Home News I Meant to Rent an Apartment. Instead, I Bought a House in One of the Country’s Most Expensive Areas

I Meant to Rent an Apartment. Instead, I Bought a House in One of the Country’s Most Expensive Areas

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Even with the best plans, things can go awry.

Key Point

  • Tenants often have no control over what their monthly payments will be and when they must move out.
  • Buying a home can lower your monthly payments, but there are other costs to consider, such as a down payment and insurance premiums.
  • A good real estate agent will guide you through the home buying process.

A few years ago, I was looking for a new apartment with my then-boyfriend and now husband. Our landlord had sold our unit, so we began to spend most of our free time looking at listings online and visiting open houses on weekends. lives in the Bay Area and was trying to find an affordable place with an easy commute to San Francisco. During the two years we lived in the apartment, Auckland prices kept going up around us, and we soon noticed the prices went down.

After seeing countless shabby and overpriced apartments, my frustrated brain started wondering what it would be like to buy a place instead. We talked a lot and realized it made more sense to find my own home than to continue renting. And that’s how we ended up Buy a house In one of the most expensive places in the country. This is what it looks like.

bring in help

Our first step was getting guidance.we found a great real estate agent They were able to walk us through every step of the process and completely understood our situation as first-time home buyers. I didn’t know what or what kind of emergency would occur. Mortgage pre-approval was. Our agent not only knows the Bay Area real estate market well, but was an excellent consultant in understanding what we were looking for. starter home.

We started opening homes in different cities and neighborhoods, trying to find what worked for us. After weeks of searching, we found something.

first house

The neighborhood wasn’t great and was listed at the top of the price range, but the house had been completely flipped. We were hooked and worked with our real estate agent to create an offer. And holy smoke, it was accepted! Our excitement lasted for about a week. test Day. As it turned out, there was a large crack in the base that had been “fixed” by a flipper with what our inspector described as a Band-Aid. We don’t want to hear that in an earthquake country.

Thank goodness many buyers didn’t abandon the contingencies they do in hot markets to get their offers accepted.After discussion, we decided to cancel the contract and keep looking.

second house

House hunting is exhausting, especially after we felt so close, but we kept at it. One weekend we walked into an open house. It didn’t have the brilliance of the first house, but it didn’t have any major issues either. It was also listed for as low as $150,000, so it was within budget. In fact, I found myself quite comfortable doing the work of upgrading my home and making it shine.

we were very lucky. The house was too good in shape (and price) to interest flippers, but not good enough to interest move-in-ready buyers. In a country of bidding wars, we made the only offer and it was accepted. About a month later, I was given the keys to my new house for a monthly payment of about half the rent of my apartment.

how it worked

I feel very lucky to have bought the house. mortgage payment.of cost of owning a house From insurance to scheduled maintenance to property taxes.Before that, the closing costs and down payment, ideally at least 20% of the purchase price. We’re hard-working savers, and because we budgeted in advance and chose a (relatively) affordable home, we were able to move.

Having a trustworthy real estate agent to walk us through the entire process also made a huge difference.buying a house is especially first time home buyerWe had a lot of questions and often felt like we didn’t know what we were doing. But we kept learning, we kept talking before we made any big decisions, and we ended up with a little house we could build ourselves.

Many people prefer to rent even if they can buy it. That’s how we felt at the time, and if we could afford it, we wanted to continue renting in our old neighborhood. But life doesn’t always go according to plan… Plan A (new apartment), Plan B (upturned house), Plan C (no renovation needed). But Plan D (Fixer Upper!) was the best choice we could have made, and I appreciate that.

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