Neighborhood to check out

A lady I've met at the Rice House told me about a nice neighborhood here in Durham to check out. She has a house there, where she stays when she's in town. (She also maintains a home somewhere else.) It's on the corner of Guess Rd. and Latta, and the neighborhood is called Lattamore or Lattimore. Some homes are currently for sale, she said, for around $150K, 2-3 bedroom homes, in this gated community.

Hopefully a good resource!

Just found a section on Yahoo Finance called Buying Your First Home! It looks like it has some helpful articles, so I'll check them out soon!

Meanwhile, I'm going to be on vacation next week, so I plan to work on my Take the Challenge essay, which will be about why I want to become a homeowner. It's due by the end of the year.

Not much progress here lately

I've put the home ownership thing on the back burner the past few months as I've been concentrating on my health. The Rice Diet is going well; I'm down 46 lbs. so far, and am exercising at least an hour a day. The whole health thing came to a head in July, and I've had to make it a top priority.

Meanwhile, George and I need to get back to apartment hunting, as our leases will run out before we know it (which isn't until June, but still). Wish I could be ready to buy a home by then, but won't be ready.

Getting Organized

Yesterday, I started building a "Control Journal" a la FlyLady. The premise is that it will help me get organized by getting my routines, important phone numbers and addresses, weekly activities, etc. on paper and in one place. I've got a 3-ring binder going, with notebook paper and page protectors. It'll be interesting to see how this project goes! I figure I can start with getting my apartment organized, and that will help me with my house-to-be.

Saving

It's fun to watch my savings accounts with ING grow, especially with automatic deductions. I hope that as I tweak my budget, I'll be able to save even more.

George and I are talking about leaving our current apartment complex next summer. I wish I could afford to buy a home by then! I don't know that I can pull that off, so we'll be apartment hunting in the months ahead. Meanwhile, I'll be cleaning out the clutter in my current apartment. I'm determined to make my apartment organized and clean, partly to make my home a delight to live in now, and partly to make moving that much easier.

Cleaning up

I spent some time cleaning my apartment last night... decluttering, mainly. I spent about an hour BEFORE I went to the gym working on this, and it felt good to make some progress. I need to develop more consistent habits, as I'd love to keep my place clean and tidy enough to be ready for company at any time. Not that I'd always want company at any time, but it would be great to be ready for folks to drop by and all. Right now, cleaning for company would be a production.

Budget

I'm starting to work on my budget again. This is challenging for me, but seems like something I should do, at least to have a better idea of where my money is going, and to fine-tune trouble spots. Where can I cut zpending? How can I increase saving?

As I work to declutter my apartment, I should probably be mindful of things I could sell on eBay or at the used book store. Every little bit helps.

Sell this House

Yesterday afternoon, I got temporarily hooked on the show "Sell This House" on the A&E Channel. I don't remember ever seeing this show, but I caught 3 episodes and part of a 4th before going to work out, and it was rather interesting. Basically, the host and the designer (who specializes in getting homes ready to sell), go into the home of someone wanting to sell their home. They have an open house with hidden cameras, and catch the comments of the open house guests. Then they take a couple of days to spruce up the home, based on those comments. They use a fairly small budget and the sweaty equity of (mostly) the people living in the house. Then they have another open house, inviting the former guests back to get feedback on the improvements.

It amazed me how the small things can spruce up a home. One of the consistent changes was paint on the walls. Decluttering and rearranging furniture already in the house were also pretty quick and easy changes.

Fancy bathrooms

This morning on The Today Show, there was a segment on luxury bathrooms as a personal retreat, and all the fancy features that can make a bathroom like a spa. It was amazing to see all the bling bling and expensive add-ons. One of the things that charmed me, though, was the rainshower showerhead. It looked like it would feel really good!

Some "advantages" to apartment living

I've contacted the maintenance crew of my apartment complex for the third time in three days for various things. Although it feels like my apartment is falling apart a bit, it is a relief not to have to pay for repairs!! Something to keep in mind as I'm saving for my own home!

Suze Orman and other things

Over the weekend, I caught part of the Suze Orman Show, where she was taking calls about 1st time homeownership. Actually, I think it was a show of "calls you never heard." I didn't learn much new, but it was still kinda interesting. One caller, a college student, was receiving strong encouragement from her father to buy a home ASAP. The father, age 50, had just bought his first home just a year and a half ago, and wished he done it sooner. Suze asked the daughter what SHE wanted to do, and she basically said she didn't know what she wanted to do yet. The gist of the advice was that the college senior still has plenty of time, especially if she's not sure where she will live and work after graduation. It's a huge financial investment, and she'll have plenty on her plate with setting up her first apartment.

I've decided to try to write an essay about what I want to be a homeonwer, and enter it in a contest called The Great American Homeowner Challenge, sponsored by Wells Fargo and finishrich.com. The 350-word essay is due by Dec. 31, and I need to write about what I want to be a homeowner. I can list good reasons for buying my first home, but want to come up with a creative essay. I don't want to get my hopes up about winning (i.e. the lottery), but I think that working on this essat will help me work through my "deep-down" reasons for wanting to own a home, and that will help me with the sacrifices that I'll need to make to get there.

Last week I set up auomatic transfers for my downpayment account and my emergency fund. Felt good getting that crossed off my list.

Downpayment thoughts

Reading more info has me thinking about more ways to save for a downpayment. Things I'm contemplating include:

1) Setting up an automatic savings plan--wantto do this with ING
2) Getting a part-time job and earmarking earnings for downpayment--hesitant to take on another job right now, but would love to work on Mary Kay business, since it's more flexible
3) Sell some things--I do have some books I've read and don't plan to reread, could take them to the used book store. Won't make much, but every bit helps, and that would help get rid of some clutter. Perhaps I should look more carefully at the rest of my clutter.
4) Eat out less--I should work on bringing my lunch to work more often for starters.

How much should I save up for? %20 would be great, but seems like it would take me ages on my salary!

More aware

As I'm driving around Durham and surrounding cities, I find I'm more aware of For Sale signs. I have a feeling it won't be long before I'm turning down those streets and checking out houses and their "curb appeal." Now, this will be an interesting way to learn my way around town!

Saving for a downpayment

One of the recommendations I've read lately is to make saving for a downpayment automatic. In his The Automatic Millionaire Homeowner, David Bach says that having regular amounts taken out of your paycheck or checking accounts and put into an interest-bearing account makes it easier to save, in terms of both time and money. Makes sense, sounds elementary, really. I already have a home account started with ING Direct, one of the places he recommends, but haven't put much in yet, and haven't made it an automatic deduction from my checking account either. I think that will be one of my next steps.

Junior League Meeting

Last week I had a Junior League council meeting at a house in the Hope Valley neighborhood that was on the market. The realtor was stationed in the kitchen with info, wine and cheese, and while we waited for our particular committee meetings, we could walk around the house. It was a little unusual to have a Junior League meeting like this, but it was fun to see the house and neighborhood, considering that I'm in this mode of heading toward a home of my own. Hope Valley is a nice neighborhood, and this house has had a lot of work done, according to the realtor.

Interesting thing was that I had to get directions to the house, but didn't follow them well going home and got lost. As much as I want to learn my way around Durham, it's a little frustrating to do it by getting lost in the dark of night! Eventually, I found a street I knew, and got home.

Setting up a budget

I started working on a budget yesterday, and it's already falling apart! I will proceed with completing the rough draft, though, knowing that my budget will be a work in progress.

I took my car by the Honda dealership this morning for an oil change, alignment, tire balance, and rotation if it needs it. It feels good to be proactive about these things, though taking my car in today was reactive too.....George and I are going to Hendersonville this weekend. :-) Looking forward to the trip, but will need to be careful with my spending.

Finances

By the end of this week I hope to have some time to work on a budget and some financial goals toward buying my first home. Somewhere I saw the suggestion that I should:

1) Have $1000 "under the mattress"
2) Have 6 months worth of living expenses saved up
3) Be debt-free

All good things to work toward!

Spring Cleaning

I've been doing some spring cleaning this week, thanks in part to my apartment carpet being cleaned throughout yesterday. I knew of this carpet-cleaning appointment a few days in advance, which gave me a chance to move some stuff around, through some stuff away, dust some, and vacuum some. It made me realize how much more I have to do before I move. I have way too much clutter!

Websites/Budgeting

Just did a google search on "first time home" and found a plethora of sites, a good many of them location-specific. One that jumps out if a Q&A page from HUD. There is also an NC-specific site for HUD homes. At quick glance today, the homes listed for Durham don't really strike my fancy, but it might be work it to check back.

Bankrate's site often has good financial information, and they have a Home Buyer's Guide. It looks like there's some good info there. I clicked on the timetable link, but it starts at 6 months out. I have more time than that, but I can start doing the following:

1) Narrow my territory, and start eliminating cities/neighborhoods.
2) Know my financial situation.
3) Determine how much how I can afford.
4) Think about my budget and select my home around that.


Since I don't HAVE a budget, I can see that I need to work on that.

Designer Showhouse

Saturday, I had a shift at the Designer Showhouse that my Junior League is sponsoring. It was fun and inspiring to see the different rooms redone by local decorators. The room I was a docent in also had a custom closet, which I loved, done by Carolina Closets Plus.

Decisions to ponder

1) Townhouse, condo, or house
2) Location
3) Size
4) Downpayment

What is the difference between a townhouse and a condo anyway? And, if cost is a factor--and it often is-- is it better to get a small home in a nice area, or get a bigger home in a less-than-desirable (for whatever reason) location?

Quest for the end of rent

The search for a new home comes on the heels of 1) my 20th college reunion, and 2) signing up for another year at my current apartment complex. Come next reunion, I want to be a homeowner, and be proud of my abode. And I'm getting tired of paying rent! There are advantages to being in an apartment, especially when it comes to maintenance. There are also disadvantages, such as lack of control when it comes to things like outside appearance and noise.

I am a long way from being able to afford to buy a house, but I've decided to start the process. I've just started a book called The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate. I've read other books by David Bach, so I'm curious about this one, hope it will help me keep the vision for homeownership.

Will I be able to afford a home in 5 years, by my 25th college reunion? Don't know, but if I don't work toward it, I bet not!