Your starter home

[Colleen27]

We kind of had two starter homes.

First house - sort of a strange arrangement, a mid-90s mobile home in a park that went under and sold off the lots to residents, so we were basically living in a trailer park but owned our postage stamp instead of paying lot rent
*2bd, 2bath
*980 sq ft
*good school district
*asking price equal to 18mo rent in the bad school district/neighborhood we were living in
*paid cash with a small loan from a relative because no bank would finance that odd situation

We sold the first place for just a little more than what we paid for it, so we essentially lived for free for a few years while saving for a real house. It worked out perfectly, since we didn't want to be in our apartment when DS started school, but we always knew it was just a stepping stone and didn't put a ton of work into it, just some better insulation underneath and behind the skirting.

Second house - a 1939 cottage that had been added onto twice.
*3bd 2bath
*1200 sq ft
*very cramped, very 70s galley kitchen that we'd have remodeled if we'd stayed a little longer
*attached 2 car garage
*1/4 acre lot
*same school district as the previous house
*paid 99K w/10% down

It was a foreclosure and we did a fair bit of work on it in our 5 years there: gutted the second bath and redid it from the ground up, replaced the carpet with hardwood in the main living areas, put on a new roof, painted the whole place inside and out, added a built-in entertainment center.

We didn't buy the second house thinking of it as a starter; we planned to stay there until the kids were grown, but then we had a third child and the housing market tanked just as we'd started talking about moving up to something bigger, bringing bigger down to a price range we couldn't resist. So we bought our current house - my lifelong dream home, an 1880 folk Victorian with a huge kitchen - and sold the old place on a rent-to-own arrangement. We took a bit of a loss on it but not as bad as it could have been and we're much happier where we are now.

 

[rszdtrvl]

Our starter home will more than likely be our permanent home. With the value of homes decreasing, when we refinanced last year, we had to have mortgage insurance.

Anyhoo :
0% down - we did the now defunct Nehemiah program where we offered more than the seller was asking and the seller gifted us the overage to pay the down payment. Sellers asking price was $75,000 and I believe we paid around $83,000 with the difference being used as the down payment.

1000 Sqft
3 bedrooms
1 bathroom
1 garage
2 open carports
Big fenced backyard
Less than 10 minutes away from every school my child would go to
Close to DH's workplace

The only way we are moving is if our home value goes up and we manage to make any money on it.

 

[2DisPrincesses]

2,000+ sq ft
3 bedrooms
2.5 baths
finished basement
large deck
2.5 car garage
17% down

no sidwalks, but on a culdesac, good schools

backyard was a MESS- it is still a work-in-progress

We plan on this being home permanently. We would like to eventually buy a vacation home/cottage.

 

[JamesMom]

After my divorce, I decided to buy a house about 40 minutes from work for the same monthly cost as renting in the same area as work. Best decision I made selling it for $14K more than I paid 3 years later after DH came along. The house was 3 bed/2 bath on a 50x100 lot and was 1,475 sq ft. Vinyl and carpet flooring with basic laminate kitchen. However, not the best neighborhood. We moved to our current house 2,100 sq ft/ 3 bed/2 bath/study & playroom on 70x105 corner lot for 2x the cost of 1st house. Upgraded to tile & carpet flooring - still basic kitchen. We LOVE our current town though hubby still has a big commute. Been here 9 years in February. Both houses have 2 car attached garages and were new construction. We expect the kids to graduate at least high school if not college, in this house

 

[Disneyliscious]

Im trying to understand the point of this thread. Is it another one of those "Keeping up with the Jones'" kind of threads?

 

[Kies99]

Starter - Townhouse

1,268 SqFt
2 BR
1.5 Bath
1 car Garage
4 rooms total with loft

 

[Happiest mommy]

starter home bought in 2000 for $150,000-(owner was in pre-forclosure) two family
wish I we were not here anymore since we are busting at the seams the good thing is tenant practically pays the whole mortgage and we have alot of equity I can stay home, DH is the only one working, we have decided to wait it out 2 more years and sell.

 

[disykat]

Im trying to understand the point of this thread. Is it another one of those "Keeping up with the Jones'" kind of threads?

LOL - I'd say it's the opposite. I'm really enjoying reading these posts. We live in an HGTV world where everyone seems to think everyone has to start out in their dream home - and that the definition of dream home means certain luxuries. I love reading about people who live in a way that seems more normal to me.

Our first purchased home (bought when I was 30) was 1800 sq ft. (no basement) It had 3 bedrms and 1 3/4 baths, but was a fixer. Since it was an older home it didn't have a dishwasher and only had a 1 car garage. We lived in it for 7 years, did lots of work and made money when we sold it. It was a perfect home for that time, and a perfect stepping stone to where we live now. Our newer home is about the same size, but is in a better neighborhood and school district and is newer so it came with an dishwasher, a two car garage, etc and was basically move in ready when we got it. I'm turning 50 and we recently paid it off. We plan to stay here.

I think it's good to take back "normal." It's so easy to think that everyone lives like on tv, or everyone lives like you do. I've seen lots of threads where people seem to assume everyone has a basement, or everyone has a playroom for their kids, that everyone lives in newer homes, etc. The reality is "normal" varies greatly by area and income level.

I think, especially in a forum full of us fortunate people who can afford Disney trips,etc., it helps many of us stay grounded to hear about people who have starter homes or starter vacations,etc. The budget board is also a perfect place for the discussion.

 

[Gr8t Fan]

Im trying to understand the point of this thread. Is it another one of those "Keeping up with the Jones'" kind of threads?

LOL - I'd say it's the opposite. I'm really enjoying reading these posts. We live in an HGTV world where everyone seems to think everyone has to start out in their dream home - and that the definition of dream home means certain luxuries. I love reading about people who live in a way that seems more normal to me.

Our first purchased home (bought when I was 30) was 1800 sq ft. (no basement) It had 3 bedrms and 1 3/4 baths, but was a fixer. Since it was an older home it didn't have a dishwasher and only had a 1 car garage. We lived in it for 7 years, did lots of work and made money when we sold it. It was a perfect home for that time, and a perfect stepping stone to where we live now. Our newer home is about the same size, but is in a better neighborhood and school district and is newer so it came with an dishwasher, a two car garage, etc and was basically move in ready when we got it. I'm turning 50 and we recently paid it off. We plan to stay here.

I think it's good to take back "normal." It's so easy to think that everyone lives like on tv, or everyone lives like you do. I've seen lots of threads where people seem to assume everyone has a basement, or everyone has a playroom for their kids, that everyone lives in newer homes, etc. The reality is "normal" varies greatly by area and income level.

I think, especially in a forum full of us fortunate people who can afford Disney trips,etc., it helps many of us stay grounded to hear about people who have starter homes or starter vacations,etc. The budget board is also a perfect place for the discussion.

I feel the same way as disykat. It is refreshing to read that so many are still in their "starter" homes as we are.

 

[Sorsha]

"Starter" home = current home. We were always renters until we bought it. We will stay in it until we can afford to sell and leave Montana, hopefully for Florida - but the housing market will have to rebound significantly before then.

Purchased/built in 2008 for about $170,000 (I'd have to pull out the paperwork to know exactly how much, but it was just a hair over that).

0 down, we qualified being first-time buyers, under the Mutual Self-Help Housing program, in which you and other families combine resources to build it yourselves, your labor is in exchange of the down payment. It was the hardest year of my life, but I know every inch of this house inside-out, and have had my hands on every bit of it.

-4 bedroom/2 baths, 1500 sq feet, ranch style

-Monolithic slab foundation with in-floor radient heat

-Wilsonart "HD" countertops (looks like solid surface but is really a laminate).
-Ceramic tiles in the kitchen, laundry room, and bathrooms.
-Quality appliances in black (stainless wasn't in the budget and I don't really like it anyhow)
-Click-lock floating floors in the rest of the house - looks like hardwood but isn't
-Well built using high R-value insulation and energy-efficient everything
-2 car (if they are small cars LOL) heated garage
-Small-ish fenced lot with a nice yard. The year after we moved in we had a large slab patio (colored cement, exposed aggregate) poured at the back of the house for BBQs, the picnic table, a small 2-man hot tub, etc. We also have an in-ground sprinkler system that was installed when the landscaping was done when the house was first built.
-Within 10 minutes of all the schools my kids attend. The grade school is nice, but over-crowded, but then again all the grade schools in this area are over-crowded. DD17 attends a high school that is quite new and very modern, she was the first class of freshmen to attend it the first year it opened.
-In a very nice, low-HOA, well maintained subdivision that used to be a grain-field, still quite rural area.

At this point, value of the house versus what we owe gives us about $40,000 in equity. In the current housing market in this area, we couldn't re-coup that, so we won't sell until we can.

 

[SDSorority]

Still live in our 'starter'

4 BR
2.5 BA
Partially finished basement (poorly, DIY by previous owner...)
Not wonderful schools, but ok. When we have kids we'll be out of here or do Catholic schools.
Nice house, plenty of space for the two of us- we each have our own office and we have a guest room. Music room in the front so I can teach my little music students, kitchen, family room, small laundry area, 2 story.

Nice little house that does the trick for what we need

 

[hipchickie]

Im trying to understand the point of this thread. Is it another one of those "Keeping up with the Jones'" kind of threads?

I wouldn't say keeping up with the joneses, but definitely some need to have backs patted, and once again assure everyone with anecdotal evidence that anyone living in a more expensive house is about to lose it/ borderline poverty level/ is bad with money

 

[Gr8t Fan]

I wouldn't say keeping up with the joneses, but definitely some need to have backs patted, and once again assure everyone with anecdotal evidence that anyone living in a more expensive house is about to lose it/ borderline poverty level/ is bad with money

Wow that's a leap!