Author Topic: Where would MMM community live?  (Read 1380 times)

Maya

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Where would MMM community live?
« on: August 10, 2016, 08:49:28 AM »
Here are two options:

Notes : DH is likely to work in industrial areas, so where we could cut his commute a bit moving, he'll always be working on the outskirts of town. There are fewer options for me there as more jobs are central for me. We also want to send the kids to a francophone school so school options are a bit more limited.

Central neighbourhood : house budget (mortgage) 400-500k with a basement income suit to probably run air bnb out of as my job while not working so potential income of 1000-3000 monthly for me depending on bookings. Also more likely to be able to have full basement suit if we wanted a permanent renter.
All the schools for the kids are in this area (k-12)
Smaller house but more walkable neighbourhood
DH parents would be more comfortable visiting us if we were in the francophone neighbourhood and there would potentially be things to do within walking distance.
Potential work for me would be 20 mins by bus or bike. (Not sure yet if I decide to go to work or stay home with the kids)
City/highway driving commute for DH (30 mins/ 25 km)

Suburb
House budget 200-300k (mortgage) for bigger house - more DH dream
Lots of great rec facilities and bike paths rather than walkable neighbourhood
Might still run air bnb out of basement depending on the house (1000-1500/month?)
New k-6 school but would need to be bused in to above central neighbour hood for Jr./Sr. high. (About 20 mins- bussing is free)
There is a bus to downtown for my potential work but would be close to an hour. Less flexibility.
Only highway driving for DH. (30 mins/ 39 km)

Is 100-200k of mortgage worth it for more central neighbourhood? I keep going back and forth, but need to make up my mind soon, as we'd need to switch schools for ds as I don't want him to have to switch schools if I can help it.

Aelias

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Re: Where would MMM community live?
« Reply #1 on: August 10, 2016, 03:03:28 PM »
We live in a neighborhood similar to the central neighborhood you describe, and it's worked out really well for us.  Having the ability to walk to the things you need (groceries, pharmacy, library, etc.) is amazing--it's really helped me to build more activity into my lifestyle without much effort.  I would also think that if you plan to rent out your basement, either as an Air bnb or a long term rental, you'd get more money and a more consistent supply of renters in the central neighborhood.

And, one day, when you're ready to FIRE, you can always sell the central neighborhood house and upgrade to a bigger house in suburbs--maybe with a little extra $$ to spare.

Good luck!  Let us know what you decide.


mountains_o_mustaches

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Re: Where would MMM community live?
« Reply #2 on: August 10, 2016, 05:56:29 PM »
Seems like the central neighborhood is the better choice - the housing cost is a lot higher (do you really need that much house?  I don't know the housing market, so that might be very reasonable but just floating that question), but you get to live a more Mustachian lifestyle - biking to work for you, biking to school for the kiddos, and it it seems like things are more centrally located so I'm assuming biking to the grocery store, etc. is also more possible.  If it's anything like the difference between downtown and suburbs where I live, I'm also guessing there's more opportunity for community interaction and such, which is a huge quality of life booster, compared to living isolated in the suburbs.  I like the idea of living close to thing things and community you want to be a part of - that's something you can't replace with things (although most Westerners try hard to do so!).

HappyHoya

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Re: Where would MMM community live?
« Reply #3 on: August 10, 2016, 06:02:53 PM »
I also vote for central neighborhood, for many of the reasons already brought up.