So, I'm sitting here once again superivising Saturday School, at the behest of the vice principals who didn't have anyone to do it this week.
So, I've been looking around . . .again . . .and I have discovered the following:
At current housing prices, the absolute minimum amount of money I would need to buy a house "not-really-but-sort-of" in the area where I want to live would be $200,000. And that's for a modest house with lots of room for improvements. :) Here's a chart expressing how it goes: The cold truth:
A) To buy a house in the area I want to live (and, yes, I feel a sense of entitlement since this is also the area where I grew up)-- $275,000-$400,000 dollars (and that's for a very modest house)
B) To buy a house in a "gray zone" (not where I want to live but not so far away that I would rather die) -- $200,000 at the very least
B) To buy a house not in the area where I want to live but within a few miles: approx. $170,000 at the very least (Frankly, I would rather rent)
C) To buy a house out in Melba or anywhere else I would rather die instead of live -- $120,000
The amount I can afford based on how much I make (assuming I can afford about 3X my own annual income) -- $90,000
This is pathetic. But, for your own viewing clarity, here is a map expressing my "zones". This is really how it works for me.
As you can see, I am very picky, which makes things especially difficult. But this is reality. I'm totally spoiled by where I grew up, and I really don't want to move.
So . . .the possibilities.
I found an article expressing some creative ways of financing homes at http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/7CreativeWaysToBuyYourFirstHouse.aspx
and have included those in this post:
A) I could get a different job.
Considering this. Looking into it. (Frankly, I'm offended at working this hard for $30,000 a year. Think I'm stuck up if you want, but that's how it is)
B) Buying a Fixer Upper.
Yup! I'm starting classes to learn how to do work with wood/fix things up soon.
C) Shared ownership dwelling
Do we have any in Boise?
Here's the catch with permanently setting myself up in a condo or apartment or a "shared ownership dwelling" as I'm sure it would be:
Wesley. He needs a yard. He's fine the way he is, I realize, and I also realize that he won't last as long as it would take for me to save the money necessary to buy my first home but, I don't intend to ever live without a dog. Having no yard/a very small yard would limit me in the following ways:
a) I could only get a small dog: I would be fine with this for selfish purposes, but what about all the rescue dogs out there? Part of me would like to keep the option of working with rescue dogs open. The rest of me says I could rescue a dachshund, so even a small/no yard could be a possibility -- but only for a few years. I would not be willing to do this permanently. At some point, I would need a house with a yard.
b)Buying a house with a friend
I'm open to this! Unfortunately, there are not any friends/roommates open to this right now! My sister has pretty consistently told me where to go when I've mentioned it to her. This option shows now signs of materializing, so, for the moment, it's going on the back burner
c)Cohousing communities
There is somebody trying to set one up, but I think he's trying to set one up in Nampa?
d)Living with parents until I have saved at least $110,000
Would my parents be open to this? I don't know. And I know it would not be the most healthy thing for me emotionally, and I don't know how healthy it would be for them. But this is a possibility. It would take me about 6 years to save this money assuming my expenses living with them would only add up to a few thousand a year. The most economical way to do this would be to
i) find a new job, and
ii) live with my parents
It would be drastic but it is a long-term possibility.
e) Buying a house no money down.
Are you kidding?! I'm not that stupid!
f)FHA -- You bet I'm going this option. But, I'm afraid, this sort of help would only supplement, not replace, drastic efforts on my part.
g) Waiting until I move up the salary scale.
This would help! But it wouldn't alone solve any problems. You max out in my district -- with A LOT of education and quite a bit of experience -- at about $55,000. That would certainly be nice, but it won't alone solve any problems.
SO, ENOUGH WITH THAT GRIPE. That sums up all my thoughts on this issue over the last several months.
2 comments:
We hear you! When we were looking for houses in Boise a couple of years ago, and it was difficult at times, we wanted to have some of the same zones as you. But, to be honest, we were surprised at the houses we found that we liked. This was due to our wonderful real estate agent. She really helped us to have a great vision (wider than we expected to be looking for) and she found us wonderful places to look at. We even put an offer on a house on the Rose Hill Bench, which was a bit out of our preferred zone, but still a GREAT house that was older (read that as NOT cookie cutter), quaint, and on a cute little street, with a nice yard. It would have been the best starter home we could have ever hoped for. I still miss that little house (the offer was almost accepted...but someone came in way over asking price...which was God's way of saying, "Not now" to us). It really was such a darling place. If we had been staying in Boise longer, we might have fought for that house a little harder.
Don't be discouraged, there will be a house just for you. When you are ready, let us share our wonderful agent's name with you. She is a fantastic person who has a very "us" way of looking at home ownership and purchasing.
The funny thing is that we are keeping an eye out for houses here (more for fun than for purchase), we even went to an open house on Sunday...perfect house, wonderful neighborhood (by church) that was $750,000 for about 1,000 square feet. Yikes...the market here is HORRIBLE...so inflated. This area is the second highest housing rates in the nation...behind San Francisco. We actually look longingly back to the Boise rates. We would have to live 100 miles away in a major superb to possibly even get close to Boise prices. Our rent here would buy us a very nice house in the Boise area.
Ah! The joy (or should we say agony) of real estate!-Sara
Or, perhaps you could just call it real life!
:) Elisabeth
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