Im buying a house!!!

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NoNothing

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Ive been wanting to make this thread for a long time, but with the offer finally accepted and me going in on friday with a contractor to go over the place, I need to share the great news!

So Im a 22 year old, straight out of college, lucky enough to be in a great job where I can afford to be doing this. Now you might say, straight out of college, what if you lose your job!? I've been working at this company for 3 years, Im confident in my position and job security to commit to buying a house. Ive just recently received enough of a pay increase having graduated to make it viable.

Not to mention I managed to qualify by myself, no need for a co-signer, at 5.54% on a conventional loan! No PMI FTW! I had a few things on my credit report that needed clearing up initially, after I got those taken care of I got off the FHA track and into a conventional loan. Apparently I owed an energy company $6.19 for a year and a half but was never notified, that didnt look great on my report, nor did the $3.18 fee I was charged by my local bank on my credit card I never use that I didnt pay for because I thought my balance was 0. Both of those were easily fixed as I had been a long time member of both institutions and both places were happy to help me out so I could get a better deal on a mortgage. (thanks DTE Energy and CP Federal Credit Union!)

Now the house!

It's a 1200sf ranch in Ann Arbor, Mi, about 5 miles from downtown where I work. 2.5 car detached garage (BREW HUT!) and a fenced in yard for a puppy the girlfriend and I are buying as a housewarming gift to ourselves. 3 Beds, 1 full bath and 1 half bath, the half is in the master bedroom. Its on .27 acre and 4/5ths of that is in the back yard, will be great for entertaining, front yards suck IMO. There is a nice big tree in the front yard that shockingly lets a ton of light in but cools the house. The basement is full and partially finished, I'd love to throw a bar and a pool table in the main room in the basement, but we'll see, this obviously isnt someplace Im going to live forever nor is it a dream home. I need to think about resale when I put things in, not what I want, though I dont think Ill put much in I dont really want :ban:. There is a patio out the back door, which will be great to brew on! Though it's cracking a bit, may need replacement at some point soon. The kitchen is HUGE, and comes with a gas range, a huge sell for me, I cant stand freaking electric heat (though induction might be nice). The basement also has 2 rooms in it, one larger one with windows that would make a decent office and another room that would be a nice storage area. It doesnt have forced air, so that's a bummer, it has boiler radiant heat, I do plan on putting A/C in eventually from the attic to help with resale, but I'll live with the attic fan and window A/C units for now.

Im STOAKED about this, Im nervous, scared, excited, anxious, so many emotions, but overall Im happy with the way things are going.

It'll be nice to not have to move twice a year (college) and have a place I can keep my things permanently. Not to mention finally get a dog, and the girlfriend is moving in with me too!

Anyway, I needed to share the news, now go about your day.

I dont have many pics right now, Ill throw some up when Im not at work.
 
Congrats on the biggest purchase of your life! (So far, anyway, you're still young.) I know what you mean by all the emotions, I had those same emotions when I bought my first house... and my second... and my third. It doesn't get any easier, no matter how many times you do it, but it is nice to have a place to call your own.

As far as the puppy goes, don't buy one, rescue one. Go to your local shelter and adopt one from there. I bet they'll have a puppy that you'll fall in love with at first sight. And remember, just like a house, and kids, puppies are a long time commitment.
 
As far as the puppy goes, don't buy one, rescue one. Go to your local shelter and adopt one from there. I bet they'll have a puppy that you'll fall in love with at first sight.

That's what I meant by as far as getting a puppy. There are too many in shelters to justify getting one from a breeder or anything.
 
Im STOAKED about this, Im nervous, scared, excited, anxious, so many emotions, but overall Im happy with the way things are going..

All the exact emotions you SHOULD be feeling! Congrats! You won't regret it as long as you remain as responsible about it all as you seem to be. :)
 
Congrats man. I'm your age, still in college and pretty sick of moving 2 times a year too (its actually been 3x for the past 4 years for me) but in the area I go to school, real-estate costs are pretty steep. Plus I'm not sure I'm gonna be staying in one location for a little while after I graduate...whenever that comes around.

Anyway, congrats :mug:
 
Congrats man. I'm your age, still in college and pretty sick of moving 2 times a year too (its actually been 3x for the past 4 years for me) but in the area I go to school, real-estate costs are pretty steep. Plus I'm not sure I'm gonna be staying in one location for a little while after I graduate...whenever that comes around.

Anyway, congrats :mug:

Thanks man! Yeah, Ive heard stories of all of NJ and its prices *OUCH*.

Ive kind of had a plan for life, and it was working here, and living here, so far so good!
 
Congrats! I bought my first house shortly after college. It wasen't much but we put a lot of work into it, sure beat the hell out of renting and the mortgage was just over the cost of 2/2 apartment.

Look forward to pics.
 
Ive been wanting to make this thread for a long time, but with the offer finally accepted and me going in on friday with a contractor to go over the place, I need to share the great news!
I did exactly the same thing. Its a PITA, but way better than renting. Just get ready for some DIY. But hey, you're already brewing your own beer. And thats just what you'll need if you find out your bathroom is sinking and you need floor joists to keep it from becoming shaped like a trapezoid :mug:
 
Ya, what he said. I wish I was that on track at 22. You must be a Dave Ramsey fan, or you just have common sense. ;)

Owning a home is a great feeling. Good job, good luck, and enjoy the new home! :mug:

Ive been lucky in life, met the right people, kept in contact with the right people and worked hard.

I actually met my boss when I was dating his daughter. He apparently used to joke with his friends that he'd hire me when we separated.

3 years later I was home from school for a semester because I had to have lung surgery and missed almost a month of classes and he got ahold of me and asked if I wanted a job. I of course accepted. I interned with him for 3 years of college and then I was hired out of school. I love my job too, though most people say that'll go away with time :D Im enjoying it now.
 
I did exactly the same thing. Its a PITA, but way better than renting. Just get ready for some DIY. But hey, you're already brewing your own beer. And thats just what you'll need if you find out your bathroom is sinking and you need floor joists to keep it from becoming shaped like a trapezoid :mug:

My step dad keeps telling me buying a house was the best thing he ever did, acquired more tools to fix **** in the first year of living there than the rest of his life.

Cant say that sounds bad.

A new garage door is first on tap.
 
Ya, what he said. I wish I was that on track at 22. You must be a Dave Ramsey fan, or you just have common sense. ;)

Owning a home is a great feeling. Good job, good luck, and enjoy the new home! :mug:

I've not really listened to Dave Ramsey ever but I thought his shtick was rabidly anti-debt?

Either way, congrats to the OP.
 
I've not really listened to Dave Ramsey ever but I thought his shtick was rabidly anti-debt?

Yes, he prefer's the "100% down" home loan, but that isn't an absolute must. His big thing is no credit card/student loan/auto loan debt, then paying off the house as quickly as possible. With his plan, pretty much anyone with any amount of debt can be out of debt excluding the house in 2 years, and have the house paid off in another 5-7 years. He's a smart guy that really gets you thinking more wisely about your money.
 
Great! I purchased my first real house at 24, when I was in the Navy. Only stayed there 5 months because I got transferred unexpectedly. I'm in house number 9 now. At 58, I'm hoping it's the last one. My GF is in the market for a place. She's never owned before, but now is a prime time and her job is very stable.
 
Do you guys have home inspectors down there? I know here in Canada you get a home inspector to look over the house and any problems can be covered though insurance or through teh inspector or something like that.
I as well had a contractor look at my house with me. mentioned a few monior things so I jumped in... problem is there were some major issues that were not discovered. It would not have been a problem at the time, I could have fixed them, nothing to break the bank. BUT when you discover these problems after already spending your money on the cosmetic fixes then it really hurts.

If there is such a program there, TAKE ADVANTAGE OF IT!!!

Anyway, good luck and congrats, way more room for brewing! i have outgrown my house but can't afford to sell it right now as all of my equity went into repairs.
 
Congrats man! I am a very jealous 23 year old, I want to purchase a house (even if its a small 2 bedroom 1 bath). That was a good possibility when I was considering moving to Delaware with the fiance, but it looks like Im going to have to stay in the D.C. Metro area for my job (can't find any in Delaware), where housing is ridiculous even if you are 30 miles out! My 30K that I have saved over the year at home now seems like chump change is this area. Hopefully I can have 50 by the time i tie the knot in september of 2011.

Sorry for my rant, this thread is about you! Seriously, congratulations, I hope to be in your shoes soon.
:mug:
 
Do you guys have home inspectors down there? I know here in Canada you get a home inspector to look over the house and any problems can be covered though insurance or through teh inspector or something like that.
I as well had a contractor look at my house with me. mentioned a few monior things so I jumped in... problem is there were some major issues that were not discovered. It would not have been a problem at the time, I could have fixed them, nothing to break the bank. BUT when you discover these problems after already spending your money on the cosmetic fixes then it really hurts.

If there is such a program there, TAKE ADVANTAGE OF IT!!!

Anyway, good luck and congrats, way more room for brewing! i have outgrown my house but can't afford to sell it right now as all of my equity went into repairs.

We do have home inspectors down here. I just got done with my home inspection yesterday. He had a lot of good things to say about the house, some minor things, which is expected, and then there were the larger things.

The roof needs to be replaced in about 5 years, there are some small areas that are completely worn through and some areas that are perfectly fine. So that's an expense to keep in the back of my mind.

The BIG thing Im concerned with is the sewer line might be orangeburg tile which would be a HUGE bummer. It can cost up to $20,000 to replace, they have to dig 10ft underground to the pipe, replace it, and possibly dig up the street/sidewalk if the city line is on the other side. Im REALLY stressing about this lately. Im going to have roto-router scope it and they'll be able to let me know if it is orangeburg or not.

Another problem with the sewage line is apparently every 3-4 years the homeowners have to have the line roto-routed as there is a tree in the front yard that grows roots into it. Not a huge issue, but that could also lead to some serious damage to the sewage line.

If the scope comes back clean, I have no quarrels with the house and Im happy to roll with it!

Ive been locked in at 5.5% with 3/8ths of a point and 20 down :D :ban::ban::ban:
 
Congrats man! I am a very jealous 23 year old, I want to purchase a house (even if its a small 2 bedroom 1 bath). That was a good possibility when I was considering moving to Delaware with the fiance, but it looks like Im going to have to stay in the D.C. Metro area for my job (can't find any in Delaware), where housing is ridiculous even if you are 30 miles out! My 30K that I have saved over the year at home now seems like chump change is this area. Hopefully I can have 50 by the time i tie the knot in september of 2011.

Sorry for my rant, this thread is about you! Seriously, congratulations, I hope to be in your shoes soon.
:mug:

I have a buddy living in the DC area, what he pays for an APARTMENT is insane. I did some house hunting online around there with him before he moved, I cant believe how expensive it is! Apparently the resale is pretty good though, a fairly stable area, from what Ive heard.
 
Gte rid of that tree ASAP, I had two huge maples in their 60s I guess, that were lifting my house and causing moss to grow on my roof. $800 to remove trees (but 7 cords of firewood) and $5200 for the roof. That was hopefully the last major expense around here. I am guessing a well or septic replacement is possible, but hopefully not for a while.
 
Gte rid of that tree ASAP, I had two huge maples in their 60s I guess, that were lifting my house and causing moss to grow on my roof. $800 to remove trees (but 7 cords of firewood) and $5200 for the roof. That was hopefully the last major expense around here. I am guessing a well or septic replacement is possible, but hopefully not for a while.

The tree is also pulling up some of the driveway. Im not sure yet what to do about it, I didnt realize it was that cheap to have them removed when they're that big.

I dont like the tree for what the roots are doing to the sewage line and Im sure soon enough, the house. But its great for shade in the summer, it lets tons of light in but keeps the house cool. Without it I can imagine I'd be running window AC units all the time, though those dont lead to expensive damage.
 
What kind of heat does the new house have? Could you add a wood burning stove? Cut the tree down, season the wood, and burn it in the stove. It'll pay for the use of window AC's for a year or more.

Then, plant another tree in it's place. In a few years, you'll have shade again. And in 20 years, you'll have more wood to burn.
 
What kind of heat does the new house have? Could you add a wood burning stove? Cut the tree down, season the wood, and burn it in the stove. It'll pay for the use of window AC's for a year or more.

Then, plant another tree in it's place. In a few years, you'll have shade again. And in 20 years, you'll have more wood to burn.

Ha, not a bad idea.

It has radiant floorboard heat from a boiler.

I would like to put AC in the attic at some point, for awesomeness, and resale.
 
The tree is also pulling up some of the driveway. Im not sure yet what to do about it, I didnt realize it was that cheap to have them removed when they're that big.

I dont like the tree for what the roots are doing to the sewage line and Im sure soon enough, the house. But its great for shade in the summer, it lets tons of light in but keeps the house cool. Without it I can imagine I'd be running window AC units all the time, though those dont lead to expensive damage.

Well, I got a bit of deal, but call around. Yes shade is nice but awnings aren't too expensive. A 3 ft awning is all that is needed to keep the high summer sun out. But you could also plant hops, grape vines etc for shade. Or some fruit trees which don't get quite as tall.
 
Well, I got a bit of deal, but call around. Yes shade is nice but awnings aren't too expensive. A 3 ft awning is all that is needed to keep the high summer sun out. But you could also plant hops, grape vines etc for shade. Or some fruit trees which don't get quite as tall.

Hmm, very true.

I would love to have some fruit trees in the back yard.

And there will DEFINITELY be a hop trellis come first spring in the house :rockin:
 
Found out today the owners recently updated the electrical.

200 AMP SERVICE!!!

Ill be running an electric brewery from a hot tub in no time.
 
I did exactly the same thing. Its a PITA, but way better than renting. Just get ready for some DIY. But hey, you're already brewing your own beer. And thats just what you'll need if you find out your bathroom is sinking and you need floor joists to keep it from becoming shaped like a trapezoid :mug:

Have you been spying on my house, FreeM80's?? Yeah, one of the bathrooms is sinking, the house is crookeder that hell, backyard looks like a hallowed out shell, back deck looks like it is gonna come off any second and the shed leans a lot. But on the up side, I have tons of shade trees and grass, an herb garden, a righteous bar-b-que grill, many bottles of mead and no freakin' house payment!!! Right's right, paid this little gem off 10 years ago and each year I put my entire income tax return back into the house. By the time I retire, in about 15 years, it should be good to go or slated for demo, which ever comes first. LOL

:ban:
 
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