Wednesday, November 19, 2008

The Dream of Homeownership

So I made the decision over the summer to explore the very real possibility of buying my own home within the year since I feel more than ready but also because housing prices are at their lowest and its seems like a great opportunity for me. But being ready and eager and finding something you love and within your price range is already proving to be a real challenge. And I'm not even that picky, I think my wants are simple. I just need:

  1. an easy commute- or specifically nothing worse than my commute to work right now which is 25-40 minutes (depending on season and time of year). I'm lucky right now cause I'm close to the metro and I take 83 down which has been pretty easy lately (usually under 30 mins.)

  2. 2-3 bedrooms, 1.5 baths- obviously, I'm not looking for another bachelorette pad but a place I can raise a family or bring my first child (which is NOT on the way) home to. I'm looking for someplace I can comfortable be in for the next 5 +years.

  3. Family-oriented community- piggy-banking off #2, it has to be an area I'm comfortable raising a child in, that means good schools (which are hard to come by in the city). I don't want to be near the bar scene, high crime, high traffic or noise. I want to be able to sleep soundly at night without honking horns and people constantly coming in and out.

  4. multiple-levels- I need more than a single story, to accomodate myself + 1 and all the damn pets and kids we may (will) acquire.

Pretty simple right? So what are the obstacles?

  • finding all this within my limited price range. I refuse to become a foreclosure story so I'm choosing to buy beneath my means. But naturally that makes it that much harder to find.

  • finding it within a time span in which I won't have to break my lease (I got a wedding to plan now)

  • finding one with my price range that isn't a total shithole.

Add to that all the contradicting advice I've been getting: its a bad time to buy... its a good time to should get a should get a townhouse... you should rent for 2 more years, renting a house during this foreclosure season is a mess, etc.

It's enough to make my head spin. Luckily however, I feel I know what is best for me in my life right now. At nearly 31 years old, I don't see much reason to put this off for more years and especially since I plan on starting a family. I just need to get there. And I'm ready. I am pre-approved, have the 10-15% down payment, the income and the extra cash for renovations. I'll get there.

I just need to hang in there, keep saving and keep doing all my research,


clnmike said...

Take your time with it, the thing got so out of hand down here people were going homeless, my county led the nation on foreclosures.

On the flip side is that there are a lot of deals out there because of the bust and foreclosures. Might want to look into goverment auctions.

Torrance Stephens - All-Mi-T said...

yes it is simple, we crteate our reality. I bought my house in 1998. 5 bed rooms, 4000 sq feet, 13 rooms and 11 acres = 95K so i know u can do it and hope u dont mind the drive by do chk me out one day

rawdawgbuffalo and if u like what u read, maybe u will come back

SleepyStars said...

*Just passing through*

I'm in the process of buying right now. Unlike you, I don't have any kind of downpayment, but I'm trying to take advantage of the market. Luckily I qualify for a 100% financing first-timers program (well, as long as I move outside of city limits).

I have an offer in on a very nice house but it's going to be a long process b/c it's a short sale and for whatever reason, I have to wait 30-60 days to even get a response out of the seller's bank.

All I can do is wait. I haven't seen anything in my price range that compares to this house.

Brothers Blog said...

You can do it. Good luck to you and the future husband on achieving the joy of home ownership.

Not Your Average Male said...

Dear GFPH,

My name is NYAM -- and I'm a homeowner. I contracted this disease at the ripe age of 23 after a chance encounter with a new lease proposal. After scoffing at the amount that I'd already spent and would continue to spend, I decided to foray into the land of homeownership and cast my lot.

I will say that I made one mistake -- I bought too soon. I love that you waited as long as you did. Even better, you'll have a loving helping hand at your side to rule your nation with the most iron of fists.

I love being an owner and have no doubts that you will as well. It is hard at times, but the pride that comes with it is unparalleled. I'll leave you with one suggestion: get a shotgun. You never know when you'll have to blast a kid off your front steps.

I'm just saying... anyway, good luck!