Thursday, November 1, 2007
We have officially passed on the second floor apartment, and the seller actually offered us the third floor apartment at the asking price we offered on the second. The catch (and there always is one) was that they wanted to know by today so that they wouldn’t have to do open house this weekend. Frankly, unless we saw the apt again we would not bid on it and we won’t be able to do that until at least next week. But also, all things considering, the difference b/w the asking price and the final price that the apartment we wanted sold for was not so dramatic that we would jump at an apartment that is a longer hike up the stairs. If we did put an offer on it, it would be for dramatically less.
A and I have found these past few days exasperating to say the least. I think we learned a lot about ourselves and the game. First thing is t hat you really have to know exactly what you can afford and what the costs are. We had zero idea that a condo would incur roughly $35,000 in transfer taxes and what not, which is a HUGE chunk of change from a young couple’s savings account. We also didn’t factor in the tax ramifications, which was a good thing in that with the tax breaks you’re take home goes up so you can afford more per month. Either way, it is super super confusing.
I have realized that I have to open myself up beyond the brownstone thing…it is still what I want, but if we find a great building that isn’t brownstone, than we shouldn’t limit ourselves.
I also now see the value of a broker who Is working specifically for you. Yes, it is sometimes better to deal directly with the listing agent, but they are working for the seller, and you don’t know if you are getting a good deal, what the real value is or what not…if you find the broker who gives you the confidence and comfort level to know what you are doing…you’ll find what you are looking for.
The other realization is that we shouldn’t force fit ourselves into taking an apartment that isn’t completely right. I think it’s easy to think that this is the last apartment you’ll find and it’s a dumb way to look at it when you are investing so much money. We are in a good place right now and there is no rush to get something unless it is perfect.
This has nothing to do with real estate, but it's fun.