A Penny Saved

As I mentioned briefly the other day, I’m buying my first house. Yes, me, the guy who is always talking badly about the housing market, and buying a house in general. I finally decided that I was ready for a home of my own for my family, and the timing seemed to be good.

What prompted my change of heart? Well, that depends. I don’t think I really had a change of heart, just perspective. Here’s a few reasons I think that purchasing a home is a good decision for me now:

• The market in southern Texas seems to be pretty strong. We didn’t get the out of control rise in pricing like folks on the East and West coasts. Housing prices have risen, of course, but not anywhere near as much as the coastal areas.
• The rate offered seems to be pretty impressive - 5.55% fixed for 30 years, with no points of any kind.
• I am not stretching my budget using an unconventional or exotic loan so that I can “afford” a home.
• I did not pick the largest, fanciest home, or the highest class subdivision. In other words, I chose practically.
• Ryland Homes, the builder I chose, focuses pretty heavily on energy efficiency. I don’t expect a $300-$400 per month electric bill like I might elsewhere.
• I am perfectly happy to live here for 5+ years if the market should fluctuate in a negative manner.

Overall, I think I am making a smart decision. My monthly output will increase by several hundred dollars per month, but I’m also moving from a ~1100 square foot apartment to a 2732 square foot home - situated on a 6600 square foot lot. No, it’s not huge, but it’s plenty big enough for my son to play in, and for a dog if we get one.

The closing date is tentatively set for Friday Sept. 28 - just two days away. Apparently the lender is waiting for a form from the VA - but that’s the only potential holdup. I have my fingers crossed that everything goes smoothly, and we can start moving in this weekend. I can’t wait.