Before I arrived in my present state of finances, I was a young 28-year old mother of one, that had over $60K in debt,and who managed to buy a fancy townhouse in an up-and-coming area of town. The neighborhood was pristine and I was proud of my accomplishment, even though it resulted in having over $200K in debt, no savings, a fledgling retirement account, and stress beyond belief. What was I thinking?!???
Fast forward 11 years with two kids, a bankruptcy, and foreclosure behind me. I realized that my former home resulted in nothing but turmoil, heartache, and stress. Now, with my future finally brightening, I had to choose a permanent residence again, but this time, I needed to be smart. Real smart.
Unfortunately, I may lose a few people with the opinions that follow, but hear me out. Ultimately, I chose to buy my home in an older community; an area of town that was not well-liked, but whose neighborhood was a diamond in the rough. The house was not what I wanted, but it was everything I needed and could afford. It provided my family stability, comfort, a huge yard, and a place we could make our home, less the stress and strife. So I did it. I bought a place that most wouldn’t even consider, and have been able to find joy and peace in building a future in a residence that I am not necessarily looking to sell for a profit one day, but that will allow me to live the life I want to live now, while preparing for a healthy retirement in the future.
In fact, it got me thinking. If more people were not so fixated on buying a new home, many older neighborhoods could easily be revitalized and returned to the glory of their past. It may take a little research and some concessions, but the benefits would be worth it. #Dreaming
My conclusion, when it comes to buying a home, find a place that is safe and comfortable, but that also won’t keep you up worrying at night. Choose a house that you can grow to love while still feeling proud of what you have accomplished. It’s possible and you can do it. Just be patient and intentional in your decisions. Your bank account (and children) will love you!
A Few Tips:
- Buy a house you like and make it one you can grow to love.
- Make sure it has a big yard to run around and play in.
- Find one that is conveniently located. It may not be near the latest shopping centers, but if major roads are accessible, then no worries.
- Be sure the neighborhood is safe. This only works if you can sleep at night – both from a low mortgage and no fear of violence.
- Don’t necessarily focus on resale value. You may choose to rent it out if and when you move. If not, you can stay until you’re no longer single or can afford more.
So what do you think? Would you be willing to buy an older home in a mature neighborhood? Post your reply in the comments below.