Monday, April 26, 2010

Monday Bunday: At Home

This is Cadbury's home:


















Dan and I, on the other hand, have higher expectations. As some of you know, we're in the process of trying to buy the house we've been living in for nearly three years now. As much as we'd like to buy in the Montrose or the Heights, it's just not realistic. A little house like ours would cost half a million over there, and we're just state university employees, with salaries that reflect our lowly status.

But this house is just our size, and it has a studio that we use for exercise and music. I'd like to upgrade the lighting so I can paint back there, too, away from the hazards of bunny fur, which tends to stick to slow-drying oil paint. We like the community here, and we save a bundle of money and stress by not having to drive to our jobs. When the rail line goes in, we may find we don't have to drive at all any more.

Anyway, we're almost there on the home purchase. We've signed the contract, my loan is locked in at a laughably low rate, and now we just need the appraiser to agree that the seller's price is fair. He won't be able to factor in the intangibles, like being able to go home for lunch each day, and not having to buy a new car. Lenders don't put a dollar value on community, or on having lectures, performances, a library and a state-of-the art fitness center just a short walk away. They don't care that we spend our days surrounded by friends who are our co-workers and our neighbors. These things don't enter into the financial bottom line.

These things matter to us, though. So wish us luck, folks, that the appraiser agrees with us that we're getting not just a fair deal, but a bargain.

19 comments:

Crafty Green Poet said...

well good luck, hope you can buy your home!

the Bag Lady said...

I have all my fingers and all my toes crossed that the appraiser agrees with you and that you will be able to buy your house!
I hope you'll keep us updated on the situation!
Good luck.

Hef's Mom said...

How exciting, best of luck!

Leah J. Utas said...

Best of luck with the purchase.

Lisa said...

Nice house Cadbury. My rabbits would probably lvoe it for the two days before they had completely devoured it.

Congratulations on the house! My sister locked in a deal on her first house yesterday, and she is beyond excited. She also got a great deal, small house but for a single young lady or couple like you and Dan, you don't need much. and you will feel better knowing your home is YOURS and you're not just throwing away money on rent anymore! All the best.

bunnygirl said...

Well, technically the house will belong to the bank until we pay it off, and we just get the privilege of paying the taxes and repair bills, but we had reached the break-even point where renting wasn't going to keep being cheaper than a mortgage for comparable property.

I'm glad we rented as long as we did, though, since it enabled us to pay off debts that were at a higher rate of interest, and we were able to save money toward this house. No creative loans for us, and no piddly 3.5% down payment! We're putting down enough money that our mortgage, with taxes and insurance bundled in, is roughly what we were paying in rent + truck payment (now paid off). We'll be able to keep saving at a good clip, and we can use that savings to pay down the principal. I have no intention of paying 3x the purchase price of this house because of interest.

Susan Helene Gottfried said...

Definitely sending you luck, since that's all I can offer. And you're right -- the things you list aren't things valued by the finance people.

Aren't you glad you're not a finance person?

Christina said...

Sounds like you both are in good shape and making very sound decisions. Good Luck with your new house!

divakitty said...

Wishing you all the luck we can!

Thomma Lyn said...

Wishing you the very best of luck and keeping all my appendages crossed! :-D

Glenna said...

Oh, best of luck that it all works out. Fingers and all our bun toes crossed.

Annette F Tait said...

Good luck with your house purchase! glad you have everything around that makes you happy - that's what counts in life :)

d. moll, l.ac. said...

Sounds like a smart move, or rather, a smart not move. It's nice to be able to try a house out for so long before purchase!

Rabbits' Guy said...

What a well thought out - and explained - deal. Buying low too.

And no moving stress for the Cad!!! (or you)


but but ... now that you have your OWN place - what about spare bedrooms for all the guests about to descend???

bunnygirl said...

Well, RG, that's the problem with buying in the city - I could get twice the house for the price I'm paying if I was willing to drive to and from suburbia every day. I'm basically paying for time and convenience, which is okay with me.

The studio is fully built out, though, with bathroom and kitchenette. There's a futon back there, too. A little sprucing up and it'll be ready for a guest, should one show up needing a place to stay. It's also our financial fall-back (that we hope to never need). We could easily rent it out to a student if we had to.

FrecklesandDeb said...

Oh, we hope everything goes well and you get to buy the house. Our fingers and paws are crossed for you.

RoadBunner said...

This sounds like an awesome opportunity for the two of you! I hope it all works out. And a great part -- no moving!! (I hate moving) We will cross our fingers and our toes for you.

p.s. Is this the time I'm supposed to say, "Do you think you want to do the Texas Marathon/Half?" :)

Erin said...

Good luck! At least you don't have to move! Moving is the worst...

Kathleen @ ForgingAhead said...

How exciting to be buying your home! Good luck - I'm keeping my fingers crossed that the appraiser comes through for you.

Thanks for the wetsuit tip!!