So on with the adult version of self.
Oct. 18th, 2008 04:09 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
valis2I haven't talked about this much yet, but Husband and I are going to attempt to buy a house, either this month or next month.
The house we are hoping to buy is Husband's grandmother's house. It's in a not-so-suburban area, where you can still find farms and stuff, but it's right next to an affluent area that's starting to overspill into it. It's one of the few places in Oakland County where development can still happen.
The price is terrific, though it's still kind of high in comparison to our budget, but it's the last piece of the original family farm that's in family hands, and they want to keep it this way.
The house is an eighties-style ranch, and the layout is long and divided, just like most houses from that decade. However, it was built in 1992, which is really new, probably the newest house we'd ever be able to afford. It has three bedrooms, two and a half bathrooms.
The great things about this? Well, the price is fabulous. And because she is moving into an independent living complex, she's downsizing, which means she's leaving all sorts of things behind...a tractor, garden tools, a dining room set, a bedroom set for the guest bedroom, desks, entertainment center, a largish TV, etc. Most of the stuff first-time homebuyers have to buy--like weed killer--are already in the garage. Plus, she's prepaid the garbage pickup until next August. Stuff like that. It has a brand-new high-efficiency furnace/central air unit. The roof is brand-new as well.
Also, it was partially designed by Husband's grandfather, who was a civil engineer. Hence, it has lots of great features. All of the doorways are extra-wide. It has a very large septic tank. Everything was very well maintained (while he was alive, at any rate, but she's done a very good job as well).
Other bonuses...let's see. There's an enclosed sun porch, with windows, on a cement slab. A full walkout basement. An attached garage. A shed. A compost pile. Crocks to grow herbs in. Bird feeders.
She has a truly awesome backup generator system that runs on natural gas. It's terrific.
And the view of the backyard...well, let's just say there's a pond, and it's quite pretty and peaceful. The master bedroom is going to be the office, so we can look out at it and think happy thoughts while we work on our things.
Drawbacks? Well water, which I remember from my youth. A septic tank, because it's not an area with city hookup. The area isn't very developed--it's definitely out of get-a-cappucino-at-midnight range and back into the chain-sawing-after-dark range. The internet will most likely have to be from satellite. It's right off a main road (though there isn't a lot of traffic). There might be family obligations as well, but hopefully I'll be able to pick which ones. And...OMG. Mortgage. I just don't know if I'm ready for this. If it weren't for my huge debt, this would be such a no-brainer, but it isn't. I'm totally scared to death. Then again, who isn't, when faced with this?
Send good vibes our way if you can.
The house we are hoping to buy is Husband's grandmother's house. It's in a not-so-suburban area, where you can still find farms and stuff, but it's right next to an affluent area that's starting to overspill into it. It's one of the few places in Oakland County where development can still happen.
The price is terrific, though it's still kind of high in comparison to our budget, but it's the last piece of the original family farm that's in family hands, and they want to keep it this way.
The house is an eighties-style ranch, and the layout is long and divided, just like most houses from that decade. However, it was built in 1992, which is really new, probably the newest house we'd ever be able to afford. It has three bedrooms, two and a half bathrooms.
The great things about this? Well, the price is fabulous. And because she is moving into an independent living complex, she's downsizing, which means she's leaving all sorts of things behind...a tractor, garden tools, a dining room set, a bedroom set for the guest bedroom, desks, entertainment center, a largish TV, etc. Most of the stuff first-time homebuyers have to buy--like weed killer--are already in the garage. Plus, she's prepaid the garbage pickup until next August. Stuff like that. It has a brand-new high-efficiency furnace/central air unit. The roof is brand-new as well.
Also, it was partially designed by Husband's grandfather, who was a civil engineer. Hence, it has lots of great features. All of the doorways are extra-wide. It has a very large septic tank. Everything was very well maintained (while he was alive, at any rate, but she's done a very good job as well).
Other bonuses...let's see. There's an enclosed sun porch, with windows, on a cement slab. A full walkout basement. An attached garage. A shed. A compost pile. Crocks to grow herbs in. Bird feeders.
She has a truly awesome backup generator system that runs on natural gas. It's terrific.
And the view of the backyard...well, let's just say there's a pond, and it's quite pretty and peaceful. The master bedroom is going to be the office, so we can look out at it and think happy thoughts while we work on our things.
Drawbacks? Well water, which I remember from my youth. A septic tank, because it's not an area with city hookup. The area isn't very developed--it's definitely out of get-a-cappucino-at-midnight range and back into the chain-sawing-after-dark range. The internet will most likely have to be from satellite. It's right off a main road (though there isn't a lot of traffic). There might be family obligations as well, but hopefully I'll be able to pick which ones. And...OMG. Mortgage. I just don't know if I'm ready for this. If it weren't for my huge debt, this would be such a no-brainer, but it isn't. I'm totally scared to death. Then again, who isn't, when faced with this?
Send good vibes our way if you can.
![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
(no subject)
Date: 2008-10-18 08:23 pm (UTC)(no subject)
Date: 2008-10-18 08:51 pm (UTC)(no subject)
Date: 2008-10-18 08:33 pm (UTC)Are there any programs for (first-time) homebuyers in your area? I know in NY, there are various down payment assistance programs as well as some that help you fund the partial cost of a home.
Are you planning to have the house inspected/appraised? That would be an important piece of the homebuying process too, particularly when it comes to knowing the house's value when negotiating a mortgage with the bank. And since at least you (I don't know about your husband) are on a self-employed income schedule, it might be worth fully exploring your options before settling on a mortgage with mediocre terms. If both of you are self-employed and you must do a stated income mortgage, then unfortunately the current housing market climate isn't going to work in your favor -- but I'm sure you can work something out.
The HUD.gov site might be a good place to gather resources. Especially if you're amenable to using a housing counseling agency (most services should be free or only charging a nominal fee), it will make it easier for you to know what sort of programs in your state are available for first-time homebuyers.
Good luck! And when you do move into the house, I'd love to see any pictures :D
(no subject)
Date: 2008-10-18 08:53 pm (UTC)Fortunately for us, the grandmother seems willing to help us with the down payment, and I think that it will all work out.
Are you planning to have the house inspected/appraised?
Yes, that's going to be happening on Monday, and I'm really crossing my fingers that it all goes well!
And since at least you (I don't know about your husband) are on a self-employed income schedule, it might be worth fully exploring your options before settling on a mortgage with mediocre terms. If both of you are self-employed and you must do a stated income mortgage, then unfortunately the current housing market climate isn't going to work in your favor -- but I'm sure you can work something out.
We will probably have the mortgage done in his name only, because my credit, while good, is too scary deep for a mortgage, and I'll only hinder it.
Thank you so much for the links!
And I'll definitely have pics up when it all goes down. :)
(no subject)
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Date: 2008-10-18 08:37 pm (UTC)*sends good vibes*
(no subject)
Date: 2008-10-18 08:53 pm (UTC)(no subject)
Date: 2008-10-18 08:39 pm (UTC)I know the mortgage seems daunting; wait 'til you see the closing (which is a ritual not for the faint-hearted). But all mortgages are that way, to start with. You almost always buy the best house you can imagine affording. But if it's a fixed-rate mortgage (which I STRONGLY advise), then the payment stays the same forever, while your income usually goes up, at least as much as inflation, one hopes. And then ten years down the line, you look up one day and realize that the monthly payment is now quite manageable, because time and inflation have shrunk down the fixed monthly payment into something you can afford.
You'll see. And beyond that, it just sounds like a lovely place to live. I'm happy for you!
(no subject)
Date: 2008-10-18 08:58 pm (UTC)Oh, yeah. I cannot believe how lucky we are. I mean, I knew that I had enough furniture for a house already, and enough of the side things--dishes, towels, etc.--but to have all of this stuff left for us, to not have to purchase rakes and trowels, well...it's incredibly fantastic.
I know the mortgage seems daunting; wait 'til you see the closing (which is a ritual not for the faint-hearted). But all mortgages are that way, to start with.
Yes, that's what I keep saying to myself. "Everyone goes through this. Everyone has sticker shock at first."
You almost always buy the best house you can imagine affording. But if it's a fixed-rate mortgage (which I STRONGLY advise), then the payment stays the same forever, while your income usually goes up, at least as much as inflation, one hopes. And then ten years down the line, you look up one day and realize that the monthly payment is now quite manageable, because time and inflation have shrunk down the fixed monthly payment into something you can afford.
*crosses fingers* Yes, I'm hoping that this all works out and that we can afford it. I very much hope so. Husband is going to be switching careers at some point, and that makes me a little frightened, but still...
You'll see. And beyond that, it just sounds like a lovely place to live. I'm happy for you!
It's wonderful, honestly. It's a place we can grow in. The basement is big, and if we are able to have children then I'll remodel the basement and use that for the business stuff.
(no subject)
Date: 2008-10-18 08:51 pm (UTC)(no subject)
Date: 2008-10-18 08:55 pm (UTC)On the other hand, it's truly one of the saddest things--she loved the house, and this is the land where her family has been--where she was born--and it's truly a sad thing to see her, the matriarch, going off to a little apartment.
(no subject)
Date: 2008-10-18 08:52 pm (UTC)Sounds absolutely fantastic. And a pond? Must be really beautiful! I hope you'll post some pictures ... :D
(no subject)
Date: 2008-10-18 08:55 pm (UTC)(no subject)
Date: 2008-10-18 09:13 pm (UTC)(no subject)
Date: 2008-10-18 09:52 pm (UTC)*hugs* I hope it all works out and a bank will give us a mortgage!
(no subject)
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Date: 2008-10-18 09:37 pm (UTC)(no subject)
Date: 2008-10-18 09:53 pm (UTC)(no subject)
Date: 2008-10-18 09:51 pm (UTC)may the Force be with you!
(no subject)
Date: 2008-10-18 09:53 pm (UTC)Thank you!
(no subject)
Date: 2008-10-18 09:52 pm (UTC)ifwhen you get it so I can update my address book!*sending good vibes!*
(no subject)
Date: 2008-10-18 09:54 pm (UTC)*hugs*
I will definitely send you the new address! *more hugs*
(no subject)
Date: 2008-10-18 09:53 pm (UTC)(no subject)
Date: 2008-10-18 09:54 pm (UTC)(no subject)
Date: 2008-10-18 10:01 pm (UTC)(no subject)
Date: 2008-10-18 10:06 pm (UTC)(no subject)
Date: 2008-10-18 10:12 pm (UTC)Lots of possitive energy and thoughts on this coming milestone!
(no subject)
Date: 2008-10-18 10:20 pm (UTC)*hugs* Thank you so much!!
(no subject)
Date: 2008-10-18 10:36 pm (UTC)(no subject)
Date: 2008-10-19 12:04 am (UTC)(no subject)
Date: 2008-10-18 10:43 pm (UTC)And it WAS totally scary, and sometimes it STILL feels totally scary (we need to have WHAT repaired, now?) But it sounds like you're totally getting the deal of the century, and I'm very happy for you both.
(no subject)
Date: 2008-10-19 12:05 am (UTC)See, this is what I need to hear. Thank you!
And it WAS totally scary, and sometimes it STILL feels totally scary (we need to have WHAT repaired, now?) But it sounds like you're totally getting the deal of the century, and I'm very happy for you both.
I'm so frightened about stepping into that particular problem--but in the long run, I think we'll be happy there. *hugs*
(no subject)
Date: 2008-10-18 11:07 pm (UTC)Meanwhile...
Remember to breathe ('cause you'll likely be too hyped to relax for a while ;-)
Also remember the medicinal powers of chocolate - administered liberally.
Yes, mortgages 'feel' scary - but you don't build home equity by renting an apartment.
*hugs*
(no subject)
Date: 2008-10-19 12:06 am (UTC)You are so wonderful and sweet, and it is so appreciated, let me tell you!!!
Remember to breathe ('cause you'll likely be too hyped to relax for a while ;-)
You know me all too well. *grins*
Also remember the medicinal powers of chocolate - administered liberally.
Am eating some right now! OM NOM NOM!!
Yes, mortgages 'feel' scary - but you don't build home equity by renting an apartment.
I just have to keep thinking that. I have to keep thinking that this is the best possible move forward for us...
*giant hugs*
(no subject)
Date: 2008-10-18 11:12 pm (UTC)I'm a pushover. The sun porch alone would've probably done me in.
(no subject)
Date: 2008-10-19 12:09 am (UTC)ahahah!! Yes, now I'll have my very own Severus Storage Tank, lol.
It sounds beautiful, if you tend to be a country person, and I get the impression that you are.
I'm a suburbs girl, but because I was raised in the edge of the suburbs, I totally understand this sort of area, and I know that it's going to be getting more developed soon enough, and I think it will be just fine. We're still close enough to "town" to be able to do the things we want.
You'd need a mortgage no matter where you'd buy, and well-water and a septic tank--much of America has these.
Yes, exactly. At least we won't have city water and sewer bills just yet. The water softener is new and works well, even.
It sounds like it has so much character, and the fact that his grandmother's willing to help you with the down-payment.
Yes, she is so incredibly generous I am beside myself. I'm not used to this--my grandmother is kind of opposite. I mean, she has moments of generosity, but nothing like this. This is like a whirlwind of generosity.
I'm a pushover. The sun porch alone would've probably done me in.
And in MI, it means defense from the mosquitoes! I'm so excited!!
(no subject)
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Date: 2008-10-18 11:25 pm (UTC)(no subject)
Date: 2008-10-19 12:09 am (UTC)(no subject)
Date: 2008-10-18 11:45 pm (UTC)It sounds great! I hope everything goes smoothly!
(no subject)
Date: 2008-10-19 12:10 am (UTC)I hope it all goes smoothly as well! Though we do have a backup plan if there are bumps, thank goodness. *hugs*
(no subject)
Date: 2008-10-18 11:56 pm (UTC)(no subject)
Date: 2008-10-19 12:11 am (UTC)*hugs* Thanks!
(no subject)
Date: 2008-10-19 12:34 am (UTC)(no subject)
Date: 2008-10-19 12:42 am (UTC)You have no idea how much that makes me feel better--seriously. Thank you for the comment!!
(no subject)
Date: 2008-10-19 01:23 am (UTC)Sending good vibes your way!
(no subject)
Date: 2008-10-19 01:29 am (UTC)Yes, I'm very much hoping that it all progresses like that. We're on a paved road, at the least, and there's a brand new subdivision across the street, so there's some hope for us yet!
Thank you SO much for the good vibes!! And your icon is scarily appropriate, lol.
(no subject)
Date: 2008-10-19 01:55 am (UTC)Face the mortgage terrors; they wear off. After all, you won't be paying rent any more. And eventually the mortgage will be done with, and you'll have your lovely house, with all the happy associations too.
I hope no insurmountable difficulties crop up, and that soon enough you're in your home.
(no subject)
Date: 2008-10-19 02:09 am (UTC)And the payments will be 1/3 more than we pay now, which could be a serious issue...so we're really starting to go through our pockets and try to figure everything out. We're so lucky to have help from both sides of the family.
Thank you so much for your kind words! *hugs*
(no subject)
Date: 2008-10-19 02:45 am (UTC)Best of luck!
(no subject)
Date: 2008-10-19 02:50 am (UTC)(no subject)
Date: 2008-10-19 03:14 am (UTC)This will be fabulous!!! I wish you well with getting the best-possible mortgage terms!!
*HUGS*
(no subject)
Date: 2008-10-19 12:34 pm (UTC)Thank you SO much for your sweet well-wishing!!
*giant hugs*