So we might be buying a place...

I bought a realtor's house not yet listed in a hot market repped by a another realtor in the same office (a dear friend's mom). The highly-recommended inspector made a cursory glance around the place but wouldn't sign off because the master bath added decades before was only resting on the garage roof, with no plans or permits to be found. My dear friend's mom followed the inspector around until I ordered her to stop. He said the seller had to sister all the garage rafters for proper support. They did, but it caused significant leaking into the garage which I had to pay to fix.

Looking back, I'm not even sure I should technically have been required to pay a realtor's commission on an unlisted property, but it was a friend's mother (who I'm sure split it with her colleague). Another lesson in money pits, as my cousin the contractor advised: It's your friends who'll screw you the worst.

 

We closed today. I'm now broke for the rest of my life.

 

many congratulations.

 

Congrats!! Look on the bright side, you're likely paying for an appreciating asset, not paying for someone else's appreciating asset. The amount due on the mortgage is daunting but you'll get there. Meanwhile, enjoy the pride knowing its yours and the knowledge that you get to do whatever you want now on it and you don't have to ask some landlord or worry about what the apartment next door sounds like.

 

You are not broke for the rest of your life, because now instead of paying rent you're paying equity into your house that you'll get back when you sell it.

 

Thanks for the kind words. I’m still ... struggling with the potential outcome from Election Day. I’m happy to have a distraction. Lots of things to do before the end of the month.

 

You are mostly paying interest for the first 5 years

 

No more so than if you are paying high rents. And when you're done with it -- either having paid it off, or sold it -- you will either have a place to live, free and clear, or you will (most likely) come out way ahead financially should you decide to sell it or rent it out.

 

Yes. I've owned homes for more than 30 years. I am aware of that. But still the point remains unlike rent the money he pays toward his mortgageand comes back

 

Congrats.

 

Congratulations, Wicked! There's nothing quite as non-life threatening terrifying as a closing, but in a couple of days, pride of ownership will replace the fear. The pride will survive even after you encounter the million and one things about a home that will make you cuss violently as you confront them. Oh, yeah, one more thing. If your chimney doesn't have a raccoon screen on top, get one today! That's hard experience talking.

 

So how many Wicked pissahs are there?

Congrats. Home ownership is great. We are in the middle of an entire kitchen gut/remodel, so we're eating out of the living room, have no stove/sink, the fridge is in the garage, tables, chairs, etc. all over the place and contractors here all day. Not fun.

But on the bright side, I finally contracted with a lawn service to do the yard (I've had some health issues which stopped me from mowing, raking, etc.). It's wonderful. The guy is here for 90 minutes and my yard is mowed, all the leaves are gone and piled up in the street for collection, etc.

Here's a hint: When neighbor kids hit you up for Girl Scout Cookies, field trip/jogathon contributions, etc., give them a $20 and call it good. Someday if you have kids you'll do the same to them.