Buying a home

[cactusmaac]

Although I prepped like Batman for the whole experience, there was one nasty surprise: I got stuck on a jury for a complex civil case in August, the month when I wanted to narrow down my choices and make a serious offer on something. It made for a tough month, but I found a good house. Two stories plus finished basement, 3 bedrooms, plenty of storage space, a one-stall garage, a decent yard, and in a good location. So good, in fact, that I now live just 2 blocks from a grocery store and small shopping mall, and 3 blocks from the best comic book/game store in the whole metro area. The house was valued at $220,000 in 2007, but was selling for $150,000. I offered $139,000, and we settled on $145,000 plus they would pay $5,000 of the closing costs. There was a little bit of trouble because my agent noticed that there was a well that hadn't been sealed properly, but they took care of it without renegotiating the price. The closing went smoothly and then I spent a busy week buying and assembling some new Ikea furniture, and then moving into the house. On moving day, 8 friends showed up and we got it all done in just under 4 hours.

One disappointment about the whole experience was the cost. Yes, it's often true that rent is often higher than a house payment. That would be true in my case, except that property taxes, mortgage insurance, and interest push my monthly payment just over $1,000, even though I am locked in at 3.75% interest. Before I moved, I was paying $820 a month in rent, though admittedly that was for a half as much square footage. And since then, I have probably spent an average of $100 a month on tools and lawncare stuff. Still, I'm glad that I finally own a house.

You've got ludicrously cheap housing compared to the UK.

[Shellhead]

You've got ludicrously cheap housing compared to the UK.

There is a big difference in population density between the Midwest and the UK.

[o1pickleboy]

Location is extremely important. I've heard that there are houses in Detroit going for less than the price of a new car, but that wouldn't tempt me to buy there. Anyway, think hard about your tolerance level for crime and/or obnoxious neighbors. As Macul mentioned, a bad neighborhood will make the value of your house go down.

Just about everything is my location is the same I live miles from anything that can be called a city. Everything around here would be considered a small rural community at best my options are the "near town", in the sticks and BFE.

Edit- my bigger dilemma is if I plan for my current situation which would have me look for a place extremely close to my job( walking distance) or closer to where my friend and hang outs are(one town over) Also back of my head is maybe living closer to my daughter but gas prices with the commute to work keep me coming back to the first two options.