Post # 1
Darling Husband and I have been discussing this for a while now and I am looking to hear what other people have discussed/decided.
We bought our home in 2010 (we got engaged the day we closed on our home) and have said we will live there for 5-6 years, if everything goes to plan. Our home is 50 years old, 3 bedroom, 2.5 bath, 2100 sq ft. Our mortgage is very comfortable and should only get more comfortable as our salaries increase.
We agreed on the 5-6 year plan based on the fact that we’ll likely start TTC at towards the end of 2013, so baby #1 in 2014, which means potentially baby #2 in 2016. We could live in our home now with 2 kids but we think it would start to feel cramped.
Anyways…what have you discussed with your SO about how long you’ll stay in your first home? Or do you plan to stay forever?
Post # 3
When we bought we agreed on 7-10 years. Who know’s what the market will be like though.
Post # 4
We honestly did not think about that concretely. But I think in our minds it was around 5 years. The first house we bought kinda fell into our laps and mortgage (including escrow) would only have been like $300 more than our rent. We were definitely comfortable affording.
We just bought our second forever home so we ended up staying in our first home a little over 5 years.
Post # 5
We plan on forever. We didnt think it was financially advantageous to trade up in the long run cause the bulk of payments in the beginning are to interest instead of principle. Never did the math to confirm this though. We also just didnt want to deal with the stress of buying and selling at the same time and paying realtor fees. We have a 4bed/2.5 bath 2800 sf + finished basement. Plenty of room to grow into.
Post # 6
First home together is our forever home. It happens to be the only home Darling Husband has ever lived in (besides residence in Uni).
Post # 7
- Wedding: October 2011 - Bed & Breakfast
The home that I had before Mr. Lk lasted for 8 years. It was small (only 950 sq ft), but since it was just DS and I, it worked fine. The home we are looking to purchase now will be or “forever” home, in the sense that we plan to stay in it for about 35 years. It will last us until retirement, at which point we plan to downsize. I don’t see myself being able to keep up with a 3000 sq ft house when I am in my 70s.
Post # 8
We bought our house two years ago and plan to stay in it for probably 10+ years. It’s a 2800+sq ft home that was built in 1770 but has been updated. I absolutely love our house and wouldn’t want anything else but I don’t see us staying in MA forever. We’re both from New Husband originally and we would both like to move back there someday. For now though, we couldn’t be happier with our decision.
Post # 9
We bought our condo 4.5 years ago planning to stay for 2 years. We’ll probably just suck up the loss and buy our next place this summer but dh gets transferred anywhere in the country every five years or so so the next place will likely be intended for about that long.
Post # 10
I chose forever because it was the nearest option – I plan to live in my first home until death or retirement, whichever comes first. The line of work I’m in may mean relocating though, and that would obviously change things, but as long as I live in the same city, I will stay in this home.
Post # 11
We are beginning to house hunt now and plan to buy a house we can live in for at least the next 8ish years.
We’re going to buy big enough that we can add multiple kids to the family without feeling cramped.
Post # 12
We will last at least 5 and possibly up to 10 (or more) in our current home. Even if I got pregnant right now with twins, we could make it in our small 2 bedroom/1 bath for at least 5 years, so that is my minimum. But if we have more than 1 child, we will need to get a 3 bedroom in under 10 years, sooner if they are different genders. But there’s always a possibility that we don’t have kids or only have 1, in that case we could potentially stay here forever.
Post # 13
If there was an option somewhere between 7-10 years and forever, that’s what I would have chosen. Our first home is the one we want to raise our children in (right now it’s just the two of us, no kids). We were thinking more along the lines of 15-20 years I think.
Post # 14
We hope our first house will be our forever home but the banks reduced the amount people can borrow to 3 times their annual income. Sorry but 3x annual income means….we definitely cannot buy a home we would want to live in forever! I’m hoping they’ll realize how dumb this rule is (we earn above average and even then, can’t buy much. The average joe here could buy a house of 90k euro.. erm there are NO houses for 90k anymore!) and we’ll be able to get a proper house (nothing fancy but acceptable).
Post # 15
welp, we are planning a major remodel (adding a second story and extending the back of the house 7 feet) so I think we will stay about ten years or so. We bought our house early in life, so we can pay it off early and rent it out in the future.
Post # 16
@MissDareDevil: We have discussed doing this (major remodel) because we love our house so much and our neighborhood is great! I have found it so difficult to get a good feel for what something like this would cost though. We discussed converting the current garage to a family room and finishing the second floor, then adding a new garage to some spare land next to the current garage location. We have some decent area that doesn’t have a second floor above it yet so we thought maybe it would be cheaper than building a full 2 story add on from scratch! I guess in another couple years will price it out and see how it feel! I love our current mortgage payment, the thought of it never going up (just paying cash for remodel in a few year) is OH SO tempting!