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Moving out

posted 11/28/2011 11:25:16 AM |
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Any of you remember when you first ventured out on your own? First apartment or first house. What a learning experience.

I was 18 when I first ventured out on my own. My best friend and I rented a house. Back then, we were paying $350 a month plus our own utilities and such. What a learning experience. We had to learn about budgeting. Good thing she was the one who always got A's in math classes. The first few months were quite the adventure. We had it all planned out. 50/50 on all of the bills. We were so naive back then figuring that rent never changes, that utility bills stayed the same amount, etc. We didn't know that stuff could go up. And then the landlord put the house up for sale. And when it sold, the buyer wanted immediate occupancy, which meant we had two weeks to find another place. And we found an apartment. Rent started at $365 a month, but it included heat/electric, so we only had to worry about phone and cable on top of that. Then we learned that when a tenant moves out, and the emptied unit has to be cleaned/repaired, that the rent goes up for everyone. We learned over the years other things affecting rent would be property taxes going up and insurance on the building going up. I think by the time she moved out of there, (I had moved out years before) rent was almost $500 a month. She had just gotten married, and she and her husband had been talking about buying a house when she finished college and got her career going. Yeah, buying a home...another learning experience.

My friend and her husband, they lucked out on buying their home. Got quite the deal on it really. That was 15 years ago, and today, even with the housing market the way it is, her home today is actually worth double what she paid for it 15 years ago. Of course, her ex/late husband had installed an in ground pool, which dramatically increased the properties value (not to mention her homeowner's insurance). I remember when Mick and I were looking to buy a home. We never thought about getting pre-approved for a mortgage. We just figured we'd look, find a house we like, and then apply. Lesson learned. ALWAYS get pre-approved for a mortgage first! Oh yeah, go through your own realtor, never put your trust in the seller's realtor, their priority is the seller's best interest, not the buyers...also, there is this thing called "commission"...they closer to the actual selling price they sell the house for, the more they get in commission. This realtor never asked Mick and I if we were pre-approved on a mortgage or not, and it took a while to get approval, and it was FHA. Mick didn't have credit, he never had credit cards, saw no need for them, he always dealt with cash. And me, well, being young and not knowing better, got myself in a little debt trouble, which affected this nasty little critter called a "credit score". But, got that all cleared up, and we got our house. One thing that realtor never advised us on, of course, she worked for the seller's, not us, so she didn't advise us to have a home inspection done before signing on the dotted line. One of the first things we discovered was, after lifting the carpeting off in one of the bedrooms, was that two of the floorboards were rotted, in other words, if one of us had stepped in that spot, they would have broke. And while moving our stuff in, we noticed holes in the walls. And under one window in the living room, it appeared as if the wall was "crumbling". Why didn't we see this? The walls were wall papered, and strategic placing of furniture.

After Mick's death, I put the house up for sale, and the people who bought it, they did the home inspection, and found out the joists were bad. Something Mick and I didn't even know because we never had the house inspected. But, the people loved the house, and they wanted we agreed to knock only a couple thousand off the asking price. That was a lesson I did not forget. When the time came and I found the house I'm in now, I worked through my own realtor, actually, she was the same one who helped me sell the other house, first thing she told me was before closing, to have the house inspected. Which I did. Lucky thing I did because the furnace in this house was shot. And, when the inspector was under the house, he found a leak in the plumbing. So, I got a new furnace installed and new plumbing done, and a few thousand knocked off the price of the house.

Some lessons are well worth learning.

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Nov 28 @ 12:54PM  
Of course I remember the first time I moved out of my mother's home, I was 19 years old and until the day my mother died, she referred to it as "the time Dayna ran away from home" lol as years went by there were a couple times I moved back to my mom's for short times..............but we found that as adults we didn't play in the same sandbox very well. LOL

The first house i bought was on a contract for deed. I found after putting about 20,000 thousand into payments and repairs/updates that the original owner had put the house up for mortgage and had defaulted on the loan. I am not sure what would or could have happened if the bank manager had not called me to come in and discuss this. By the time it was done, the house was put up for sheriffs auction for the amount of loan and the amount I had invested into it. No one bid on it because it was way out in BFE (which I loved but others don't lol) and the bank sold it to me for what was owed on the loan plus costs. By the time it was done, my payments went down $300 a month, the interest went down almost 2 percent and I saved close to $30,000 from original price. The worst scenario would have been that someone else had bought the house and I would have had to move........but I would have had all of the money I had paid and invested in the place. I guess that's what happens when you do business with less that stellar ppl. LOL

Ok I haven't given a greenie out since I popped back I guess.........I will give you the first one...........

Nov 28 @ 4:26PM  
I remember it well. A few days after my 18th birthday I packed my bags. Closed out my bank account and headed on the bus to NYC with one small suitcase of clothes and $100 in my pocket. I did not know anyone there so I was really on my own.
I checked into a room at the Village Plaza Hotel for $15 a week and set out to find myself a job. I took a break in Washington Square Park and got into a conversation with a musician who mentioned his group needed a drummer as the last one was in rehab. I told him I can do that so I auditioned on the drums the last guy had left behind and got the gig. In a week I had earned enough to rent a very tiny studio apartment a block from NYU. It had room for a sofa that let down to a bed, a chest for my clothes and a very small table and two chairs. I used to say it was so small you had to go outside to turn around. I loved that little place though because it represented my independence. I have never had any desire to own property or have roots tying me to one spot so I have never bought a home and likely never will.

Nov 28 @ 5:02PM  
Having professionals handle many aspects of this major purchase is wise or else you can wind up losing dollars chasing dimes and make a very big mistake.

Nov 28 @ 5:26PM  
Ok I haven't given a greenie out since I popped back I guess.............I will give you the first one.........

Yay!!! I got the first greenie since you've been back! I must really be special!

I have never had any desire to own property or have roots tying me to one spot so I have never bought a home and likely never will.

There are advantages to owning your own house, like remodeling etc, then there are the disadvantages like being responsible for the maintenance and upkeep. And yes, "tied down" to one spot in a sense.

Having professionals handle many aspects of this major purchase is wise or else you can wind up losing dollars chasing dimes and make a very big mistake.

So true!

Nov 28 @ 9:44PM  
Yes, sadly I do remember...ugly, ugly, ugly 'n that's all I gotta say 'bout that...

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Moving out