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Ah, Homeownership

July 1st, 2015 at 01:55 pm

Water in the basement. Stinky subflooring. Trim that shatters.

Luckily though, the water was just from a toilet in the basement (not in a bathroom, just plumbed and put in under the steps). $20 plus my dad to fix. Then tear out all the horribly built paneling, walls, and drop ceiling to get the moldy things out. Yay for a clean unfinished basement! It's so pretty.

The subflooring will be sealed, hoping that gets rid of the poopy smell. Didn't smell it until the carpet was removed, so hoping it disappear with sealing. Trim, we had decided to replace it, albeit was going to do it one room at a time... now it is all at once. Shingles are in bad shape, but not leaking, so we're going to wait for a bit cooler weather this fall and then finish it. Getting estimates for A/C, which means we have to get estimates for electrical (box is full+).

We had upped our fix-it up costs before we signed, so thankfully I'm not thinking about how in the world we are going to pay for all this. I gave myself an ideal budget of $10,000, knowing that $15,000 will be more like it. We also have figured out how we're going to pay it over the next year and some odd months, hopefully keeping overall interest costs to a minimum.

My goal is to get it move-in-able by the end of July. If we make enough progress this long holiday weekend, I'm thinking we'll hit it. If I could spend more than one hour a night at the house (two kids 2yo and under 1yo), that date could be moved up, but family time is so important.

Now that we know our monthly principle, interest, PMI, taxes and house insurance ($806.xx rounded up to $850/mo for automatic extra principle every month), we know that we will be "saving" probably just under $400 a month once we figure out how much water/sewer/trash will be (it was free in apartment). Of course, for the first few years, we'll be turning that extra into fixing the house and yard.

I'm already day dreaming about future projects. Things to do in the next five to ten years - new windows, new siding, maybe bump out this wall, put in a path that way, fence, flowers over here, veggie garden over there...

Total Down Payment plus Closing costs: $8320
Total spent on supplies so far: $504

4 Responses to “Ah, Homeownership”

  1. Ima saver Says:

    I am so lucky my husband is my builder. WE have lived in this house for 21 years and so far, nothing has needed to be fixed. (Other than appliances)

  2. snafu Says:

    Welcome to homeowner's hassle. Having dealt with tornado type winds, hail, floods and unexpected fixes I understand your frustration. I've become a huge fan of You Tube where someone knowledgeable can walk me through fix-it problems. Even if the task requires a tradesman, I can at least discuss the issue using the correct terminology and explain what is needed.

    I just keep telling myself these updates/upgrades were in a different order than preferred :0 What basics will you need done to make moving in feasible? If you are having serious electrical work, do you require a permit? [we do here, not having a permit can nullify homeowner's insurance]

    I like your idea of setting projects and their timeframes like replacing shingles in October when weather is cooler. Had you noticed materials for fences, decks and gardens is sale priced in the fall?

  3. scottish girl Says:

    Yay, you've bought your own place! Congratulations. I like that you've set a specific goal.

    (I've left an essay on your previous entry)

  4. scfr Says:

    Regarding the A/C, do you live in a really hot area? I'm in Texas and have never regretted that we paid more for a house with a higher SEER A/C than many of the neighboring houses. To help keep cooling costs down we purchased a stand-alone dehumidifier that we run a LOT during the summer months (using the collected water on outside plants). Keeping humidity under control will help with mold problems.

    Good luck to you!

    P.S. - Have you set a target date for PMI elimination?

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