Home buying update.

[NowImDownInIt]

So it's a no go on the house. I love the idea and the location, I hate the layout and I'm picky.

The cost to fix the home layout issue would bankrupt me, if I were already. Har Har.

That being said, I now know that I completely qualify to purchase a home and our lease is up next September. So we are going to buy then and that gives us plenty time to find a home that truly is perfect for us. Crappy kitchen and all. We will still get a 203k mortgage so that we can delve right into home updates even in my BK. I am very excited and will keep everyone updated in our search for a new home. Y'all will get a chance to help my little family find a place to call their own.

A big factor in this decision is the $840 deposit that I have with my apartment. I would really like that back. LOL. Our apartment is in better shape than when we entered our lease in '08, and that near $1K can go a long way in DP and closing costs.

Turns out that we can use "sweat equity" in buffering our DP, so more to come on that later. I guess 1 year is a good amount of time to plan a big purchase like a home?

[tobee43]

that's great is soooo many ways...but sorry you didn't find the house of your dreams...

i think the point here is there is actually HOPE and you WILL be able to get that house...i'm so happy for you!!!

[NowImDownInIt]

i think the point here is there is actually HOPE and you WILL be able to get that house...i'm so happy for you!!!

Indeed. Thank you!

Maybe we will be able to buy before my 25th B-day. LOL. I am feeling warranted optimism about it all.

I hate my apartment, but not enough to rush into something that would ultimately be bad for my family.

The back building of that house would have had to been demo'd. There was a claimed 3 bathrooms, but one was an empty room, one was in the building to be demo'd. And one had a shower and a toilet, but no sink. I want to do some work, but not that much. LOL.

[Pandora]

just remember that permits are required if you're planning on renovating - and inspections as well. This means that any electrical and/or plumbing that you do will have to be done by a certified person in most instances, else the inspector wont pass it. Permits can be a bear to obtain, especially if you get an inspector that is hard-nosed :/

Whatever house you look at - also get it thoroughly inspected before you purchase it by someone you pick, not someone the lender picks. Word to the wise, just because it doesnt currently have termites and/or any other wood boring insect (like powder post beetles) doesnt mean its never had them. We learned first hand how damage can be well hidden in sill plates and walls, while the exterior of the wood looked solid, the interior of said wood was another story and completely eaten by wood boring insects. It costs alot of money to rehab a house and more time that you originally think (ours was built in the mid 1800's) and for everything we've done thus far, its taken twice the budget and more time than originally thought. I can tell you that if you purchase a home that needs renovating, ensure that its livable while you do so, that way you can do one room at at time w/out you needing a place to stay. We're over 3 years in and have spent thousands thus far - all paid in cash - we try to pick 1 room a year and so far have done the entire grounds, had the roofs redone (shingled and painted), all new energy efficient windows, and complete gut (to the studs) and reno of 2 rooms. We still have 6 rooms to go as well as outbuildings. Ever want to test a marriage....renovate together!

Wishing you all the best in your endeavor!