In 1996, Val and I were living in East Austin, in a leased garage apartment. It had no central air or heat, no shower, and more than a couple holes in the floor that looked onto the dirt base of the “garage” below. But rents were continuing to rise. And we knew we needed to buy a home to avoid being priced out of town.
We set our budget at $55,000. Our amazing Realtor, Marylin, found us a home in “up and coming” South Austin. It was a single family, but had rentable guest quarters. The whole package was $98,000. Above our budget, but the rent from the back house offset our monthly payment. By the time we bought in 1997, interest rates were hovering around 9% for FHA loans, so the home cost us $1000/month. For context, this loan today would be $445 monthly, before taxes/insurance.
We had bring $5600 to close. At the time, we were living paycheck to paycheck, so we borrowed these funds from Val’s mom (may you be forever blessed, Marlene Haskell, for your enduring support and faith). If you can’t tell, it was a stressful time in many ways. But it was also a time of much hope. Val and I were planning our wedding. She was training for her first marathon. We had both just launched new businesses. And our cute little 2/1 on South Third, all 990 square feet of it, was a springboard for the future we were planning.
Looking back at the home, the color was dark (we didn’t have money for paint), and the roof needed replacing. For us, though, the inside was bright and full of love. There was even an extra room, so we each had an office. There was this amazing Live Oak tree in the back yard that was so wide, it stretched across the entirety of our yard, as well as most of the neighbors’ on either side. When we first moved in, the peacocks from our back-fence neighbors, Green Pastures Restaurant, would roam up and down our fence. Eventually we got a dog who scared them out of their daily outings.
We loved our first home. We only stayed there a couple years, but still feel so fondly about it that we drove by last year on a trip to Austin.
Whatever your goals, whatever your budget, I will say that owning a home is a wonderful experience. Additionally, it can be a great asset for future financial goals. I love that I now get to the return the kindness that our Realtor bestowed on us, by helping first-time buyers achieve their dreams
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