My First Buy

I had decided that I was tired of paying my landlord so much of my money and still not getting the window fixed that I had asked about for the last 3 months.  I rented for so many years and was actually quite upset that I did not plan to do this sooner.

I called upon the Realtor my family has trusted for all their real estate transactions to help guide me through the steps of home buying.

I knew of course I needed to find out how much I could afford-  he referred me to a mortgage specialist.  No point in looking if I didn't know how much money I had to spend.

This would greatly determine where I was able to buy.  I wasn't shocked that I wasn't able to buy a home in Fort Richmond for $100,000, but I didn't know that I would have to go that far North.

Anyways, after looking at a few North and Elmwood homes, I found a little sxs that had a great layout, with 3 bedrooms and 1 1.2 full baths.  This was more space than any single detached home I saw in my budget.  It did need quite a bit of work to landscaping and a possible new kitchen and a few coats of paint.  It had a newer furnace, but old windows. It had no foundation or water problems, which were the things I could not budget for anytime soon, so this could not be a problem with the property. It really wasn't the area I was used to, but there was a safeway and bus route within a 3 minute walk, schools  and liked that many families lived in the area.  I knew I could get used to it and my concern right now was just that it was different. 

Nothing was immediate in this home and was well below my budget. 

Buying this $58,000 sxs was a mortgage payment I could afford.  The property taxes were low, as it was in a lower income area and I knew that mom's years of saying "throw on a sweater and stop walking around in shorts" would lower my hydro bills in the winter.

My Realtor and I sat down and reviewed the contract and within a few short hours, of our negotiations the place was my new castle.

I am so thankful that I bought that sxs when I did (about 9 years ago) as this is my most profitable property I rent out.   I interview possible tenants and check employment history and references.  I have maintained the condition of the home and make sure my tenants are happy. 

After all, they help secure my investment.

Alison O’Toole

Alison O’Toole

CENTURY 21 Bachman & Associates
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