My lease runs through May. I’m already beginning to watch the real estate market here in Saratoga Springs. My plan is to buy a house in the very early spring. I have a number of options – I can buy right in Saratoga Springs and walk to work, but I’ll be in a very crappy house in a very suburban ‘jammed up against the neighbors’ setting. I could live with this – the ability to walk to work and to dinner in town is really compelling, I was very envious of my peers at Bowdoin who could do this. I could also buy in the surrounding region and, as with Bowdoin, commute for 20 minutes or so to work. This could possibly get me a waterfront home on the Hudson, but it would put me far away from the conveniences like shopping and dining, and while I lived with a 20 minute commute for at least 7-8 years (4+ heading north to Bowdoin and 3-4 heading south to Portland), I would love to be rid of it. Or there’s one other option – I could build my own house after buying some land in Saratoga Springs or right near it. If I chose this latter route I could choose to do something really interesting and build a really unique home, say something like this (that site is great btw, they post all kinds of interesting and novel stuff). I’d definitely go for the double unit if I went with that model.
I’ve ordered the book I linked to, and over the next couple of months I’ll need to decide how I want to do this. The wrinkle with buying the land is that I probably can’t get that done and the house built by May when my lease runs out. My landlords are pretty cool and might let me stay a bit longer if I need to but I’d rather not have to go through that if I can avoid it.
So. More as things develop. I have to say right now I’m leaning towards the $150k house inside the city limits, with the walk to work, and use it as an investment, it’s bound to increase in value and I can move in a few years into a house I build, or onto the water up north somewhere.