Buying property

[Lindsey]

Originally Posted by Blueyes

I think you should just move to Texas

Lol... if only it were that easy! If I started the process right now I might be able to do that in a year or year and a half Still an option, if I could get a good renter after buying a house!
Okay so I looked at two houses last night. The first one was just a little over my price point but has a brand new kitchen and bathroom. GORGEOUS. The rest of the house still needs some work. It is a 1912 house, with original hardwood in some areas and some original walls. They actually told my realtor yesterday they were just in the process of pulling it OFF the market to do the finishing up renos and then sell it for $30,00 MORE She told them that would put it out of my range so they let me look at it as it is now.
We went to the second house... the two story that was so cute on the outside... DISGUSTING on the inside. It would basically need to be gutted to the studs and completely redone. I just don't have that kind of money.
So we went back to the first one. Scott came over and my brother came over. The basement isn't usable, but it's dry and looks in good condition. Water heater and furnace are relatively new. The appliances (fridge, stove, washer, dryer, dishwasher, range hood) are all new. They did a half-assed job for most of the renos but I can redo them.
The upstairs... OH the upstairs! It's so beautiful! I would use the whole area as a master bedroom area. There are two dormer windows in one area, and the back is where the bed would be and there is a HUGE picture window, it takes up basically the whole wall and looks over the back yard. It's a half story so the walls are slanted up the sides which takes away some of the real USABLE area, but Scott was talking about building homemade dressers to utilize some of the space.
The problem is I'm leaving tomorrow and I'm not back until Monday... I'm not sure how long they will hold off on doing renovations to let me think about buying it as it is now
Oh, and it's a half a block from Kyle's mom's house and not a super great neighborhood... but on the other hand I can't even afford an apartment condo in a good neighborhood. It's not the worst part of town though... I think I'd just need to invest in an alarm system, and it gives me an excuse to buy another bigger dog

[judy]

Renovations cost Lindsey! Maybe you should think of 5 or so things you would want to renovate, and then go look at how much materials cost. I did some renovations, and mostly cosmetic stuff. I went shopping with Steve, and everything is expensive!!!

Actually, I chose this house because it didn't need much in the way of renovation. I put down new flooring, put up fans and lighting, bought 2 vanities with hardware, and I think that was it. Then there are window treatments, which are expensive by the time you're done. Paint is expensive too. I could go on, but I just want to tell you that it is costly.

I'm not saying not to buy it, just to go in with your eyes wide open. This way yoiu won't get in over your head.

[gja1000]

That is good advice Judy - materials for renovations are very expensive. We built on an 800 square foot addition to the back of our house - no plumbing - which is VERY expensive - just concrete, wood, windows, sheetrock, shingles, paint, etc etc. Eight years ago, it cost $25,000 - and that was for materials only, we did all the work ourselves. Labor is double the materials - so if we'd had it done, it would have cost $50,000. And that was only the building materials, not the window treatments, and decorations.

I could not believe how expensive flooring is!!! We put hardwood floors in our living room and bedroom and it was about $3000 - that was materials only, not labor, cause again, we did it ourselves. When we built on to the house, we wanted to stain the concrete, rather than put down wood or tile. Again, to have it stained professionally was outrageous!!! So, we did it ouselves and it looks great.

The message is that renovations are seriously expensive! I'd only buy a house that needed lots of renovations, if I knew I would have plenty of cash to put into to it. Houses can be money pits if lots of things go wrong!

I know you want your own house Lindsay, and I hope it happens soon! But be very careful what you buy. You don't want to have only a house and then not be able to do anything else.

Good luck in your search! But I really think Betsi is right - just move to TEXAS!

[Janet]

We built our house many years ago and I'm wanting to do some different things, but I'll just have to wait. It's just too expensive. I'd definitely go with the advice these ladies offered. Hope you find the perfect place Lindsey.

[Lindsey]

Well the guy selling the house was very pushy. He said on Thursday that he needed an offer that night or he would continue with renovations. I said fine, I won't take it. Today he was still asking my realtor if I want it. That's just too pushy for me though. I told the realtor I would rather go with a condo, unless I could find a great house in a great area without much work needed... although in my price range I doubted I could find that. Just a few minutes later I came across a listing for a cute little house in a good area, 18 years newer than the last one, with a brand new furnace, new flooring, and new electrical. It also has a pretty new fence with a nice yard and garden. It's at least worth a look!
I agree with the cost of renovations. Cosmetic renovations I can do pretty cheaply because I have found a bazillion ads for people who bought materials like flooring and then only used half and are selling the rest of it for half price. However, the less work the better!

[Lindsey]

Well I was pretty sad after the terrible showings last night and I told Scott I wish something would just jump out at me and say "I'm the one!"
Today on my lunch break I fell in love with a condo. It was a three bedroom but the owners took out the third bedroom to make a large living room and a large pantry for kitchen supplies. The two remaining bedrooms are very good sized, the laundry room is HUGE especially because it comes with a stacked washer and dryer, which leaves room for a freezer and plenty of room for a pee-pad tray and a nice spot for potty training a new puppy All together, there is 925 sq ft of living space.
It is a corner unit with an extra window on the side. The deck faces green space with a couple of trees right outside. It gets morning sun and afternoon shade. They said they haven't had to use their air conditioner once in the 13 years they've lived there. There is an electric fireplace and tons of room for furniture around it. The kitchen cupboards and appliances are a little older but still working so it's not something I'd need to change immediately. The bathroom is a little smaller but has a really deep soaker tub!
The woman freshly painted the walls, updated the kitchen linoleum, and painted the ceiling last year. She also put up brand new baseboards last year. We asked about noise, and they said they don't even know anyone else is around. The neighbors are quiet and there's not much traffic outside so it's very peaceful. They are an older couple who want to retire to the lake. They were so friendly!
I am going to talk to my parents tonight but I am really ready to put in an offer on this place. It just feels like home.

[DianaB]

It sounds good. I think that talking to your parents is the right move. They'll be able to help you with this decision that you're making. Good luck!!!!

[Lindsey]

My parents said go for it!!! So I will be putting in an offer on Monday hopefully, when the owners get back from the lake

[gja1000]

Good luck Lindz! I know you are excited!

[Blueyes]

I'm so glad you found something that feels like home!! I hope they take your first offer!!!!!!!

[Lindsey]

THEY ACCEPTED MY FIRST OFFER!!!!!!!!!!!!!!!!!!!
My realtor and I wrote up the contract yesterday, they are signing it this morning, and I am taking it to the bank just before lunch. So now I'm just hoping everything goes well with the bank, I can get the mortgage for sure, and they can finance my down payment. If all that goes well, I get possession on August 1st!

[Blueyes]

CONGRATULATIONS!!!!!!!!!!!!!!! I'm sure everything will go smoothly!! We need pictures

[Marilyn]

Congratulations, Lindsey!!! Wow, that was quick!!!!

[Lindsey]

Yeah it definitely was quick! The bank just needs a bit more information that myself and my mom are both faxing today (all my income tax stuff is at home with my parents!) and then we just wait for approval.
I'm a nervous wreck because I'm worried about lawyer fees and the extra money I need to pay for taxes etc... I really don't have much saved up (the trip to vegas was booked before I thought I was seriously going to buy a place!) and my brother owes me hundreds at the moment He is really behind on paying rent. That's why I'm so excited to be able to have my own place and not have to keep hounding other people for money!

[Lindsey]

I copied some pictures from the listing website

1. Electric fireplace in living room
2. Living room where third bedroom was
3. More of the extra area in the living room
4. View of kitchen from dining area... I do want bigger and nicer cupboards eventually!