Should I Buy It?

[Brewer]

G'day All!

My life is good. As good as it gets on this planet at the moment. Three good jobs, hobbies, interests, friends and enough petty tyrants to keep me on my toes! I live in a nice little town, I'm in good health and am financially stable. I'm more or less a happy and contented person.

Just wondering what to do. I've been offered a tiny but cosy house to buy. It's ramshackle but perfect for my needs, it has everything. I'd be close to my son. A great place to bunker down for the interesting times ahead and work upon myself (learning how to pipe breathe at them moment). As a one of the local ambulance officers it'd be a great place to continue to be of service to my local community.

I've got the money for the deposit, can get a loan, the mortgage would be cheap, half the cost of renting. At the time of writing, under the current economic system at least it's a great buy.

Just got some niggling doubts about it. To get this house would consume considerable energy, so would renting but I'm wondering if my energies could be better spent elsewhere. For example, traveling overseas and doing an EE course or something like that. Mind you the place is so cheap to run I could easily save up and travel later.

One more thing that niggles me is how everything is falling so neatly into place. Wife and I broke up two years ago, found a cheap place to live with great friend with whom I get along with well. It's been a mutually beneficial relationship for both of us. In 3 months we must both move, he's got a house, I've been offered this one to buy in 3 months. Don't have to worry about renting and having the house sold from underneath me. People have been giving me stuff for the house. I've even got a beekeeper offering to show me how to keep bees!

There's really nothing to complain about but it all seems too perfect!

Thanks all

Brewer

 

[Mrs. Peel]

One more thing that niggles me is how everything is falling so neatly into place. Wife and I broke up two years ago, found a cheap place to live with great friend with whom I get along with well. It's been a mutually beneficial relationship for both of us. In 3 months we must both move, he's got a house, I've been offered this one to buy in 3 months. Don't have to worry about renting and having the house sold from underneath me. People have been giving me stuff for the house. I've even got a beekeeper offering to show me how to keep bees!

There's really nothing to complain about but it all seems too perfect!

Thanks all

Brewer

Hi,

Well, I've just moved in the past couple weeks myself. And yes, for the most part things did fall into place. I found a townhouse that had everything I wanted, and got the sellers to come down over ten thousand on their asking price. Since I needed to sell my own home to transfer funds to pay for the new one, I was a bit worried about that, because I wanted to complete the sale by June 30 to be eligible for $6500 in Federal Tax Credits, and I had a window of less than a month to do it all. Fortunately, my own home sold in two days! :) I now have room to put a free-standing infrared sauna, and a full-size kitchen to cook healthy receipes in. Plus, I'm only two miles from work so I'm not stressed out about driving in the winter.

And yeah, I thought the same thing as you. I mean, things almost never work out smoothly for me!! Actually I do have a small hitch in that my taxes were reported to the escrow company incorrectly and I have to get that straightened out. Oh, and open a garage full of boxes...

So I'd tell you to go for it. Seems that the Universe has lined things up for you, I'd take that as a good sign!

 

[Brewer]

Hi,

Well, I've just moved in the past couple weeks myself. And yes, for the most part things did fall into place. I found a townhouse that had everything I wanted, and got the sellers to come down over ten thousand on their asking price. Since I needed to sell my own home to transfer funds to pay for the new one, I was a bit worried about that, because I wanted to complete the sale by June 30 to be eligible for $6500 in Federal Tax Credits, and I had a window of less than a month to do it all. Fortunately, my own home sold in two days! :) I now have room to put a free-standing infrared sauna, and a full-size kitchen to cook healthy receipes in. Plus, I'm only two miles from work so I'm not stressed out about driving in the winter.

And yeah, I thought the same thing as you. I mean, things almost never work out smoothly for me!! Actually I do have a small hitch in that my taxes were reported to the escrow company incorrectly and I have to get that straightened out. Oh, and open a garage full of boxes...

So I'd tell you to go for it. Seems that the Universe has lined things up for you, I'd take that as a good sign!

Thanks Mrs. Peel!

I'm glad it worked out for you! I've got the use of a sauna at work, I love it! The seller dropped $10000 for me and is leaving a bunch of appliances there too! I can ride my bicycle to work too! I was looking at it from the Universe lining things up point of view too. However I once had the 'perfect relationship', everything seemed too perfect and it turned out to be what I'm sure was a love bite situation. I was looking at this offer in the same way too, that of a possible set up but when you have a closer look there are many players involved all doing positive things, which would be difficult to engineer I suppose. My love bite situation only required one person to be vectored and the other person to display a complete lack of critical thinking, that person being me!

I'm going for it1

Thanks once again!

 

[Pierre]

Hi Brewer,

About two years ago, I was very close to buying house. Finally I chose to rent a place instead and converted my savings into gold.

In the end it was a good choice since the real estate has been steadily dropping and gold price has sharply increase, thus my savings grew allowing more possibilities for the difficult time ahead.

Anyhow that's just my take on it.

 

[truth seeker]

Just thinking, if you were to take the house, how easily would it be for you to sell it and leave if you needed to? It can be really difficult to discern "good" signs from "bad" ones. Fwiw though, I don't get any negative vibes from your post. It sounds pretty good. :)

 

[Guardian]

I've got the money for the deposit, can get a loan, the mortgage would be cheap, half the cost of renting. At the time of writing, under the current economic system at least it's a great buy.

What's the tax value of the home, compared to the selling price...and how long will it take to pay off your note?

 

[Brewer]

Hello!

Thank you for your replies....

All my replies are based on things carrying on as much have they have for the past decades. If things really go belly up it won't matter that much anyway! ;) It's a place to house the physical body that houses me while I'm here.

Guardian: Not sure what you mean by tax value. We have stamp duty here in Australia and you pay up front and is easily achievable. The place is selling at below current market value.

Truth Seeker: Moderate, this has been considered and the best option if I had to up and leave would be to rent it out, easily done, rental properties are hard to find here and expensive.

Belibaste: Very good point and I'm glad it worked out for you. There is a bubble in Australia, how big is anyone's guess http://www.sott.net/articles/show/211390-Australian-housing-market-a-time-bomb-
The housing market around here has slowed but it's still a desirable place to live in, many people wish to move here. I've considered the gold option too, I've would have done it years ago but was married to someone who flushed money away with abandon. It's a little late for me to do it now. Besides they may ban trading in it one day like they did back in the thirties.

Good Points: Close to son: Cheap to run and service the loan, can save: Everything is there, working and ready to go, no need to connect gas, electricity etc: Desirable country town to live in: Space for my chickens to roam: My own space to reflect, meditate, breathe: Close to work, locals like me being in town- especially the ones with asthma, diabetes and heart conditions!

Bad Points: Not free to up and move, not that I can, I've a school age son I like to be close to: Getting welded to the financial system again: Could use the money I've saved to help others or accelerate learning but will be able to rapidly save in this place, provided things stay the way they are.

Thanks for your advice, I like being on this forum!

Brewer

 

[Mrs. Peel]

Hello!

Thank you for your replies....

All my replies are based on things carrying on as much have they have for the past decades. If things really go belly up it won't matter that much anyway! ;) It's a place to house the physical body that houses me while I'm here.

That was pretty much my take on buying a new house also. If things get that bad, I'll just leave it, won't matter anyhow cause nobody will have any money to buy it.

 

[theos]

I have the same question. Should I buy a house?

I've been thinking about it for a while. I want more space as my mother will likely move down when she retires and I'd like to have a garden. I'm thinking of getting a place that needs a little TLC but nothing major. I don't want to spend over 50K (take out a loan) and I would try to get a good deal on a forclosed property. My aunt is real estate agent and will guide me. The mortgage would be about half the amount I pay in rent on my apartment.

It would be nice to be able to sit in my own backyard and watch the skies. But if I had to leave it for safety's sake I would.

Any thoughts?

 

[Ollie]

I have the same question. Should I buy a house?

I've been thinking about it for a while. I want more space as my mother will likely move down when she retires and I'd like to have a garden. I'm thinking of getting a place that needs a little TLC but nothing major. I don't want to spend over 50K (take out a loan) and I would try to get a good deal on a forclosed property. My aunt is real estate agent and will guide me. The mortgage would be about half the amount I pay in rent on my apartment.

It would be nice to be able to sit in my own backyard and watch the skies. But if I had to leave it for safety's sake I would.

Any thoughts?

That sounds like a good deal to me, an enjoyable, bigger place for half the money. :D

 

[KTC]

I think go for it, for sure. I am of the belief that everything is presented to us as it is meant to be. And usually when I am in the right place in my head, everything else just falls into place and whatever may be the endeavor almost seems effortless... maybe this is the case with you right now. You are ready for this to happen and so here it is, waiting for you to step through the door. ;)

 

[theos]

I found a house and am in the process of getting it. It's 53K so not too far over budget. It would probably take up to 4K for all the remodeling which I plan to do myself and with friends/family. Last year the US changed the law on lead based paint for all houses built before 1978 (this one was built in 1957). They used to just inform you of the risk now they have to clean it out and retest it. So this house is in the process of being lead based paint stabilized which they said can take up to 6 months. Sheesh!

In the spirit of not falling into anticipatory or wishful thinking...I hope it doesn't take that long. :) Gardening season is upon us. I also have an underlying nervousness about moving as soon as I can just to have a "home base" where people can gather if need be. But who knows what the future holds?

 

[Voyageur]

Sounds great Odyssey, congrats!

You said,

[quote author=Odyssey]
So this house is in the process of being lead based paint stabilized which they said can take up to 6 months. Sheesh! [/quote]

What’s involved with this; removal or encapsulates?

As you are remolding yourself, please be aware that asbestos - chrysotile of the amphibole type class is often found in textured ceilings etc. with serpentine in compounds. The former is needle-like and not something to be casual with; you might want to wear disposable coveralls and mask (min P100) and vacuum with a Hepa system. Having remodeled a few times in youth and not been knowledgeable of asbestos and that it was in close to 3,000 products, i’ve likely been subjected (knowledge protects). If your home is pre 1986, you have it somewhere.

Basically, if its not disturbed its not a problem, so just check on things that are not solids for asbestos (even solids will have it); sampling can be done by many labs and it does not cost to much.

Just as a note: A chrysotile fiber can stay airborne for 72 hours and there are over a billion fibers in the size of a sugar cube.

Good luck with the remolding, it can be fun. :)

 

[theos]

From what I can remember of the lead based paint removal they remove the chipped paint and any materials that tested positive and recheck for dust.

There is some asbestos on some of the ducts in the basement and I'll be sure not to disturb it. I know a guy who used to remove asbestos professionally so his skills and knowledge will come in handy.

Thanks Parallax.

 

[Ollie]

Congratulations Odyssey, have fun in the process - just think of all that planning you can do in six months for your remodelling. :)