Hunting for a house
The lease for our current rental is due end of May, the landlord wants to know whether we are going to renew the lease. We have decided to move out of this one hundred years old house to a newer house that has more modern facilities, and have been looking at other rental properties. Rental for this newer apartments is so much more expensive! We are battling whether to continue to pay rental. It doesn’t make much sense to continue to rent when property prices and mortgage rate are at their low. It cost almost the same to rent vs to buy (mortgage plus property tax plus association due)
So, we told the landlord that we would not renew the lease, but would stay on a month to month basis until we find a place to move. T’s cousin is a real estate broker, she has been helpful to get us some listings and show us around. She also got us in touch with a lender to start a pre-approval process, so we know how much loan we are qualified.
We have been looking at a couple of single family homes and townhouses. We are amazed how the prices have dropped in the last six months or so. Many of this houses are bank-owned or in the process of being foreclosed.
We were looking at a 3 split level end unit townhouse on Thursday. They are 2-stall garage at the ground level, one bedroom and bathroom on each level, kitchen, fireplace and living room on the first level, family room on the second level and a full basement!!

Front of the house shows the garage and front door.

Living room and fireplace on the first level.

Kitchen on the first level, comes with cabinet and fully equipped with appliances i.e. refrigerator, oven, stove, dish washer, garbage disposal and microwave oven.

Full bath on the second level. They are 2 full bath and one half bath in this house!
Guess how much is this house listed for? It has been listed since July 2008 and current list price is $129,900. Since it’s a short sale (the bank owns the property), T’s cousin thinks we can offer around 100k. We are sitting on the decision to make an offer, may continue to look at more houses before we do that!

