Saturday, September 05, 2009

House Hunting

Well we just got done looking at a bunch of of houses and found some decent ones. Out of 7 we like 4 but they still aren't perfect. Here's our thoughts on the whole deal...

Uncle Obama wants to give us $8,000 to get into a house. Well that's great except if we don't find one we really love for a price we really like then we aren't going to get into a house. We just don't want to get into something that's either over our head or in a bad location that we won't want to stay in for at least 3-5 years.

So that's where we are now. If we don't find a place to buy, we'll just continue to rent, but we'll probably move into DC. It's kinda been a dream of ours to live in the city for a while.

I'll try to keep you posted but it looks like if we don't find something by the end of September then we will keep renting. We know it looks like a waste of money but being somewhere you don't enjoy or paying all of our income on mortgage and condo fees so we have no money for a real life isn't an option. At least with renting you don't have to pay for the washing machine when it breaks!

What do you think? Should we buy a condo somewhere in Virginia or rent in DC and float around for a few years?

Also, about the places we found... It comes down to really two things. Location and cost. The one we found right near Old Town are in a great location but obviously the cost is higher than what we want to pay. Then the other one which is quite a ways outside of Alexandria but it's $50,000 less!

See, we would be happy with living in the cheaper one because there is room for improvement but we aren't sure if it would be easily sellable later. But the one near Old Town wouldn't be too hard to sell (we think...) but getting into it might be tight.

I'm rambling now (mostly because I'm typing this while I'm watching a movie and I'm getting distracted) but what I'm trying to say is that if we don't get a deal on a place we love in a location we feel safe with then we aren't buying. Even though there is an $8,000 bonus on the line, that shouldn't be the only reason to buy a place. That's like joining the military just for an $8,000 bonus. It's something you will spend years attached to and you need be sure you will enjoy it and feel safe.


FRANK LL0SA Va Broker- said...

My advice. RENT. Sew your wild oats and live in DC.

Why is Renting a waste? Since when is having a landlord subsidizes place (he loses money each month while you enjoy the flexibility). Renting, even after the tax breaks, is MUCH cheaper.

Why is giving 50% MORE to a bank better than renting? Building equity? HA! Only like 1% goes into equity.

As for buying the place further out, don't do it! Not because of resale, but because life is too short. Get that perfect home, or don't do it.

As for the resale-ability. Don't think too much about that. It all works itself out. The place is $50k less right... well when you sell... it will be... still $50k less, regardless of the direction of the market. (with some small exception).

Thanks for following my twitter.


Matthew said...

You know my opinion, rent until all other debt is gone.
We are actively pursuing rent houses, but we set out standards high as our apartment is so spacious. The standards are summed up in that if the house isn't perfect and in the perfect price range it can wait.
Uncle Obama's tax rebate won't come until end of April and you could have the extra $8000 in a few months without any other debt.
Live like no one else, so that later you can live like no one else!