Forced to fixer-up
Forced to fixer-up
Welcome to New York. The photo above is the absolute first photo I ever took of my now home.
The house had been vacant for two years prior to our visit. The fence was tired, the yard overgrown, all of the copper pipes ripped from the baseboards and the heating system destroyed by who knows who just trying to make some fast cash.
Honestly though, this house was a freaking pristine palace compared to some of the gems we walked though- black mold, squatters, animal habitats, puff backs, structural damage, need I say more?
When you know, you know
Despite how the home appeared on the outside, the energy inside was refreshing and honest. It was bright and airy (despite the poorly lit kitchen). It was clear that at one point after its 1952 completion, this house was filled with those who loved it.
Don't fall in love with real estate
Harder said than done, I know. Let me tell you something though...no one wants "the" house like you want that damn house. I figured this out pretty quickly- let's not forget that buying a home is a business like anything else. The house that you have a whole Pinterest board built around, is not quite ready for your upcoming DIYs. Really though, purchasing your first house on Long Island is like a game of roulette- totally unpredictable and rarely fair.
So, maybe you have been renting for a while or you are ready to make the transition from living with the parents and society starts telling you,"it's time to invest". This I do agree with. Real estate, especially on Long Island, is the best investment (in my opinion) that you can make.
Real estate apps are not always your friend
Popular apps really hype things up. The professionally shot homes look great, the calculations make it seem like monthly mortgage payments are totally doable, with thousands of seemingly interested agents right at your finger tips! Trust me on this, start with a lender. To me, a lender is like that "friend" who always wants to hang out but never actually has money to do anything and will "get you next time". These people are super charismatic and will build you up with the confidence of a successful deal right away...keep your guard up! Not every lender is the right one. Shop around, make sure the bank you decide to move forward with has the same expectations as you.
Pre-approved?
So you have your pre-approval. If your situation is similar to mine, hello school loans, this number may be totally underwhelming. It is also extremely important to remember that your pre-approved loan amount is not inclusive of your closing costs.
I found the home buying process to be terrifyingly exciting. I am not a risk taker by nature, but deciding to purchase your first home is one of the best examples of adulting, ever.
You are in control
You may find this entry to be terribly depressing so far. It may be my PTSD and undiagnosed anxiety disorder coming through, but trust me on this, buying your first home is the most empowering feeling.
The market may seem daunting, but stay open minded. I will also let you in on a little secret: a seemingly perfect house will always require a project after purchasing. Even a brand new structure will require some customization to make it feel like home. The moral here, don't be afraid of a fixer upper! I mean look at this dark kitchen- I would never pin this!
Offer what you can
Bank owned homes are interesting in that you are not buying from a human being. The bank has no emotional attachment to the home, and that is a beautiful thing.
People will try to coach you on what type of offer to put in, and it can be really helpful. But, just be realistic and put yourself out there! When we first saw our house, it was about $80K more than we could afford. We placed an offer for $80K less than listing, it was denied. Each month I stalked this house on the MLS site like it was a teenage crush. I began to notice a pattern- every month that the home didn't sell, the bank reduced the cost by 10K. I watched, and waited. A couple of months later, the listing price went down to the exact number I had originally offered- the game was on! I then re-submitted my original offer and oh my goodness, it was accepted!
Your pins may finally become a reality
So obviously there are about a billion more steps between offer acceptance and closing (I believe that is mathematically proven), but don't give up! Also, and this is important, do not let anyone tell you that the home you chose, isn't worth your best efforts. Channel your inner Chip and Joanna! Every home is worth a second chance and right now, you are proud and ambitious enough to do just that.
Since our appraisal our home has doubled, maybe tripled itself in value. Since move-in, we created an open concept for plan, installed a brand new heating system, replaced the existing floors with brand new hardwoods, painted the entire home, added a brand new fence around the whole permitter, installed recessed lighting, added French doors to our dining area, and countless DIY improvements. Within the next month or so, we plan to update our kitchen, build a deck, and add some finishing molding. We have done a lot of the work ourselves to save money, but have splurged where it matters most.
Thank the bank
Remember that feeling of overwhelment and panic after receiving your meh pre-approval? I do. But today, just over two years later, I would like to thank my mortgage broker. By setting the bar- however low the amount was- and making it challenging to find a home in my price range, I am living comfortably. I bought what I could afford, I didn't stretch myself thin. Sure everyone is "house poor" for the first few months, but your finances adjust to this new under taking. Looking back, I would have never tested the limits just to get a home that may have not been bank owned- since that was all I could afford.
I love my house, the improvements we have made are ours and we are so proud. Long Island's real estate market is daunting and sure its easy to look at homes in North Carolina or Florida and feel disappointed when you compare amenities. But trust me, you can have them too for just about the same price, and money left over to truly lIVE in your new home!
When you know, you know
Despite how the home appeared on the outside, the energy inside was refreshing and honest. It was bright and airy (despite the poorly lit kitchen). It was clear that at one point after its 1952 completion, this house was filled with those who loved it.
Don't fall in love with real estate
Harder said than done, I know. Let me tell you something though...no one wants "the" house like you want that damn house. I figured this out pretty quickly- let's not forget that buying a home is a business like anything else. The house that you have a whole Pinterest board built around, is not quite ready for your upcoming DIYs. Really though, purchasing your first house on Long Island is like a game of roulette- totally unpredictable and rarely fair.
So, maybe you have been renting for a while or you are ready to make the transition from living with the parents and society starts telling you,"it's time to invest". This I do agree with. Real estate, especially on Long Island, is the best investment (in my opinion) that you can make.
Real estate apps are not always your friend
Popular apps really hype things up. The professionally shot homes look great, the calculations make it seem like monthly mortgage payments are totally doable, with thousands of seemingly interested agents right at your finger tips! Trust me on this, start with a lender. To me, a lender is like that "friend" who always wants to hang out but never actually has money to do anything and will "get you next time". These people are super charismatic and will build you up with the confidence of a successful deal right away...keep your guard up! Not every lender is the right one. Shop around, make sure the bank you decide to move forward with has the same expectations as you.
Pre-approved?
So you have your pre-approval. If your situation is similar to mine, hello school loans, this number may be totally underwhelming. It is also extremely important to remember that your pre-approved loan amount is not inclusive of your closing costs.
I found the home buying process to be terrifyingly exciting. I am not a risk taker by nature, but deciding to purchase your first home is one of the best examples of adulting, ever.
You are in control
You may find this entry to be terribly depressing so far. It may be my PTSD and undiagnosed anxiety disorder coming through, but trust me on this, buying your first home is the most empowering feeling.
The market may seem daunting, but stay open minded. I will also let you in on a little secret: a seemingly perfect house will always require a project after purchasing. Even a brand new structure will require some customization to make it feel like home. The moral here, don't be afraid of a fixer upper! I mean look at this dark kitchen- I would never pin this!
Offer what you can
Bank owned homes are interesting in that you are not buying from a human being. The bank has no emotional attachment to the home, and that is a beautiful thing.
People will try to coach you on what type of offer to put in, and it can be really helpful. But, just be realistic and put yourself out there! When we first saw our house, it was about $80K more than we could afford. We placed an offer for $80K less than listing, it was denied. Each month I stalked this house on the MLS site like it was a teenage crush. I began to notice a pattern- every month that the home didn't sell, the bank reduced the cost by 10K. I watched, and waited. A couple of months later, the listing price went down to the exact number I had originally offered- the game was on! I then re-submitted my original offer and oh my goodness, it was accepted!
Your pins may finally become a reality
So obviously there are about a billion more steps between offer acceptance and closing (I believe that is mathematically proven), but don't give up! Also, and this is important, do not let anyone tell you that the home you chose, isn't worth your best efforts. Channel your inner Chip and Joanna! Every home is worth a second chance and right now, you are proud and ambitious enough to do just that.
Since our appraisal our home has doubled, maybe tripled itself in value. Since move-in, we created an open concept for plan, installed a brand new heating system, replaced the existing floors with brand new hardwoods, painted the entire home, added a brand new fence around the whole permitter, installed recessed lighting, added French doors to our dining area, and countless DIY improvements. Within the next month or so, we plan to update our kitchen, build a deck, and add some finishing molding. We have done a lot of the work ourselves to save money, but have splurged where it matters most.
Thank the bank
Remember that feeling of overwhelment and panic after receiving your meh pre-approval? I do. But today, just over two years later, I would like to thank my mortgage broker. By setting the bar- however low the amount was- and making it challenging to find a home in my price range, I am living comfortably. I bought what I could afford, I didn't stretch myself thin. Sure everyone is "house poor" for the first few months, but your finances adjust to this new under taking. Looking back, I would have never tested the limits just to get a home that may have not been bank owned- since that was all I could afford.
I love my house, the improvements we have made are ours and we are so proud. Long Island's real estate market is daunting and sure its easy to look at homes in North Carolina or Florida and feel disappointed when you compare amenities. But trust me, you can have them too for just about the same price, and money left over to truly lIVE in your new home!
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