donniej
Well-Known Member
My GF and me just put in an offer on a house.... but not just any house.
It's on a moderate traffic street in down-town Philadelphia and is next to a high traffic intersection. The neighberhood is decent and though the house needs work, we can (probably) afford it.
You can probably understand why we're excited about buying our first home, but why would we be excited about the traffic? Because the house is zoned commercial. The zoning, and that it also has a big yard (rare for Philly!), means that I could at long last have a place to put my "soap works" AND have my own store front to sell it from.
The keyword is "could".
The place is "cheap" but commercial real estate requires a big down payment, higher insurance and maybe higher interest rates. We may not even be able to get a mortgage, though our realtor is optimistic. *IF* the seller accepts our offer, we get a mortgage and the inspector says it's OK then we'll still be left broke with a house needing repairs. Not to mention that just the down payment will take what's left of my dwindling savings, since my previous soap works already ate the rest.
Moments ago we submitted our offer, with a deposit. We expect to hear back by Wednesday night. If they accept it, then we proceed to inspection, insurance and securing the mortgage.
Wish me luck, the way things have gone the past year, I can use all I can get.
Thank you.
It's on a moderate traffic street in down-town Philadelphia and is next to a high traffic intersection. The neighberhood is decent and though the house needs work, we can (probably) afford it.
You can probably understand why we're excited about buying our first home, but why would we be excited about the traffic? Because the house is zoned commercial. The zoning, and that it also has a big yard (rare for Philly!), means that I could at long last have a place to put my "soap works" AND have my own store front to sell it from.
The keyword is "could".
The place is "cheap" but commercial real estate requires a big down payment, higher insurance and maybe higher interest rates. We may not even be able to get a mortgage, though our realtor is optimistic. *IF* the seller accepts our offer, we get a mortgage and the inspector says it's OK then we'll still be left broke with a house needing repairs. Not to mention that just the down payment will take what's left of my dwindling savings, since my previous soap works already ate the rest.
Moments ago we submitted our offer, with a deposit. We expect to hear back by Wednesday night. If they accept it, then we proceed to inspection, insurance and securing the mortgage.
Wish me luck, the way things have gone the past year, I can use all I can get.
Thank you.
