Post # 1
Last night my fiance and I were just talking about how badly we want dogs, but how we have to wait to get a house with a big enough yard. (He wants a hunting dog and I want a Great Dane so we need a massive yard) So we were just casually looking at some real estate website checking out houses w/ 1 acre. Unfortunately I live in the city so there wouldn’t really be anything here for us, so I was looking in The Valley (45 minute commute). I just happened across a foreclosure house that is listed at $95k! That’s pretty incredible. The Valley is less expensive than the city, but most houses like this are usually $175+ even there (probably mid to late $200k in the city).
It is a 2 bedroom 1.5 bathroom, cozy cottage looking house. It has almost 1 acre and is just TOO STINKIN’ ADORABLE. Seriously we both gawked at it for about an hour online. It needs a little love but has a ton of potential. It is exactly what we want for way less than we thought we’d get it for. We’re currently renting a 2 bedroom 1.5 bathroom townhouse for $1,000 a month, plus gas and electric. What other bills come along with owning a home instead of renting?
Now onto the cons… 45 minute commute is a big one. Right now I work inbetween the city and The Valley so mine would be about the same just more crowded. Plus I plan on looking for a new job this winter anyway. My fiance, however is still in school and plans on working in the city after he graduates so he’d have to commute every day. Also my mom and new sister live in the city and I see them quite often right now. I would have to commute to visit. (But if we got this house I may try to convince them to move too lol) Also it’s literally TWO houses from a side of my family I don’t really like. One good thing that would come of that is my teenage sisters can see me more often which would be nice. And I mentioned my fiance is in school still. This is his senior year and he’s crazy busy. Maybe this just isn’t the best time? I don’t know. OH and we’d have to try to get out of our lease at current place. It isn’t up til next July. My landlords are lawyers so I doubt it’ll be easy…
Any advice?? What would you do? We both want it but aren’t sure if we should take the plunge. Let me remind you, this house is perfect! (well so far. We’d need a home inspection just to make sure lol)
Post # 3
@6598731ssfse3: With only myself working and going to school part time and Darling Husband going to school full time we made the jump and bought our first house. Other bills/costs to think about… Its a good idea to have some “back up” monies in case something needs to be fixed. Are you handy yourselves or know someone that could help you if things broke or would you have to call some one? You may also have to pay for water. Taxes too, which can vary big time depending on the area. HO insurance (will you need flood insurance?) and this can be combined with your escroll account if you choose to pay your taxes that way or required to (we did an FHA loan for our house so its a requirement). Do you have the funds for the closing costs and down payment? When we moved in we had to buy a lot of things too, like curtains (a lot more windows/different sizes than our apartment), a fridge, etc. so just the cost to move in and start getting settled was a consideration for us. Despite the extra costs and loads more responsibility I love owning our own house. It feels good that we are putting our money into something that is our own rather than some one elses.
Post # 4
@ValerieJene1022: she gave you excellent advice. If it were me, I would do research. FInd out how much insurance, property taxes, hoa fees, etc will cost a month. Find out how you guys can get financing for, and what your options are (how much down, interest rates, etc). Also closing costs and such, as Valerie mentioned. I woudl also say that since you are looking at ahouse that is older and may need things replaced, I would have at least a few thousand dollars saved in case you need to replace something right away, or soon after moving in. You can also call your local utility dept and find out what the average monthly energy and water bills have been for the house
Post # 5
Oh something else I forgot to mention…
It may be the perfect house but how’s the neighborhood? We scoped our house out at different times during the day and on weekdays vs weekends. If this is a foreclosed house it may be something worth thinking about doing if you are able to. Also make sure you check out the crime stats for the area.
Post # 6
If you eventually want a house with a yard – wouldn’t you have to move out of the city? If that’s the case, then I’d think a commute would be involved at some point (unless you changed jobs to something closer to home). Are you fixed at your job (meaning – you’d never want to leave)?
A commute is a huge issue for me, so I could not do it. It would make the dream house not the dream house because of the commute.
Other costs involved with owning a house: home owners insurance (plus any additional insurance if it’s a high risk area (in california we have additional fire and earthquake insurance – optional), property taxes, heating/cooling costs, (what’s the septic issues?), any trash services issues?, land care costs (maintaining, etc.)… that’s all that’s coming to mind right now. Make sure you have extra money for other things you may need to do (painting, plumbing, roof, etc.).
ETA: at 45 minutes away from family – chances are you won’t see them very often. My sister lives 30 minutes away and it’s too far (IMO) for a pop-in visit. I think anything more than a 15 minute drive makes it feel more like a ‘chore’ than a quick ‘pop-in’ type thing. (At least in my experience.)
Post # 7
ValerieJene1022 – Thank you for all of the advice! Luckily The Valley has very low property taxes and the neighborhood is fine. I lived in this neighborhood for about a year before and it’s really quite and slow paced. I don’t think I’d need flood insurance as it’s above the road and there aren’t any bodies of water near by, but thanks for reminding me about home insurance! Also I figured we’d hold off on buying anything that isn’t necessary right away (curtains, rugs, etc) because our wedding is a little over a year away and we can put everything we need on our registry. 🙂 But it does look like it’ll need a new stove asap, so I’ll have to look into that. Thanks again for the advice!
MrsSl82be – Thanks I will definitely contact the local utility dept! That’s a good idea. 🙂
Post # 8
oracle – That’s true, we do want a big yard so I guess a commute was going to be inevitable. Fortunately I am SO not attached to my job. It’s entry level for the state so I could move around if and whenever I want to. Well, if I qualify for whatever job I apply for that is lol.
Does anyone have any advice about getting out of a lease?