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Old 03-15-2016, 06:55 AM   #41
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Join Date: Nov 2010
Location: Vermont & Sarasota, FL
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Originally Posted by Greencheese View Post
Just had a discussion with the DF yesterday about our 5 year gameplan post wedding day and the idea of housing has started coming into play. Does anyone have any good tips for saving for a down payment? With about 5 years until we'd like to make the big leap we're currently socking away money after funding our 401ks to match, HSA, and Roth IRAs. I'm looking into opening an online savings account to keep that money from encouraging lifestyle creep but should I be doing anything else that you may have found useful?
An online savings account is a good way to go. If you take what you would need for a down payment divided by 60 months is that amount doable within your budget?

I think it best to view your house as a place that you live in rather than as an investment, even though it is quite possible that you may sell for more than what you have into it.

We made a bunch of money on our first house, but it was a combination of luck and good strategy. It was an "expandable" gambrel.... "expandable" meaning that only the main floor was finished (kitchen, dining, living and one bedroom) and the second floor was nothing but one studded wall down the center. We built two bedrooms, a bathroom and master bedroom suite on the second floor, doing all the work ourselves other than plumbing. A couple years later we ended up moving as a result of a job change. During our roughly 4 year hold the market did well and we sold for about twice what we paid.

We were in our second house about 25 years and sold it for about what we had into it. Our current house is probably worth about 85% of what we have into it so overall we have been up, down and in-between.

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Retired Jan 2012 at age 56...60/35/5 AA
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