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This week, I all but finalized the next step in my pursuit of the American Dream: I successfully negotiated and came to terms on my first home. We close on November 8th.
According to every stress test I have taken, changing jobs and buying a home are about as stressful events as most people experience in their lifetime (minus getting married and having a death in the family). I decided to do both within 15 days of each other. Put another way, as my friend Jared put it in a recent e-mail, "Wow, new car, new job (sorta), new girl, new house. What's next??" Let's hope nothing is next. Or maybe best put, according to CLiving.org, I have a stress score of 313. I have to admit, I feel it. Usually I thrive under stress. This month has been a bit much.
But I did it. I finally bought my first home. I have only been seriously thinking about it for the last year. There are four huge lessons I learned from this whole process. If you have ever bought a house before, you can feel free to stop reading, but I know a lot of 20-somethings hit up this blog so I offer my two points of advice below.
#1 - Ask questions. I am a pretty proud guy. I don't like asking questions. Whether that is looking for a product at Target or when "lost" and in need of directions - I usually have enough confidence in myself that I will figure it out on my own. You cannot approach buying a home like that. I can't tell you how many times I used the phrase: "I have never done this before, so I apologize if this is a stupid question, but..."
#2 - Do your research. Even after I asked as many questions as I did, and the fact that I talked with a lot of "experts," it still doesn't mean there aren't mistakes. I found a fairly large mistake that my loan officer missed and that ultimately cost me close to $1000 bucks at closing. Now I would much rather find that out now before the shock at closing of trying to find and extra Grand. You cannot do enough research, and in my opinion get freaking good at Microsoft Excel.
#3 - Do what you are comfortable with. If you are like me, once you even hint at buying a place, everyone and their mother will come out of the woodworks and tell you what they think. While a lot of the time this is a GREAT thing, it can get tempting to do something you aren't comfortable with. This is ultimately what happened to me last year about this time. Renting isn't always as stupid of a decision as those who own homes make it out to be - especially if you aren't sure you can stay somewhere for at least three years.
#4 - Everything is negotiable. For some, this is fun. Me personally, I hate this. But it is important. Not just the purchase price, but everything is negotiable. The closing costs the seller picks up, what is left in the home, what is fixed before buying the home. Heck, even what the bank charges you in closing costs. It is all negotiable. Make sure you have options, as that is the best way to "pit" them all against each other.
Well, that's about it. Before I go, I would like to thank
Anybody up for a house warming party?
if you add a wedding into this year you may have a heart attack!Tell me about it! I already go home every night from work feeling like my heart is exploding from my chest. I don't see the stress of a wedding happening anytime soon - at least for a year - we'll see ;)
I won't take the comment about "everyone and their MOTHER coming out of the woodwork" personally :)!!!Yeah, you shouldn't take that personally. Just a saying I have. No reference to any actual mothers out there.
And yes, I am up for a housewarming party. I have the perfect gift. I will stock your freezer with a year's supply of vegetables. :) Vegetables do wonders for stress!Except rule #1 for parties I throw is no presents. Too bad ;)
And you forgot to tell everyone that I am the House Warming Party Planner so they must contact me about coming to the party, that would be great.That is still up for debate baby.
Aww.. gotta wait for approval.. thats too bad, I guess that means you wont be posting my rants from now on.
SPAM SPAM SPAMI have to approve all comments. Although I am a little dissapointed pmccarty that you of all people haven't figured out a way to hack around the system!
What? I gotta wait 30 seconds too!?!?! this sucks.
BTW, Vegetables?? Does McDonald's sell those? Since when do you eat Vegetables?Sure McDonald's sells vegetables. You can get a Quarter Pounder with lettuce. Of course, I don't get it with lettuce, but I COULD!
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