Archive for February 4th, 2008

New Goal

February 4th, 2008 2 comments

The appeal of a Corvette has kind of wound down, and I’m starting to think about spending money in another way. This weekend I floated the idea of moving to NC to the wife. At first, she wasn’t so receptive to the idea, but she started looking at houses up there and turned into a monster. I would have to say she probably spent around 3 hours or so looking at houses we could buy.

In reality, real estate is a bit cheaper there than in Central FL. We could pretty much buy a house that we would envision living in for the next 20 years for around $300,000. It wouldn’t be that much of a stretch, but we hope to keep our current townhouse and rent it out after the move. This means we need to save up a new down payment for the next house, as well as make sure we have enough cash flow to cover both mortgages (minus any rents collected).

Since we would likely go pretty conservative of the new mortgage, we would need to save at least $60,000, but more likely $70,000 to make sure we cover all the expenses associated with buying a house. Our last one cost an additional $10,000 over the purchase price once all the fees were included.

To reach this amount, we both need to save up $35,000. At my current savings rate, I could theoretically reach that in a couple of years, but that doesn’t count any spending that would slow that rate down. Anyways, it’s a new goal that I’m going to see if I can accomplish, although anything is likely to happen in the next couple of years.

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