Monday, February 8, 2010
We bought another one!!!
We are now owners of not one, not two but three homes. After much prayer and crunching of numbers, we decided it best to hold off on the repairs on our prior residence, and purchase another home. Here is our reasoning.
1.Our prior residence, is technically rented to one of Jack's friends for our holding costs (he has the main floor) The agreement was he got cheep rent in exchange for having to put up with our dust, but he is covering our months to month costs on the home plus keeps it safe by occupying it.
2. The school district we live in is going through some really tough times, making decisions that many parents are not happy about. However, a neighboring school district is excellent, thus rentals in that district or hard to come by and high in price.
3. Housing prices right now are at all time lows with Bank Repo's being the norm for the area. If we spend our money fixing Spencer now, by the time we are ready to look for another home, chances are good we will be paying more for it.
With all that said. We started looking around Thanksgiving, but homes in the school district we wanted were being snatched up before they were even listed.
We truly thought we would just put down a sizable down payment on good solid home and do minimum repairs. Then we saw this home in the area we wanted, listed at $29,000. Its not much to look at, but the inside is in great shape, EXCEPT THE PREVIOUS OWNER TOOK THE FURNACE. Without a furnace the home is not considered eligible for a mortgage. So we put in a very low offer, which they refused, we then put in all the money we had minus what we would need for basic repairs (which was $15,000) and they took it!!!! WE GOT IT FOR 1/2 PRICE!!!.
Demolition is now complete, simple this time, just pulled up some carpet and old lino, then spent 2 full days stripping wall paper (which is a huge pain I may later share with you but now just makes me bitter).
Today we are expecting the furnace to arrive, then this weekend it will be installed, and then putting it back together happens, which requires painting all rooms neutral and putting in new flooring and one new window. We hope to have it all done by the end of March and rented by April 1st.
Posted by Victoria at 7:32 AM