Hey Guys, Happy Friday!
Today I wanted to talk to you about our 5 year plan. I am a planner. It’s a fact that I’m very well known for. Sometimes I get teased about how much of a planner I am but some things need to be planned because if you don’t have a goal, if you don’t have a plan, nothing gets done.
Nathan and I are currently in our “starter home.” We know we want more kids and it’s just a matter of time before we outgrow it. So, we need to think about the future. When we want to move, how we can afford it, what we need to do to our current home before we sell it and what kind of home we want to buy (or in our case build). Nathan and I have talked for awhile about what we want our next home to look like or what we want it to have. Overall, we decided what we want more than anything is to actually build our forever home. I’ve heard a lot of talk about how expensive building a home can be, so I did some research and found how we can build a home for $125,000 (excluding land). I looked at the breakdown of how this couple was able to afford to build their home for that much and I decided to use it as my budget. But how do we get there?
We know we want to move in by the fall of 2021, seems like it’s awhile away, but in reality, it will be here before we know it. If we can get all our ducks in a row, we would love to move in sooner. But we have to start somewhere right. So the first thing we or anyone in our situation needs to do, is eliminate any unnecessary debt. Whether it’s credit card debt, student loans, medical bills, ect. Eliminate anything unnecessary or at least start the process of eliminating. Put money into savings. Have a set dollar amount that gets put into a savings account every week. Fix up your current home before you put it on the market. If there are things that either need to be fixed or would put more equity in your home without going overboard, do it. For example, Nathan and I want to fix the counter tops and ceiling in our kitchen, make the back porch wrap around the garage and do some tweaking in the bathroom.
Once all of our ducks are in a row, it’s time to put our home on the market. We plan on putting it up in October 2019 because you never know how long it will take to sell. Depending on when it sells, we will need to find a place to live until we can break ground and get it built to where it’s livable. We would ideally like to break ground in the Spring and be in by the Fall, fingers crossed it works out that way. So what will we do from the time we put our house on the market until it gets sold? Talk to contractors. See how much they charge, what work they actually do ect. Get rates and figure out which one will work the best with our budget as well as letting them know, we plan on doing the majority of the work ourselves.
Well, there you have it. There is our 5 year plan. I hope it inspires you to put together your 5 year plan. If you would like the budget breakdown to afford to build for $125,000, I will be happy to share the link and the information. Also, I will be updating you on the progress we are making on this end when there are things to be updating.
Have a wonderful weekend and I will talk to you on Monday!