Submitted by Murphy McNutt
My husband and I recently moved to Richardson. I enjoyed growing up in the Richardson Heights and Canyon Creek areas. When we finally decided that we outgrew our home in the Bishop Arts area, we decided to start looking for houses in Richardson to be closer to family. We already discussed that we’d like to have our first child in the next few years, so we decided it would be best to make schools a higher priority in our hunt for a new home.
We looked long and hard for a home that fit within our budget and determined that the Reservation neighborhood in Richardson was where we wanted to plant our roots. It felt quite nostalgic being back in a city where I had many fond memories as a little girl. It was perfect.
Like most responsible adults, we live within our means, which means creating an accurate and sustainable budget. Ultimately, we could’ve spent a little less on a house, but we also would’ve been confined to underperforming schools or expensive private schools. After a lot of consideration (and a hard sell to move here by my family that’s lived here for decades,) we spent a little bit more on our house so our future kids could attend Mohawk Elementary and eventually JJ Pearce High School.
We figured out what our long-term budget needed to be to make this work. We turned our previous property into a rental property to generate additional income (which was a scary leap of faith to have TWO mortgages,) and we determined what we needed to save and invest, so that we are prepared for our future family. As it stands, my husband’s salary alone will not cover our family for when I become pregnant, so we needed to account for that by saving.
We knew property taxes would inevitably go up because of the market we are in, and we made sure to account for that, in addition to health insurance and general inflation on nearly everything else. What we didn’t account for was the school district proposing a MAXIMUM property tax increase of 12.5% upon moving into our new home.