1.) San Diego, California is where I would like to reside for the rest of my career.
2.) Find a home you would realistically settle down in:
(a) Looking at this website, I found what parts of San Diego were safest and most ideal to call home. I then compared these 5 communities with descriptions of supposedly San Diego’s more prominent sectors, and from this comparison I found Carmel Valley to match my wants and my compromises with a more stable and permanent way of life. Carmel Valley has a pretty balanced combination of top-notch schools (rated 10 out of 10), novel restaurants and eateries, and opportunities for outdoor activities like bicycling. In a sense, this community fits the American Dream of a promise for suburban lifestyle and interest-worthy options to match this peaceful culture. I then used Truvia to find a single-family, three bedroom home with 1,791 square feet at 4776 Caminito Evangelico.
(b) The chosen house’s purchase price is $699,000
(c) Down payment for property (assuming 10% - a one time cost) = $69,900
(d) Total estimated closing costs upon purchase (assuming 3% - a one time cost) = $20,997
(e) TOTAL MONTHLY MORTGAGE PAYMENT:
i. Principal and Interest payment per month is $3007 (assuming an interest rate of 4% for 30 years - 360 months)
ii. Property Taxes are $8400 per year (assuming a 1.2% of price - $700 per month)
iii. Homeowners Insurance is $804, or $67 per month
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| The topmost image shows how my monthly mortgage payment will look like and how it will be organized; the second image is the logo for thew website Zillow I worked with to calculate this payment I am required to make on top of paying off my proposed home for the long haul; I want multiple homes across the world so as to repel a monotonous way of life, and if this dream of mine is not met, I shall get job where I am required and paid to travel for a living |
(f) Estimated monthly cost of the following utility expenses (it is important to note that the cost of living in the city of San Diego is about 30% higher than the national average, with housing primarily accounting for this overbearing statistic at 100% about the national average for cost of housing):
- electricity = about 500 kWh = $129.5
- natural gas = about 1,000 kWh = $259 - garbage = $25
- water = (base fee) $81.24 = a reasonable estimate would be $125 in the winter season and $260 in the summer months
- 0-8 HCF used billed at $3.90
- 9-24 HCF used billed at $4.36
- 25-36 HCF billed at $6.23
- each HCF used after initial 36 HCF is billed at $8.77
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| This map of San Diego split into sectors is the key I used to calculate my monthly gas bill, as each living sector has a unique climate that requires a certain gas usage amount for a comfortable environment |
3.) Find a similar home near the same location that you would possibly like to rent:
(a) Looking in Carmel Valley, the area where the aforementioned house up for sale is located, I was able to use the website Trulia to find a moderately priced rental property with a Mediterranean flare in the Esprit Villa Community. Located at 9830 Reagan Rd, the 750 square foot house with one bedroom and one bath is perfect for the bachelor lifestyle I would lead with a rental, a lifestyle where work and independently exploring the amenities offered by San Diego would be my main two goals in life. This unpredictable way of living life fits perfectly with owning a rental property as its list price is monthly and short-term, meaning I can leave the property anytime I wish and the rental has no allegiance to any one owner. Not settling down is a good way to start life, as it will be this part of my life when I shall still be deciding where to settle down and how I wish to spend the latter part of my days here on Earth.
http://www.trulia.com/rental-community/9000025168/Esprit-Luxury-Villas-9830-Reagan-Rd-San-Diego-CA-92126/
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| This diagram shows the inner realms of my rental property, and shows how it will be able to meet my individual needs and so my unstable and erratic way of life wherein experimentation will be my motto and financial devotion shall be a risk of mine that does not want a non-rental house as a source of ammo |
(b) The rental property’s monthly price is an average of $1,757
(c) Security deposit (one time fee) = $500
(d) Given the fact that the community in which this property is located shall not cover my utility expenses, I will assume these expenses to be the same ones as the ones I listed for the bought home scenario.
- Each month = about $606
(e) Renter’s insurance cost per year is $278.31 or $23.19 monthly, these amounts being based on the fact that I agree with this option to insure my homebody possessions against fire, theft, and vandalism, and on the fact that the area in which I am renting will charge 1.32% of my monthly rental fee for such insurance
(f) The property I am looking to rent has no restrictions on its use, other than to enjoy its plethora of storage and its private pool
4.) Upon coming into San Diego, I would right away find a job and place from which to work. In this first part of my life, I plan to build up a healthy saving account with a bank of a fairly high interest rate so that my financial state can be given the opportunity to grow and stabilize, with good credit to match this stability. Doing this, I shall most likely be titled as a bachelor, alone and still searching for how to best take advantage of the money I will be making with a steady job. In this search, I will probably self-invest with adventures to the beach and to dine-in places where California and ambition will combine to provide an experience that will in turn provide inspiration for middle age wisdom and a permanent way life. To best suit this ‘lone wolf’ attitude toward life, a rental property will be most ideal for shelter, as its price is based on monthly payment that allows for an easy move-in and move-out process that may be needed if I indeed still figuring out how I want to go about living out the rest of my life. The convenience of owning property that does not require a permanent definition for home will also be helpful if I have a rough beginning to life, as is often expected of young hopefuls with jobs with no clear denouement. If San Diego does prove to match my definition of home, I would want to to buy a house for my own and settle down my ambitions to focus how I want to this Earth doing and living. For many, and for perhaps myself, this more permanent way may mean starting a family of my own and so a house in my name would provide a good vcenter for family life and the stability necessary for my children to know what sort of unwavering support a family can spawn. Buying a home in San Diego will give my wife and I a saving account in the value of our home, providing further financial support for college and other family expenses, and will also keep my wife and I in tune with our personal needs with a lively hub for daytime and nighttime ventures.
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