Buying a house – blogging away debt Blogging away debt


    of hope

    It is an official … signed sales contract, an approved mortgage, a full valuation and a tentative deadline. I’m buying a house.

    As I mentioned earlier, I had an inspection done before presenting it to anyone other than my father. And then he and I checked it out together and highlighted the “red flags”. I then arranged a call to my landlord, who has offered to sell me the house since I moved in.

    ((He is an older man and has been selling his rental property for several years. It is not just trying to discharge a problem house as some readers have suggested. And yes, I have checked the local property records and can confirm this to be true.)

    The deal

    I’m really terrible in negotiating, but armed with my inspection report and the number of repairs and offers from contractors, I felt prepared. I also had a target price and a maximum price, along with non-negotiable ones. My landlord received the inspection report about a week before we talked so he could see where I was from.

    But in the end we both felt good about where we ended up …

    Home price: $ 95,000

    Seller to:

    • Replace the roof (completed last Friday) – Inspector said it would need to be replaced in the next 5 years
    • Replace A / C Unit – (completed a couple of weeks ago) We had problems with it every year when we first turned it on. He always fixed it, but it’s from 2007 so I didn’t want to risk the cost of replacing it for the next few years.
    • Upgrading / Replacing Electricity – This house still has a fuse box and multiple outlets which are fussy. This is work in progress as it has been difficult to find an electrician. The roofer referred us to someone so he brought them out this week for an offer. * Cross my fingers

    We had a leak in our one bathroom that was already being fixed and he let me pull out all the new tiles etc so it’s really like getting a new bathroom.

    Monthly budget

    The conclusion is currently set for the end of this month. I’m so excited!

    Based on mortgage estimates, my payment will be approximately $ 480 per month. I am currently paying $ 650 in rent. And I have already taken out household contents insurance and changed my existing tenant insurance as of the reporting date. Between the two of them, my monthly housing benefit payment doesn’t change much at all.

    I realize that the BAD community does not approve of this decision. But after 14 years of constant movement, this is the right decision for me.


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