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View Full Version : Into the world of homeowners we go???


joyfulmomof2
06-08-2005, 08:19 AM
Not sure where to put this one, sorry. So dh and I moved to Missouri about 6 months ago. We were in Colorado and if you know anything about the real estate business, then you know that cost of living there is pretty high. We are in this small town now where it is pretty low. Like culture shockingly low. lol We have been renting from this professor at the school that dh is attending as he works toward his bachelor's degree. I like this little town. It isn't that small, but smaller than anything I have been in and I wouldn't mind settling down here for a time. But the houses here are old. I started a thread on the old board called Cyber Trading Spaces. I asked you ladies to help me redecorate this place. The landlord was willing to make any repairs 'necessary' that we wanted. Well he was willing to supply the materials if we supplied the labor. The rent was cheap, etc. This summer he has given dh a full time job as well doing repairs on all of the properties that he owns. Which is such a God-send. :)

Ok, so dh has been working on this one home and has fallen in love with it. It is 'tore-up from the floor-up' iykwim. It is about 100 years old and needs a ton of work, but he has a great imagination. ;) I do to usually, but this one is hard. lol It needs a lot of work, but he is getting a great price on it. God has made it possible for us to buy our first home and this is so neat!!! Dh is giddy like a child about the whole thing, which makes it even more appealing. I have known since we met that he has wanted to buy me a home and settle somewhere and do the whole husband thing. He is very handy and there are very few things that he would need help with as far as repairs.

The house is huge. It stands 3 stories above ground and had a basement to boot. It has a decent yard, lots of trees and a potentially lovely wrap around porch. Although, I would want the thing all for ourselves, this is a college town and we could feasibly rent several bedrooms out to students upstairs and just make our home downstairs and somehow section it off away from everyone. The mortgage payment would be lower than our rent is now and we would have at least 4 times the space and the possibility of income as well. But again, it needs a lot of work. Probably, $6000 worth and I am not certain the condition of the roof. I am going to go walk through it with him today and let him show me that the foundation and everything is in as good of shape as he says. We would have lovely wood floors, etc. which I would love, could get a pet - oh how I miss my dog (we had to give her up to move here - but thankfully she lives with my sister who is spoiling her rotten ;)), ds would have a yard to play in that we could fence off or something, I could have a garden, I could have sewing/project room and dh could have a studio - oh how fun it would be.

What would you do???

TIA!

Mamaka
06-08-2005, 08:44 AM
Wow!!! I sounds wonderful!

My only advice would be to have a certified home inspector look at it before you buy - someone who is a good reputation and will do a real thorough job for you. That way you'll know what you're getting into, what hidden repairs that might need to be made, stuff that seller would need to fix before purchasing, etc. You wouldn't want to get into it thinking you had $6000 in repairs and then find out the foundation is going, the roof needs to be replaced and the electrical is not up to code.

Very exciting, Suzi, homebuying/looking can be so much fun! Will look forward to hearing how it went and what you thought after seeing it today. :)

joyfulmomof2
06-08-2005, 10:42 AM
Ok, I just went over there a little bit ago. At least we wouldn't incur any moving expenses. It is on the next block. :D Plus we moved here with barely the shirts on our backs so there isn't that much to move.

I talked to the owner of the home and dh while they were over there. However much dh earns working on this house will roll into the loan. Does that make sense? So let's say dh earns another $2000 working on the home over the next couple of months or more then the amount of the loan increases by that much. The interest rate is not high but definitely not low, but there would be no penalty for paying it off quicker. It comes with all kitchen appliances except for a refrigerator. There are ceiling fans, a chandelier and 2 or 3 full sized air conditioners that come with the place. I will talk to dh about the inspector as well. Pray for us. :) I will let you know what happens. :) Thanks for you help and advice!! :)

tiglet
06-08-2005, 10:45 AM
Oh, very exciting!

I second the licensed home inspector before you buy, thing though. If he uncovers major problems, that can change the price of the house, or the owners can fix them before you buy it. This is important especially if you're concered about hard-to-evaluate big ticket items like a roof. Also if it is very old, and is on a well or septic system, these things may need special attention too.

But owning a home is great! :highfive

joyfulmomof2
06-08-2005, 11:30 AM
:) I am very excited too!! And I am getting more excited about this by the minute. lol My friend's husband is a housing inspector I just found out and he needs some work done on his computer so since dh is into computers I think we can exchange for the inspection. :) I told dh I felt the best thing we could do is have him work for the guy on this particular house for most of the summer and get stuff fixed up and I will even go over and help him when I can and roll whatever he makes into the loan, but we would have the liquid cash which will help immensely. Plus it gives us time to have an inspection done. I don't like being rushed into things, but I am up for a good adventure now and again. :grin It has a gas and electric boiler heater and regular city water - no well. (unfortunately - I would love to be somewhat self sufficient sometime ;)) Anyway I would say pending any really bad news, it sounds like we are going for it. Dh wants it too badly and has already seen me weaken enough that he is not going to take no I don't think. lol Since I am the same way, I know exactly how he feels right now. :mrgreen Anyway, I guess we will need prayer right now that things go smoothly and that we can work this deal out to each other's liking and then that it isn't a money pit. Thanks for all of your help ladies!! I sure appreciate it. I am so excited I can't even tell you. I haven't even told dh that I am excited. I am afraid that he would start doing cartwheels. :lol

OnlyBelieve
06-11-2005, 07:28 AM
Just from the information in your post I would say "go for it". There are very few situaions where buying a house is a bad idea.
The house sounds lovely too!!

joyfulmomof2
06-11-2005, 11:30 AM
Well, lovely might be stretching it a bit at this point. :laughtears :giggle But we are going to go for it! :highfive And we are very excited, though I am feeling a bit overwhelmed. I am sure this is a good decision. I just know that it will be a long time before I feel settled. And I know that is alright, but I just need to relax about the whole thing and trust the Lord. He will lead me in the right direction. I will send pics when it is worth it. LOL

Thanks for your advice, ladies!!! :)