So after my post about when we plan to buy, we looked in to what it is we actually want.
It hasn’t changed at all since we looked last year, but I think it’s good to get it down in writing so that if we are completed enamored with a home that goes against our basic principles, we can refer back to save ourselves from future despair.
When we were first wanting to buy about a year ago, I was making roughly half of what I make now. So our budget was $375,000.
That doesn’t get you a lot in this area, and now that I am making a lot more, we are thinking $450,000.
This would put our mortgage payments at about $2,150/month.
(I am not including the down payment in this calculation because of closing costs, title insurance, lawyer fees, inspection, appraisal and PMI)
The boy refuses to consider anything where we will have to pay strata (HOA fees for Americans), which I agree with him about – strata is a huge waste of money.
So, it will have to be a house. In the suburbs (we have a general area but I don’t want stalkers so I’m not telling).
We want a chunk of land larger than 8,000 sq feet, but the house doesn’t have to be very big.
We don’t have all that much on our “must haves” list because the boy is a carpenter and there is not much he can’t do. But what is on the MUST HAVE list is:
- A two story house (for a basement suite = rental income) OR a house with a detached garage/carriage house
- 3+ bedrooms
- Good bones (no hazards)
- Quiet street
Yes, that’s it. I don’t care if it has the ugliest kitchen in the world, or only one bathroom; we can add on, renovate, and fix things for almost free (my father sells building supplies, the boy is a carpenter, family member is a plumber and he owes me favors).
I would really like to purchase a house for a really good price that is kind of a dump (as long as it has good bones). I would love to renovate and make it my own; I don’t like the thought of living in a newly renovated house because that was the previous owner’s preferences, tastes, and vision; and mine is unique. Plus, we would have to pay more for somebody else’s taste! No thanks.
If I could buy the perfect house, it would be a court-ordered sale (foreclosure for you Americans). Not many people can buy them, because of timing and subjects; if you are already a home owner, you need to have the house that you previously owned sold already prior to buying one.
Plus, the timing is always tricky. But because we rent right now, I am okay with timing and we don’t own a house yet so buying one is a great way to save a few thousand dollars.
Ideally, it wouldn’t be all that nice and we could fix it up. The house we were looking at last year was nice on the top floor but the basement suite needed work; I thought that would be ideal.
It was also a court-ordered sale, and the Realtor thought he could get it for $330K – a price unheard of for this area.
So, this is our ideal situation. Does it seem realistic?