It is the three story house on the left. Isn't it beautiful? Yeah, not so much. But that is the before picture, and we are definitely purchasing this place in after condition. So, after renovating a house ourselves, why are we buying a renovated house, and more importantly why this house? Here are a few reasons:
- 1. Some high end properties are going for cheap. Prices have dropped a lot in the past 5 years, and it is a great time to buy.
2. Mortgage rates are really low. Low prices and low rates? Double awesome. After paying for the current house's renovations with cash on hand, we know major renovations require major cash on hand. Our cash, blood, sweat and tears are in the house already. We may be able to generate more sweat and tears but cash is hard to come by.
3. Our 2 bed/1.5 bath won't magically sprout more bedrooms and bathrooms and overall square footage. While renovating the basement helps the value, it only helps to close the gap of making us competitive instead of just being overpriced for the size.
4. After going back and forth for the last couple of years of city vs. burbs, we've found that despite higher taxes and increased crime we like cities. Also, most burbs houses we like require us selling our house and taking a hefty loss. I don't like taking losses.
5. It has parking. The parking pad is essentially removing your backyard and replacing it with a parking space. Being in a city with mostly street parking and higher than average crime rates, having a guaranteed spot is important. We would have liked a yard AND a parking space, but most properties with both were coming in at $150-$200k more. Ouch.
6. This house price allows us to get approved for this mortgage without selling our current house. While home prices and rates are low, rent in the city is increasing. A great time to buy means sellers are screwed. By not selling our property and getting decent rent we will have someone else pay off our house for us as the market improves.
7. We are ready for something new. Hopefully this scratches our itch. :-D
Most importantly, I'm glad this blog will be able to continue, though probably more in a decorating/life updates stance versus a ohmygodicantbelieveimdestroyingthewholehouseblog. Hopefully this is ok.
At this point, we are hoping all contingencies are met and there aren't any issues that prevent the sale. We will keep our fingers crossed and hope for the best, and will keep you posted along the way.
P.S. I swear I'll post some pictures of the basement soon. It is framed, electrical run, and sound insulation in place. You'll have to trust me on this since there are no pictures.
