When a couple bought a home in rural Virginia in 2017, the purchase price was about $2,300, which made it the most affordable home you could buy.
But that home didn’t come with a lot of amenities, including a pool, gym and a Jacuzzi.
When they bought their new home in 2020, the price jumped to $4,800, but the pool and Jacuzzia had all been removed.
The house also has a $4 million basement and $1.3 million home theater, but that’s still a pretty steep price tag.
What happened next?
The couple made the difficult decision to move the house from rural Virginia to a more urban area in the city.
It’s been almost a decade since they purchased their house and they are now considering renting it out.
“I can’t afford to move it anymore,” said Katie, who is now 27 and works at an international law firm in Washington, D.C. She has lived in Virginia since she was in high school and is now single and lives in Virginia Beach, Virginia.
“There’s no way that I can afford to live in that house any more.
I just can’t live with myself.”
The couple said that they started saving to buy their house when they were in college, but they have been saving money for the last two years to make it happen.
“When I graduated from college, I decided that I was going to get an MBA and go to work and work,” Katie said.
“And I thought, ‘I’m going to go out and buy this house, and I’m going a lot cheaper.'”
When Katie and her husband bought the home in 2021, they realized they needed to replace all the items they could not afford, including the pool, Jacuzza and poolside seats.
“That’s when I realized that I needed to get rid of everything I didn’t use,” Katie explained.
The couple started by taking out $200,000 in credit cards to replace the pool seats and Jacullas, but it was too expensive.
Katie said she didn’t want to pay more than $2 million.
So Katie started saving until she hit $6,000.
“We had a good year in 2021 and a bad year in 2022, so I was like, ‘Well, let’s just cut our losses now,'” Katie said, explaining she started saving $2 to $3,000 every month.
But the couple still had no money left in their savings account.
Katie also took out $1 million to buy the house in 2020.
“Then, when we got into our 20s, we had this idea that we’re going to retire,” Katie continued.
“It was like ‘OK, I’m not going to be around much longer.
And we got out of the house.”
Katie said they are looking to move their current house in 2017 to a less expensive one in 2018 and they hope to sell the house soon.
“But that house is not going anywhere, because it’s a $3.5 million house,” Katie added.
“This is a $5 million home, which is pretty much all of our savings.”
The house, however, isn’t cheap to live.
Katie’s husband, Brian, has been living in the house for eight years.
“The house was built in 2000, and the house is now 80 years old,” Brian explained.
“If we were to sell, I’d be the biggest beneficiary of it.
It’d be nice to have the house with some of the amenities and amenities.”
Katie, however is skeptical that selling the house will help her pay off her student loans.
“At least in my lifetime, I’ve been able to pay off all my student loans,” Katie laughed.
“So I can’t just leave it where it is.
If I just sell it, that’s fine, but I’m still going to need to live with that debt.”
Katie also thinks that the house should be considered a retirement home because she can’t walk down the street anymore.
“Now that we have the retirement home, I have to do a lot more of that walking,” Katie admitted.
“Because we’re not in a lot different lifestyle now than we were when we were in high college.”
Katie is also not sure if her husband should continue to live there because it is not an investment.
“They don’t need to make a decision right now.
We just want to get it done,” she said.
In addition to paying off student loans, Katie is looking to retire with her husband.
“Maybe we can get a little bit of independence for our retirement,” Katie concluded.
“For me, retirement is something that’s more of a lifestyle choice, and not a career choice.”