Fanaticus
New Member
Tomorrow my wife and I are closing on our first house.
We got a hell of a deal.
The house is a 2000 sq ft bi-level in a good neighborhood, assessed in 2010 at $171,000. 3 nice bedrooms, 2 full bathrooms, an upper and lower deck, large family rooom, large dining room and kitchen divided by a large breakfast bar. It also has a large rec. room and a screen room facing the backyard. It has a nice laundry / mud room and a 2 car attached garage. Sitting on a little over 1/4 acre. The back yard is fenced in, the driveway is blacktop, the siding is aluminum, the roof is new.
The only downsides are the furnace, air conditioner, and water heater are 32 years old. Original with the house, which was built in 1979.
We are paying $120,000.
Now get this.
We are using 1 state funded grant (forgivable loan) that gives us $5,000 to use as down payment or closing cost assistance, as long as we bring the property up to code (done, for $250).
We are using 1 County funded grant (forgivable loan) that gives us $10,000 to use as down payment or closing cost assistance.
So a total of $15,000 to use for down payment and closing costs.
AND - after closing tomorrow, we are qualified and accepted to another county funded grant to gives us $20,000 to "rehab" the house. SO... a new furnace, water heater, and air conditioner are going in right away. THEN, with the money left over we're putting in new windows and patio doors, and possibly remodeling the kitchen and will still have money left over to update whatever else we can.
The inspections went really well, with just a few minor things that can easily be done by ourselves.
WOW!!! A $171,000 house for $120k, plus $35k to use to buy it and update it.
Not to mention an interest rate of 4.125% fixed.
We're pretty excited.
Currently we (my wife and I along with our son) live in a 700 sq ft 2 bedroom apartment in a vacation town. We figured that we will save $200 a month in gas by not having to drive as far to work every day, and we'll save another $70 a month in our water bill (expensive where we live) and about $40 a month in natural gas/ electric costs.... it's very expensive to live in a vacation town. Not to mention, when you live there, there's nothing there to do unless you really really really like the lake. So, what we will save every month will pay for the increase going from renting to owning plus some. And, we'll live much closer to the shop and be living in a town that has tons of activities other than a lake and rubbing elbos with the rich.
This house we bought was owned by an elderly retired couple. They moved in in 1981 after retiring. About 5 years ago the husband passed away and the wife stayed living there, 2 years ago at the age of 95 she passed away. The house was left to their only son, who is retired himself and doesn't have any real need for the money, as he's financially comfortable. So he's kept the house heated and water running for the last 2 years until he decided to sell it.
The decoration is original to the house from 1979 (wallpaper needs to go!), but is very sturdy and sound. With a little cleaning and paint it's going to be a great place to raise our son and house our family.
Just wanted to share.
We got a hell of a deal.
The house is a 2000 sq ft bi-level in a good neighborhood, assessed in 2010 at $171,000. 3 nice bedrooms, 2 full bathrooms, an upper and lower deck, large family rooom, large dining room and kitchen divided by a large breakfast bar. It also has a large rec. room and a screen room facing the backyard. It has a nice laundry / mud room and a 2 car attached garage. Sitting on a little over 1/4 acre. The back yard is fenced in, the driveway is blacktop, the siding is aluminum, the roof is new.
The only downsides are the furnace, air conditioner, and water heater are 32 years old. Original with the house, which was built in 1979.
We are paying $120,000.
Now get this.
We are using 1 state funded grant (forgivable loan) that gives us $5,000 to use as down payment or closing cost assistance, as long as we bring the property up to code (done, for $250).
We are using 1 County funded grant (forgivable loan) that gives us $10,000 to use as down payment or closing cost assistance.
So a total of $15,000 to use for down payment and closing costs.
AND - after closing tomorrow, we are qualified and accepted to another county funded grant to gives us $20,000 to "rehab" the house. SO... a new furnace, water heater, and air conditioner are going in right away. THEN, with the money left over we're putting in new windows and patio doors, and possibly remodeling the kitchen and will still have money left over to update whatever else we can.
The inspections went really well, with just a few minor things that can easily be done by ourselves.
WOW!!! A $171,000 house for $120k, plus $35k to use to buy it and update it.
Not to mention an interest rate of 4.125% fixed.
We're pretty excited.
Currently we (my wife and I along with our son) live in a 700 sq ft 2 bedroom apartment in a vacation town. We figured that we will save $200 a month in gas by not having to drive as far to work every day, and we'll save another $70 a month in our water bill (expensive where we live) and about $40 a month in natural gas/ electric costs.... it's very expensive to live in a vacation town. Not to mention, when you live there, there's nothing there to do unless you really really really like the lake. So, what we will save every month will pay for the increase going from renting to owning plus some. And, we'll live much closer to the shop and be living in a town that has tons of activities other than a lake and rubbing elbos with the rich.
This house we bought was owned by an elderly retired couple. They moved in in 1981 after retiring. About 5 years ago the husband passed away and the wife stayed living there, 2 years ago at the age of 95 she passed away. The house was left to their only son, who is retired himself and doesn't have any real need for the money, as he's financially comfortable. So he's kept the house heated and water running for the last 2 years until he decided to sell it.
The decoration is original to the house from 1979 (wallpaper needs to go!), but is very sturdy and sound. With a little cleaning and paint it's going to be a great place to raise our son and house our family.
Just wanted to share.
That takes time & design 
