Our 1906 Folk Victorian Farmhouse Renovation,  Our FIRE Movement & Debt Free Goals,  Our Story

The Purchase Process

Was a doozy on this one. I wouldn’t go as far as stating that ‘buying’ the home should be the easier part, but if you’re buying a fixer upper, the purchase process should definitely be less involved than our home ended up being.

You expect the renovations to…

Be more challenging, but buying our home nearly resulted in us missing out on it…multiple times. From due diligence to finding available contractors that can start work right away, to multiple appraisals & countless visits to the property, we settled on a price. Then settled again. Scheduled closing on 11/30 which got pushed, Only to find out we needed to renegotiate once more days before our second scheduled closing on 12/10.

A word to the wise…

If you happen to come across a home for sale being sold by heirs of the estate and the total number of heirs happens to be 5 siblings….RUN! Not only is there extra hurdles from a legalities standpoint with estate attorneys, we had to negotiate with 5 siblings. 5 siblings who all had to discuss and agree every step of the way. Like I said, this was a doozy. We hadn’t dealt with a home being sold by heirs as an estate sale before, so this was a lesson learned for us as well.

We ultimately decided to finance it…

Look, this wasn’t the plan. The plan was to pay all cash, however, the All cash budget we had created an Uber competitive market against first time home buyers & contractors. Not too mention, many homes needed much more work in less desirable areas that ultimately made us change course.

15 year conventional fixed 2.75% interest rate, NO PMI…

Another word to the wise, always work with a local lender to the area. It makes your financing process much easier than going with a large mortgage company. Here’s what we love about this plan. First off, it’s a 15 year loan!! Secondly, we plan to pay it off in 7 years. Third, by financing on a mortgage, we have quite a the sum of liquid money to pay for the needed major renovations. This allows us to rapidly maximize our ROI & make the home exactly as we’d like it.

2 phases…

We plan to renovate the home in 2 phases. More on that later…

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