Thoughts on Buying a House

We’re buying a house. This week. In fact, by the time you read this, we may have started the whole process. However, as of this writing we’re debating between two houses. Here are some of my thoughts, though for the record I’m not getting into the gory details. This is merely being done as a quick thought exercise.

On the one hand we have a house which we’re not crazy about, but which is of very high quality. The problem is that the house looks like something someone much older than us would buy. Also, it has a smaller master bedroom and too many showers. (THREE!) Phenomenal kitchen, though. Still, I can see us selling this house in five years.

On the other we have a house which is perfect in just about every way, but the quality is OK. This house looks like the perfect family for a young family (us). Huge rooms, especially the master bedroom, and huge bathrooms where they matter. (It’s got two and a half bathrooms.) I can see us raising a family in this place.

Our dilemma? It looks like the first house, although it’s more expensive, will be the more affordable one because the seller is willing to work with us. The second seller, however, won’t budge–at all–on the price or financing options.

So on the one hand we have the house which fits our budgetary criteria, while on the other we have the house we really want. Normally the decision would be easy: go with the budgetary house. But this is where the emotion comes into play. The houses are comparably priced. However, the maintenance and insurance on the house we really want–the second house–will be considerably higher than on the house we’ve been able to work out a great deal on–the first house. Also the first house will demand a much steeper down payment than the second house. That’s another negative.

Still, the appreciation of value on the house we want will very likely be considerably higher than on the house we’re getting a good deal on. That’s because the first is a two-story house while the second is one-story. Apparently, that makes a huge difference, particularly in the resale cost. Ironically, the house which would resell better would be the house we’d likely stay in for the long haul.

And then there’s the sales personnel. Yeah, I know, stupid to even consider this, but I always try to consider the human factor in all things. In this case one of the sales people was much more like an advisor than a sales person, while the other was very obviously a sales person. I’m sure you can guess which is which. But then, I’m not buying a sales person, I’m buying a house. So maybe this shouldn’t matter quite that much.

You know, after writing it down I think I have my answer.

(P.S. Originally I wasn’t going to even update today, but I needed to think and figured I’d let you know we’re about 3 days away from starting the process to buy my first house. Yes, yes. Pictures forthcoming.)

8 thoughts on “Thoughts on Buying a House

  1. I’ve never bought a house, but I reckon that it is similar to buying an expensive equipment, say, a camera or a laptop, LOL. Good luck with that! 😀

  2. At first I thought this said “Thoughts on Buying a Horse.” The thought of a horse having three showers amused me to no end.

    Oh, and good luck. =)

  3. @Pelf: I wish it was as simple as buying expensive equipment. I can’t remember the last time I had to supply the last 2 years of tax documents for any computer I’ve ever bought! (Of course, if my house WAS a computer… niiiice…)

    @Kevin: Your comment just made my day.

  4. All the best and Congrats! In India people have elaborate house warming ceremonies. One thing we all do is – We boil milk and allow it to spill over. This is considered good luck and the spilling of the milk after is boils is considered a sign of prosperity!

  5. Wow, congratulations! Such an exciting time. I guess what I’m wondering is if you would be willing until a house comes on the market that is one that you really, really want – and can work on pricing with. Of course, I’m not an experienced housing expert but that would be my inkling.

    Regardless, good luck!!

  6. @esther: Generally, I agree with you, which is why I’m buying no as opposed to as when EVERYBODY was telling me I was an idiot for renting, about 2 years ago. My gut then told me no, because of pricing and because the “right house” wasn’t in the market, at least not for my price range.

    I would still be intersted in waiting to find something more perfect, but the problem with waiting is interest rates: I don’t know what they’ll do, but I can tell this much: they’re going up. Banks have to make their money back somehow and, as was mentioned to me by a friend working in the finance department at Bank of America, they’re living in interest rates and fees right now. Right now is the best time to buy, I believe. And with house prices the way they are, really I don’t think they’ll get much better. in fact, I’ve seen house prices in the area I was looking in bottom out and actually start rising again.

    Thank you for your well wishes, though. Pictures coming soon!

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