We bought a new house! Well… More like another house. More like… We annexed another property! Yah! A guest house!
We’ve been looking for a bit for a place that might provide a nearby home for one or more of our aging relatives. John’s Pop is considering a move closer to family and we are hoping he’ll be our first tenant! We were looking for a place that would be suitable for a “chronologically enhanced” occupant (master bedroom and full bath on first floor, small enough to care for, etc.) while still being affordable, relatively nearby, and having some potential as a resale down the road.
When a little ranch just down the street came on on the market, we knew we had to go see it. It seemed to fit the bill, most everything on one floor, just a couple of steps in, reasonable condition, affordable price, and, most importantly, six houses away!
The nearly 60 year-old house is a little tired, needs some updates, and has a septic system that needs replacement but, it also has new siding, a new roof, a new boiler, and good structure. The proximity, the neighborhood that we love, and the generally good overall condition of the place were enough for us to make an offer!
When the offer was accepted, it started to hit us that we would be becoming “slumlords” or “real estate barons” or something. It also hit us that we would be doing some work and paying some additional bills!
It was right about here that John was notified his job at Motorola was being terminated. That certainly added to the excitement and we considered backing out. Instead, we signed the P&S contingent on a home equity loan approval. What’s life without risk?
We were then just left with convincing the bank that we were good for the loan. Sure enough, they approved an increase on our home equity line that would allow us to make the purchase. We signed for the loan on John’s official last day of employment.
We’ll have some work to do. We have to put in a new septic, remodel the bathroom, sand the floors, change the outlets… But, we have high hopes for both keeping some of those we love a little closer to us for a while and being able to recover our investment down the line!!
We closed on the house today. Here we go!!
(And hey, our agent, Rita, and our attorney, Andy, made this all really easy for us – we’d heartily recommend them both!!)
God Bless you in your new adventure!
With Love,
Grampa Intorcio
Way to go!
congrats on the new place!
Way to go! Congratulations!
Very cute house – I think you got a good deal for the”aging relatives” Can I summer there??? I’m NEARLY one of the aging…(I’m just kidding, honest!)
But I’m delighted you found it. I actually talked to Shawn today and asked about pics of the place and didn’t realize you had already posted them…I’m really behind in checking in.
love you guys!
Hey, you even have a street named after you. We were driving around your neighborhood recently and noticed the street sign. We were looking at the property at 23 Marshall Street. Good luck on your new house! CHERYL & BRIAN
What a wonderfully brave endeavor, John and Shawn. I wish you much happiness (amidst inevitave b.s.!) as you embrace becoming owners of a “guest home”. If anyone can do it, you sure can. I am right around the corner, so if there is anything I can ever do to help, please call upon me. Not kiddding! (ie, flowers, painting, waiting for the fridge, etc). HAVE FUN!