First of all I want to say up front that if when a couple gets married and can BUY a 3000 square foot home, I have no problem with that.
Sherry and I have NEVER needed more than it took to survive. The most important thing in my life was her and she, me. Where we spent our time did not matter as long as we were together. Neither of us came from families with a lot of money, and neither of us had a high paying job so we settled for renting a 26’x8 trailer. It was a love nest. What else did we need but a couch dining room table and chairs very small kitchen, bath and bedroom, but it was heaven. We had friends who needed more.
Up front I will say we are very conservative, she more than I. So cost and payments have always been weighed. We raised two boys partly in a 42x8 trailer that we bought. It was a very wise investment. We did finance it and paid it off. After than we bought a small 2BR house and rented the trailer. That trailer paid for itself at least two times. And when I got a ‘wild hair’ and joined the USN, we had the trailer to move to Norfolk and pay lot rent of $20 a month plus utilities. It was a life saver.
When I was transferred to GITMO Bay, the trailer was again rented and finally given to my brothers family for a nephew and his wife.
Most payments we have had were planned so we could double up on payments to try to pay the loan off early. I have found in today’s world, folks want to stretch the payments out as long as they can with no intentions of paying them off, they plan to trade the house in and move up.
As a General Contractor I ALWAYS without fail, tried to counsel any young couple to build small with room to expand, so if one lost their job they would not lose the house. I tried to explain my reasoning. BUT NO ONE took my advice. They all wanted the largest house they qualified for.
I always smiled and said I will build what you want, I make more money that way, and I will build you a good house and guarantee it for 10 years.
All the buyers held their houses until they wanted to sell, but from talking to them I found that several had marital problems and came close to losing the homes over the stress of the debt. One ended in divorce because of the pressure.
Thanks for coming this way.
Not everyone should own their home. I know it is the American dream, but there are folks who cannot own a home.
.Two Ford Woodies. Top a 1950 below a 1940