Skip to main content

Positive Thinking and Home Decor Budget


Today I got an email from my attorney enquiring if I had secured a mortgage commitment as yet. Sadly, I had to respond, no. 


It is a reasonably question to ask when you consider that I made an offer on the home on May 3rd 2013 and we went into contract at the end of May.  Everything else from here on in should have gone smoothly.  I thought wrong. Having never purchased a home before I didn't understand the process. I assumed that because I had a 10% down payment and good credit that would be enough. I even completed a first time home buyers class, at HSBC’s request, at a community organization and received a certificate of completion.  This class cost me a nonrefundable fee of $75. The community organization wasn't all bad and I don’t want to give the impression that they did not assist. They helped me to apply for a down payment assistant grant. I am truly grateful for that. 
Still, here I am six weeks later without a mortgage commitment from HSBC and waiting anxiously to move forward on the property.  I’m learning quickly that I've made some mistakes in this process. I did not shop around for a mortgage. Instead, in my haste, I relied on HSBC because we had history together. I was involved in their First Home Club program, where they would match my monthly savings of $188 and put that money toward my closing costs.  The idea of free money was tantalizing. One advice I would give to other first time home buyers is to definitely compare various lenders before committing to one.

One of the ways that I have been keeping myself busy throughout this troubling time is through positive thinking. I have not allowed myself to believe that my mortgage application will be denied. I have been making a list of things I would like to do around the home. In a previous post, I mention that I have a very tight budget of $3500 to decorate the entire home with the exception of the kitchen ( that would be a full renovation job). Here is a list of things that I would like to have accomplished (notice the very original and catchy title, lol)
                                                      Marissa’s Home Décor Budget
Entry Hallway
Estimated Spending
Actual Spending
1.     Paint
2.     Mirror
3.    Picture Frames

Bathroom
1.     Paint (white gloss)
2.     Shower curtain
3.    Toilet seat (blue)
4.    Storage
5.    Bath rugs
6.    Bath mat
Bedroom #1
1.     Paint
2.     Area Rug
3.    Upholstered Headboard
4.    Mirror
5.    Dresser
6.    End Tables (2)
7.    Curtains
Living /Dining Room
1.     Sofa
2.     Dining table and chairs
3.    Area Rug
4.    Buffet/ Console table
5.    Picture Frames
6.    TV stand
7.    TV (46 inches???)
8.    Bookcase
9.    End tables
10.  Chair
11.  Ottoman
Bedroom # 2
1.     Full bed
2.     Computer desk
3.    Slipper chair
4.    Paint
5.    Area Rug
Patio
1.     Chairs
2.     Rug
3.    Flower boxes
Kitchen
1.     Silver paint
Total
$3500

Comments

Popular posts from this blog

I found another house

At the end of July, I thought that I had found my dream home. I made an offer. The seller countered. Then I accepted the seller’s counter offer.   I was already trying to schedule the home inspection when my realtor, Robert, texted me that the seller wanted to hold off. Well, according to Robert, the seller decided to sell the home to his neighbor’s friend. I was disappointed but then oddly felt relief. As much as I like the home and the area, I was a little worried that the location was a little too isolated. It was close to buses but far away from the train. I was concerned about how I would get to and from work. Robert would still make his commission as he was acting as both the buyer and seller’s agent. Everyone was happy except for me. I then called another former realtor, Louis, and we began looking at properties.   We went to an open house on a quiet street, a few blocks away from a subway station and a block from a bus, that was listed below market value. There w...

Guest Bedroom Reveal!

I have a long to do list for my home. The problem is trying to priorities that to do list. Every item in my home was purchase, from the farmhouse chandeliers in the upstairs bedrooms to the doorknobs. All the door knobs. Furnishing a new home is quite expensive. Even though I am giddy and excited to get this home completely furniture and renovated, I have had to take a step back. I have had to just learn to live in a minimally furniture home.   I love it. I love the bare walls. I love the space.   I love the feel of not having clutter. On my last blog post, I showed some pictures of my kitchen and dining room, Today I want to share a few pictures from some of the other parts of the home. It's not perfect. I still need a dresser and a mirror but those will come in time.  In the meantime, this is what it looks like.

We're in Contract

Last week we completed the home inspection. There were a few concerns such as a leaking faucet and fallen off cabinet doors but nothing that would impede us going forward with the deal. The house appeared to be in good working condition though it is in desperate need of deep cleaning.   My realtor has taken to calling this house a “hot property”, as there continues to be a lot of interest and offers. He was concerned that someone else could swoop in and make a higher offer than mine.   Apparently, there was a prior offer to mine and that deal fell apart after the inspection when the “greedy buyer” wanted to renegotiate the price.   I made my offer at the right time. Also, it was about $10,000 more than the prior offer. My realtor was eager for us to go to contract.   Present at the inspection were myself, my realtor, the inspection, the homeowner and the listing agent. I had asked my mom to come along as well for moral support. Mom did not see the home prior to...