I Bought A House, Today

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I finally signed the paperwork today, obligating me to pay off a 30-year VA mortgage on a house. I can quit my job now; it's nice to have money and benefits, but I was holding onto it mostly for my credit score that I needed so I could buy the house.

[RKEnnis]

Congrats! You must be so excited!

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Originally Posted by RKEnnis

Congrats! You must be so excited!

Thank you.

I don't know what I'm feeling. I'm relieved that the long ordeal (2 years!) is over. I'm nervous about carrying such a financial obligation and being tied up to a property (I've never lived more than 5 years in one place, and my average is about 3 years). I hope I can take care of it, as I know nothing about home ownership. I feel some excitement thinking about things I might be able to do with the property.

The kitchen is small, but suitable for my needs. Same with the garage, bathrooms and bedrooms. I think the property would be improved with a larger kitchen, and I would like to have a full-sized bathtub (which wouldn't fit in either of the current bathrooms). I'm wondering if it would be a good idea to combine 2 bedrooms into one, or if the resale value of the house would be better with 3, smaller bedrooms? It would be nice to have another space for another vehicle, as well as a store room and a workshop. Of course, it would be nice if I could do photoshoots, too.

My main reason for buying this property is financial investment. I want to have more money than I would have if I rented. I plan to keep this property 5 to 10 years. I might keep it, as a rental property. It is located near an elementary school, so it might be a good idea to set it up for that. I would like to buy more houses, eventually.

[ttusa]

Congratulations!!

[tc95]

Congrats....!!!

[Cajungaltx]

Congratulations!

[venchka]

2 bathrooms are worth 300% of 1 bathroom.

Watch HGTV. A lot of what they say is fluff. There are some good pointers mixed in. Many people turn 4 bedrooms into 3 or 3 into 2. Bad deal. Same with bathrooms. Money well spent in kitchens and bathrooms for updating generally is returned at sale time. Well spent means good taste, quality work, etc.

Good luck! It's easy.

[ggeen]

Congrats! Keep it 3 bedroom 2 bath. It is worth more that way. Best bang-for-the-buck upgrades will be kitchen and bathrooms.

[d2creative]

It depends on the house. If it's small, it could definitely be an improvement to go from 3 crappy bedrooms and 2 crappy bathrooms to 1 really awesome master bedroom and bathroom + 1 standard bedroom with 2nd small bathroom. Perfect for newlyweds or single person.

You always make your most money updating the kitchen. Any updates you do there, will be gained back immediately if you turned around and sold the house.