After Cecile’s husband, Henry, passes on, she seeks solace by moving into her son’s house. But when she gets there, her daughter-in-law makes her choose between their dark and unwelcoming basement and a nursing home. What happens when Cecile decides on another option altogether?
Losing a partner after forty years of marriage is traumatizing. Loneliness is felt immediately, but it becomes all the more consuming as time goes on. When Henry, my husband, died of a heart attack, I felt this sense of loneliness harder than anything else.
The grief took over, and all I wanted was to be around family. I have two sons, Jack and Edward – Edward moved to Oxford straight out of college because he was awarded the opportunity to further his studies. He calls me every evening just to chat about our days. Jack, on the other hand, lives not too far away from me. He is married to Lucy and has a son named after my husband.
So, now that I’m all alone in this big house Henry bought when we were just starting our family, I’ve been trying to decide whether to sell the house or live with Jack, as he offered, or move out by myself.I decided to try living with Jack. It would be the most comforting thing. But little did I know, Lucy had other plans for my accommodation. I asked my niece to pack up the place while I settled into my new home with Jack and his family. So, I was at their doorstep, suitcases at my feet
. Ready to take on the role of a live-in mother and grandmother — taking over the kitchen whenever Lucy needed me. Lucy came to open the door, a mug of coffee in her hand, and told me that their house was bursting at the seams with the limited space and that the only room available was Henry Jr.’s room. But she wasn’t about to upset the room and change it in any way. It was for Henry when he returned from his semester at college. I understood that. It was his space, and I didn’t want to be a burden.
But I had assumed that Jack would have sorted something out for me — he was the one who asked me to move in if I needed it. “Cecile, we’ve got a bit of a space issue, as you can see,” Lucy repeated. “You’ve got two options,” she continued. “There is the basement, or there’s a nursing home. Your call, grandma.” Talk about a rock and a hard place. Now, let me tell you about their basement.
It’s not the basement you may find in some homes — there’s no converted space for gaming, sewing, or arts and crafts. It’s not a den or cozy room for guests. Jack’s basement is more of a cold, humid dungeon with a bedframe that sighed at every move and a mattress with sharp springs. This was not the comfort I needed.”Lucy,” I said, shuffling my weight from one foot to the other.
“I appreciate the options, dear. But I’ll pass on the basement and nursing home combo.” Cue to my son — trying to play the peacemaker. He came up from behind Lucy, his arm around her waist. “Mom, I’m sorry. I wasn’t thinking when I invited you to stay. Lucy has a point. We’re tight on space. I promise to get some furniture for the basement to make it comfortable for you.” A basement life wasn’t for me. A nursing home wasn’t for me — at least not yet. So, I just took matters into my own hands.
I dragged my suitcases to the car and drove to my niece’s home. I stayed there for a week while looking for a place I could buy. The house was already on the market, and once it was sold, I knew I would have more than enough money to buy a small place for myself. When everything was settled, my niece helped me move in, and I felt empowered. Maybe I didn’t need family as much as I thought I did.
Edward was worried about me being alone, but I reassured him I would be fine. I moved into the new apartment soon after – a cozy one-bedroom, perfect for me and the cat I hoped to adopt. The bonus was that it came fully furnished, so I didn’t have to worry about anything.
Then, Jack phoned and asked me to dinner with him and Lucy. I drove to their home, wondering what they expected from me. We sat down for dinner, and I told them I had bought an apartment and lived there alone. “I thought you were staying with Mia,” Jack said, referring to my niece.”You can’t be serious!” Lucy exclaimed at the same time. “I did stay with Mia until I moved. I needed my own space.”
“You said that you want to be around family, so I offered,” Jack said, turning red. “Yes, but if it meant being shipped off to a nursing home or having to stay in your basement, I think I’m better off alone.” Then, I left. A few weeks later, I adopted my cat. But I also rewrote my will, leaving everything to Edward, who continues putting money into my account every month, even though I told them I didn’t need it.
“A son must help his Mom,” he said. He also asked me if I wanted to move abroad with him — but how could I? I needed to be close to where Henry rests, at least for now. So, from basement dilemmas to a cozy haven of my own, life certainly throws you for a loop. If your child gave you those options, what would you have done? Here’s another story for you: Elizabeth placed her father in a nursing home and never saw him again. She only visited him at his funeral. But the young woman’s karma caught up with her and taught her a harsh lesson when she received a letter from him after his death…
How to Own Your Dream Home
For most people, their first home isn’t their dream home. It starts off nice enough. But as time goes by and your family grows, starter homes tend to get a little . . . cramped.
But don’t hate on your current home too much. Because while it gave you a safe and dry place to lay your head at night, it was also setting you up to own your dream home someday.
We’ll show you how it all works and walk you through the steps that’ll get you in your dream home—one you can actually afford!
How to Get Your Dream Home in 5 Steps
Here are the steps:
- Follow the Financial Basics
- Find Out How Much Equity You Have
- Set Your New Home-Buying Budget
- Find the Right Dream Home for You
- Be Picky and Patient
Now let’s cover each step in more detail.
Step 1: Follow the Financial Basics
First thing’s first—you have to get out of debt, get on a budget, and build up an emergency fund of 3–6 months of expenses. Sounds pretty basic, right? If you haven’t completed these steps, then you’re not ready to upgrade to your dream home . . . yet.
Now, when you’ve got house fever, it can be hard to focus on paying off debt or saving an emergency fund before you upgrade your home—especially when you’re feeling the pressure of rising home prices and interest rates.
But whether it’s your second or third house, you should only buy a home when you’ve covered the financial basics we mentioned above. Then you’ll be ready to start the journey toward owning your dream house.
And that journey starts with your home equity. What’s equity? Well, we’re glad you asked . . . that brings us to the next step.
Step 2: Find Out How Much Equity You Have
Home equity is a pretty simple concept: It’s your current home’s value minus whatever you still owe on your mortgage.
See, in most cases, your home’s value increases over time. Similar to other long-term investments (like retirement accounts), homes gradually increase in value. There have been periods of ups and downs in the market to be sure, but the value of real estate has consistently gone up. According to the St. Louis Federal Reserve, the average sale price of a home has increased over 2,300% from 1965 to 2023! And in the last ten years (2013 to 2023), there’s been a 68% increase.1 As your home increases in value, so does your equity. In real estate terms, this is called appreciation.
Other factors that increase your home’s equity include:
- Added value: Home improvement projects like adding square footage, updating fixtures and appliances, or even just slapping on a new coat of paint can add value to your home.
- Mortgage paydown: Paying down your mortgage not only gets you out of debt faster, it also builds your equity. The less you owe on your home, the more equity you have.
The amount of equity you have gives you a pretty good idea of how much money you’ll end up with after selling your house. You can use that money to make a hefty down payment and cover the other costs that come with buying a home.
Find expert agents to help you buy your home.
So, how do you determine your home’s value? Well, you can get a ballpark estimate on real estate websites like Zillow, ask a trusted real estate agent to perform a competitive market analysis (which they’ll do anyway if they’re helping you sell your house), or get a professional appraisal.
Finding out your home’s equity will involve a little math, but it’s third-grade-level stuff, so don’t sweat it.
Here’s what we mean. Let’s say your home’s current value is $355,000. When you sell that house, you’ll have to pay for between 1–3% of the sale price in closing costs, another 6% in fees for the real estate agent who helped you sell it, and whatever’s left to pay off on your mortgage.
That means you can estimate clearing over $223,000 from selling your house. That’s a killer down payment on your dream home! And if your home is paid off, that’s even more money to put down and use to pay for things like repairs and moving expenses.
Step 3: Set Your Dream Home Budget
Once you know how much you’ll clear from the sale of your home, you can start making a budget for your dream home.
The key to owning your dream home (instead of it owning you) is to keep your mortgage payment to no more than 25% of your take-home pay on a 15-year fixed-rate mortgage, along with paying a down payment of at least 20% to avoid private mortgage insurance (PMI). Never get a 30-year mortgage even if the bank offers it (and they will). You’d pay a fortune in interest—money that should go toward building your wealth, not the bank’s.
So, let’s say your take-home pay is $4,800 a month. That means your monthly mortgage payment shouldn’t be any bigger than $1,200. By the way, that 25% figure should also include other home fees collected every month with the mortgage payment like homeowners association (HOA) fees, insurance premiums and property taxes.
Plug your numbers into our mortgage calculator to see how much house you can afford.
And don’t forget to budget for all those other costs that come with the home-buying process in addition to your closing fees—things like moving expenses and any upgrades or repairs you might need to make. You don’t want these hidden costs to catch you off guard or drain your emergency fund.
Step 4: Find the Right Dream Home for You
This is where things get real. After all your hard work building up your equity (and doing a lot of math—don’t forget that), you’re finally ready to start the house hunt. Woo-hoo!
But don’t lose focus. Stay zoned in by making a list of features that make a home fit your budget, lifestyle and dreams—and stick to it throughout your house hunt. Here are a few ideas to get you started.
- Don’t compromise on location and layout. If you plan to be in this home for the long haul, an out-of-the-way neighborhood or a wacky floor plan is a deal breaker. Look for a community and layout that’ll suit your lifestyle now and for years to come.
- Think about how much space your family needs. While your budget has the final say about how much home you buy, you’ll want your dream home to fit your family’s needs through different life seasons.
- Consider the school districts. If you have or want kids, the quality of the nearby school districts is probably already on your mind. But even if you don’t have kids or you’re retired, keep in mind that having good schools nearby could increase your home’s value.
- Look for a house that’ll grow in value. Are home values rising in the area? Is the number of businesses going up? These factors can help you figure out whether your dream home will turn into a good investment.
- Count the costs. Want that fancy master bathroom with the multiple showerheads and the Jacuzzi tub? Be clear on what’s a must-have and what’s nice to have. And don’t forget, upgraded features like that will make your dream home more expensive.
Step 5: Be Picky and Patient
We know you’re anxious to get into those new digs, but be patient. Wait for the right house at the right time. Don’t spend your money on a less-than-ideal home just because you’re tired of looking.
The key is finding a good real estate agent who understands your budget and refuses to settle for “good enough.” They’re as committed to your dream as you are and will have your back throughout the entire process, no matter what it takes.
In addition to teaming up with a great real estate agent, you can take a couple of extra steps to make sure you’re ready to strike as soon as the right home comes up:
- Get preapproved for a 15-year fixed-rate mortgage. Having preapproved financing is a green flag for sellers—especially in multiple offer situations. And because this puts most of your information in the lender’s system, you’ll be on the fast track to closing once your offer is accepted.
- Offer earnest money with your bid. Earnest money is a deposit to show you’re truly interested in a home. Usually it’s 1–2% of the home’s purchase price and it’s applied to your down payment or closing costs. Even if the deal falls through, you can almost always get most of it back.
Find a Real Estate Expert in Your Local Market
Now, you might be thinking you have some work to do before you’re ready to find your dream home. Or you may be realizing your years of hard work are about to pay off! Regardless, if you follow these steps, you’ll find the house you’ve always wanted and avoid a purchase you’ll regret.
Once you’re ready, connect with one of our RamseyTrusted real estate agents. These are high-performing agents who do business the Ramsey way and share your values so you can rest easy knowing the search for your dream home is in the right hands.
Find the only real estate agents in your area we trust, and start the hunt for your dream home!
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