Property Virgin

3 Feb

I am finally approved for a mortgage! It’s been a long time coming, but I can finally go house hunting and know I’m able to buy something. And now you get to play House Hunters with me without having to watch the show on HGTV!

Now, I have several houses picked out (none of which I’ve seen the insides of), but you can see the wide range of styles I like.
There’s the 4 bedroom, 2.5 bath Colonial. It’s a short sale, so it could take a while to get an approval. It’s almost new, so that lowers the risk of having termites and other problems. It’s beautiful but has no character or “charm”. But it is clean and new, and I love a clean slate. The payment on this one would be about $300-$500/month more than the others.
meadowlark kitchen

meadowlark shower meadowlark tub

Then there’s the large Victorian that needs a lot of cosmetic touches like ripping down wallpaper and redoing the kitchen (it’s currently all blue). It has SIX bedrooms and 2.5 baths. I could have a lot of fun remodeling it, but it might come with a lot of structural problems. It could be a money pit or a joy to remodel. Oh, and it doesn’t have AC. The other two do. I feel very Young House Love with this one, but I don’t think I could pour so much money in to this house to make it worth it. I drove by this one today and saw that the roof will definitely need fixing, so this might be a “no” right off the bat.
walnut kitchen

walnut stairs walnut lr

Then I got thinking. I don’t need so much space! It’s just me! So guess what’s back on the market? The house I fell in love with 5 years ago but it was too expensive at the time, and I couldn’t afford to make the changes that needed to be done. But now they’ve made significant cosmetic changes like paint, new cabinets, and new carpet. It’s also the cheapest. And it’s priced $30,000 less than 5 years ago. So glad I didn’t buy it then! If I buy it now, I’d be paying about $300 less a month than what I pay now in rent. The major cons is that it’s right on the highway, doesn’t have a garage, and it has asbestos siding. But I like all of the changes they’ve made since it was last on the market. I should mention it’s also a short sale. I can completely see this house painted green with stones added to the front pillars.
dupontdupont kitchen

dupont bath dupont lr

Then there’s this adorable farmhouse with a really pretty backyard, hardwood floors, and great charm. I’d probably re-do the front porch.. take off the lattice work and make it an open porch with a swing.

washington washington kitchen

washington living room washington patio

 

I’m feeling sort of pulled by the third house since I had my eyes on it before, and it’s my style (craftsman cottage). But I’m thinking about the benefits of the others. I have an appointment to go see the last two on Saturday.

I should mention… I’m thinking of this more of a good financial investment instead of looking for my “dream home”. The market is probably the lowest it will be, and rates are low. If I don’t buy something now, I risk missing out on building equity in the next few years. I will also be getting all necessary inspections.

Time to start making some decisions!

Advertisements

13 Responses to “Property Virgin”

  1. ahlterra February 3, 2011 at 7:25 pm #

    I love that 3rd one! especially since it’s just you. Although I am personally tugged to the victorian as well, but that’s almost an ingrained reaction for me.

    This is so awesome for you!

  2. Heather February 3, 2011 at 7:27 pm #

    Congratulations! I love the yellow one that you liked 5 years ago, but they all seem very nice!

  3. Justin Lukasavige February 3, 2011 at 10:32 pm #

    I’m with you, I love that small house! Every time we’ve looked at houses we end up falling in love unexpectedly with something half the size we were looking for.

    Don’t let our culture tell you it has to be huge with all the features. Happy hunting!

  4. Brittany February 3, 2011 at 11:19 pm #

    I really like the 3 & 4th houses! They seem so fun and cosey!

  5. Zoe February 4, 2011 at 1:17 am #

    Congrats! I have to say that the first two look pretty awesome…but if you fell in love with the third originally, then go for it. It’s adorable!

  6. Lexi February 4, 2011 at 4:47 am #

    As I read the about the first two, I thought wow, why such big houses for one person. I agree with your thoughts about the craftsman. The size is good, the price is right and you love it already. The only issue would be the asbestos siding which I would look into the ramifications of that because I don’t know much about it. My advice would be to get the cheapest one you can afford but make sure you love it. So you are not thinking of moving on as soon as you move in. The economy is still iffy and there are so many unexpected costs to owning a house.

  7. Kelly February 4, 2011 at 9:57 am #

    The yellow craftsman cottage is DARLING! Good luck, you deserve it! Very lucky to be able to buy a house right now.

  8. Lindsay February 4, 2011 at 10:07 am #

    I like the 4th one by far!

  9. Tiffany February 4, 2011 at 11:43 am #

    It is just you so I would go with a smaller house. I love the little cottage but the abestos siding scares me – how will that cost to re-do? Stay small, fix it up and when you are ready to you sell it in a few years for an upgrade. Do you really want 4 or 6 bedrooms – think of all the furniture you will need to put in it!

  10. Tom February 5, 2011 at 12:33 pm #

    I have a good possibility if you are looking for investment. A friend recently moved back to Canada and is selling his home on edge of Newark toward MD. Single floor w/ basement that could be finished – on hill so half of basement has full windows. 3 bedrooms w/2 bath. The living part of house is all in move-in condition. You could work on basement and landscape to get return on your investment over time. Brand new septic system. Price has been reduced so I think it is a pretty good deal right now. Email me if you want more details.

  11. Cassie February 5, 2011 at 11:14 pm #

    I like the first one the best, but I’m big on the newer the better. I’m not very handy with stuff around the house and it would be too expensive to keep hiring someone to fix problems in an older home. Plus I figure the newer homes just go up in value, while the older homes (depending on the neighborhood and if it’s been kept up) can start to go down.

  12. Devon (Run Sleep Rinse Repeat) February 8, 2011 at 10:26 pm #

    Don’t be house poor. Take what you think you can afford monthly & spend less. Also, think about re-sell! GL!

Trackbacks/Pingbacks

  1. The Status Quo « Run, Eat, Date, Sleep - May 5, 2011

    […] buy a home in Milford, but the short sale fell through […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: