Thursday, July 14, 2011

Under Contract!

After five months of house hunting, we are finally under contract! Yay!

This was the 5th house that we put an offer on since April, (all of which were foreclosures), and it was the only one where we did not get into a bidding war.   Meant to be? Maybe... I mean, yes, the contract is signed, but the keys are not yet in our hands....and we have been screwed by a bank before.

You would think in this bad economy it would be easy to buy a house, but the competition is stiff out there.  It seems we are not the only ones looking for a deal!    Within 10 minutes of walking through this small 2 bedroom house, we knew we would put in an offer.  (and we did, 1 hour later)

Is this our dream house?  No
Is it big enough for a growing family?  Not really
Does it have a big yard?  Hardly
Are the schools good?  Ha!

Sooooo, why are we buying it?  Let me tell you.

-  The house was built in 2004, it needs no work [besides decor changes, which I will explain later.]
-  It is located just two blocks from where we currently live in the Old 4th Ward, an area we love.
-  The kitchen is open to the living room (the one inflexible criteria for our new place)
-  There is a balcony off the master bedroom with a great view of downtown!
-  The front yard has an iron gate with the beginnings of a beautiful garden.
-  The ceilings are high, the moldings are thick and the appliances are great.
-  The attic is big and will allow for a lot of storage. 
-  The price is right!
-  We were sick of looking and just wanted more space before the little Mexi-mouth arrives.

Because of all these reasons (especially the last one) we decided we would buy this as a [very] short term home.   Also, we are buying the home for such a low price, we are confident that we can make some money on it.  When we are ready to move, we can either sell or keep it as a rental.  Either way we consider this a good investment.

Besides all of that good stuff, our mortgage is going to be less than renting a 2 bedroom apartment in this area, so why not invest in a property, right?
Just so you know  The house will be painted pronto.  This includes the red brick around the front door (not the foundation).  The front door will also be changed out and painted a bright color. Maybe yellow or turquoise.
Have you used Sherwin Williams Color Visualizer?  This program is awesome!  You just upload your picture and outline the areas where you would like to change the paint colors.  It worked perfectly on the top of the house, but the brick below did not come out right.  Still, you can see that the house takes on a whole new look with a fresh paint job. 
What do you guys think?  Care to recommend any color combos?
Anyhoo, here is hoping that nothing goes wrong before the closing...which is set for August 10! Yay!
That gives us 6 weeks before the little Mexi-mouth arrives to paint and make some changes! 
Pictures of the inside of the house coming later this week!  Stay tuned!

1 comment:

  1. I think it's a great house! Good time to buy, and if it's in good shape...why not?


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