Friday, October 10, 2014

How we can afford a giant house...

You know you were wondering. Especially since we are a family of 5 living off a pastor's income.

Well, I'll tell you. And my reasoning is two fold.

1. Because God has been good to us.
We had just decided to stay at grandpa's for a year, after determining we couldn't afford the city, when the Lord brought people into our lives who had knowledge and experience with various grants/programs. These individuals were not only willing to tell us what they knew, but they have helped us every step of the way. Without them we wouldn't be doing what we are doing.

2. I want you to move to the city. Seriously. I love Kansas City and I am excited to be a part of it's story. And in case you love it too, but never thought you could afford it, I want you to hear our journey and see that it may not be so impossible after all :)

So here's what we did (and are still doing . . . )

1. We bought a house that needed an overhaul. Not only was this our desire, because we wanted something to make our own, but it's the only way we could get something large enough for our family of 5.

2. We bought a house that's in a historic neighborhood, which means we qualified for the Historic Preservation Credit. There is a lot of paperwork and some stipulations with this credit, but we get 25% back on all renovations, with the exception of non-permanent structures (furniture, appliances- basically, if you turned our house upside down and shook it, everything that didn't fall out counts towards the credit), which makes every bit of paperwork worth it.

3. There is an energy program that will give us up to $3,200 in reimbursements for things like insulation and heating and cooling upgrades. As long as we spend more than $3,200. Which is no problem-o when you're redoing the entire HVAC system.

4. The RAMP program gives $15, 000 towards improvements to the outside of your home. This is how we will repaint, fix our porch, and landscape. We also plan to re-fence the backyard, add a gate, renovate the garage, and widen and repair our driveway. But something tells me we'll need way more than $15k. Which means those projects will be completed in approximately 42 years. When we have the time and money.

5. We are bringing a little money to the table from the sale of our previous home and a savings account Bob and I had.

6. We are turning our third floor into an apartment for some additional monthly income. For the next 5-7 years we won't need that space and this extra money will enable us to live in a larger home, in the city, for a little more than we were paying for our little home in Independence.

There are also several grants and programs out there for first time home-buyers. My sister just bought a house on one of them. Unfortunately, Bob and I didn't qualify for these, but maybe you do?

If you have any questions about our process feel free to shoot me an email. I'd love to help you in any way I can.

1890- "Millionaire Row"- 31st and Troost.

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