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bprescot
05-28-2013, 11:20 AM
Well, it looks like we've pretty much bought our first house. After an inspection report that detailed out nearly $70K in repairs, we were able to work something out with the seller. And most of the repairs (Roof, Retaining Wall, Foundation Underpin) can be done after close, but prior to our move-in...

Good news is that after WAY too much research, while money might be tight with all the required repairs (and extra loans it will require) for the first few years, when we sell the house, that $70K should yield a nice return... Unless the market crashes again... Or further, or ... whatever... Sh!t. Now I need a drink.

Well, here's to a Bank owning your soul! Prost! :beer:

knyfeknerd
05-28-2013, 11:27 AM
congrats!

echerub
05-28-2013, 11:49 AM
Congrats, and hopefully the renos/fixes go reasonably smoothly :)

bikehunter
05-28-2013, 11:51 AM
Good for you, Ben.

don
05-28-2013, 11:59 AM
Congratulations!

ejd53
05-28-2013, 12:15 PM
Congrats, don't worry about the "worries". It is a natural reaction to the first big buy.

El Pescador
05-28-2013, 12:37 PM
congrats Ben!

Mike9
05-28-2013, 12:51 PM
Congrats Ben - there's no place like a home you own.

Jmadams13
05-28-2013, 12:58 PM
Congrats Ben!

Zwiefel
05-28-2013, 01:26 PM
Congratulations! Being a homeowner can be a real joy....best of luck to you and yours in your new home.

Dream Burls
05-28-2013, 03:42 PM
Congratulations. That first night is always a mix of This is really mine! and What's that noise? Enjoy.

mhlee
05-28-2013, 05:17 PM
Congratulations, Ben!

Zwiefel
05-28-2013, 06:05 PM
Congratulations. That first night is always a mix of This is really mine! and What's that noise? Enjoy.

don't forget, "oh sh1te!! I have to pay for this for 30 years!?" :dazed:

bprescot
05-28-2013, 06:13 PM
don't forget, "oh sh1te!! I have to pay for this for 30 years!?" :dazed:

LOL. It's even worse actually... we took out a 7/1 ARM! I'll either need to sell in 7, or refinance... meaning I'd be paying for 37 years!!

Dardeau
05-28-2013, 07:01 PM
Congratulations!

cclin
05-28-2013, 07:09 PM
Congratulations! enjoy your new house

WildBoar
05-28-2013, 09:09 PM
LOL. It's even worse actually... we took out a 7/1 ARM! I'll either need to sell in 7, or refinance... meaning I'd be paying for 37 years!!Congrats! And that 37 years is not necessarily true -- you can refi at that time (or any time earlier) and get into a 25 yr loan, or a 20, or a 15, etc. Each time you refi try and cut a year or two off the remaining years if you have the income. of course this advice is contrary to those who maintain you should not have any of your own money tied up in the house, so go w/ a long term each time you refi and invest the equity. But with the stock market crashes, etc. I'd rather own my house.

mr drinky
05-28-2013, 09:20 PM
Congratulations, but no pics?

k.

mc2442
05-29-2013, 02:04 AM
Congrats on the purchase!

bprescot
05-29-2013, 02:11 PM
Congratulations, but no pics?

k.

Only have one right now

https://lh3.googleusercontent.com/-w2rmU997d7w/UaY1eNo85SI/AAAAAAAAAco/Y6i2neAoGv0/s640/New%2520House.jpg

bikehunter
05-29-2013, 02:14 PM
Whoa, Ben. That house is killer!

bprescot
05-29-2013, 02:23 PM
It's got a pretty front anyway ;)

In addition to the huge repair bill, unfortunately, there's no real backyard to speak of, just a front yard right at the corner of two streets with "meh" light. In addition to knives and cooking my other hobby is gardening which this house isn't really ideal for... But it's in a nice town, a quick ride in to NYC, and once we do the repairs and are ready to sell in a few years, we will hopefully be able to make some money off of it.

The kitchen was redone recently, however. They've got some new appliances in there and they put in some low-grade granite or marble or some such countertop. Everything looks nice I suppose (just not my style, honestly) but aren't really made for performance... But still. At least I don't have to re-do the kitchen unless I really WANT to. And the LAYOUT of the kitchen is actually pretty damn good. It's got plenty of storage and counterspace, and while there are seats for an Eat-In/Congregation area, it's OUT of my working area. I hate guests crowding me as I'm trying to cook.

So the kitchen is set. And it also has bedrooms. Kitchen and Bedroom... That's all I really need in a house ... The rest is just crap I have to vacuum and keep clean ;)

Zwiefel
05-29-2013, 02:27 PM
Love it! Unusual and classic at the same time.

boomchakabowwow
05-29-2013, 04:52 PM
nice house!! i like it.

buying a home was the best and worst decision ever. hahah..the repairs rattled my feeble nerves.

but i bought a shack.

WildBoar
05-29-2013, 05:41 PM
So the kitchen is set. And it also has bedrooms. Kitchen and Bedroom... That's all I really need in a house ... The rest is just crap I have to vacuum and keep clean ;)My list of 'must-haves' includes bathrooms. But I admittedly never was into camping, etc., so self-fertilizing the garden has never been high on my list of things to do. :lol2:

bprescot
05-29-2013, 05:47 PM
My list of 'must-haves' includes bathrooms. But I admittedly never was into camping, etc., so self-fertilizing the garden has never been high on my list of things to do. :lol2:

Kitchen has sink, garbage disposal, and pull out sprayer-ma-jiggy... Geez man, why you need something so FANCY?

marc4pt0
05-29-2013, 06:31 PM
Congrats and WELCOME HOME!

mr drinky
05-29-2013, 07:48 PM
That house looks amazing.

k.

Eric
05-30-2013, 12:10 AM
Nice Tudor. I grew up in a similar style house in Teaneck, then tenafly! Enjoy.

mkmk
05-30-2013, 01:01 AM
Nice -- congrats!

We've got a contract pending on a new place, and are selling our current home (been here ~12 years). Exciting, but super stressful.