20
Jun
13

Vacation House Blues

Usually, I stay pretty grounded.  I try to live within my means and set obtainable goals for myself.  I feel like I am in a pretty good place right now, I still live paycheck to paycheck, but I have a little saved and my debt is not out of control, so I allowed myself to dream a little.

I want a house in the country.

This might sound a little crazy to some, but I want a vacation home.  I want somewhere that I can totally disconnect from the world.  Ultimately, I want to retire to the country, so, eventually, the house could become my permanent residence.

Initially, I was looking for a little piece of land in a gated community in the country.  I figured I could pay off the land, and build later.  I was sad to find that the community had a zillion restrictions and putting a well and septic system would cost me an arm and a leg.  I decided to keep looking despite the fact I could buy the land outright.

Then I found it.  A house I loved.  It was close enough to town for us to walk to events, but far enough away to disconnect.  The kids were on board and I was in love.  It was being sold below market value.  I was able to talk to man down to taking even less.  I was confident that it was going to be mine.  I even started buying things for the house.

Then, I talked to a friend that is in banking.  An equity loan was out thanks to the shitty market.  I considered my options and pressed forward planning to do an overall refinance using the appraisal value.  I spoke to my bank that holds my current mortgage and found that was not an option either.  The market has killed all my chances of using my current house to get the capital I need.  Another conventional mortgage is out of the question due to the amount of work that needs to be done on the house.

Needless to say, I have been beside myself with grief.  I am disgusted with the market and with my own financial situation.  I cannot believe how out of the loop I was regarding the market.  I hate that I let myself get so excited.

Luckily, a few days have passed.  I have decided to continue looking and find a house, or land, that I can get a loan for.  If it takes me a while so be it.  I will just continue to work on paying down my debt and saving for when it comes along.  And as for the things I already purchased, well, when I finally do get my little home away from home, it will have some great accessories ready to go on in.

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