Road to Home Ownership: A Dream (Possibly) Deferred

Happy New Year, y’all! We made it through 2021, with its particular trials and tribulations, and it is my greatest hope that we will finally round some kind of corner and see happier, more prosperous times ahead. It is time to get that journey started, whatever it will look like for you. I certainly no longer bother making specific resolutions, but I know what kind of work I need to do to get there.
As discussed a couple of entries ago, we had hoped to accomplish a major life marker and land ourselves a house. But… reality is already starting to set in. The dream has not ended, but it might be put off for a while.
Between our first viewing and my second, which happened on January 1, my wife and her sisters had looked at a few other town and single-family homes. The thing that happens every time though is that someone is already ready to bid, and they can pay top dollar immediately. We are, after all, in a buyer’s market where there are tons of buyers but few sellers. So people rush any property that becomes available.
So on this Saturday, we had located a home that was excellently priced, but with the understanding that the new owner would make some mostly cosmetic but needed fixes. It was located in Durham, north of downtown, and because we had already made an unsuccessful run to a property just off Roxboro Road, an unfortunately distressed section, we were a little nervous going in. This place was also fairly close to Roxboro Road, but not on the same end. The neighborhood as we drove in looked like a nice place to live, with homes that clearly go for the top end of the price scale and groceries within a half mile. Stores are to me an important metric of how others view the area and its money-generating potential, a sad truth but one that is consistent in this society.
As we pulled up to the place around 10 AM, other would-be buyers and their realtors arrived as well. Our realtor was about 20 minutes late, so my wife and her sister cased the outside of the house, noting obvious issues that would need working on such as the deck and other parts made of wood. Shortly thereafter, we stepped inside.
First, I was blown away by the Southern-style front porch, a wooden structure that would make one feel great sitting on a rocking chair and reading way back in that quiet. (And that was sort of the only possible issue, it was a good ways back from the main thoroughfare which would make me wonder about the ease of getting transportation. I’m pretty sure that it could have been done though, as we were within a four-minute drive of the nearest bus stop).
Immediately past the front door and to the left is the Master bedroom. It was about the size of our current Master, which is to say not super large but big enough to fit our king-sized bed and two nightstands. It also contained a bathroom. My wife loves the idea of having that room on the bottom floor.
From there, we strolled through the ample living room, which contained a fireplace, and kitchen and up the stairs to the three rooms above. The only thing that would really need fixing other than said issues with the wood was the carpet, which was very deep but probably not that great looking. In our dreams at least, we would work on these projects, including a repainting of the walls, over time as we enjoyed living in this luxurious space.
Outdoors, there is a spacious two-car garage and the deck, which was rotting in some places. I loved again that one didn’t hear the constant roar of AC as we do in our current spot, or traffic as one might in many others. In short, this place was absolutely ideal for both of us given what we are really seeking in a home. And it’s a rare place these days that has character, not just feeling “cookie-cutter”.
But alas, it was not meant to be. Our realtor poured water on our dream as soon as we rolled out in the car, saying that if we were to acquire it, we would have to pay to repair the deck prior to closing as required by our loan. More than that though, and not surprising, the place had pretty much already been snapped up by a construction-type company that will renovate it and sell at a significant profit. Ah well, such is things with this. I guess what I will try and do now, especially as travel is largely off the table anyway, is to just try and keep the ol’ bank account rising and try to be prepared for all of what one must do to acquire a place. This experience has definitely been… educational. We shall see.

Road To Home Ownership: First Viewing

There are, in my opinion anyway, three major pillars of adulthood: marriage, childbirth, and buying a home. Any or all of these may or may not happen, but whenever they do they tend to be markers of memory as well as potential sources of stress and change.
We’ve done the first, will probably never do the second, and… we’re just beginning our journey toward the third. That’s right, my wife and I are considering purchasing a house! After a while, one realizes that apartment rental is less and less attractive as that charge rises exponentially every year, and there is no return on investment. More fundamentally though, of course, is that the place just isn’t ours. So it can’t be customize to our liking as much as otherwise.
The challenge, as we’re already seeing in real color, is the startup costs. Down payments, Earnest money (whatever that means,) due diligence fees, inspection, appraisal… we’re going to be slowly nickel and dimed until we run screaming, and it’s likely going to take longer than we wished to get it all sorted. As such, this post will be first in an ongoing series, the last of which I hope to write from wherever out new abode is.
Speaking of, we got to check out our first possibility today. Getting to that point has already been a process that has taken nearly a month (a month? Wow, that time has flown). Paperwork had to be gathered and income verified before our lenders determined the amount of mortgage for which we could be pre-approved. I’m surprised that many don’t do it this way, choosing to find a home first then see if they can get the money they need to purchase it. With our pre-approval in hand, we could get a sense of what would be realistic if indeed we ever do clear all these pesky startup costs.
Anyhow, we arrived at the Southeast Raleigh property at 11 AM Saturday, early but not too bad I suppose. Her sister came along for the viewing as well as our real estate agent, given to us by the Teacher Next Door program my wife is using to spearhead this process. We entered a two-story townhome that was freezing, because it was empty and had no power. The bottom floor is not carpeted, which my wife very much preferred. The main issues were a lack of adequate storage and kitchen space, and on the second floor a carpet that needs replacing and some knicks and knacks that made the place look less appealing. Also, the master bedroom is likely too small to fit our fairly sizable bedroom set. Finally we were concerned about possible flooding in back based on the shape of that land in a large storm.
So no, we will probably not be getting that property. It was informative to take a look though, and I found our agent to be very good at really assessing what is going on in a place and relying it to us in an easy-to-understand way. We’ll just see if and when this all plays out.