“And we had a really big mortgage to cover it.” She also wasn’t thrilled with the schools in the area — or with the idea of paying for private education. The De Bickes (who work as an engineer manager and software engineer, respectively, and make between 0,000 and 0,000 combined per year) put their house on the market and started looking for a smaller home that was zoned for better schools.
They hope to rent their home while they’re gone, which will help finance part of the trip and cover some house expenses such as insurance and property taxes.In the meantime, they are maxing out their 401(k)s and taking care of college funds for the boys, as well.In the fall of 2013, the De Bickes made their last mortgage payment.Now the De Bickes are still putting money away like crazy — because in just over 15 months, they plan to quit their jobs (temporarily) and travel the world for two years with their boys, who are 10 and 7.What about a condo within walking distance of a train station? Choosing between a townhouse, condominium or house involves questions of location, maintenance, lifestyle and price.
These housing styles also have a lot of overlap, so choosing one over the others may involve less sacrifice than you might expect.
A condominium, called a “condo” for short, is actually a kind of ownership, while the terms “townhouse” and “house” (a standalone structure most people would think of as a traditional single-family home) refer to physical structure styles.
As such, condos can come in a variety of shapes in sizes, though they are often similar in size and appearance to an apartment.
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“We wanted to buy with the idea that we’d have a much smaller mortgage and we wouldn’t have to pay for private school,” Nicole says.