I may or may not have officially lost it, or, offically become BRILLIANT. In purchasing this next home and being at the very beginning stages of building again, we have started the process of looking at lenders, pre-approvals, credit reports, etc. Which, allows you to start tallying every last dollar existant to your name. A. Dont do this on the weekend, my mind is at an all time full throttle.
Let me back track a hot minute. When Blair and I sold our recent home, that we built and lived in for only a year, we made quite a nice chunk of change. In doing so, it really fired up my passion for home decorating, staging, selling, and well, making a nice chunk of change. It started to get the wheels turning in my head thinking: Hey, this would be a bit of fun to do on the side. I am glued to HDTV enough to know I have enjoyment in this home flipping sort of thing, and being able to make money while the market is down is quite motivating to boot. So, I did what any girl does after flipping through our credit reports{while adding up all the combined godforsakenstudentloans, UGH yay Masters Degrees!}. I called my Dad. Now, this may have not been the most impartial person to call, as he understands how much I love to save, and how much I despise short term debt. AND he and my Mom used to flip houses themselves when we were little babes. He got my wheels turning even more, and we're finding ourselves at a crossroads. To build a 'forever home' or to buy a 'flipper home'? That is the question. We have only put a deposit down on the lot of the home we may or may not now build, so we would be losing out on a very small amount of money.
In this part of Ohio, there is basically two areas where you can even build, as they have been landlocked for 10+ years. So, unless couples want to build, they are buying homes that are at least 10 years old. People who prefer modern, open floorplan, updated homes would have to be buyers who are inclined to gut, flip, and update. Not everyone is up for that, especially those who have children. People who are like us which like to move into that new paint smell home that is an updated finished product would pay good money to have it. Knowing that is a rare find here, why not buy a home at a great price while the rates are still low, live in it for 3-6 months while we gut it and sell it & make another nice profit again while we can. The downside of this is we are pretty much waving goodbye to the new build, new land, and new home in this area for good as again as there isnt much land to build on and work with. As long as we live here long term, which is a great unknown, we also may have to live in a home that's been gutted and flipped in the end, while sacrificing an ideal lot. BUT, in doing this, we can potentially make alot of money in the next year or two have 0 student loan/short term debt with a pretty nice cushioned savings account. Does having a new build 'forever home' mean THAT much to me right now, in the town we just moved to? Not sure. Practical route vs. Risky Route, that is the question.
Andi
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