We sold our 3-bedroom, 1.5 bathroom, 1900 square foot house and bought a 2-bedroom, 1 bathroom, 970 square foot house with not a level floor in the house. This cut our monthly mortgage payments essentially in half, and provided us with the cash to buy a 22 year old Astro van with less that 90,000 miles to replace our 15 year old Impala with 370,000 miles. The van is AWD, and unlike the Impala, can continue to accommodate our family if we have another child–in fact, it can accommodate 2 more children!
The move new place has its drawbacks and benefits. I’m working on remedying the worst of the drawbacks as I can. One benefit is that we now have roughly 3x the land as the old place–1.2 acres as opposed to 0.4 acres. This means more room for gardens, and we’re still trying to determine where to locate them. Another benefit is that we now have river frontage on a small river, which opens up opportunities to catch fish in our own backyard. An additional benefit is that I am now less than 30 minutes from one of the properties where I deer hunt.
The main benefit, of course, is the lower payments. At our previous place, our minimum payments were about half my monthly income. While were able to keep up with it for quite a while, with each child it got harder, and after Helen was born we began to accumulate credit card debit (which is now gone). This is the opposite of what we want. We want to live inexpensively, save a little, and have money available for charitable giving.
We also found that having such a large house allowed us to accumulate a lot of stuff that we didn’t need or use. It wasn’t that long ago that I moved myself and all of my possessions from Virginia to Florida in a Ford Ranger, but this move required a 26 foot long U-Haul truck. We are continuing to work on paring down the number of things we own, while also working to replace low quality things with high quality ones, and single function items with multi-function items where reasonable.
Its a work in progress, and the past few months have been incredibly busy. But hopefully this move will create more time (in that I won’t feel the need to work as much overtime), and I’ll try to post project and purchase updates as we continue to settle in.