The other day I wrote about reluctantly going house hunting. At this very moment, my agent is drawing up an offer on a condo. I think I’m going to throw up. I think I’m supposed to be happy, but I’m not. Should I put the brakes on before I end up buying a condo?
This is crazy, I know this is crazy: I think I’m making the offer because I don’t want to take up too much of the real estate agent’s valuable time. I don’t want to make him suffer because of my typical Libran indecision. This is crazy. I like the place, I do. But it’s not perfect. I can’t afford perfect. I’m not sure I want to buy it. How sure should you be before you make an offer? Is it normal to feel panicky?
If you want to look at the place I’m probably going to buy for all the wrong reasons, it’s 632406 on www.mls.ca.
Yes, it’s normal to feel panic – you are potentially making a big change and change is always scary. I bought because it has always irked me to throw away money on rent when I could be spending it on mortgage interest instead. Ha! But seriously, you do eventually get some equity going on a property you own which you don’t on a rental.
I typed in the reference number and I had a look at the property. Of course, nothing will ever be perfect, even if you did have lots more money. You just have to decide if you can live with it until you fix it. The thing I always caution people about real estate is the importance of location in determining value. I haven’t bought in a while and I’m not paying attention to the market, but $159K seems a little pricey for a two bedroom apartment. If you are doubtful, try a low-ball offer and then, if it gets refused, you are not stuck buying it. If it gets accepted, you can call it fate. Plus you have to factor in moving costs which may include whatever needs to be done with your current rental like subletting or 2 months notice.
Too much advice and yet not enough, sorry. Take your time and don’t let anyone rush you.
Thanks Julia. I wish $159,900 was pricey for this part of town, but it’s actually relatively low. It’s about a 45-minute walk to work, so I’ll still be car-free. My agent says the price is pretty firm because the seller is kicking in another $22,000 for a special assessment that is about to happen. (The exterior of the building needs to be replaced.)
I went to a dinner party and the condo sold while I was out. Now I’m sad.
Even though you’re sad, I’m glad you didn’t get it. I didn’t at all like the sound of that $22k repair work. What else imight be wrong?
Also I think if you’re buying a house you should be excited about the place.
$$$ wise, have you ran your numbers through a rent or buy calculator?
Ok, this is easy. #1. do the condo stipulations allow you to keep sheep as pets?
Maybe it’s “fate”? You’ll find a better place for less money and you’ll know that you like it. Perhaps. Good luck anyway!