Well, exciting news everyone….Frazier and I closed on our new home today! We are officially homeowners and are moving in this weekend! I feel like the whole process took a while, but honestly, we moved through pretty quickly.
Remember when I posted a month or two ago about placing an offer on a house but the inspection showed some costly repairs? If not, then click here: Searching for the Nest.
Yeah, so that house didn’t work out. Some major items in the house need replacing along with a few repairs, and the costs were starting to climb. We didn’t expect the seller to pay for it all, but they weren’t even willing to meet us halfway.
Obviously, that was not the best choice, and we chose to walk away. Fortunately by that point, I think we were ready to move on since we had spent a few days going back and forth. I knew to not get attached to a house, and I tried to think of it purely as a business deal. I also did not stop looking for houses, so when we walked away from that house, I already had about 5-7 other houses I wanted to go visit. Frazier and I viewed a few more, and then found one house in West Little Rock that seemed to stick in our minds. It was newer (about eleven years old), didn’t need a ton of work, and in a good location/neighborhood. We talked back and forth about it, and after a few intense discussions, decided to place an offer. After the seller countered, we managed to meet in the middle!
However, once again, we weren’t celebrating since we had the dreaded inspection coming up. The inspection showed some repairs might be in order but not near to the degree that our previous house needed. The seller also surprised us and quickly agreed to fix the issues. After choosing a title company and signing away our souls (well at least it felt like it!) in paperwork, the house is now ours!!
I am by no means a home buying expert, but I’ll just share a few thoughts that might be of some help to any first time home buyer.
- Get pre-approved. That will eliminate a lot of “what-ifs” and stress. It will also help you know your price range to start looking.
- Crunch the numbers. Just because you get pre-approved for a $300,000 loan doesn’t mean you should go buy a house for that amount. We tried to be as conservative as possible so that we could still save plenty and have some disposable income.
- Talk to your lender about your loan options and rates. If they seem unhelpful, annoyed, or pushy, they probably aren’t the best lender for you. This is what they get paid to do so you are not inconveniencing them.
- Ask for advice from people you trust and are financially sound. I definitely asked my parents’ opinion since they have bought four houses and sold three.
- Don’t get attached to the house until everything is completely checked out. For some people, that may be a bit more difficult, but trust me, it will help you tremendously in the long run. Just remember that it’s an investment for you and your spouse.
- Use the inspection report as a bargaining chip to get important items repaired or prices lowered.
Now it’s on to packing up some more, getting ready to move, and celebrating a new address to call home!
Deborah Edwards, a recent newlywed bride from Little Rock, is an account executive for our sister publication Little Rock Family. She will chronicle the exciting days of settling into married life, buying a house, nesting in said house and all the in between. Read more about her adventures as a wifey on her personal blog, Edwards Newlywed Nest.
