Two years ago today we received the keys to the Woodlawn Gem, a fixer-upper in the Bronx. We remember that day so vividly because it was one of the most exciting days for us and a big milestone in our life together. Not only did we close on our house, we also found out we were expecting just a few weeks prior. Two years later and we have a baby and a house still under construction!
We have been able to create a customized house for a fraction of the cost of move-in ready, in an amazing neighborhood. Although we have a lot left, our decision to buy a fixer upper was the best choice for our family.
10 Lessons We’ve Learned About Home
Ownership in the last 2 years:
- Be patient. You will not have a move-in ready home right away. Enjoy the time you spend in your home, even if it’s not perfect or to your standards, because it is still YOURS.
- Buy quality materials. We once bought a white 5 galloon paint tub from Home Depot in the discarded paint section because it was $30 cheaper than the BEHR option. Turns out the galloon was untinted. Even worse? It’s non-refundable. This is one small example of how cutting corners was unproductive and wasteful. Save up for the sofa you love, invest in a sturdy dining room table, buy quality drapes. You can stain, refinish, reupholster, sell, and repurpose high-quality materials whereas a cheaper purchase will only have 1 short life. Ever tried to sand and stain a Target desk? Exactly.
- Stay away from trends. Do not be lured into a purchase, color scheme, tile pattern, etc. based on trends or what your favorite designer is doing. Designers offer inspiration and direction but I never suggest mimicking their styles. Why? Because they have sponsors and a disposable income allowing them to update their design in a few years. You (and me) do not have that luxury. If I invest in trendy bright green hexagon tile I cannot change it in 4 years without undertaking a massive expense. Ignore trends and purchase what YOU LOVE, what YOU will use, that works with how YOUR family functions.
- Get to know your neighbors. Whether you rent or own (condo, coop, private house), investing in your neighborhood will be worthwhile and rewarding. Get to know a few people nearby. Maybe they will help you take out the trash, pick up an Amazon package, or sign for your packages – it takes minimal effort to introduce yourself.
- Share your progress photos. Do not be afraid to share your progress photos, to show an unfinished room (I’m still working on this!), to be real. Real life is not Pinterest and perfect so relish in your journey.
- Set a realistic home project budget. Big impact does not always mean big money. Set a budget you can commit to monthly, track your expenses, shop around, and plan for larger projects. $20 goes further than you think. I talk through project budgeting and offer tips here.
- Set healthy home boundaries. This is a weird tip but we’ve learned that our home is not open to everyone at all times; it is our sanctuary and our retreat. We will not be pressured to extend a blanket invitation to anyone we don’t know, we will not feel pressured to invite someone over to be polite if we do not feel comfortable with them or want their energy in our house. We are protective over who knows where we live, who associates with our daughter, and who we share our space with.
- Film your home regularly – vital for an insurance claim. Not only is it great to document your changes, this is vital for insurance purposes in the event of a fire/emergency. Maintain records of large purchases (generally items over $100 should have receipts and photos). Video tours will help your insurance company determine damages so I suggest video tours at least every 6 months. Also, please purchase renters or homeowner’s insurance.
- Read all of your loan documents, condo by-laws, leases, coop HOA laws, etc. You cannot claim ignorance if you miss a deadline, milestone, fail to submit required paperwork, etc. so educate yourself – this is, after-all, your home and finances – on the ins and outs of your responsibilities.
- Create a calendar and add in important dates. FHA loans require employment verification at the 1-year mark: write that down. Property taxes in NYC run from July – June; check for abatement deadlines and apply before the deadlines. Challenge your property tax bill – consult with an appraiser for an accurate evaluation of your land and development. When is your property insurance up for renewal? Write that down and 45 days prior request a few quotes to ensure your current carrier is still competitive. How can you add big purchases to your insurance plan (e.g. new appliances, new bathroom renovation, landscaping)? Live in a condo – can you AirBnb? Check the by-laws. Did your condo or coop board provide the annual budget? Request it – check your bylaws and constitution. What improvements is your building making? Read all of your lease documents, double-check your renewal, report apartment damages, etc. Again, you are fully responsible for your investment (renting is an investment!) so put in the work.
- Reach out to your lender for a personal contact – do not rely on the general customer service line/email. You should have a direct contact at your lender’s bank/institution to connect with if you have questions about your statement, escrow, interested in pre-paying, etc. This person is likely to work with you if you ever need it.
- Invest in a security system. If you rent, most landlords will let you add in a camera system at your expense – it is worth it. Many systems are discreet, do not need to be hardwired, and are affordable. We use the Blink Indoor System by Amazon and love it. Again, protect yourself and your investment.
Now the fun part: some never before seen before pictures…
So… what’s next for us?
Finish our 2019 project list! We are setting high expectations for ourselves and hope to nearly complete our transformations by the holidays. We will be scheduling, budgeting, and working tirelessly to make progress before our December vacation! Please follow along and encourage us – but whether we finish or not, I’ll be sharing the progress.
How can you apply any of these suggestions to your home? Let me know below!
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