The Cohousing Road Trip

The wife and I went to the mentor cohousing community this weekend to see what we might expect out of the cohousing development we're looking into. We got to see the model community in action and in practice.

The place was two and a half hours away in Blacksburg, Virginia (home of Virginia Tech). Blacksburg is much less liberal than Charlottesville (home of the University of Virginia), so I'm kind of surprised that they had a cohousing community before we did. Oh well, that's not really relevant.

Our hosts were a couple with 2 daughters (ages 5 and 3). We brought our 3 year old daughter and 6 month old son with us. Our daughter had a blast playing with the other girls.

The tour was good. We got to talk to people who were living in the community and ask all sorts of questions. Better than that, we got the answers face-to-face with the reading of expressions and follow-up questions that are just not possible over email.

Besides that, to me at least, you can look at as many pictures on a webpage as you like. It will never add up to even a short amount of time actually being there and observing something first hand. There's nothing like walking through the pedestrian oriented neighborhood and standing in the common house.

All in all it took me a step closer to being able to commit to the idea. The wifey is totally sold. She'd sell the townhouse tomorrow and move in ASAP if she could.

My main hang up at this point is the financial feasibility of it all. That and the alteration of our long term financial plans. Mainly - we had planned to never sell the townhouse we are currently in. The plan was to pay off the credit cards (thus freeing up a bunch of money in credit card payments) and then rent the townhouse. Have someone else pay the mortgage, you know?

If we rented the townhouse and shook our credit card payments we'd be able to swing another mortgage payment, even if rent didn't cover all of the townhouse payment. That way when we retired we'd either be able to sell the townhouse for a quick cash injection or continue to rent it for long-term income.

Right now it looks like the community we're looking at will break ground in April, with move-ins around September. It depends on when we would have to kick in our down payment and how long it would take to sell the townhouse.

In this market we'd have to put the townhouse up for sale soon. If it did happen to sell in short order, we may have to move in with my Mom for as many as 8 months while our house was being built. That's assuming my Mom would let us move in. I think she would, but you never want to assume with something like that.

I am also fairly certain we'd get enough out of a sale to pay off the mortgage, but you never know in this market. In the original plan we didn't have to worry about the current downturn in the housing market. We weren't going to sell the townhouse in the short term or maybe ever. Housing proces would recover eventually and even if they didn't it wouldn't hurt as bad since people had been paying our mortgage (or a large potion of it) in the form of rent.

I just don't want to get all excited about this and make a bad decision. Our current long term plan is a good one, I think. And maybe in two years we'd be ready to buy a new house without selling the townhouse - but not right now. We need to pay off the credit cards first.

Oh, well. This wasn't what I wanted to babble about. Here's the place we toured:

http://www.shadowlakevillage.org/