We Bought A House!

Hey Y’all! I know the blog has been slow lately, but I had to get this one out. We have officially bought a house. We moved in on June 1^st and have been working on some projects right as we moved in.

Quick Facts:

·      Location: Wauwatosa – right in the middle of our jobs so commuting has been much better, for me J

·      Shout-outs: We had lots of high quality moving help from Kevin & Ann Phalin, Adam Schmitz, Chad Doedens, Greg Manz and Charlie Thompson. We couldn’t have done it without them!

·      Move-in projects: Refinished hardwood floors on main floor, painted baby room, electrical updates, basement shelving, putting lots of boxed furniture together.

About 15 months ago I shared that we were moving into an apartment and planning to save for a large down payment and some of the structures we planned to utilize for buying the house. Setting these goals and sharing them held us accountable.  When I shared this initially, some readers and friends shared what has worked for them or what they would do differently. It was great to hear from them to help guide our decisions and process. We did work really hard towards our goal and stuck to our plan the entire time.

I did take a new job and saw a pay increase as we were in the house hunt which changed our budget a little bit for what we thought was reasonable and stuck to a monthly payment (mortgage, insurance, taxes and PMI) that came out to less than 25% of our monthly income. We were able to put the house on a 15-year mortgage and locked in a fixed rate of 3.625% on the loan. We evaluated our situation, and decided to accept PMI (due to having less than 20% down payment or loan-to-value), but it is about $23/month due to the loan type.

One thing we expected and planned for, but continue to be surprised by is that houses can be really expensive. We chose to decorate the basement area that is finished, which meant new furniture for the living room. One of the perks of the house was an additional entertainment space. We look forward to hosting family and friends in the future! June quickly became an expensive month, but we had a plan and stuck to it.

Before we moved, we had a long list of what we needed to do when we moved in regards to finances including the following:

·      Update addresses on any subscription-based or mailing services.

·      List potential expenses – furniture, house updates (flooring, electrical), continuing retirement contributions, and saving for a newer car.

·      Future items – Baby P’s college fund (529 Plan).

·      Beginning to attack the mortgage at a faster rate than the base payment required.

All of these items have a different priority, but having them on the list meant having a plan in place. As life changes, we update the list with some items moving up and some moving down, while others get checked off and some even removed altogether. The most important aspect of this list is that we have a plan and continue to follow it. I know I’ve mentioned I am a “list” person for just about any project. It allows me to see what we have accomplished and see progress. It is a constant reminder that we are headed in the right direction.

We’re excited about where we are living; the entertainment nearby and the neighbors seem normal to this point! Let us know when you’re in the neighborhood to stop by and see the house!

Please remember that I share this information to provide knowledge and be a resource. We firmly believe in our plan and have seen it work for us. Every person or couple has different numbers (income, debt, retirement plans and taste). I never judge anyone for their decisions, and wish everyone the satisfaction and peace-of-mind that we have found with our finances through using a structured plan. If you have any questions, please reach out and let me know. I’m happy to discuss and share more information if you are seeking it. Remember that none of this happens overnight, and takes consistency and discipline week after week, month after month, and year after year. Don’t wait for someone else to rescue you, when you can provide for yourself!

Getting personal: Having a nice looking lawn is something I now take pride in and realize I get that from my dad.

We took some time out to go to Summerfest for some people watching, friends, background music, and a Saz's sampler platter.