mithrandir2001
Diamond Member
When I woke up yesterday morning, I had no idea that in 30 hours I would be a homeowner. But that's the case right now. I received a call from my realtor minutes ago that my offer was accepted by the seller and I am moving to close.
The market here is very hot, which is odd for an older, industrialized region with zero population growth. But the house I wanted - a townhouse in excellent condition - is somewhat of a rarity, especially one that is rather affordable. I was told there were multiple offers on the table and my offer was the best. (Of course).
What did I get? A two-story 14-year old townhouse on 0.05 acres with 2 bedrooms, 1.5 baths, sliders to patio with new privacy fence, 2 car driveway, new roof, new kitchen cabinets, range and vinyl flooring, newer central air, heater and carpeting, big kitchen and master bedroom, fridge and washer/dryer included. Convenient location, well-rated schools. Nothing to wow you, but it's just a nice house that doesn't need much work. Price: $132K
I was pre-approved to buy a $190K home, but I was able to spend less than that without getting an undesirable property. I am very happy about this because I do not consider this transaction to be much of a financial burden. 20% down and I'm looking at $700-725/month P&I, $200/month for taxes, $30/month for homeowners insurance. No PMI, no condo fees. That's just under $1000 a month, which is about what you'd pay for a 2 bedroom apartment here. No check-to-check living either...I'm planning I'll have at least $500 "surplus" at the end of each month for savings and long-term goals. And even after needing $33K to close, I'll have quite a bit of money left over in savings for that important emergency 6 month living expenses fund. OK, that's enough financial disclosure. 😉
I've been living with my parents for the past 5 years, so this is the payoff. Sorry, landlords, no apartment rent from me. 😛
The market here is very hot, which is odd for an older, industrialized region with zero population growth. But the house I wanted - a townhouse in excellent condition - is somewhat of a rarity, especially one that is rather affordable. I was told there were multiple offers on the table and my offer was the best. (Of course).
What did I get? A two-story 14-year old townhouse on 0.05 acres with 2 bedrooms, 1.5 baths, sliders to patio with new privacy fence, 2 car driveway, new roof, new kitchen cabinets, range and vinyl flooring, newer central air, heater and carpeting, big kitchen and master bedroom, fridge and washer/dryer included. Convenient location, well-rated schools. Nothing to wow you, but it's just a nice house that doesn't need much work. Price: $132K
I was pre-approved to buy a $190K home, but I was able to spend less than that without getting an undesirable property. I am very happy about this because I do not consider this transaction to be much of a financial burden. 20% down and I'm looking at $700-725/month P&I, $200/month for taxes, $30/month for homeowners insurance. No PMI, no condo fees. That's just under $1000 a month, which is about what you'd pay for a 2 bedroom apartment here. No check-to-check living either...I'm planning I'll have at least $500 "surplus" at the end of each month for savings and long-term goals. And even after needing $33K to close, I'll have quite a bit of money left over in savings for that important emergency 6 month living expenses fund. OK, that's enough financial disclosure. 😉
I've been living with my parents for the past 5 years, so this is the payoff. Sorry, landlords, no apartment rent from me. 😛
