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.