11/11/2009

Buying a Home of Our Own

As some of you know, Jordan and I are planning on buying my great aunts home in a few years when she is ready to move into an assisted living home.  We brought up buying her home about a year ago when she mentioned she was thinking she might move, that's when we started the house fund.  She was more then happy with the suggestion and we often talk about different things that we would like to do or that she would like to see done.  We haven't talked about details, just vague timelines  The last time we talked she said it would be 2-3 years before she was ready.

This past weekend, she spent a good few hours with my grandmother (her sister) - and later my grandma mentioned that Isabelle thinks she might be ready this time, next year.

NEXT YEAR... whew! We could be home-owners in a year!

The home is 100% paid for (has been for several years) and as Isabelle is looking at moving into an assisted living home, she likely won't need a large sum of money up front to purchase her next home - she'll be renting.

So, with that noted it's possible that she maybe be able to hold a mortgage for us (rather then us getting  a mortgage from a bank), we could also pursue a traditionally mortgage as well. 

Jordan and I need to get ourselves in the best financial position we can within the next year.  Although we were already thinking about some of these things, we're going to have to make sure that:
  • Jordan's truck loan is paid off
  • My student loans are paid off
  • Jordan's credit score is higher
  • We have money in the bank!
It would be good to have at least $10,000 I think - but we'll look at specifics in the coming weeks.  If not for a down payment (depending on how things work out), it will have to be for renovations (of which there will be plenty)!

I'm so excited for this new journey, I hope you are too!
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10 comments:

  1. sounds liek this plan could really come together for you. just make sure if your Great Aunt is holding the mortgage that things are setup in case she passes on before you pay off the house. You want to make sure that the mortgage isn't called by the estate when she dies... if it is you'll be scrambling to find a traditional mortgage.

    regards,

    Jason

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  2. Congrats! This sounds like a wonderful opportunity to keep the home in the family and get you your first house! Excited to see how it all goes for you two!!

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  3. Sounds like a great opportunity! How exciting :D

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  4. Lucky you! that sounds great! Also, if she holds the mortgage for you make sure you still have a lawyer to draft up the agreement.

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  5. that's great! look forward to hearing all abou tit

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  6. @ Jason & Financial - we'll certainly make sure to speak with a lawyer, I would want to make sure that both Jordan and I as well as my aunt were well taken care of.

    @ Ann & Vanessa - thanks! it's very exciting!

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  7. Right on. What a great thing to look forward to. Home ownership is a GREAT feeling!

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  8. I look forward to hearing more about this! Sounds so exciting, I cannot wait until home ownership!

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  9. wow that is SO exciting Jessie! Congrats!! I can't wait for the journey now. =)

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