First Forever Dream Home finally becomes Reality
My wife and I have been waiting all of our lives to finally purchase our first home. So we finally pulled the trigger this year…
My #1 requirement was No HOA. I’ve been watching horror stories on YT of how a bad HOA President and their friends can ruin a homeowners life and make them foreclose over time (due to fines, fees and interest), just to buy their property for pennies on the dollar.
We wanted something a bit closer to our jobs and we were able to accomplish that.
We wanted a pretty house that has the “Wow” factor and amazing curb appeal. Those usually land in our “dream house” category and I found out that we tend to have multiple bidders competing against us since I guess they too find the property pretty amazing looking.
We found a couple houses we loved, and it took after a couple bidding wars, we got lucky and landed our first forever home dream house.
500K house
200K combined salary
No HOA
No major issues
800+ FICO score
Has a pool
Has an unfinished basement
4 br, 2.5 baths
Here’s my question, curious if anyone else has any input or experience with this….
If the basement was finished with a MIL suite, my mother may have rented it for probably $1500.
If it was partially finished, maybe $1350.
My wife wants a total separation from my mother’s living space.
But as you know, the basement is completely unfinished and we have 3 guest bedrooms. We’re playing with the idea of putting my mother in the guest bedroom furthest from the master bedroom. She would like the rent at $1000, I would shoot for $1200 which is what my wife (DW) would want, but truthfully, DW would rather she not live with us at all if at all possible (her words, not mine).
I’m seeing free rent ($1000-$1200 each month) and a cheap dog sitter. My wife sees it as her losing her privacy. Although she said if in a few months or years, if money is too tight, she might allow it. But she needs some time to herself at first in her first house. What do you think? Have you been in a situation like this?