I may have to update the title to this post tomorrow.
I was going to make an offer on the house that I found on Saturday, but before doing that, I wanted to see it again just to make sure. I brought a friend of mine and J's who used to be a real estate agent, and her and her husband also own an HVAC company so she was texting her husband as we were looking at everything.
There are a few things that I NEED to know before making an offer: utility costs (propane and electricity), what type of septic is it, road maintenance agreement (between the neighbours as it is a private lane). Once I have all of the numbers, I'll be able to know if we will be comfortable, or if we would be going back to paycheck-to-paycheck.
Right now we pay $850/month for rent. If we get the house for $215,000 (house is a foreclosure and is listed by the bank at 225,000) our Mortgage payment would go up to $1050/month. Home insurance, I am estimating at $75/month and $125/month for property taxes.
We could afford that housing payment. But, what are the utilities going to cost. That may be the deal breaker.
Also, there is some work that would definitely need to be done before a VA loan would be approved, and it with it being bank owned, it's pretty much 'as is'.
The property itself is surrounded by woods on 4 acres, making it very secluded and private, even though there are neighbours. The land is sloped since it is on the side of mountain, and my friend did say that it would make it hard to sell in the future, but I'm pretty much looking at long term for this house.
And, finally, it's not in the county where we currently live. We love this little town and this county.
I hate that I'm doing this on my own, without J. I wish he were here to even bounce things off of, and to even see it.
We'll see how it goes tomorrow, but I do know one thing, I'm not going to be forced to put an offer on it if I don't feel comfortable.
4 comments:
Don't forget if you are buying that you will need to put aside some money each month for maintenance. That way big repairs won't come as too ugly a surprise.
Good for you for checking out all those details.
I think you are way underestimating the taxes. You may want to check on that. Right now you have it at about $1500 a year.
I realize that I live in one of the most expensive places to live, but our taxes are over $5000.
I agree on accounting for maintenance. Also, do you have all the "appliances" you need...lawnmower, washing machine and dryer, shovel, etc.
Good luck!
You are going about it the right way, checking every detail to make sure the small things don't tip the scale. I also wish your husband was there with you but I am sure he has faith in your decision.
Mysti,
The property taxes at this place for 2010 were $1438.
Already have a lawnmower, the place comes with all appliances, including washer, and dryer. Being Canadian already have a shovel lol :P
The only item I would buy would be a snowblower. That is why I would set up the Custom Club Savings. Already have the maintenance in mind as well.
House also comes with a 2yr warranty.
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