SURPRISE! We're buying a house
Hi guys!
I just wanted to share. My 82-year-old grandmother has had some major health problems. Three strokes, multiple hospitalizations, falls, etc. To encourage her to move into assisted living, my husband and I told her we would buy her house if she ever decided to do this. She is adverse to change so I honestly thought that it would be several years, if ever, that she would decide to leave her home.
Well, a couple of weeks ago she decided she wants to move into assisted living - and they accepted her application. She is planning on moving in January and wants to make sure the house is never vacant, so it looks like we will be buying a home in January.
I have about 15% of the purchase price saved up as a down payment right now. It will take some serious saving, but I'm aiming for a 20% down payment in January. Fortunately, she is selling us the home for about HALF of what homes in the area are going for - and she will hold the mortgage as opposed to a bank, so we will save a lot of money on closing costs, fees, etc.
She will be charging us about 5% interest, depending on what the going rate will be in Jan. Also we keep the furniture in her home that she cannot take to assisted living - much of this is antique, well made, and beautiful.
After we buy the house, the mortgage will only be about 10% of my take-home pay so I am planning on tacking on to the mortgage each month to reduce interest and shorten the mortgage.
Unfortunately DH refuses to move furniture out of our apartment in January (we're in Buffalo) so I will have to pay both rent and a mortgage until May or whenever he is willing to help me move furniture.
This is a six bedroom three bathroom house in a great neighborhood. I'm only 26 and have never taken on this kind of debt or responsibility before. I'm excited because I think this is a way to financial freedom but also kind of nervous. If anyone has any advice for me I would appreciate it.
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