Wednesday, February 15, 2017
Post divorce, I have been in transition. Rentals for 4 years in former town to get kids thru high school, now renting in a local city. In a townhome for the first time in my life, it agrees with me (the no maintenance feature for the outside, omitting the LL's responsible for inside maintenance as it's a rental). The city offeres alot more services, including public transportation, compared to the former, expensive town. I plan on buying in the city.
I have a very sizeable down payment plus more in my savings account. I do not, however, plan on maxing out what the bank would say I can afford. 20% will be put down to avoid mortgage insurance.
I am doing my homework. With my next rent check, due Mar 1, I will reach out to the LL and inquire about renewing the lease here. The thought is that hopefully, I will have another job within the next year, if not sooner! and this may put me in a more favorable light as I apply for a mortgage. I monitor my credit score, it is fluid, but remains around 800. If I were to buy a home (modest by CT standards), I would most likely reduce my housing (rent/mort) by $1000.
I am trying to figure out just what I want (knowing that no home is ever perfect)in my next home: 1600-2000 square feet range, 3 bed/2 bath, covered parking, supplemental heat source (fireplace), gas heat over oil/electric, gas range. I can handle minor cosmetic issues (paint, redo wood floors, remove wall paper, replace light fixtures, upgrade apppliances,
replace counters, upgrade cabinets) but that is the extent. I want a turn key home. I want a newer (no older than say 1975 when energy conservation first came onto the radar with the energy crisis). Whichever home I end up with would most likely get an energy audit and super insulation, replacement doors/windows as needed. I'm ok with this.
Townhome (ideally without any amenities such as pool, tennis courts, playground) that would also mean an extra $X/month for a common fee to cover landscaping, plowing, outside maintenance and a HOA which would prohit me, most likely, from a clothesline, a garden. I don't want a 2 family, as I can't do my own maintenance, even though I'd probably qualify for one. I don't need any hassle either.
Small ranch (love the idea of one level) or split level home on 1/2 acre or less which would translate into about $200/month between lawn care, plowing. Able to gain more privacy over a townhome and able to customize the home as desired (replace windows, doors, paint/side in my color choice, etc.
Just looking for a sound board. So, thoughts?