So, the time is approaching where our lease will run out and we are confronted with many different options. At first we were just going to stay here another year to avoid having to move again, but we started thinking about all the things that we wouldn't mind living without.
First of all, the mold that growing on our windows. I called our apartment managers and informed them of our wet window sill and condensation that's been feeding mold. They seemed to have that problem and claim it's due to being on the 3rd floor, that our building is facing another and therefore don't get enough sun on the windows, and that the seal around the windows wasn't good enough. So they send a guy over and he adds some caulk on top of the mold claiming that's all they need. And he only did one of the three windows. Not only is the mold still there, but the windows sill still gets wet inside. Enough on that...
Second, somehow how floor always smells like cigarette smoke. We've never actually seen them, but i swear it's our across-the-hall neighbors smoking in the building all the time (which they're not supposed to). Eww. hate that smell. Luckily it stays in the hall thus far.
Third, at least for me, living on the 3rd floor could get annoying in the future. I don't mind it so far now, but IF in the case that I MIGHT become pregnant within the next 15 months it might be hard to handle the stairs and getting everything up them regularly. Who knows though..
So, with these things pushing us to maybe NOT renewing our lease, we're looking at some other alternatives. Our apartment is pretty much the cheapest around here and so we were looking into other alternatives. At first, I was looking at the possibility of houses we could rent for about the same price, and then I keep thinking that maybe we should look into buying a house (a cheap one...) since this IS the time to buy. That'd be nice, but I don't know if we have the resources to do that right now.
There's a few helps from the government for first-time homebuyers that I keep hearing about but I don't know a lot about it.
Here's the 2 things I've heard of so far:
1) FHA Loans - From what I understand, this basically allows for a 3% down payment and postpones upfront fees.. Not really sure.
2) Federal Housing Tax Credit - They give you a $7,500 tax credit interest free for 15 years... But you don't get it until the end of the year I'm assuming.
I would love any info or experience anyone has about these things.
Thanks!
First of all, the mold that growing on our windows. I called our apartment managers and informed them of our wet window sill and condensation that's been feeding mold. They seemed to have that problem and claim it's due to being on the 3rd floor, that our building is facing another and therefore don't get enough sun on the windows, and that the seal around the windows wasn't good enough. So they send a guy over and he adds some caulk on top of the mold claiming that's all they need. And he only did one of the three windows. Not only is the mold still there, but the windows sill still gets wet inside. Enough on that...
Second, somehow how floor always smells like cigarette smoke. We've never actually seen them, but i swear it's our across-the-hall neighbors smoking in the building all the time (which they're not supposed to). Eww. hate that smell. Luckily it stays in the hall thus far.
Third, at least for me, living on the 3rd floor could get annoying in the future. I don't mind it so far now, but IF in the case that I MIGHT become pregnant within the next 15 months it might be hard to handle the stairs and getting everything up them regularly. Who knows though..
So, with these things pushing us to maybe NOT renewing our lease, we're looking at some other alternatives. Our apartment is pretty much the cheapest around here and so we were looking into other alternatives. At first, I was looking at the possibility of houses we could rent for about the same price, and then I keep thinking that maybe we should look into buying a house (a cheap one...) since this IS the time to buy. That'd be nice, but I don't know if we have the resources to do that right now.
There's a few helps from the government for first-time homebuyers that I keep hearing about but I don't know a lot about it.
Here's the 2 things I've heard of so far:
1) FHA Loans - From what I understand, this basically allows for a 3% down payment and postpones upfront fees.. Not really sure.
2) Federal Housing Tax Credit - They give you a $7,500 tax credit interest free for 15 years... But you don't get it until the end of the year I'm assuming.
I would love any info or experience anyone has about these things.
Thanks!
5 comments:
So I know nothing about buying a house but just wanted to say that I think your little pictures of other people depicting what your posts are about are kinda funny ;) For a split second I thought this one was you.
If you have 20 percent down at closing, you will not have to pay mortgage insurance. Anything less than that and you will pay a monthly premium. Either way could work for your benefit.
We did 20% down just to save ourselves from an extra 100$ a month or so.
First Time Homebuyers in Minnesota (we're in Wisconsin) only need like 3 percent down I think. I think the costs are tacked onto the end of the loan so if you take a full 30 years to pay it off you can triple the amount you borrow just about. However, it can be REALLY handy if you are low on cash and buying a house for the first time, thus the title.
Whatever you do, when you decide on a home ALWAYS GET A CERTIFIED HOME INSPECTION. Costs depends on where you are, ours have been 100-250$ and are worth knowing the inside and out of your home...you can sleep good at night. Woah, kind of lengthy there. Good luck!
yeah Karie..that almost looks like me. Other than the fact that Jeremy must have magically grown a head of hair. And the back of my head looks nothing like that. It really has been to long since you've seen us...
we're going to try and put an offer on a house this week.
FHA loans require 3.5% down at closing, and factor the private mortgage insurance into the life of the loan (instead of paying it on top of your loan as you would with a conventional loan).
Conventional loans require mortgage insurance if you have less than 20% to put down (who has 20% to put down on a first house?), but the benefit is that once you show you own more than 20% of the home (through house appreciation or whatever), you no longer need to pay the mortgage insurance.
good luck finding a great home! i'm not sure what a realtor does these days, because jen and i found all the homes we wanted to look at online. perhaps they help with the closing process?
I sent you an email...BTW, I've learned in 30+ years of house buying that 'they' ALWAYS say this is the perfect time to buy. ;-)
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