Tips for First-time home buyers

Re: Tips for First-time home buyers

Hi @nicbli! Any updates on the house you would like to share from over the past week? Would love to hear if you've gotten repair estimates and how those may be influencing your overall decision. Hope you had a great weekend!


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Janice James - W+H Community Manager
BE WELL. BUILD WEALTH.™
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My goal is to connect people who share a passion for staying well and building wealth to ensure healthy, comfortable futures. Let me know how I can help!

Re: Tips for First-time home buyers

Hi Janice, sure! We've gotten one estimate for the HVAC system so far and I'm working on getting a second one. Plus throw in the smaller-scale repairs, like the deck, and it's adding up...around 20-25 grand for everything. We still love the house and its location though - and our realtor is telling us that we still got a relatively good price in a very popular neighborhood. So we're moving forward with everything and have submitted our mortgage application too.

We've been talking a lot about where the money for repairs will come from... we don't want to empty our savings/emergency fund or go into credit card debt. (We pay off our one credit card in full every month and would like to keep it that way!) One friend of ours mentioned a home equity loan; we asked around about that and our parents say that could be a reasonable possibility. Other option is to do half the repairs now (heating only), and save the other half (the AC) for 1-2 years from now - that way we'd be able to spend from our savings without emptying it all at once.

So we're getting there slowly but surely. Still don't have finalized signed contracts with the sellers, hoping to get that done this week! Thanks again for checking in!

Re: Tips for First-time home buyers

So happy to hear this update @nicbli!! Stoked that you all still love the house and it's positive attributes are outweighing the repairs. My sister had a similar situation when buying their house, they ended up splitting the AC and heating repairs out so they could also repair the roof ASAP. It helps of course they're in Texas where the heater is rarely needed!

 

It sounds like you have excellent counsel in your friends and family to help you sort through this. Keep us updated when you have the time! Heart


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Janice James - W+H Community Manager
BE WELL. BUILD WEALTH.™
Get started in the community.

My goal is to connect people who share a passion for staying well and building wealth to ensure healthy, comfortable futures. Let me know how I can help!