Back from house hunting!

iVillage Member
Registered: 02-26-2010
Back from house hunting!
6
Mon, 08-09-2010 - 6:57am

Sorry I've been AWOL again. I've been house hunting!


DH and I ran the numbers for renting for 3-6 years in our new post, compared that to the cost of buying at today's interest rates, and decided to look for a house to buy instead. It was a quick decision, but the numbers were so clear, it was an easy one. Also, the chances of us staying for 6 years is very high.


So, we did find a fantastic house in a great neighborhood and our offer was accepted. Also, the sellers are moving overseas, so they're leaving their dining set and living room furniture for us, plus a really beautiful chandelier! They might leave more furniture too, but that's just the stuff that was in our contract. And, they are paying our closing costs.


Our interest rate will be 4.5% and the house is in a whole different league than others we saw in the same price range. The sellers are very motivated, so they dropped the price to just what they paid for it in 2003, before the housing market took off. It's a heck of a deal! And, it keeps our housing costs under 30% of our take-home pay.


The inspection went very well and we should be all moved in next month! And, our first mortgage payment isn't due until Nov 1, which puts a little extra in our pocket to get settled in. :o)




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iVillage Member
Registered: 01-12-2008
Mon, 08-09-2010 - 10:13am

Congrats!!!

Dh and I have decided we aren't buying again until he gets ready to drop his retirement packet and if we are at a base were we want to stay. We move more often every 3 years and after the hassle we went threw selling out house in WA, I cannot handle that stress again. So we are just going to continue to have our BAH go to the housing office :-( Financially its not the best thing to do, but its the right thing for us.

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iVillage Member
Registered: 02-26-2010
Tue, 08-10-2010 - 6:48pm

That's what we were planning to do, also and it is wise, for sure. In fact, Dave Ramsey recommends that service families don't buy until they retire. So, this is very much out of character for me, but it makes sense for us.


We were careful to pick a house in a desirable neighborhood and at a rock-bottom price, with a low interest rate, no closing costs, and free furniture! We're taking a chance, but I feel comfortable about it with our savings in place

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iVillage Member
Registered: 02-19-2003
Wed, 08-11-2010 - 10:04am
Wonderful news and what a great interest rate!
iVillage Member
Registered: 01-12-2008
Wed, 08-11-2010 - 10:57am

I'm so happy to hear that DR agrees with me! That truely gives me piece of mind.

My cousin bought a house at every duty location once he was married. This was before the market spiked and then crashed. When he retired he was able to buy a million dollar home with cash. They got some loan where you just pay interest the first 3 years (not good to do IMO) But it worked for them.

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iVillage Member
Registered: 05-11-2005
Thu, 08-12-2010 - 7:16am

Norfolk?! You'll be right near me when I move back down there in December, VA Beach :)

Congratulations on buying a house :) I know we'll be renting but I don't want to even discuss buying until DH makes E-6.

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iVillage Member
Registered: 02-26-2010
Fri, 08-13-2010 - 7:06pm
We looked in VA Beach! We're buying in the Great Bridge area. The realtor said it has always had solid resale values. But I loved it because I felt like it was out in the country and the commute isn't too long for Dave. We move up in about three weeks. I love Virginia. We can't wait!

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