# Bought our first House



## bprescot (May 28, 2013)

Well, it looks like we've pretty much bought our first house. After an inspection report that detailed out nearly $70K in repairs, we were able to work something out with the seller. And most of the repairs (Roof, Retaining Wall, Foundation Underpin) can be done after close, but prior to our move-in...

Good news is that after WAY too much research, while money might be tight with all the required repairs (and extra loans it will require) for the first few years, when we sell the house, that $70K should yield a nice return... Unless the market crashes again... Or further, or ... whatever... Sh!t. Now I need a drink.

Well, here's to a Bank owning your soul! Prost! :beer:


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## knyfeknerd (May 28, 2013)

congrats!


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## echerub (May 28, 2013)

Congrats, and hopefully the renos/fixes go reasonably smoothly


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## bikehunter (May 28, 2013)

Good for you, Ben.


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## don (May 28, 2013)

Congratulations!


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## ejd53 (May 28, 2013)

Congrats, don't worry about the "worries". It is a natural reaction to the first big buy.


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## El Pescador (May 28, 2013)

congrats Ben!


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## Mike9 (May 28, 2013)

Congrats Ben - there's no place like a home you own.


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## Jmadams13 (May 28, 2013)

Congrats Ben!


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## Zwiefel (May 28, 2013)

Congratulations! Being a homeowner can be a real joy....best of luck to you and yours in your new home.


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## Dream Burls (May 28, 2013)

Congratulations. That first night is always a mix of This is really mine! and What's that noise? Enjoy.


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## mhlee (May 28, 2013)

Congratulations, Ben!


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## Zwiefel (May 28, 2013)

Dream Burls said:


> Congratulations. That first night is always a mix of This is really mine! and What's that noise? Enjoy.



don't forget, "oh sh1te!! I have to pay for this for 30 years!?" :dazed:


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## bprescot (May 28, 2013)

Zwiefel said:


> don't forget, "oh sh1te!! I have to pay for this for 30 years!?" :dazed:



LOL. It's even worse actually... we took out a 7/1 ARM! I'll either need to sell in 7, or refinance... meaning I'd be paying for *37* years!!


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## Dardeau (May 28, 2013)

Congratulations!


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## cclin (May 28, 2013)

Congratulations! enjoy your new house


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## WildBoar (May 28, 2013)

bprescot said:


> LOL. It's even worse actually... we took out a 7/1 ARM! I'll either need to sell in 7, or refinance... meaning I'd be paying for *37* years!!


Congrats! And that 37 years is not necessarily true -- you can refi at that time (or any time earlier) and get into a 25 yr loan, or a 20, or a 15, etc. Each time you refi try and cut a year or two off the remaining years if you have the income. of course this advice is contrary to those who maintain you should not have any of your own money tied up in the house, so go w/ a long term each time you refi and invest the equity. But with the stock market crashes, etc. I'd rather own my house.


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## mr drinky (May 28, 2013)

Congratulations, but no pics?

k.


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## mc2442 (May 29, 2013)

Congrats on the purchase!


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## bprescot (May 29, 2013)

mr drinky said:


> Congratulations, but no pics?
> 
> k.



Only have one right now


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## bikehunter (May 29, 2013)

Whoa, Ben. That house is killer!


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## bprescot (May 29, 2013)

It's got a pretty front anyway 

In addition to the huge repair bill, unfortunately, there's no real backyard to speak of, just a front yard right at the corner of two streets with "meh" light. In addition to knives and cooking my other hobby is gardening which this house isn't really ideal for... But it's in a nice town, a quick ride in to NYC, and once we do the repairs and are ready to sell in a few years, we will hopefully be able to make some money off of it. 

The kitchen was redone recently, however. They've got some new appliances in there and they put in some low-grade granite or marble or some such countertop. Everything looks nice I suppose (just not my style, honestly) but aren't really made for performance... But still. At least I don't have to re-do the kitchen unless I really WANT to. And the LAYOUT of the kitchen is actually pretty damn good. It's got plenty of storage and counterspace, and while there are seats for an Eat-In/Congregation area, it's OUT of my working area. I hate guests crowding me as I'm trying to cook. 

So the kitchen is set. And it also has bedrooms. Kitchen and Bedroom... That's all I really need in a house ... The rest is just crap I have to vacuum and keep clean


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## Zwiefel (May 29, 2013)

Love it! Unusual and classic at the same time.


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## boomchakabowwow (May 29, 2013)

nice house!! i like it.

buying a home was the best and worst decision ever. hahah..the repairs rattled my feeble nerves.

but i bought a shack.


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## WildBoar (May 29, 2013)

bprescot said:


> So the kitchen is set. And it also has bedrooms. Kitchen and Bedroom... That's all I really need in a house ... The rest is just crap I have to vacuum and keep clean


My list of 'must-haves' includes bathrooms. But I admittedly never was into camping, etc., so self-fertilizing the garden has never been high on my list of things to do. :lol2:


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## bprescot (May 29, 2013)

WildBoar said:


> My list of 'must-haves' includes bathrooms. But I admittedly never was into camping, etc., so self-fertilizing the garden has never been high on my list of things to do. :lol2:



Kitchen has sink, garbage disposal, and pull out sprayer-ma-jiggy... Geez man, why you need something so FANCY?


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## marc4pt0 (May 29, 2013)

Congrats and WELCOME HOME!


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## mr drinky (May 29, 2013)

That house looks amazing. 

k.


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## Eric (May 29, 2013)

Nice Tudor. I grew up in a similar style house in Teaneck, then tenafly! Enjoy.


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## mkmk (May 30, 2013)

Nice -- congrats!

We've got a contract pending on a new place, and are selling our current home (been here ~12 years). Exciting, but super stressful.


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