First time homebuyer

posted 2 months ago in Home
Post # 16
Member
8728 posts
Bumble Beekeeper

$20k for a down payment, closing costs, AND home improvement?? Where is this magical place you live?! 😮

Post # 19
Member
1077 posts
Bumble bee
  • Wedding: March 2018

graced :  sounds like you’ve got a good plan. I second getting legal agreements drawn up if you ever split with your boyfriend. It’s critical for you to protect yourself no matter the outcome…”expect for the best but plan for the worst” kinda thing. Also double check about resale of Condos with HOAs, a lot of people try to avoid them if possible because of ridiculous rules they sometimes enforce. Also like Gridmonster I’m shocked that 20k covers all of your costs, I’m paying that in closing (not including the dp) in about a week or two lol jealous! Good luck to you bee! 🙂 

Post # 20
Member
5695 posts
Bee Keeper

TheGridMonster :  keep in mind not everyone does 20% down. I put $17k down and got sellers to cover closing cost when I bought. I live just outside of Boston in a very hot market. I used a special first time homebuyer program so I’ve never paid PMI (I did refinance to a lower rate when they dropped but by that time the value had gone up so I was able to still do a conventional loan outside of the FTHO program without PMI). I know some people balk at the idea, but considering I just got an appraisal done and it came back $295k more than I paid for it 5 years ago I’m going to say it was a good risk to take lol. 

Post # 21
Member
1835 posts
Buzzing bee
  • Wedding: July 2018

Seems like a good plan and that’s awesome you’re doing so well financially.

Just be careful of him making it too much “his” house, you know?  Since you two are planning to live there eventually.  I moved in with my now-husband into his house, and he’s been pretty great about me adding my touches…. but he has a fair amount of fairly expensive art up all over that I really don’t like.  Ugh.  He doesn’t want to take them all down because hey, he likes it and spent good money on it.  So we’re still working out a compromise.  I know if we had bought and moved into the house together at the same time, those wouldn’t be up on EVERY wall!

The same applies for furniture, etc.

And definitely don’t skimp on writing up a proper lease agreement and doing a deposit and all that, just in case.  It’s pretty easy to set up yourself.  I rent my house and i was able to do that all for free online.

Post # 23
Member
2156 posts
Buzzing bee
  • Wedding: May 2017

You sound pretty smart. I’m just confused as to how you said you’re not living together before marriage for moral reasons so how is he going to paying you rent if you move in together before getting married? He hasn’t even proposed yet. 

 

ETA: Sorry I went back and re read it. You would be purchasing it and he would live there alone until you’re married? 

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