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I will own a home

B

BrApple

No Life But CEG
Moderator
Joined
Dec 23, 2001
Messages
21,731
Location
Gales Ferry, CT
:shocked:

some may recall this thread I started back in January about getting ready to purchase a home. Well for the last 4 to 6 months I have been looking online at properties and trying to figure out what I could afford and what i would like. At the end of October I signed with an agent and went from there. Well over those month I kept coming back to one place. And after seeing it twice I decided that I would make an offer. Well this past Friday I did just that. Today the contract has been signed and I am getting to mortgage application rolling, need to call a home inspector tomorrow and I need to contact an attorney this week. I wanted to push the closing out as far as possible but the current owner wants to be out before the end of the year. So I got a small concession for bumping up the closing date. Its going to be grueling but I will work everything to get it done.

I did end up with a first time home buyers loan so I was able to put a small amount down and keep the total for closing costs in control. This leaves me after a seller assisted closing with half of my savings as an emergency fund. I don't like the idea of PMI but its a nessacary evil as of this time. The monthly payment is also very managable which is great.

So the home is in souther enfield in a great neiborhood. Every time I have gone down the street there are people outside, kids about and people taking care of their homes.

This place is a 4 bedroom cape with a 2 car garage. I one stead fast requirment was a 2 car garage. So not to much came up but this one fit the bill. I nice sized/level yard in a good neiborhood. The structure of the home is very strong and many of the good updates have been done, ie newer roof, furnace, etc. Looking to get alittle more concession on price after the home inspection because the oil tank should be replaced and the garage roof has a wave in it so that should be repaired. Otherwise its in move in condition and I don't have to do much of anything.

I still can't believe all of this fell into place. I made up my mind I wanted out of the apartment and wanted a place of my own that I could do with what I wanted and to have it as an investment for the future.

:crazy:

so needless to say after I get settled in everyone will be invited over.

here are the listing photos for those interested.

http://www.weichert.com/search/realestate/propertyimages.aspx?p=21810217


so as I said the SVT and SeVT-T will now have a proper place to reside.
 
Party at Brian's house! Brian's not invited! :laugh:

Congratulations! That must be an absolutely awesome feeling. Hmm now who's next in NE to get a house? Matt? :crazy:
 
Congrats, i'm in the same boat.

i've got a lowball offer out on a short-sale house in my area, but short sales can take forever. luckily time is on my side so i'm relaxing and continuing saving $$
 
wo0t!! Congrats man! It must be the greatest feeling.

I'm really curious how much first time home owners typically put down. I've been tempted to sell one of the cars and put it towards my own home, but at the same time, I feel like saving up gradually. :ponder: I can't build up a savings with what I'm paying for rent at home right now. :mad:
 
Looks great Brian, Glad all is working out for you. :D It's exciting times for sure.

When you need help moving be sure to call anyone but me. :laugh:
 
CSVT1214 said:
wo0t!! Congrats man! It must be the greatest feeling.

I'm really curious how much first time home owners typically put down. I've been tempted to sell one of the cars and put it towards my own home, but at the same time, I feel like saving up gradually. :ponder: I can't build up a savings with what I'm paying for rent at home right now. :mad:
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I am not sure it will feel real until I move in.


as for how much down, 20% of course would be ideal but that is a very big amount to save up. I was able to put 3% down and I got some seller assisted closing to keep the closing costs down. I know there will be more things I am going to have to pay for as time goes on, like remaining oil, utilities, etc ... with any luck I have only used half my saving to make this happen leaving me with a decent amount of emergency funds when needed.
 
zorrex said:
Hmm now who's next in NE to get a house? Matt? :crazy:
Click to expand...
no way man. It will take me a while more to save up down payment. I was preapproved for a mortgage so I know my goals.

Congratulations Brian!! That is a beautiful house - perfect size, age, yard and location. I love it!

I say the first home improvement project is expanding the garage so it is a tandem four-bay :)
 
I could probably do 3% if I cancel my vacation for next year. :cry:

I'm really itchin to own my own home. Theres so much I want to do here, but it's not mine so I'm not wasting my time, energy and money on it. It's tough because I see so much potential in this house.

Sandra needs to graduate and start makin the bucks so she can be my suga mama.
 
Heyyyyyy, congrats! I know you've been pretty jazzed about this for a while, great to see it finally happen!

That's a pretty darned nice house, and one heck of a price!:cool:
 
todras said:
Woot! Congrats! Nice garage and deck. Interior looks a bit outdated but that's easily fixable.
Click to expand...


yeah the interior isn't bad at all. its been kept up but not alot of major changes where made.

did I mention I am purchacing from the original owner.
 
Congrats Brian.

I agree with Matt, blow the back wall of the garage out and expand it into the back yard. then you will have storage for the two cars, plus parking for the daily drivers.
 
thanks everyone. It definately has been a crazy 4 days. I will have the mortgage application set tonight and will be lining up the attorney and home inspection today.

interesting idea on the garage :ponder:that could definately be done down the road :laugh:
 
yeah you definitely have the land available to do it, and still plenty to spare afterward too.
Very cute house.
4 bedrooms? damn!
blow a wall down and make a super sized master bedroom! woot!

Any room in the basement for a media room? ;)

original owner is pretty cool. What year was the house built?
 
lets see the lot is .3 acres and square.

house was built in 1962. it has newer electrical, furnace, roof and the bathroom and kitchen where redone. the title work in the bathroom is high quality as is the whole house.

Yes the upstairs was most likely unfinished when the home was build as typical of capes. right now it is two bedrooms. I did have the idea the upstairs could be turned into a large master bedroom. At the least a half bath can be put in at the top of the stairs to make the upstairs more useful.

as for the basement .... it is a perfectly dry and non-basement smelling area, ie no musty smell. Its unfinish so there is a great chance to finish part of it to create an entertainment area, also a thought that I had.


also the kitchen can be addressed also. right now there is no dishwasher. but if the door was moved to where the fridge currently is more counter and draw/cabinet space could be put in along with a dish washer.

another way I am lucking out is all major appliences are staying with the home. so the new stove top, oven, hood, washer and dryer.

the plot of land is great, the house is very wel built, and there is alot of potential. plus is is only a few minutes from 91 still and its even closer to work :laugh:

like I think I said everything else I looked at just wasn't a good pick. for one reason or another like location, needed updates, resale, etc just didn't work. This location is great and has potential for a good resale.

I didn't think this would happen so fast but I did want it to happen. This is a great investment for the future plus it will be mine. The aprtment isn't bad but this will be so much better. I can finally stop dealing with Mac Gray for laundry :laugh:


so most other places that where cheaper also needed alot more work. so I am paying alittle more for this place but like I said its move in ready.
 
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