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Buying our first house

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  • #16
    For us, owning a house is fun with our large, productive garden.  The big excitement this spring is the addition of backyard chickens.  It should be interesting to have chickens in our upscale neighborhood.  We are planning to share the blue eggs with our neighbors, so hopefully that will keep the peace and contribute to neighborly approval.  At least we won't be getting a rooster.

    Best of luck to you with your new house plans, the affordability numbers look good.

    One question, will one of you be a stay at home parent or do you plan to hire an au pair or something?  Planning ahead for childcare and income changes can be helpful.  One other consideration, you might want to consider a 30 year mortgage to allow flexibility of monthly payments.  You could pay extra if you want with both of you working, then slow down a bit when childcare expenses are higher, then ramp up again when able.

    Although we paid down mortgages ahead of schedule, having the flexibility of a lower payment on a 30 year when needed was nice.  We liked the option of paying more, but not being required to do so every month in the early years when we were on one income.  And the interest rate was only slightly higher for the 30 year so adding the flexibility didn't add much to the interest costs because we ended up paying it down ahead of time.