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smg01Well. That cute little house that I fell in love with the other day? Yeah. In a crushing blow, it turns out that it's on a flood plain. The organization that provides financial aid for first time low income buyers will not approve a house that's in flood plain. Which, I tell myself, is overall a good thing. It's never fun to have a living room full of water, no matter how cute the house is. So that was deflating.
However, yesterday, my agent and I looked at a townhouse (not in a flood plain). And we're going to get together tomorrow to do a contract for it. It's not as cute as the house was and there is a sort of "apartment complex" feel to the collection of townhouses that it's a part of. And no garage. But, there's a full (unfinished) basement, three bedrooms, well kept up, and over 1200 square feet. I wouldn't be able to buy a single family house of the same size for the price range that I'm in. My agent did a quick check and noted that values for those townhomes have increased steadily over the past few years, so from an investment standpoint it looks like a reasonably good move as a starter home. I think I could be good there for a few years and then springboard up in the market.
Oddly, now that I've made a decision, I feel a little more anxious. I think mostly because it's such a big investment for me and the whole "am I doing the right thing" questions that come with it. Of course, all of this presupposes that the owner will accept the offer and be willing to deal with the extra time and inspections that using my funding agency requires.
Also, I think the previous owner may have watched a few too many episodes of Trading Spaces. I'm not too crazy about the bright red that the upper hallway and bathroom is painted. Or the rather bright turqoise of one of the bedrooms. I must say, though, they did do an excellent painting job even if I'm not crazy about some of the colors they chose. And paint is an easy enough thing to change.
Eeeeee!
However, yesterday, my agent and I looked at a townhouse (not in a flood plain). And we're going to get together tomorrow to do a contract for it. It's not as cute as the house was and there is a sort of "apartment complex" feel to the collection of townhouses that it's a part of. And no garage. But, there's a full (unfinished) basement, three bedrooms, well kept up, and over 1200 square feet. I wouldn't be able to buy a single family house of the same size for the price range that I'm in. My agent did a quick check and noted that values for those townhomes have increased steadily over the past few years, so from an investment standpoint it looks like a reasonably good move as a starter home. I think I could be good there for a few years and then springboard up in the market.
Oddly, now that I've made a decision, I feel a little more anxious. I think mostly because it's such a big investment for me and the whole "am I doing the right thing" questions that come with it. Of course, all of this presupposes that the owner will accept the offer and be willing to deal with the extra time and inspections that using my funding agency requires.
Also, I think the previous owner may have watched a few too many episodes of Trading Spaces. I'm not too crazy about the bright red that the upper hallway and bathroom is painted. Or the rather bright turqoise of one of the bedrooms. I must say, though, they did do an excellent painting job even if I'm not crazy about some of the colors they chose. And paint is an easy enough thing to change.
Eeeeee!
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Date: 2004-09-23 06:36 pm (UTC)no subject
Date: 2004-09-23 06:57 pm (UTC)I think the knowing that every month's payment goes toward something is one of the most exciting things to me.