Re: Reply #17
“You are buying an older home and it will not be perfect. But live there a few months before you spend any real money because the things that you think will bother you now may not bother you in time and you may find other things that need attention more."
This is some of the best advice any potential home buyer can get!
When we bought our home almost 24 years ago, all the flooring was OK, but not what we really wanted. However, we were unable to afford the expense of replacing all of it, unless we put it on credit, which we both refused to do. Instead, we waited until the mortgage was paid off, and saved the money to pay for the replacement in cash. So, we had to live with badly worn kitchen floor and carpet in the downstairs that was clean, but way beyond its useful life. And I would do the same thing all over again.
When we watch these House Hunter shows on HGTV, almost without exception, the potential buyers want to completly redo everything, even the stuff that has been recently updated for preparation to sell, because “its not our style”. This is why many people today are house poor, without two nickles to rub together, mortgaged to the hilt.
In our area, even 30 years ago, a single family dwelling was out of the reach for anyone in our income bracket, unless you want to be perpetually in debt. So, our first home was a one bedroom condo, 630 sq. ft. We lived there for 7 years to build the equiity to move to the larger 1260 sq. ft. townhouse we’ve owned for 24 years. Part af the reason that condos are more affordable for people in our strata, is because the exterior maintenance is covered by the HOA dues, so the homeowner doesn’t have to come up with large sums for needed repairs. But condo living isn’t for everyone. Fortunately, our assc. has only 20 units, on parklike grounds with lots of beautiful trees. And everyone gets along.
The downside for me personally, is that I’ve been on the HOA board for 23 of those 24 years, Pres. for about 18 of those years. Its a lot of responsibilty. I’ve overseen the residing of all the buildings, re roofing twice, at least 5 different fencing projects, untold numbers of emergency plumbling repairs,(we only have one water meter for the whole complex) so when there is a domestic water leak, we have to turn off the water for everyone until its fixed, and I go door to door to let everyone know. I’ve overseen the trimming of the 41 trees annually, the list goes on and on. I’m lucky to have a great relationship with our property management company, who we’ve used since 96’, and I’m on a first name basis with everyone there. I’ve taken pride in doing this volunteer job all these years, but I sure wish that someone else would step up to the plate. At least everyone hass been happy with my decisions over the years, and I always get reelected unanimously, a dubious honor, LOL.
Eddie
ne thing--if you do have equity----DON'T use your equity like a bank machine or credit card.Save it for emergencies!!!I just go done paying for one second moertgage--no more unless its an emergency.
