One of my goals is to eventually be able to purchase a house. Many of my nursing colleagues are purchasing homes that are worth $450,000, $500,000 or even more. Sadly, my budget is about half of that or even less, which means the houses I have to choose from are not appealing. Most of them are small, old, or both.
I am just curious how other nurses manage to purchase decent houses? I've been looking through my income, and I just can't find a way to make it possible to incorporate such a house into my budget. I am salary, so there are no opportunities for overtime.
What are other nurses' experience with buying houses? How did you make it work? Did it require switching jobs? Inquiring minds want to know!
Considering I have remodeled and sold or rented over fifteen old houses to date and built four new ones over 3400sq ft each and renting 23 apartments currently, I don't see why it's difficult? As long as you have the right tools, it's easy. Even mitre cuts and crown moldings are easy now!
I begun in demolition paying my way through college, progressed to working for the apartment complex I was living in to pay my bills, to completely redoing units in the complex from scratch, then on to the first old house and so on. All of the skills were learned from watching others and then trying. Nowadays, you have Youtube to help you out with almost anything.
Specializes in Nurse Leader specializing in Labor & Delivery.
1 hour ago, Wuzzie said:
I'm not sure whether I should congratulate you or say I'm sorry. Old houses are great except when they aren't.
Ha, thanks! Luckily, the house was condemned/boarded up back in 2009, and the person who bought it (for $25,000) completely redid everything - electrical, plumbing, took out the old radiators and put in HVAC (AC, woohoo!), made a second bathroom on the upper level 1/2 story (the upstairs is just our bedroom, a huge walk-in closet, and a 3/4 bathroom). Structurally, it's pretty perfect, and we LOVE it. All the original woodwork is intact. The backyard, unfortunately, is a whole other story. We've discovered the railroad ties the previous owner used for retaining walls are all rotted. So that will be our first major project next Spring.
Specializes in Nurse Leader specializing in Labor & Delivery.
And for people who work 50-60 hour work weeks, doing home renovations is not exactly easy. My anxiety disorder would not allow me to live in a state of constant (dis) repair.
So you've flipped them then. That's an entirely different thing than restoration.
You buy them and restore them and some you flip and others because of floor plans are better for creating apartments which you modify and keep. It all depends on layout re electrical and plumbing meters. If any major structural work like load bearing walls removal is needed for modification, it's not worth it to do apartments.
I've found a house that seems like it might be a good fit. It's small, but has just the right amount of space for a single person. It seems to be in good condition with a few minor repairs that I can get help with. It has a yard for planting flowers and such, but not overwhelmingly big either. It seems to be in a nice neighborhood. The price is perfect. The biggest negative aspect of this house is that it is older. While the owners have kept it in good condition, there are a few aesthetic details that are outdated. I also worry that while I do like the house at this time, I'll eventually feel like crap about myself because I'm not purchasing a nicer home. I've thought about putting in an offer for this house, but after seeing someone else's holiday decorations in their new home and seeing how much nicer their house is, I'm not sure I should.
Specializes in OR, Nursing Professional Development.
Buy the house I can afford and is a good fit for me, then not worry about what other people have. I know I don’t have the nicest house on my street (all identical townhouses) because my thumb is as far from green as possible, but it works for me. Even if the “flower” beds don’t have flowers.
I decided to put in an offer. It actually seems stupid to not pursue a house that might be a good fit for me just because someone else might have one that is "better" or "nicer."
The best news ever! Put in a good offer and start the new year as a homeowner. Congrats!
Thanks! I was informed by the realtor that there are between 7-10 others also interested in the house (probably because of the price), so there's obviously the chance that my offer won't actually be accepted. It's a house that I feel I would like if my offer is accepted, but not one that I want to participate in a "bidding war" for, if that makes any sense. I like it, but don't necessarily want to compete for it. I figure putting an offer out there is a step in the right direction, though.
Thanks! I was informed by the realtor that there are between 7-10 others also interested in the house (probably because of the price), so there's obviously the chance that my offer won't actually be accepted. It's a house that I feel I would like if my offer is accepted, but not one that I want to participate in a "bidding war" for, if that makes any sense. I like it, but don't necessarily want to compete for it. I figure putting an offer out there is a step in the right direction, though.
You are smart to not get into a bidding war that may not ultimately be successful. The problem with those bidding wars is that you can always make a better offer than someone else, but a mortgage company will only cover the appraised value. That is what makes cash offers the usual winner in this market, because the seller is also gambling on those really high offers too should they not be realistic.
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Considering I have remodeled and sold or rented over fifteen old houses to date and built four new ones over 3400sq ft each and renting 23 apartments currently, I don't see why it's difficult? As long as you have the right tools, it's easy. Even mitre cuts and crown moldings are easy now!
I begun in demolition paying my way through college, progressed to working for the apartment complex I was living in to pay my bills, to completely redoing units in the complex from scratch, then on to the first old house and so on. All of the skills were learned from watching others and then trying. Nowadays, you have Youtube to help you out with almost anything.