This is a crazy time of year for everyone and I have to say that ‘house hunting’ is not up there on my Wish List of preferred activities in the lead up to Christmas!
Nevertheless, with Mr D now employed at the same workplace as me, we have been out there looking.
Unexpectedly, we’ve found a house that all 3 of us really like. It’s:
- 1km from our workplace
- same number of rooms as current house but each room is quite a lot smaller
- overall smaller house footprint (= cheaper)
- older house than current (= cheaper) but very well maintained
The house goes to auction on December 5th. We are in a flurry of paperwork, attempting to organise bridging finance so we can bid on this place.
We’ve had our current house valued and have a very good idea of the expected selling price range.
- If the new house sells as the ‘minimum’ suggested price, we would comfortably see ourselves mortgage free after our house sells.
- If the new house sells for the ‘maximum’ suggested price, we’d wind up with a small mortgage after the move (less than $30,000.)
- If the new house sells for 20% over the maximum suggested price, we’d end up with the same mortgage as we have now but living a few blocks from work, in a smaller, easier-to-maintain home, in an area with much better transport and services than now.
The lure of an outside chance at being ‘mortgage free’ or having a low mortgage is just far too great to resist.
Mr 11 would move schools and come with us if this happens. He is quite ok with that idea – he came to work with me 2 weeks ago and hung out for the day with his grade level, and loved it.
Wish us luck with getting the financial approvals in place in time to bid!