Wednesday, January 11, 2012

Taking a Bath

I'm not talking about the fun kind with bubbles and a trashy magazine, I'm talking about a financial bath that Andy and I are about to take.  Remember yesterday when I waxed nostalgic over the warm and fuzzies I get from my townhouse.  Yeah, that was sweet huh?  Well today I talk about the money suck this house will be when we sell it.

I'm talking in dollars and cents here so if that makes you uncomfortable read with caution.  We bought this house in 2006 at the height of the real estate market, not long before the bubble burst and the bottom dropped right out.  We paid $277K for our two bedroom, 2.5 bath, townhouse with access to a full swimming pool and a tennis court.  We then proceeded to build a deck, replace the windows and the central AC unit, as well as put in ceiling fans, and new blinds.

I've been tooling around on realestate.com, just looking at new houses and dreaming of the future, when I decide, ya know, for shits and giggles to see how much houses in our area were going for.  Well houses identical to ours, in the same complex, were going for between $210K - $230K.  Wah wah wah.

That's a serious bath right there.  But above all we want to move the house and move it quickly.  We're doing some fixing up right now to "stage the house", you know decluttering, removing unnecessary furniture, freshening up the paint, deep cleaning etc before we bring a realtor in the next few weeks to tell us, officially, that we're going to take a bath.  We're fortunate enough to have a nice savings account and my dad is willing to lend us some money if we need it for closing costs etc, but selling this house and buying another one will deplete us financially.  But it's something we're willing to do to get into our forever home.

I would really like it if you could let me know your house selling/buying stories.  I'd like to hear the good and the bad.  Comment or e-mail me please with any and all stories and tips!
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3 comments:

ler4ik said...

Wow... no comments. Maybe people are really uncomfortable.
We are in even deeper. We bought our house for $600K (Bay Are is freaking pricey), did remodeling and the houses in our area now sell for about $450K.

Francis said...

Wow. Over $200k for a townhouse. Come on down to Texas lol. You can get a beautiful 5 bedroom house on a big lot and in a gated community for around that much ;)

Erin said...

I can definitely sympathize -- going through the divorce, the marital house has tanked in value. Ughhh. I'm looking to buy something, so the crappy market is good for that, I guess -- but there are so few things on the market around here that people are ending up in bidding wars!

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