someplace.
Plus, WILDCARD, I live in a seasonal working environment, so I don't have any idea where $500 will come from some months.
Another wildcard (and this goes against my goal, but it's something I REALLY want and that I think will make me immensely happier), I REALLY want to move into my own 1-bedroom apartment when my lease here is up at the end of September) and we'll assume that that will cost me an extra $350/month.
Anyway, some 1-time ways to save or make $$$
-Make more of a game out of coupon-clipping. Not really a 1-time event, but maybe I can average an extra $10 or $15 of coupon savings.
-A couple of weeks ago I signed up for a new bank account that's supposed to pay me a $250 bonus in another 5 1/2 months.
-Collecting loose change. Can I save $300 in coins in a year? Challenge accepted?
-Eat the food I already own. Use the spices I already have instead of buying a 4th jar of cinnamon. Chew the 3 dozen packs of gum I've already bought
-Bonuses & tax returns automatically go into the savings account. So does interest that the account earns.
-Continue looking for free samples of things. I'm purposely not trying here though because there's 4 of us sharing a mailbox and I don't want to annoy the other 3 with the box being inundated with "junk" mail for me.
-More funneling of savings into the account- things bought with employee discount, things bought on sale. Sometimes this might be harder to keep track of (aka the grocery store slaps a sale price label on something, but the receipt doesn't track the original price / what I saved).
-Donating things I no longer need/want to maximize tax return.
-My employer will pay me for 40 hours of volunteering- perhaps I can manage to find a way to squeak that into my savings.
-Pay myself $1 every time I meet one of my other goals on this site
-This winter I live on the free bus route, so I won't be buying the $150 parking pass that I did the last 4 winters. I'm also saving gas, but we'll skip figuring that one out.
-"Skip the raise" (if/when I get one)
-Skimming the extra $ in my checking account off and into my CD
From a Facebook post I wrote earlier tonight
"Just to depress myself, I found a calculator online that said if I locked $1,000 in a CD tonight, earning .46% (bank's current CD rate), compounded monthly, and I wanted to have 200K for a down payment on my 30th birthday; I'd need to sock away $4,700/month.
^Hahahaha, that's more than I even make each month."
I live in a ski resort area, so my dream of owning a home seems impossible because a lot of places are half a million or more.
If I can manage to save $500/month, in 3.5 years I'll have $22,000 which seems like it's not even worth it, but I know it is. $22,000 is definitely a lot of money, but that's not even 10% of a cheap house here.
I'm actually pretty good at saving already, but I don't want to deprive myself either- I enjoy visiting national parks and taking photos and hiking and it's 300x better if there's a waterfall involved. Unfortunately, camping is pretty expensive-$20/night is pretty common, although I know you can also camp for free on national forest land a lot of places, but sometimes that sketches me and/or my mom out.
$500 is actually a lot to save each month for me. I make $2,000/month... then put 6% in for my employer 401k match (I used to put in 15%) and then taxes get taken out... Then I need $1,700 in my bank account on the first of every month to pay rent (I have a roommate and we split it in half, but I'm the one that writes the check).
If I automatically put 9% of my paycheck into a savings account, that's $180. So $320 still needs to come from somewhere. I use a rewards card at the grocery store and have 2 credit cards that I use to take advantage of their rewards, but that's nowhere close to $3,800/month. It looks like I'll have saved $200 THIS YEAR on rewards from grocery store & credit cards. And I've saved $150 of change (not sure since when). So, $290/month still needs to come from somewhere. Oh, and the great part is- working in the ski industry is a very seasonal thing- I'm not going to make $2,000/month year-round- some months I'll make less. This is all so discouraging and I just want to give up now. At least I got a $500 bonus at work back in April. I can make $300/month if I work 25 extra hours a month at a 2nd job (17 hours if I'm babysitting). Maybe this is doable- MAYBE. Perhaps I could finally make a tiny bit of money selling some of my photography work too- ha, good luck self.
We bought our first house in September 2015
Happened amidst unexpected times!
Just finishet building my new home
Offer accepted. Closing planned for Jan. 13th.
Build a balcony-style window.
Have a big spa bath.
I'm sitting in it now! Can't believe it's finally happened and we're living together. We even hosted Christmas!
We're on to a different house now but are much further along in the process than we've got before. Mortgage offer has been accepted...we're just waiting for the written evidence!
Can't believe it's been over 3 months since we've had our house! We closed on the house on Fri 4/4 and moved in our stuff on Sat 4/5!! Crazy how time flies. We are doing little upgrades/changes here and there. The house isn't anything fancy, but it's our house.
Made an offer, June 27. Offer accepted June 28!
The offer has been accepted. Now the struggle to get the mortgage sorted out! This isn't stressful at all!! HAHA!
We've found one we like. Now just the difficult task of buying it!
The process took much longer than we expected. The inspection cleared well, but the appraisal came in low. As a result our closing date got moved till later (we ultimately saved quite a bit of money on the deal as a result though, which was exciting). Once we got to the closing date we had some trouble with the closing and closed the last day of March. However, we got the house and have moved into it (and out of the apartment) - I think we are all quite a bit happier with our new place!
Moving date was 21st March 2014
We got approved for the loan, did the house hunting, found the right house, and are currently under contract. There is still a month to go, and a lot of hurdles to clear (inspection, appraisal, final approval, closing day, etc), but we are definitely looking forward to finishing the process.
Chad and I got pre-approved for a home loan from Chase! We are checking out other lenders to see our options. We've attended a few open houses and are just getting a feel for things here in the Seattle area.
Signed a Lease. So my girlfriend and I are finally moving in together, and have less time pressure to buy. And can take some time off from looking.