Tuesday, October 26, 2010

Amy and the big bad nemesis part II

So, as I mentioned in the previous post, I recently faced down one of my biggest fears: Real Estate

Just like every other person who watches the occasional HGTV episode of House Hunters, My First Place, or Property Virgins, I dream of my own home.  Of course I want to be able to paint and decorate and have my own space.  But more than that, I want equity, and I want a permanent place to live without the worry of my rent increasing exponentially every year. Furthermore, I always thought I would wait until I was married to buy a home.  Except that marriage is not even on the radar, and I really want my own place.  And the more research I do, the more I realize that I CAN do this by myself and do not need to be married to fulfill this particular dream. 

So, I did what every person does when they want to learn more about something.  Go online to do some research, and get my hot little hands on a copy of a "dummies" book.

To me, real estate seems to have its own language: Pre-qualification, pre-approval, appreciation, depreciation, closing, brokers, lenders, points, underwriting, FHA, APR, PMI, GFE, it goes on an on.  Yikes!

As a side note, I vividly remember one of my first years in High School as I was studying for the SAT.  For me, preparing to enter College was sort of the beginning of growing up.  I remember getting overwhelmed by the prospect of graduating college, finding a job, owning a car, saving for retirement, and buying a home.  Now, I have done or started all of those things with the exception of buying  a home. 

So, fortunately for me, Boulder county has a number of programs available for first time home buyers.  The biggest hurdle for most first time home buyers is having enough money for a good down payment and closing costs.  With this program, first time home buyers with certain income qualifications can apply for down payment assistance.  This program also makes applicants participate in real estate education classes and demonstrate financial literacy.  Not that this is a way that I relish spending my Saturday, but honestly a great idea for those of us that have little idea of what we are doing. 

So who knows how long it will be before I have a home of my own, but right now I have the pre-approval and am in the process of applying for the first time home buyers program.  And in the meantime, I am deriving a certain enjoyment from learning something new.  Oh, and mentally decorating my first home. 


Joseph Bergantine said...

That's awesome. You're leaps and bounds beyond me. I think my realtor kind of told me some of the lingo and that was it. The downpayment sucks. After you get that hurdle taken care of its smooth sailing till the first thing breaks :) Then you wish you were back in an apartment like nothing else in the world.

Katie said...

This is exciting news! I hope to be able to buy a home on my own someday too!