So we got this in our door last week...
Anyone who has rented knows that feeling of dread that comes along with this notice. Your left with that "oh crap what do I do feeling?" Either you sign your life over to your landlord for another year, rent somewhere else, or the scarier question..."Should we buy?"
I am all for the idea of not throwing my money away on rent, for have walls that don't carry the sound from the neighbors party into my bedroom at 3am, and for have a place to "build my nest" so to speak, but buying a scary big commitment (but really exciting at the same time!)
So I know I have some homeowners who read this blog and I was hoping you might be able to help all of us little renters out there with your wisdom on home buying. What would your advice be to renter who are looking to buy? How did you decide when to buy? How did you know when you walked into your house that it was the one? Did you buy a move-in ready house or one that needed some updating? If you are updating how is it going and are you happy with your decision?
Happy Monday and I look forward to reading each and every one of your comments!
We decided to buy because we knew we would be in the same area for a while and knew the great investment in buying a house. We made a list of our must-haves and worked with a great realtor who found us some nice options. We only looked at houses that were 10 years old or less, because we didn't want to deal with some of the issues of older homes. We didn't get a fixer-upper, but I can assure you that we already have a LONG list of projects to do on our house. Even if it is new, I find that you will always want to make changes here and there to really make it "your nest". They may not be as drastic as knocking down walls or replacing floors or doing major plumbing, but things like adding shelving, changing lighting, window treatments, painting, etc. :) Hope this helps!
ReplyDeleteThanks for the perspective Marissa. I know that I want a house that I can make my own and it is good to know that even with a newer home there will be plenty of little projects.
DeleteIt is a buyers market....If you think you will be staying in the same area and want to raise a family you will want a house sooner or later. I lived in a two bedroom apartment until my third child was born....time to move! Thought we would be building a brand new house...interest rates were sky high in 1979...16%....so we fell into the house we are in now. I do not recommend a fixer upper unless your husband is handy or you want to spend alot on updating...it is never ending. Put a wish list together...make sure there is room to grow. It is nice to build some real equity. I hate house work so I would of preferred a ranch one story. 2 bathrooms and easy access laundry a must!
ReplyDeleteWOW 16% that is insane! And we have a little bit of room to grown into our apartment right now, but probably not enough to make it to number three here! i give you credit for having those three boys in a tiny space!
DeleteThe thing we like about a fixer upper is we can make it our own. I want an updated house, but I in many of the updated ones I have browsed online the homeowners made choices I would not have, but since it is all new I wouldn't be able to justify ripping it out, and putting in stuff that suited our personal style better. Phil is pretty handy when he needs to be. I know form watching my parents remodel our house growing up that it can be a lot of work, stress and expense, but I also got to see the sense of pride when the project was done, especially if we all pitched in as a family...I was usually standing to the side supervising though :)
I also hate house work, Phil is way better about starting the laundry and doing the dishes than I am! I agree about having the laundry room easily accessible. The closer to the closets the better, and even better to have everything on the same level of the house.
Thanks so much for sharing! You make a lot of good points and all things we will have to consider moving forward.
Ooh, good question. Since you really can't know that you'll be in a place for 5 or 10 more years, I say, if you can afford it and want to buy, go for it! It is a buyers market and interest rates are killer right now. But, you don't have to think that renting is throwing money away. You're helping pay for the upkeep of your property (a cost that falls to the homeowner) and taxes and such (another cost the homeowner never sees back). And also, like people said, be prepared for additional costs. Yes, window treatments and paint cost money but so does a charge for $8000 from your city because they put in new pavement on your street. Or a new roof. You never know. But overall, I think owning a home is a blessing. Good luck!
ReplyDeleteThis is great feedback. I have heard there are extra costs with a house and that a benefit to renting longer is being able to save up for a bigger down payment. Interest rates make it so tempting to buy right now. I do like that with an apt i don't have to shovel my walk in the winter or rake the leaves...I will admit the idea of a house is quite romantic right now... :) Thanks for sharing!
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