home hunting

David and i have been looking for a love nest on and off for a year. last week we decided to go full throttle and finally get us a home. the challenge...we live in NYC! how to afford!!! well we've been saving week-after-week, month-after-month and finally have enough for a down payment!!!! the only thing left...what's available in our budget? on father's day we found our dream home out in Crown Heights, Brooklyn and we're Harlemites! the apartments were gorgeous! indoor pool, gym, spacious living space, all new amenities, the works! however walking from the train to the apartment i questioned my safety at night. so we went on a midnight car ride last night to peep the hood and let me tell you! it was damn scary!!! i'm not sure what's more scary, the unfamiliarity of the neighbourhood and/or it being secluded and too damn quiet...but damn! it's like finding a diamond and tossing it back. or not...do we buy and invest knowing the neighbourhood should be popping in like 5-10 years? which means having my body guard pick me up at night until i'm familiar and feel comfortable enough to walk by myself OR keep looking...there are of course sacrifices that must be made, but what are we willing to sacrifice? i was talking to a familiar dog owner here in Harlem and he was saying how much these neighbourhoods have transform over the years. how these boarded up brownstones which either sold for $1 or were abandoned are now worth millions. the people that were able to see past the "ghettoness" of this hood are now reaping the rewards. do we brave it, take a risk in buying this property or wait for hopefully another opportunity? what am i willing to sacrifice? i definitely am not trying to buy a shoe box in Williamsburg but the alternative? ARGH!!! anyways! RENT SUCKS PEEPS!!! save your funds! buy a home! what we pay on rent is such a waste! no tax credits! no investments! just straight leeching!
$1,000/month on rent for 1 year = $12,000
$12,000 x 5 years = $60,000!!!!
that's a 20% down payment on a $300,000 home! WTH?!!!

it looks exactly like these!

but in the hood!

joking! 

in any event, you'll soon be getting a glimpse into the new crib and watch me create magic :)

i hate rent

i hate renting. it sucks your money, you have nothing to show for it, it sucks your money and you have nothing to show for it! as of late i've been looking to buy a home so i can unleash my imagination which is prohibited by rent. of course that is next to impossible here in New York City. it is however possible for me to own back home just outside of Toronto. so i'm thinking...do i save money by staying in my cheap rental unit where i'm slightly stressed, but can own a home abroad which can be rented out to generate income OR do i move into a sweet artist space, pay double, have less stress but possibly miss out on buying my dream home? hopefully option number 3 will present itself :)
anyways i've been doing lots of research on what first time home buyers need to know. i have a few friends who have bought, flipped and sold homes however their profits weren't much. i also have family members who didn't do their homework and got screwed royally by shady tenants and/or contractors so i can safely say i've learned from their mistakes and continue to learn. oh yeah, i'm obsessed with HGTV. thanks Mike Holmes! the tentative plan: buying a 2+ bedroom detached 50's home and making it into a modern artist space that can be rented out to industry peeps (film crews, artists, or students). that way i have a constant (hopefully) source of income and within the next 5 years i can sell for a profit or move into when i'm ready to have a family.
the amazingness...i can make this all happen by April/May 2011.
i'm the live-for-the-moment type of gal. but living here in NYC has really changed my perspective especially on home owning. if my blog entry hasn't given you the buying bite, the-brick-house.com will. this frugal couple bought a home in foreclosure and did all the renos themselves.
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i've been scouring MLS.com and have found these cutie beauties for under $80,000

i love that circular window! and if you wanted to stretch this bad boy out the ample lawn space accommodates that

then i googled mapped them to check out the area.

i love the cute character these homes have and the large windows. but i'm sure different homes will be on the market when i'm ready. window shopping, self inflected cruelty. oh my wandering mind!