A month ago we announced our move to Buffalo, NY and all the tribulations and feelings that go with such a decision. We heard back from several people about their own experiences and considered it all deeply. While we waited for Brent to wrap up work at Marshall we paired down our belonging, started boxing things up, looked into NY housing options, and pushed our house (politely) on anyone willing to listen. Now, with four days until the truck pulls away from WV, we have a place rented in Buffalo, sight unseen (thanks to new colleague), and a sales contract on our house in WV pending the usual inspections.
To run along side this, we are selling our home at a loss. We will need to payout cash at closing, which we found by selling our minivan (thanks to a friend referring us to a friend). There were several options for securing the funds, but we wanted to walk away from WV without additional debts. A clean break. I will give you all a numbers breakdown…
- We financed $132,000 in 2006 for the home
- Invested nearly $3,000 each of the 7 years we resided there ($21,000)
- We agreed to sell the home for $125,000, minus our portion of closing costs (roughly $10,000)
- We owe two banks a total of $120,000 to pay the balance of the mortgages
- Therefore we will need $5,000 to close on the sale and the $21,000 in improvements combined with the $114,500 in P&I payments over the years are evaporated into the economy
This analysis tells me we are not very good with our money, home buying should probably include a lot more cash down and less financing, and we are presented with the opportunity to make some changes for our future. With the sale of our house we reduced our debt to only student loans and a pesky credit card purchase for a new work laptop for Brent. For the first time ever, we have a positive net worth (you know, in the financial world).
We are renting a single family home four miles from Brent’s new employer. We hope he can continue to bike commute. The NY rent is less than our WV mortgage. The space is also slightly smaller. The utilities are also projected to be less, thanks to the owners being savvy on insulation and new replacement windows. The land lords are also responsible for a portion of the utilities and maintenance. We see this as savings.
With the sale of our mini van we enrolled in Buffalo Car Share. There was a small Yaris within walking distance of our new home, and several other options (a mini van) we could reasonably ride transit or bike to. Brent’s employer has a discount relationship with BCS, and the membership includes insurance and gas for the vehicles.
Buffalo has a more extensive and timely transit system that includes busing and a light rail, at twice the cost of the one in Huntington (I hope not to compare everything, but it helps for those following along from “home.”) The airport is 7 FLAT miles from our house, downtown looks to be between 6-9 miles, but we will be between the city of Buffalo and the suburb of Amherst (where we could reasonable bike to a *gasp* mall). There are at least two pools, multiple parks, a library, bookstore, several groceries, coffee shops, yoga studios, zoo, and countless other unknown things within our comfortable 2-3mile radius. We will continue to bike. I am actually looking into a box bike now. I feel the timing might be right.
We are not committing ourselves to a car-free life. We will see how things develop. I keep hearing about these transportation prohibitive winters. Avery’s medical care needs might change. And then there is this; one of my first challenges will be the arrival of our exchange student two days (fewer than 36hours) after we pull into our new drive way. I don’t know a thing about this child, or how much luggage he will be carrying. He might not be able to ride a bike. Bringing our family up to seven members will add to many interesting scenarios. Stay tuned.
With all that said, I have more boxes to pack. More things to sell and give away, mail to forward, warmshowers and paperbackswap to put on hold, and appliances to clean. My minimalist ways are not shared evenly with all members of this home. Those children have a lot of arts, crafts, legos, books, and goodwill.
Cheers from West Virginia to where ever you find yourselves.