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We're buying our first house!!!

Torque Junkie

By Torque Junkie
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Torque Junkie Enthusiast

Torque Junkie

Posted
Posted

The seller accepted our offer of $96,000 on our first house! No more rent!!!!!!!!

 

It's an 1800sq/ft 2 bedroom +office, 1 bath, 2 story + unfinished basement (3 stories total). It was built in 1900 and fully remodeled in 1996 w/ the exeption of carpet, which looks as though it was late 70's/early 80's. We both love modernized older homes, so we both fell in love with it. It's on a 7000sqft lot and has a fully landscaped front and back yard with new fencing.

 

The only down side, is the 1 car "garage" is actually a shed w/ a dirt floor that's the size of a garage.... so depending on how much more home gets appraised than what we paid, we'll go for a home equity LOC to get a real garage built.

 

Our payments with tax & insurance will be roughly $700/mo (30 yrs, 5.0% APR fixed), and it will be ours and building equity. The hardest part is coming up w/ the $3700 up front. We have it but it will be very tight for the next few months.

 

We close on April 23rd, contingent upon a satisfactory complete home inspection, us being able to finalize adequate financing, and a satisfactory appraisal. We plan to rip up the old carpeting 4/24, paint 4/25, have new carpeting put in on 4/26, and move in on 4/27.

 

We can't wait!

 

Here's the listing w/ pics:

http://www.floberg.com/mls_detail.php?ML_N...0329&photo=show

kclm7 Enthusiast

kclm7

Posted
Posted

Congrats! :rolleyes:

 

Do yourself a favor though, if you can handle the extra $100 or so a month, get yourself into a 15 year loan. I promise you, it will be the best thing you ever do.

 

We bought our first house 4 years ago (April 00) and at that time the best 30 year we could get was over 8%. We refinanced about 18 months later down to 30 @ 6.5%. In October 02 we dropped to 15 @ 5.5% and last month 15 @ 4.75%. I doubt I'll ever need to refi again but from Jan 03 to Feb 04 we knocked almost $8k off the principle of our loan. That may not seem like much, but on a 30 year it would take like 5 years to knock that much off. You have to pay into about your 22nd year before you really start to knock down the principle. Sit down and look at your amortization schedule on your 30 year note. I bet on that $700 payment your're putting around $50/mo towards principle and the rest is helping the bank build a fancy new building. Something to think about.

 

My house just appraised at $35k more than I paid for it 4 years ago and $67k more than I owe on it. If we stay here that long, I'll own this place outright by the time I'm 42 and it will probably be worth double what it is now......

 

Steve

GF7PE Enthusiast

GF7PE

Posted
Posted

d**n!!!

 

same house here would be $250,000 to $400,000 depending on location

sincityZ71 Senior Enthusiast

sincityZ71

Posted
Posted

Congrats :D

 

A $96,000 home in this area will get you a house will all sorts of options, like drive-by shootings, crack houses, gangs, etc. :rolleyes:

silverado man Senior Enthusiast

silverado man

Posted
Posted

Congrats the fiance and I just got one ourselves also. As a matter of fact we just moved in this past weekend.

 

Nice house you have though. It feels great to be live in something that will pay you back for years to come.

LikeaRock14 Enthusiast

LikeaRock14

Posted
Posted

Jesus, you guys are lucky. Out here in my area of California, if you're looking for a house like mine, i.e: 4 bdrm, 4 bth, 3 car garage, etc, you're looking at $500,000-$750,ooo EASILY

 

The housing market in California sucks. :cool:

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