My situation:
DH and I will likely buy some kind of home 1-2 years from now. I am starting to do my research now. We would like to retire in 10 years or so.
My current salary: $65,000
DH: $69,000
DH will either maintain current salary or make up to $200,000-400,000. It depends on some career choices that he will be making soon.
We have $200,000 ready for a down payment. DH and I are minimalists and prefer smaller spaces for many logical reasons. But we are young and do not have kids yet... who knows? Preferences can change. My parents have a large farm in an area we would like to live in. One thought is that we could live close to my parents so that if we need free babysitting or access to a big house or fields then hey - we have access!
Homes in the area we are looking at range from $100,000-300,000 for a condo, around $500,000 for a townhouse, and $800,000 to $1,000,000+ for acreage.
Questions:
We want one or two kids. Part of me thinks we should buy an apartment near a park, and raise the kids and take them to the park or the farm any time they need some green space. Living in town has the added benefit of being able to walk many many places. I hate cleaning and mowing the lawn and all kinds of home maintenance, so the idea of a small place REALLY appeals to me. I have concerns about neighbours being just a wall away, but that could be fine. I live in an apartment now and I like it. If we moved, we could use the condo as a rental investment. I also like the idea of living close to work which would probably mean city living as opposed to the country life. I hate commuting and I hate commuting costs!
Another school of thought is that DH and I should buy some acreage, as an long term investment, and raise our kids in that environment. The real estate is a lot more expensive, definitely, but it may be worth it for quality of life.
Do we buy a condo and then use the extra money to get active on our retirement savings? Do we buy acreage, and be house poor? Is there happy medium that we need to strongly consider? This is new territory for me, and I would love to know how people go about figuring these things out. My preference is to buy a place I do not have to move from. Perhaps this is unrealistic.
Thanks in advance for all of your advice!