The House Wishlist
April 6, 2012 4 Comments
All I can think about lately is this new house (and the new puppy I’m getting this weekend, pics to come!).
There is so much that I’ll need to buy and get done. It is a bit overwhelming!
I’ll have two people living with me when I move in, so they’ll be paying me rent. While I can afford the home on my own, the extra cash will help make living in the house a little easier monetarily. The plan is that all money that I get from my “tenants” will go to a savings account for the house! Between the two tenants I’ll be getting between $600-1000 per month (it is variable because one of them is my dad who pays me by the time he will spend in the house. $100 to store his stuff, $100 per week he is in town). The other “tenant” is Mr Woodpecker who will be paying $500.
So here is the “order” by which I’m planning on buying new things for the house:
1. Refrigerator - the sellers are taking their fridge. So the first order of business is a new fridge. We’ll be sporting a little portable fridge until I buy my new fridge. Since I have to buy a new fridge I’m going to buy a nice one that doesn’t break the bank. I’m thinking a stainless steel in the $750-900 range. This guy from Nebraska furniture mart is on sale for $900 with a $75 store reward card – that could be pretty useful! Time frame: 1-2 months from purchase.
2. House Emergency Fund Part 1 – The down payment, while I’m not using my emergency fund, is using the cash that I’ve had saved up for years as my back-up, super safety net, emergency fund. As such, I’m already feeling a little exposed not having it. So the second thing I’m saving for is a home emergency fund of at least $3,000. This is in addition to my personal emergency fund at $2,000. Time frame: 5 months from home purchase.
3. Backyard fence – One of the reasons I’m getting a house is to have a place where my puppies can roam in the backyard without me putting them on a leash. So a fence around the backyard is a pretty high priority. The approximate cost will be $2,000 for the fence I want ($18/linear foot, $90 for a gate). Time frame: 7 months from home purchase.
4. New kitchen table – Well, “new” is a misnomer as I don’t own an “old” kitchen table. Mr Woodpecker and I love playing board games so I’ll want a table for eating meals together and also for having friends over to play games. Approximate cost will be $600. Time frame: 8 months from home purchase.
5. New TV – Neither Mr Woodpecker or myself have a nice TV. Mine is old and we can’t even read words on it when playing video games or watching Netflix the resolution is so bad. Mr Woodpecker has a newer one, but it is the size of a computer monitor. As Mr Woodpecker and I both enjoy watching movies and television shows together and playing video games, the next thing on the list is a new TV. Approximate cost will be $1000. Time frame: 10 months from home purchase.
6. House Emergency Fund Part 2 - I’ll already have saved $3,000 in my home emergency fund (step 2). After I get the things above I plan on saving to get up to $18,000 in my home savings fund (approximately 10% of my homes value). The savings fund can be used for home repairs, maintenance, etc, but like a regular emergency fund, if it is used it needs to be replenished as soon as possible. Time frame: 36 months from home purchase.