I received a notice from my landlord indicating the new rent schedule if I choose to re-sign my lease. It is going up an insane amount, which has validated my decision to buy. When I moved to this city, I picked this apartment with the intention of staying here for a few years, until I had the funds to buy a place. Thanks to my savings level over the last few years and an early inheritance gift from my parents, I do now have enough funds. I want to do as much of this as I can on my own, but I am very grateful for the funds that my parents are gifting me.
I’ve run a lot of numbers and determined that I can afford total monthly housing costs (mortgage payment, property taxes, and maintenance/HOA fees) between $1,400 and $2,400 comfortably, with a preference for keeping the total under $2,000.
I’ve been quiet here because I found a place. It’s in a safe neighborhood with stuff around and within a reasonable bus commute of downtown. It’s a 2 bedroom, 2 bathroom condo. I have put in an offer and now I’m sitting, waiting, wondering. This is incredibly nerve-wracking!
Looking at Craigslist, I think I could easily rent the condo out for $2,500 to $3,000, which would cover my mortgage payment, property taxes, and HOA dues with a $500 to $1,000 profit.
Looking at how much my property taxes and mortgage interest will add up to for the first year, I will save almost $2,000 in federal income tax next year, which is insane.
I have estimates from a few credit unions and am pre-approved from one, with a good feeling from another.
Tomorrow, I will make contact with some inspectors. There are a few things that the place is missing and I will need to buy, so I’ve started investigating those.
I have a gazillion spreadsheets, which I will talk about later.
I think I need to find a way to make this less stressful or at the very least, shift my focus away so I can sleep better. One method that I am working on right now is reading trashy romance novels as I try to sleep – those totally distract me from finance spreadsheets, numbers, and moving.
On top of buying, I have forgotten how complicated moving is! I’m trying to make a list of all of the places that have my address and I’m sure I’m forgetting something. And I’m going to have to pack everything! I have acquired so much stuff over the last few years. I suppose that makes this a doubly good time to donate some old clothes.