Our New Home!!

[Mandy]

That IS exciting!!! The house sounds really lovely
Good luck on your decision, and remember, whatever is meant to be, will happen

[Janet]

It sounds wonderful for a first home. One thing you might want to check is, in the future....is there plenty of room to add a third bedroom? I'm not sure about your area, but if someday you decided to move and sell this one, 3 bedroom homes go for so much more money.

I know when we built our house back in '74, we built it with two bedrooms, BUT we built it so that if the need arised we could add a 3rd bedroom easily without having to tear up much of the rest of the house. Just something to think about.

[DianaB]

Ok, the MOM in me is going to come out here (sorry) but this is something that I would say to my kids.

Please go over your figures and please make sure that you have enough money to still enjoy life. You're still in college and the last thing that you want is to be so tied down with debt while you're still in school that you can't have some fun. I'm very happy for you to be getting a home and I don't mean to be a spoil sport but, as I said, I would be giving this speech to my own children.

If you've already checked and double-checked then go for it!!!

[AngieDoogles]

Originally Posted by DianaB

Ok, the MOM in me is going to come out here (sorry) but this is something that I would say to my kids.

Please go over your figures and please make sure that you have enough money to still enjoy life. You're still in college and the last thing that you want is to be so tied down with debt while you're still in school that you can't have some fun. I'm very happy for you to be getting a home and I don't mean to be a spoil sport but, as I said, I would be giving this speech to my own children.

If you've already checked and double-checked then go for it!!!

I'm sorry Diana, I just saw this post for the first time today. I don't know how I missed it before!! I wasn't trying to ignore your advice...

A little background on my hubby and I so that you guys don't think we are just jumping into this: We have been married for 3 years. This whole time we have been saving EVERY little bit we can so that we would have enough for a down payment when it came time to buy a house. For the past 2.5 years, we have lived in the crappiest apartment you could imagine. Horrible landlords who don't do anything, no w/d hookups, the loudest neighbors in the world...etc. We did this because the rent was cheap and we would much rather spend a few years in a less than ideal situation if it means that we will have our own home when we graduate. We've tried SO hard to be smart with our money and feel that we are completely ready for this step. I only have 3 semesters and a field study left in my undergrad and then one year (three semester including summer) of grad school. I get a ton of scholarship money each semester that is sufficient to live off of. By buying a home now, we feel that we are investing in our future and would much rather do this than simply throw our money away for the next 2-3 years and THEN start saving for the future. We feel that it is the best option for our financial security.

I really do appreciate your concern and I know that it only means you don't want us to make a mistake, but we really have put a lot of thought into it. We're excited!

We are going back to the property either Friday or Monday to do a few things, so I'll try to take some pictures. They'll definitely be the before pictures, with piles of tile in the middle of the floor and lots of equipment and tools and such, but I'll post after pictures later for comparison.

[AngieDoogles]

Originally Posted by Janet

It sounds wonderful for a first home. One thing you might want to check is, in the future....is there plenty of room to add a third bedroom? I'm not sure about your area, but if someday you decided to move and sell this one, 3 bedroom homes go for so much more money.

I know when we built our house back in '74, we built it with two bedrooms, BUT we built it so that if the need arised we could add a 3rd bedroom easily without having to tear up much of the rest of the house. Just something to think about.

That's a good point. I'll have to look into it. We're lucky that we are buying in a pretty pricey neighborhood so our home's value is only going to increase over time, especially if we are able to make changes like that. Thanks!

[Chandra Amaya]

Ang (big sister coming out), Try to have an electrician & plumber check it out for you before buying or RTO esp. The outside & interior could look great but if the just fixed it up to "look pretty" to sell, you don't want to invest money into it. We do have an electrician/ plummer in the family (even though we don't talk to that side much. I think this would be a good reason to.) If you don't know of anyone else to check those things out & Martin was or is both an electrican & plummer I believe. So you can ask mom or if you don't feel comfortable trying to reach him I will try if you want me to. Sorry I just know you would be devasted if you did buy then found problems like those.

[AngieDoogles]

Originally Posted by Chandra Amaya

Ang (big sister coming out), Try to have an electrician & plumber check it out for you before buying or RTO esp. The outside & interior could look great but if the just fixed it up to "look pretty" to sell, you don't want to invest money into it. We do have an electrician/ plummer in the family (even though we don't talk to that side much. I think this would be a good reason to.) If you don't know of anyone else to check those things out & Martin was or is both an electrican & plummer I believe. So you can ask mom or if you don't feel comfortable trying to reach him I will try if you want me to. Sorry I just know you would be devasted if you did buy then found problems like those.

Well, they actually redid all of that stuff because it wasn't up to date. We are definitely going to have an inspection before we buy, but I'm sure everything will be fine since they've put so much work into it. We're meeting with the real estate agent on Monday. I'll keep you posted.

Also, Janet...I was out at the property again today and there is definitely enough room to add on to the back if we choose to do so! My mom made the same suggestion, lol. A 3 br, 2 bath would be worth lots more than a 2 br, 2 bath so that is in the plan EVENTUALLY.

Thanks for all of the advice ladies!

[rivermom]

Angie - this is such exciting news! If you do decide to become a home owner remember that the bank should set you up with a person qualified and licenced to do a home inspection. This will save you peace of mind and possibly $$ if something doesn't work correctly after you purchase and move in. Even though most is new in the house it doesn't mean the work has been done correctly or is to code. I cannot stress enough about first having a "home inspection".


The bank after going through your paperwork will be honest about your debt to income ratio to insure you qualify to safely make the payments for this home. Due to the recent amount of bankruptcys in our country, banks have been left out to dry because persons buying homes can now not keep up with their payments, etc. And the homes are left to foreclosure.

So banks are getting stricter and wiser on their pre-qualifing for home loans.

Another thought, is I do NOT recommend you getting a variable rate mortgage. So often people say "well we will for sure make more money down the road when that payment goes up". Only to find that this is not always the case and they have to place their loved home into foreclosure.

If you can, lock into a interest rate and do a 15 or 30 year mortgage. Then later down the road if the rates drop you can refinance and save thousands in money.

This is a HUGE step in your life and I am so very thrilled for you. Do send us pics if you can and keep us posted on how all the process is going.

[Tink]

How exciting for you!

I used to be a Realtor, so just a small word of caution...

Housing prices go up and down routinely. They've been going up for years, and are starting to head back down. PLEASE don't count on the value rising over time, because it's very possible that won't happen in the next 5 - 10 yrs. As interest rates rise, real estate values go down. It's a simple fact of economics that can either make or break you!