Monday, July 12, 2010

Big Changes Ahead

Now that the stress and excitement of planning a wedding are over we decided to go ahead and start the stress and excitement of moving! Yep we are in the process of trying to sell our current condo and find a bigger/cheaper place to live that is also closer to my job. Small order huh?

Background- Kristian bought his condo that we currently live in about 4-5 years ago at the height of the market. Well as with the rest of the country, the real estate market in our area has gone to shit and the value of his condo has severely dropped. Based on this and the fact that we are currently a one income household at the moment we have decided to do a short sale on the condo and look for a new place to rent for a year or two until we can figure out where we want to settle and buy a new place.

After talking to the bank and explaining our financial situation and what the other homes in our complex are now going for they went ahead and approved us for a short sale. So our condo is officially on the market, in fact someone already came by to see it last Friday. Admittedly we are hoping it doesn't sell very quick because we need as much time as possible to find a new place and pack and move. Once you are approved for short sale you no longer have to pay the mortgage so we could technically stay in our place mortgage free until it sells (which is another reason we don't want it to sell quickly).

We are hoping to rent either a 2 or 3 bedroom townhouse, preferably with a basement for storage in a location that will cut down on my hour long commute. Our realtor has found us a few places to look at and hopefully we can check them out this week. We are hoping that wherever we end up we won't have to stay in for more than a year or two but it would be nice to find a good spot to live in while we save up enough to buy another place. It's amazing that we will be able to probably rent a townhouse for several hundred dollars less a month than we were paying for our condo mortgage.

I must admit that as excited as I am to potentially move into a bigger house closer to work I am a tad bit sad about leaving the condo, after all it was the first home Kristian and I shared together and more importantly it was the place where he proposed to me. It will be sad to say good-bye but it's a necessary step we have to make to better our future.


ajs {of MN} said...

same story here! i bought a townhome 5 years ago, we were getting married in feb2010 and wanted more space etc. wouldn't even dream of selling right now, got VERY lucky and found a GREAT company to work with that found us WONDERFUL renters who signed a year lease. we hope to hang onto it w/ renters until we can sell. best of luck to you. oh and p.s. i was SUPER sad to leave my first bought home... BUT literally just yesterday i thought to myself... i dont really miss the townhouse all that much anymore. :D

Anonymous said...

Absolutely! Well congrats on moving up to bigger and better things!

Bicoastal Bride said...

I know what you mean about it being hard, but like you said, sometimes the difficult steps are necessary to lead to a better future. I’ll keep my fingers crossed that you find a new place you love and that everything works out for you!

carrie1 said...

Yeah... but now it will be your FIRST house TOGETHER! Which is always exciting. =)

bananas. said...

sad yes but think...bigger closet. ahhh lucky!

i would walk away from my house if i didn't love the damn nugget home as much as i do. and the tax refund at the end of the year always helps too.

good luck with house hunting.