Everyone knows I love my house, but I don’t OWN my house, right?
We’ve been renting this house for about 8 years now. I get a lot of flack about renting and how I have basically paid off my landlord’s mortgage, and while I know that’s true, if I hadn’t been renting here it would have been somewhere else because quite simply – I haven’t been in a position to buy a house until, like, now.
And now also happens to be the time my landlords have asked if we want to buy this house. Specifically, before the end of the year so we all win with tax write-offs.
Now, I *love* this house. But I also feel like we’ve outgrown it a bit or we would need to make some modifications – big ones.
But regardless, I got pre-approved and prequalified for a home loan and it turns out I can afford a bit more than what my landlords want for this house which is totally cool… except I’m finding it damn near impossible to match the things I love about this place.
Note: There was one exception, and it was amazing. I put an offer in, went back and forth for three counter offers, and lost the house to the seller accepting a cash offer about 5 minutes before I accepted the final counter. I was, and still am, completely heartbroken.
Anyway – here’s the pro’s and con’s.
Pro’s to Buying This House:
- Location: It couldn’t be in a better spot. Literally. I walk to Crane’s Roost park and jog, I walk to the mall, I’m 5 minutes from an I4 ramp in either direction. I’m basically in the heart of, what in 15 years, will be “downtown Altamonte Springs.”
- Style: My house is only 10yrs old and it’s in a new style that we prefer.
- Age: Because it’s only 10yrs old, the roof, electrical, HVAC, plumbing, etc., are all in good if not great condition.
- Price: This house is totally in our price range with room to spare.
- History: I mean, we obviously know everything that’s been done to this house… including the 3 AC fixes and termite treatment.
- Space: It ain’t perfect. The living space is tight and there’s no real way to remodel that would make sense and really open up the space.
Con’s to Buying This House:
- Size: It’s close in square footage but we need and want larger common living area space.
- Quality: This house was built to rent so while the style is great and the age is new, there are definitely some upgrades needed in the kitchen, bathrooms and flooring.
- Specific Location: We’re located right on a busy road so traffic is a thing. I’m used to it now, but god help us if they expand the size of the road and creep on our easement.
- No Fresh Start: I know this is a bit intangible, but it would be nice to start fresh in a house that’s new to us.
- Creature Comfort Upgrades: So, not only would we need to do some upgrades for quality but we would also want to do some unnecessary upgrades like enclosing our porch for a Florida room, building out a new patio, maybe adding a pergola and firepit. And there’s no room for a pool, which is kind of heartbreaking.
Another “con” that we are quickly learning about: The “available inventory” is extremely low in the Altamonte area for the size and quality of the house we want. Thus, the blue sentence above. So basically, it’s a seller’s market and we’re buyers who need to find something by November.
Now, the good news is a) we can buy this house, and b) we can probably ask our Landlords for an extension of our lease to get us through next year and give us more time to shop.
But if you were me, what would you do?
Most of you reading this have been to my house… and if you haven’t, with all that stuff in mind, got any advice to share? Because I need it!