Wednesday, September 4, 2013

House Hunting: Deciding to Buy

I have always loved perusing real estate listings.  Every Friday, we would get a pull out section in our local paper of real estate for sale that I would study to find my dream home (spoiler alert-it was usually the biggest and/or most expensive).


With this in mind, it should come as no surprise that I started looking at houses as soon as I moved to the DC area almost two years ago.  I saved some money living with my dad the year before our wedding and thought we might be able to find something with a mortgage payment for than less than what we were paying in rent.  I also really, really hated our apartment and couldn't wait to get into our own space. 

I quickly learned that houses out here cost a small fortune, particularly when considering my Midwestern mentality of what homes should contain.  It became clear that we were not ready and able to purchase a house, but I am very grateful for my early research.  It taught me to manage my expectations and understand the market in this area better.

As time went on I continued to browse listings, showing the particularly interesting ones to Brian (I found one two houses down from Dunkin' Donuts!), but with no real idea of when we would be buying.

At the beginning of this year, we decided we wanted to make buying a home a priority.  We saved enough for a decent down payment and we wanted to take advantage of the wonderful interest rates before they inevitably increase.  Plus, the lease on our apartment was set to expire in July, and we did not want to commit to another year of renting.

Armed with this knowledge, we got serious about researching neighborhoods and homes.  Up next, I'll discuss our somewhat unconventional home search.

How did you know it was time to buy?

6 comments:

  1. Anyone who purchases real estate in the DC area is very brave in my eyes :)

    Can't wait to hear more about the journey!

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    1. Ha! I think we're more crazy than brave...

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  2. YAY! Can't wait to read about your experience!

    Similar to you, not wanting to rent anymore and hoping to get in on a good interest rate were some of our motivators.

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    1. The interest rates were too good to wait any longer!

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  3. I can't wait!!!

    Selling/buying wasn't our idea, it was our agent's! There were a few times when I wish we hadn't sold, but I'm sure in another year, once we're more comfortable at home, I'll be glad we went through the process.

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  4. Yay for looking! It's exciting. I really like reading about other's journey's in the buying process, so I'll be following along. Me and Mr. Starfish (Bee here!) didn't like the idea of renting in Boston. Rent prices are so high, so we lived at home with my mom for a few years to save up for a down payment and for our wedding. We started looking 2 years in, but the search took longer than we expected. After a year of searching and the first time home buyer tax credit about to expire, we decided to take the plunge. We didn't find our ideal home, but we did find a home in our ideal neighborhood that had potential, so the timing worked out well. We bought a couple of weeks before the credit expired. Good luck with the search! :)

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