Friday, August 12, 2011

Should I move or not?

Ok. My bf and I bought a house for 75 thou. The payments are around 600/month which is ok and affordable so thats not the problem. The problem is I want to save money and after everything is paid for (bills, groceries, gas) there is just nothing left. What I want is financial freedom: pay off a place ASAP so theres more to save. So I was thinking maybe we should instead get a cheaper house instead so we can pay it of FASTER and save for a house we really like. I am even thinking of looking into a 'nice' trailer park. The place we bought is a manufactured home (basically a nice mobile home similar to modular actually) permanent foundation its really nice/roomy with 3 br and 2 full ba huge living and dining rooms and a wood burning fireplace. The main value with the place is the 2 acres of wooded land with it which we at first thought would be great for a swingset/trampoline for our kids but its not like we HAVE to have a swingset. We can always go to the park for that. I am a very outgoing person (NOT a home body) and I want to have extra money for recreational activities as well as hobbies for my 2 kids. Quality over quantity. I like the place i'm in now but i don't love it. The way i see it if i pay off a cheaper house quicker then most of the income goes in our pockets not to the mortgage (and not to mention, the interest!). That's why trailer in trailer park comes to mind since they are low maintenance enough to not do much major repair and yet cheap. My bf is not as serious as I am about my idea but I think its a good plan. Sure we won't live in the best place--yet but at least we will have the option to save for our dream place. I've done the math, if we cut out our mortgage, with our incomes we could save around 500/week. That's roughly 2000/month, 24000/year, within 3 years we can earn about 70000. Granted we could save while here at the place we're at, but it would go by faster living somewhere cheaper. Anyway, I think its an idea worth looking into but my bf isn't as crazy about it. What do u think? Should I just stick it out here or move? Oh, and if you're wondering about how we will pay to move (realtor fees, closing costs, down payment, etc) we've already got money saved up for that so already prepared for it.

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