House = moneypit
This is why homeowning is not the American Dream. Unless the American Dream includes bankruptcy maybe...
(And note, this story is due to some stupid/not-really-stupid life choices made by Matt and I. Mainly, moving from Va to Boston.)
Bought house in VA in Sept 2005 for $200,000. Moved to Boston in Nov 2006 but rented house for 1 year, covered the mortgage costs. Tenants moved out in Nov 2007. House was empty for about 1 year. Multiply that by $1500 in mortgage payments every month = $18,000. Plus utilities during this time frame = ~$300. Plus stupid A/C:Heat unit breaks about 3 times = ~$700. New tenants move in, cover about half cost of mortgage payment. Maybe 5/6ths. A/C unit starts smoking again yesterday, fire company called, heat now disabled in house. Tenants move to hotel. Assume they'll be there for a week until we can get unit replaced ~$700. Install new A/C:Heat unit = $4600.
So this year, owning a house will cost us (tallying/tallying/tallying) about $20,000. On top of paying rent/utilities/daycare/etc in Boston. Good thing Matt and I make enough money and have enough savings at this stage to cover a $20,000 (post-tax) reduction in our salaries. Ridiculous. But at least we're not doing the foreclosure dance.
(And note, this story is due to some stupid/not-really-stupid life choices made by Matt and I. Mainly, moving from Va to Boston.)
Bought house in VA in Sept 2005 for $200,000. Moved to Boston in Nov 2006 but rented house for 1 year, covered the mortgage costs. Tenants moved out in Nov 2007. House was empty for about 1 year. Multiply that by $1500 in mortgage payments every month = $18,000. Plus utilities during this time frame = ~$300. Plus stupid A/C:Heat unit breaks about 3 times = ~$700. New tenants move in, cover about half cost of mortgage payment. Maybe 5/6ths. A/C unit starts smoking again yesterday, fire company called, heat now disabled in house. Tenants move to hotel. Assume they'll be there for a week until we can get unit replaced ~$700. Install new A/C:Heat unit = $4600.
So this year, owning a house will cost us (tallying/tallying/tallying) about $20,000. On top of paying rent/utilities/daycare/etc in Boston. Good thing Matt and I make enough money and have enough savings at this stage to cover a $20,000 (post-tax) reduction in our salaries. Ridiculous. But at least we're not doing the foreclosure dance.
I am so sorry. Our friends Chad and Chloe have still not sold their house on Locust yet either. It has been on market forever. Will add this to prayer list!
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