After completing the home buying simulation I learned that buying and renting a house can be difficult as you need to factor in all of the limitations that are present when purchasing a home. My particular annual gross income was $54,000 with a monthly gross income of $4,500 and a monthly debt of $400 (car payments). With an annual gross income of $54,000 I was able to take out a loan that would allow me to buy a home priced between $ 185,560.68 and 203,855.60. With this information in mind I ventured out on my house hunt to find the perfect house for my family that also included a third grader and sixth grader. Choosing schools in the neighborhoods of Bloomfield, Wethersfield, and Hartford were important factors in my home search. And after close evaluation of homes and schools I decided on a home in Hartford, CT. The address of the home I decided on is 114 Cumberland Street, Hartford, CT 06106. At this home I am paying $934.69 in mortgage and after one year I will have paid $52,220 in interest alone with an interest rate of 4.25% over 30 years. My home was on the market for $190,000, which was under my max budget of about $203,000. With my home being under budget I was able to use the rest of the money for separate expenses such as gas for my car that would take me to and from work and my children’s school.
My new home has 3 bedrooms and 1.5 baths, giving my children enough space and their own rooms for privacy. One of my main focuses was finding a home that provided my children with the chance to attend the same school that was in close proximity to my home. The perfect choice, in my opinion, for school for my children was MD Fox Elementary School, which is only 1.7 miles away from my home. This school is also at a +4 test gain across grades. My work schedule goes well with the public school hours and I can easily drop off and pick up my children from school each day.
I was also able to find three other potential homes: 36 Greenwood Ave. Bloomfield, CT 06002, 42 Alexander Rd. Bloomfield, CT 06002, and 6 Railroad Pl. Wethersfield, CT 06109. Although I was looking to buy a home I also took a look at homes to rent to see if I was interested in investing in renting. The four homes I considered were Hampton St. Hartford, CT 06120, 1085 Blue Hills Ave. Bloomfield, CT 06002, 15 Hawthorn Ave. Wethersfield, CT 06109, and 480 Hartford Ave. Wethersfield, CT 06109. After close looks at each home I decided that 114 Cumberland Street, Hartford, CT 06106 was my best choice, the school is close to my home and my job is fairly closer to this home than any of the others as well. This home was the perfect choice for my family, and my children enjoy their own rooms as well as the spacious back yard in our new home.