On Monday, we bought a house.
This is, of course, a mixed blessing. We now have a place where we can set down roots (both metaphorically and physically, since I intend to grow some of our own food here), and we now have a defined goal for paying off our living arrangements* and lowering our yearly expenditures. However, we now have $316,000 more debt than we did last week, and, since this is an older house (that has been vacant for a few years now), we have a long list of projects to tackle.
I do look forward to slowly fixing this place up, though. Well, slowly after the large renovation with which we’re starting. We got a renovation loan on the house, which will allow us to create the spaces that we need to make the home functional for us, as well as replace everything that needs replacing (which is just about everything). All of the major items in the home will be new: appliances, roof, HVAC. That should allow us to focus on the smaller projects that we want to accomplish.
We’ll also be adding a House budget to our budgeting, which will be used for maintenance and enhancements. We’ve already dived in by painting an accent wall in our bedroom, making our mark on the house and also greatly improving the look. We won’t be in the house for another month, so that’s the only small project we could start; we’ll be doing much more painting, as well as setting up a home gym, once we move in.
* We’ll still have property taxes and hazard insurance as yearly expenditures, of course.