Nerves (Buying a house, stage 1)

[professionalhenchman]

      So, as of this morning, we'll be officially making an offer on a house here in Davis - did the paperwork last night, and our agent will be delivering it to the seller's agent in a few hours.  It's exciting, and very nerve-wracking all at the same time.  We've found what looks like quite a nice halfplex in South Davis, with a neat yard & garden space - it's the place we dashed off from Picnic Day to go look at.  We'd been going to avoid buying half a duplex, but this one's only connected at the garage, and it fits all the rest of our important criteria, so we decided to try for it.  We'll see how the negotiations go, but I am confident that even if we don't get this place, we'll find a house sometime before our lease runs out here.
       The nerve-wracking part of all this for me is dealing with the finances, specifically that we're going to have a short-term cash flow problem, and be without any kind of emergency reserve except our retirement funds after all this. (and we may end up borrowing a couple thousand from those)  It's a very short-term problem, as the $8k tax credit for new homebuyers should go a long way towards fixing that next year, which is one of the reasons we're looking this year rather than waiting until next year.  And I know that in case of dire emergency, we'd be able to get help from my extended family.  Still, money's going to be a little tight for a few months.  I feel a bit like a squirrel in winter as I go pulling out money from all the varous savings accounts where I've stashed it to keep it from being spent, but this sort of thing is exactly what it was stashed away for. 

Comments

[cahwyguy.livejournal.com]

I think that happens with every home buyer, and then you eventually grow into the house and mortgage, especially as your salary rises over the years. I certainly remember that feeling with every house we've bought.

Good luck.

[lyahdan.livejournal.com]

What he said. That sounds pretty normal. Which part of Davis is this one in?

[groblek.livejournal.com]

Yeah, I'm sure it's pretty normal, I mostly just needed to put it out there.

It's South Davis, very close to fencerkevin and perpleflwrchild's place.

[kelsied.livejournal.com]

I hear it's normal. Of course, we're a little more financially conservative than most, in some ways...

So jealous of your house in Davis. I will have one some day...

Well, unless I have to live in Sac to organize my gamer commune apartment complex. So serious about that...

[groblek.livejournal.com]

Mmm, gamer commune...

[whalejudge.livejournal.com]

Good luck. Do you remember where you stashed all your nuts?

[kelsied.livejournal.com]

*chokes*

I bet his wife can help him locate them, if he has too much trouble remembering....

[elhoff.livejournal.com]

As soon as you are sure about that tax credit, adjust your withholding so you get that money slowly over the rest of this year. No need to wait until April next year. Just don't forget to set your withholding back at the end of the year. Also, if you normally do your own taxes, pay someone for this year. You would be amazed at what is deductible out of this transaction.

Welcome to the itemized deductions club!

[groblek.livejournal.com]

Thanks for the advice - we were planning on getting someone to do our taxes, as this starts to get complicated. Hadn't thought about the adjusting withholdings though, thanks! Also, at some point we'll have to pick your brains about energy-efficient tinkering on the house, as you seem to know a fair bit about such things.