So the goal for June is once again to pay off at least $900 of debt.
The offer on the home is still in limbo, but there's a good chance we'll reach an agreement. So I'm not sure what will happen to our debt totals for a while!
I suppose you don't take on new debt until you actually close, which probably wouldn't be this month, so I'm just doing a normal debt goal this month and will think about how I'm going to structure it from now on.
I still do want to track it, because my goals are still to be debt-free except for mortgage, and eventually debt-free completely. But for a while the totals are going to go up and (hopefully) down pretty wildly, as we initially take on more mortgage debt, then sell the current US place and rid ourselves of that mortgage.
The current offer that's on the table, which we'll accept if we get more info and it works for us, is what I offered, plus $25K more that the seller will lend to us and require no payments for a year. Since cash flow is only a concern for the next couple of months, and I'd been prepared to take on more mortgage than what I've been approved for, I'm OK with that, but we need to find out the terms of the loan the seller is proposing. If interest terms and monthly payments are reasonable, we will probably accept. Broker says this doesn't violate FHA limits, so I guess we'll be good. Should learn more tomorrow.
We got this counter-offer this morning. We looked at two more homes today, just to see what else is out there. Neither place was right for us, so we went back to the home we'd made an offer on. The renters were gone so we could really get a good sense of it. It was even better than the first time through. It still needs an inspection, of course, but on the level of layout and space, it was great.
Right now there's just a lot of processing information from different sources and passing that along to everyone involved, plus running and rerunning the budget numbers to plan for how it's going to look if this works out, plus planning what we can do for renovations before we move (if we move). It's keeping me calm because it keeps me busy. But there's a lot of latent excitement waiting to burst through that I'm trying to keep under control so I can focus on the practical stuff that needs to be handled.
Edit to add kitchen & bath photos for CCF:
June debt goal ... and thinking how to do my debt tracking
June 2nd, 2014 at 04:47 am
June 2nd, 2014 at 12:13 pm 1401711212
June 2nd, 2014 at 12:20 pm 1401711650
Of course, we don't want it sitting for ages, because every month it sits we'll pay $1700 to keep it, and only $500 of that goes toward mortgage principal. So if someone made an offer that was only a couple thousand short of paying off our mortgage, I'd take that. Basically we want to renovate to where we can sell it at a price that isn't too far short of our remaining mortgage!
And, we are going to try to save money wherever possible on the renovation. There are a few key things I think would make it inviting, so we're going to focus on those first and see if we can get in under the original budgeted amount.
June 2nd, 2014 at 01:16 pm 1401714983
I'd be interested in seeing the rooms you think you need to renovate...if you feel like sharing.
June 2nd, 2014 at 08:30 pm 1401741048
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June 3rd, 2014 at 12:34 am 1401755691
June 3rd, 2014 at 01:43 am 1401759799
My first thought is to go with more neutral colors on the walls. Knobs added to cabinets in kitchen. Painting is probably inexpensive for the cabinets, but not required. I'd actually leave the floor as is in both rooms. Get rid of the clutter for photos and showings. Remove extra pictures and magnets on fridge.
In the bathroom, my biggest concern is the mirror/cabinet/light fixture. It seems like it is all connected. If a new fixture could be added without removing mirror that would be easy. I'd try the less expensive items first. I'd change the toilet seat cover ASAP since wood absorbs fluids and can harbor odors and it is a quick fix. I new upgraded faucet would be noticeable walking in, too.
I wish I was there to stage it...I kind of like doing that kind of thing!
June 3rd, 2014 at 09:17 pm 1401830235
Alternatively, would you consider buying a white, used, over the stove microwave and eliminating the stove hood? While it was awkward, removing the stove fan was easier than we imagined with assistance from You Tube. The microwave unit was bolted in place from the top and just plugged in.
In staging it’s important to have every drawer, cabinet look spacious even if you have to store the items not used daily in another location. My realtor demanded I keep the toaster over outside, on the patio which was horribly inconvenient but made the counter space look spacious. Have you considered putting modern door pulls on all the cabinets? They are surprisingly expensive and installed using a home made template.
…sorry too long
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June 3rd, 2014 at 09:54 pm 1401832474
One thing I don't show that's absolutely necessary to keep the value up is redoing the wood floors. That will probably be around $2500 and there's no getting around it -- all the units in the range we want to list have newly refinished floors. I also remember how those gleaming floors drew me and AS in when we were shopping for condos!
Another thing not pictured is that we don't have closet doors in the bedroom; years ago we got sick of the ones we had and put in wooden blinds. They look kind of cool but are hard to pull up and down, so we need to put conventional doors back in. NT is trying hard to find a solution under $200 for that.
One of the windows in the kids' room needs replacing; we believe that will be a few hundred dollars.
I definitely agree that something must be done with the oven hood/vent situation; we haven't decided whether to replace the hood, just remove it, or take it out and put in a microwave. That vent on the wall behind the stove doesn't really do anything, nor does the hood, so they can be removed if we want.
The kitchen floor must be replaced; there are noticeable holes etc. However, we're going to talk to the contractor about vinyl replacements that don't cost much. The kitchen island is slightly stained and has some knife marks and other damage, so we do need a new top to that. We'll see what the options are for the rest of the kitchen counters.
Handles on the cabinets I feel are very important -- everyone who has seen our kitchen (or pictures of it) have mentioned that. We think we can do that ourselves, and we'll probably paint the wood a creamy white to go with the bisqe appliances.
The bathroom -- yes, we need to get rid of the light fixtures (a couple don't even work) and the giant mirror and awkward cabinet. Planning to replace with a more modern light fixture and smaller framed mirror. The vanity can be replaced pretty cheaply with something from Ikea that will look 100 times better, and we'll see what we can find for a new sink and faucet. The toilet and tub can be rescued cheaply; replacing the toilet seat and doing a thorough cleaning of the tub. The shower fixtures can be replaced cheaply. I'd be OK keeping the floor, but that halfway-up wall tile is yuck. I'm hoping we can tear it down and just retile the shower area but again, we'll see what the contractors charge. If it's a ton of money, maybe we'll see if it sells without doing that.
More-neutral paint colors are on the list; we've picked what colors we'll probably use and have already painted the main living areas.
Decluttering won't be an issue because we won't list until we're ready to move. There's no way we're staging it with all our crap, two young kids and an illegal cat.
We may need some staging furniture such as a bed, but I'm thinking we'll ask around and look on Craigslist and in thrift stores. Other than some inexpensive cosmetic touches (the "spa-like" effect you mentioned), we're not going to spend too much effort or money on staging.
So yeah, really hoping to do it for less than $13,500! I'm just keeping that number as our outside limit.
June 3rd, 2014 at 09:58 pm 1401832696
June 4th, 2014 at 12:10 am 1401840604
June 4th, 2014 at 01:46 am 1401846392
I would leave the shower tile on the wall, too. That is a costly repair. If it was yellow, purple or some crazy color then I would agree it should go. White is neutral and with a neutral paint color it will look quite inviting. I think the large mirror helps make the space seem bigger...is the fixture on top of the mirror? Again...just paint the cabinet, don't replace the counter top, only replace the faucet. I know Ikea is cheap, but painting is cheaper and will take far less time than pulling all that out. Taking the cabinet out might create a floor tile, wall tile problem. Those are very expenses.
A remnant for the kitchen floor is a good idea, but you might consider just waiting to see if it is a buyer issue. I have been told this both times we went to sell that we should wait.
I sometimes wonder about realtors and their suggestions. If they want you to spend $13K for updates so the selling price can be higher, who does that benefit the most? The realtor gets a higher commission with a home that is an EASY sell because of the upgrades. You might get a higher return, but you get that for a lot of work on your part coordinating contractors and so forth.
I know I'm contradicting some things you feel and other feel, but I'm really just trying to give you ideas to lower the costs. I have fixed up a house for ourselves, but didn't get to stay very long to enjoy the updates. I'm sure it helped sell the house faster, but it didn't increase the price.
June 4th, 2014 at 04:59 am 1401857993
... I suggest a ‘dorm’ basket for each of you to hold personal bathrm supplies. Hopefully there is shelf space under the sink to keep these as convenient as practical. Product in the hanging shower uniti look neater when decanted into those Dollar Store type clear squeeze bottles often used for sauces in the kitchen. Be sure to label as NT will be confused. Items not used nearly daily must go to secondary storage. The whole point is to make it appear to have sufficient storage for bathrm products.
Clutter is an issue for buyers. It distracts them from being able to imagine their stuff in your condo. It’s wonderful if you can keep every flat surface clear but for an obvious décor item.
Kitchen: Limit items on counter space to those used daily like coffee maker and most used small electric appliance. I suggest keeping appliances in the adjacent white cabinet. What is your realtor’s view on replacing stove and fridge with Stainless? Maybe check out cost from re-seller, scratch ‘n dent, or used, builder’s level since young professionals seem to think this look is important. [the upkeep is a royal pain]
Mirror frame is just inexpensive baseboard strips, painted, miterer corners and glued directly to the edge of the mirror.
June 4th, 2014 at 05:32 am 1401859920
my neighbour had this product 'painted' by a tradesman recommended by Lowe's . It looks terrific and she is thrilled with the results since it was an affordable solution for a problem that you described. High contrast is most popular; light color cabinets, dark colored counters.
Just now, the most popular flooring is laminate, dark tone, hand scrapped appearance click in place right over current flooring. It will mean replacing all the baseboards.
June 4th, 2014 at 08:06 pm 1401912403