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Starting from Zero Again

June 14th, 2008 at 06:21 am

My bank balance is at zero again. This is a good and not so good thing. Good b/c the money was spent wisely. Not so good b/c it took a long time to save and I have to start all over again.
The money was spent on a down payment for a home in Florida. Hubby and I figured while the prices were low that now would be a good time to buy. We also took into account the very low mortgage rates. We purchased a very nice home in an area that will greatly appreciate in the future. We don't plan on really living in it for about ten years. In that amount of time we hope to make extra payments on the mortgage, without penalty and have the house paid off in about 12 years. By that time my husband and I will be retired. We will spend 6 months in Fl and 6 months in NY. We should have our primary home paid off in about 5 years. That will give us some breathing room.

WE also have had to shell out about 5,000.00 to get our pool fixed. I have to say that was money well spent too. The pool has never looked better and already we have gotten so much use out of it.

My projects with the home improvements have been progressing but very slowly. Still waiting on the hard wood floors.

Starting July 1st I am going to put myself on a very strict financial budget and get myself back on track again with the savings. It's kind of weird, I'm so happy about the house but I also feel guilty about spending the money to get the house.

2 Responses to “Starting from Zero Again”

  1. klbb90 Says:

    Are you going to rent it out for the next 10 years? How will you maintain the new house? I think you are right, that prices are low and interest rates are probably as good as they are going to get for the next couple of years. Sounds wonderful!

  2. Moneycents Says:

    Hi,
    No, we are not going to rent. We had thought about it and decided against it. The realtor had taken us through some rentals that were for sale and they seem to get pretty beaten up. We plan on going down several times a year for mini vacations.

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