5/01/2008
decorating!
so the tone of the blog so far is pretty depressing (it's all depressing to me at this point...!). part of buying my own place is of course decorating it. i L-O-V-E interior design, so it's more exciting to me than most, i think. in fact, i am *ecstatic* about the thought of buying my own furniture, plates, lamps... i even can't wait to buy a mop, and... you get the point -- i'm freakin' excited.
part of this blog also serves the purpose of keeping a list for myself of things that i like that i eventually need/want to purchase. whether it be something i saw in a magazine, online, etc. i can have a collection of favorites here. a lot of course enters the realm of "i want this!" rather than "this is a necessity" -- that's where my excitement gets me in trouble. ;)
part of this blog also serves the purpose of keeping a list for myself of things that i like that i eventually need/want to purchase. whether it be something i saw in a magazine, online, etc. i can have a collection of favorites here. a lot of course enters the realm of "i want this!" rather than "this is a necessity" -- that's where my excitement gets me in trouble. ;)
4/29/2008
past negotiations.
in the year that i've been looking, it's inevitable that i would have been in negotiations at some point. well, i've been in negotiations three times, yes three...
the first place gave me that "it" feeling. it was a 1-bedroom, fit all of my criteria (even totally updated), and i just about made it into contract. but the day before it all went to the lawyers, someone else offered more money than the price we had settled on. it was obviously significant enough that they chose to go with the other buyer. but in the end, it was their loss, because i was ready to close whenever they wanted, i had nothing to sell, and i was ready to go with 20% and mortgage approval. even though they think they got a higher price, they probably spent that "profit" continuing to live in their condo, while waiting for the other buyer to sell their house/condo.
the second and third times were on the same property. it was 2-bedroom, 2-bath, and also fit all of my criteria. it happened to be in the same community as the 1-bedroom, and was essentially the same model, just the 2-bedroom version of it. however, this had no updates (which i'm fine with, because i have big plans). the first round was after this condo had been on the market for over a year (that is CRAZY, even now in a bad market). he refused to go low enough, so i walked away when he wouldn't budge. he then removed his condo from the market, and after about a month, it was back on the market with a different realtor and at a lower price. so i tried again, and he still wouldn't budge! so i walked away again. good riddance. he was never able to sell it, and was forced to rent it out. ha!
i've learned that when money is involved, common sense is not so prevelent. even when it's painfully obvious!
the first place gave me that "it" feeling. it was a 1-bedroom, fit all of my criteria (even totally updated), and i just about made it into contract. but the day before it all went to the lawyers, someone else offered more money than the price we had settled on. it was obviously significant enough that they chose to go with the other buyer. but in the end, it was their loss, because i was ready to close whenever they wanted, i had nothing to sell, and i was ready to go with 20% and mortgage approval. even though they think they got a higher price, they probably spent that "profit" continuing to live in their condo, while waiting for the other buyer to sell their house/condo.
the second and third times were on the same property. it was 2-bedroom, 2-bath, and also fit all of my criteria. it happened to be in the same community as the 1-bedroom, and was essentially the same model, just the 2-bedroom version of it. however, this had no updates (which i'm fine with, because i have big plans). the first round was after this condo had been on the market for over a year (that is CRAZY, even now in a bad market). he refused to go low enough, so i walked away when he wouldn't budge. he then removed his condo from the market, and after about a month, it was back on the market with a different realtor and at a lower price. so i tried again, and he still wouldn't budge! so i walked away again. good riddance. he was never able to sell it, and was forced to rent it out. ha!
i've learned that when money is involved, common sense is not so prevelent. even when it's painfully obvious!
4/28/2008
tidbits.
to start off, i'd like to list a few tidbits i've learned...
-- as i've mentioned, you better have excellent credit. if not, run (don't walk) to find out how to start improving it.
-- you always hear 20%, right? that's the amount of c-a-s-h you need to put down. that's 20% of the total purchase price. so you if you buy a place that costs $200,000, you need $40,000 in CASH. that's a lot of fucking money! you need to actually have that much in the bank and cut a check for that amount at some point in the process.
-- when you've put down 20%, that means your mortage will be less that amount. so your mortgage (the amount of money the bank is giving you) would be $160,000. it's that $160,000 that you'll be paying monthly on, plus interest of course.
-- in addition to that big lump sum, you also need to have money to cover a myriad of other fees that the bank will charge you, called closing fees, plus money for your lawyer and his/her fees (the contract, title, etc.). these other fees usually total about 3% of your total purchase price. add that the $40,000 check you just wrote. so on that $200,000 place, that'd be about another $6,000 but you'd better assume more than that (that's a low estimate) -- say $10,000 and you'll be safe. that's now $50,000!
-- more to come!
-- as i've mentioned, you better have excellent credit. if not, run (don't walk) to find out how to start improving it.
-- you always hear 20%, right? that's the amount of c-a-s-h you need to put down. that's 20% of the total purchase price. so you if you buy a place that costs $200,000, you need $40,000 in CASH. that's a lot of fucking money! you need to actually have that much in the bank and cut a check for that amount at some point in the process.
-- when you've put down 20%, that means your mortage will be less that amount. so your mortgage (the amount of money the bank is giving you) would be $160,000. it's that $160,000 that you'll be paying monthly on, plus interest of course.
-- in addition to that big lump sum, you also need to have money to cover a myriad of other fees that the bank will charge you, called closing fees, plus money for your lawyer and his/her fees (the contract, title, etc.). these other fees usually total about 3% of your total purchase price. add that the $40,000 check you just wrote. so on that $200,000 place, that'd be about another $6,000 but you'd better assume more than that (that's a low estimate) -- say $10,000 and you'll be safe. that's now $50,000!
-- more to come!
4/01/2008
what am i looking for?
what i want and what i'm looking for are two very different things. due to what i am able to afford, i have to be realistic as to what i expect to buy at this point in my life. what do i want? i want a 3-bedroom end unit townhouse with a garage in a community that is less than 10 years old that's updated up the wazoo. can i have that? HA! not right now. that's what i want in many, many years from now. right now, i'm looking for a 1- to 2-bedroom condo, with the 2-bedroom condo being a luxury. the catalyst to that being the annual taxes. i've budgeted plenty for the association fees (a monthly fee that covers snow removal, grounds maintanence, pool fee, etc.), but the taxes are sometimes the deal breaker (especially around here, where i live).
another feature i seem to surprisingly encounter in most places is a fireplace. i'm not exactly dying for a fireplace, but it's "nice" to have, and with a high probability of having one, i'll certainly enjoy it.
i should also address a big reason why i've been searching for so long. i'm picky! this is SO, so, so much money -- how can i possibly settle?!
wish me luck... (i need it!)
my must-havesso the first two have always been die-hard requirements with no room for compromise. the third must-have, however, was born as i got deeper into my search. many of the condos around here are not exactly big on square footage, but those with the vaulted ceilings make the place look so expansive and roomy, and it look g-r-e-a-t.
-- top floor of a building (whether it be the second floor of a 2-story or the third of a 3-story, etc.)
-- laundry room (or closet) in the unit
-- vaulted ceilings
another feature i seem to surprisingly encounter in most places is a fireplace. i'm not exactly dying for a fireplace, but it's "nice" to have, and with a high probability of having one, i'll certainly enjoy it.
i should also address a big reason why i've been searching for so long. i'm picky! this is SO, so, so much money -- how can i possibly settle?!
wish me luck... (i need it!)
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