Wednesday, December 15, 2010

The BIG Project -- *Revealed* (not as exciting as it sounds)

So I have hinted that Marine and I have been working on a BIG project, yet I have not had a chance to tell you about it.

As you know Marine will be out of the USMC in 64 days. YES 64 DAYS!! I am beside myself excited with the thought of having him around all the time.

With getting out comes getting things in order. What's next?

Marine is planning on using his GI Bill and returning to school. He hopes to also find a part time job but as I've stressed school is going to be the important focus for the next couple years.

That sounds all great in theory but in reality we have to have money to live on. And unless Santa brings us a money tree for Christmas we both accept the fact that money's going to be tight.

We've sat down and figured out a budget of what our combined monthly expenses are. Our main expenses are: the difference for the house payment, car insurance, and loan payment on some land Marine purchased a few years ago...... oh and that debt from X I'm still trying to pay off.

Our grand total wasn't to bad all things considered but when viewing it from the stand point of a one income family it was a little daunting. We could do it but it would be cutting it close.

I'm sorry I'll stop rambling now......

{---Background info for new readers - Marine purchased a home three years ago after joining the Marine's and has rented it ever since with the plans of when he gets out moving into it. He rents it for less than what his monthly payment is so each month he collects rent and then pays the difference. }

Taking over the full house payment would be a large strain on us financially. Marine proposes an idea I hadn't thought of.....

His renters are happy to stay as long as we allow them.

My Mom's house is one of those homes built in the 70's when all homes came standard with a mother-in-law basement suite.

"Why not live there the first year while we got on our feet?" Marine says.

Hmmmmm....... It just might work.

When I call it the basement it's kinda misleading. The house has a full basement. Half is unfinished and underground - the other half is finished and is not underground (2 separate entrances). The mother-in-law suite is 2 Bedroom, 1 Bathroom, Living Room, Full Kitchen with dining space and screened in porch. See not your typical basement and about the size of an average apartment if not slightly larger.

Now why hadn't I thought of this grand idea? Well my parents bought the house in 1991, so for nearly 20 years this basement has been used as nothing but a storage facility. It needs LOTS of work, and that kinda puts it mildly.

So every free chance Marine and I have had has been spent working down there. Hauling off garbage which consisted of but is not limited to: a couch, an old bed and a dishwasher that at one time supposedly worked (probably in the 80's).

We are pulling up carpet and scrubbing walls. Marine's parents used to build homes some when the housing market was booming so they have some things left over that they said we can have if we come get. They have enough carpet to re-carpet the living room, hallway and bedrooms. And they have enough cream colored paint to paint the entire thing! So we are do-it-yourself re-modelers at the time!

The going has been slow but it's going!

Our plan is to live there for a year, maybe two while Marine finishes school and then move into his/our house. Financially I think it is a good decision plus emotionally I think it will be good for my Mom. After my dad passed away, my grandpa moved in so she could take care of him and now that he's passed away Marine said he thinks this will also help her get used to living on her own again. She'll have her space and we will have ours but we will be close by if she needs us.

Plus it will be perfect for helping out around the barn and getting home at a reasonable time in the evening.

So know we just got to finish remodeling.

Throw that in with planning the wedding, school, work, Marine getting out and transitioning...... yeah you can guess how hectic the next 6 months are going to be!

4 comments:

Date Girl said...

That is sooo awesome! So you get to live there rent free right? You're doing your mom a huge service by fixing up the place. She can rent it out after you two move out. If Match's parents had a place like that I think we would have totally moved in.
Please post before and after pictures! I'm so excited for you two!! Your first place together, woohooo!

E said...

Yes rent free! Even though my mom says no we still plan on helping out with the power bill and paying the dish bill.

R said...

Ok if Santa leaves yall that money tree can you please ask him to drop one here too?

Congrats on finding a good living situation that works for everyone. I know that must take a lot of stress off your mind.

phoebe said...

that is a wonderful idea!! the GI money is a pretty ok sum considering. it actually just went up. the boy gets that and uses it for his monthly expenses b/c like you, he is able to live rent free.

i'm so happy for you guys. by cleaning it and fixing it up, you'll be able to make it your own :-)