Thursday, January 22, 2009

Buying a House

I have been seriously looking at the housing market and houses in my area over the past month or so and I have decided it is time to buy. I placed on offer on a house yesterday and received a counter-offer this morning. I am extremely excited about the possibility of owning my own home. All the details are definitely not ironed out as we have not agreed on a price, as I intend to make a counter-offer to their counter-offer ( it that considered another offer?).

This seems like the perfect place. It is in a decent neighborhood, less than 2 miles from my office, and immaculately maintained. The house was built in 1989 and has been upgraded gradually over the past 13 years (that's how long the current owners have owned the place.) Don't get me wrong, there are still some minor things that need to be done, i.e. the dishwasher and oven are 21 years old. But, otherwise, I love this house.

I am just worried that I am being a little hasty on making my decision. I only have about 3.5% of my down payment saved, which will deplete my emergency fund. However, my current lease expires at the end of April and I want to buy a place to move in before then. The current owners have yet to find another house, so they would be willing to stay in the house until April and then leave. That means that I will not have double rent and I can continue to save!

I will update as the negotiations continue....


Midwest Chick said...

Good luck!! I have been considering buying as well, but I don't have as much of a down payment saved as I would like. I can't wait to hear more.

Britt said...

how exciting! I hope it all works out as planned :) I'd buy now if I had enough saved, but alas...I do not. I'll live vicariously through you!