Monday, June 1, 2009

Our Big News

We're in the process of buying a home!

I can't believe it - it was very unexpected and somewhat snuck up on us. For those who have been following my blog for awhile, we're buying my BIL's house that I wrote about a few months ago. Originally, he wasn't ready to give up the house yet but once he had sold practically everything he owned to make the mortgage payment on one income and was still struggling, he and his ex-fiance (who no longer lives there) decided they'd offer it to us. They're only asking that we pay them enough to completely pay off their mortgage - about 40K less than what the house last appraised for - so that they can just wash their hands of the whole thing. They've been apart for about 4 years now so they both feel it's time to move on. Also, my BIL will be moving into and eventually buying the home Mike and I currently rent from my MIL since it will be much less expensive for him.

We started the process a few weeks ago, but I didn't want to post until I was certain the deal would go through. Since we weren't thinking of buying a home for a few more years, our finances weren't 100% where we wanted them to be so we were a bit worried as to whether or not we'd be approved for a (good) mortgage. As it turns out, we were and the PITI payments on our house will work into our budget just fine, even though it's scary going from our currently measly rent payment of $220/month to a $1,000/month mortgage payment! Things will be a bit tight for about 2 out of 3 months of my maternity leave, but as long as we continue to save all that we can between now and January, we'll be all set.

Since the home buying process is almost complete, Mike decided that he'd like to start going over to the home now to start the home improvement projects that we'd like to do so that the home can be just about finished when we move in. Normally, that would make me hesitant since the title to the home isn't officially in our name yet, but BIL is very trust worthy and has decided to work on our home a bit as well in the meantime - I feel 150% confident that all will work out fine.

With that said, Mike and I spent the weekend tearing out the bathroom for a remodel. We forgot to take the camera with us so I don't have any before pictures to show just yet, but he's going back tonight while I'm in class to work on it some more. I'll be sure he takes some then.

Eeek! I'm so excited! I can't wait until we officially move in - I can't wait to finally be out in the country!



SO excited for you! Get pics up ASAP! :)

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