We're Buying a Home in Fairmount!

Erica and I had a very busy and productive 2012. Most importantly, we planned, celebrated, and then paid off our wedding early in the year in the Bahamas with close friends. We went small and wouldn't change a thing. Afterwards in the summer and fall, we buckled down and paid off credit cards and started to save for a house. By the time the start of the 2013 new year rolled around, we were getting in a position where we could start looking for homes.

I've been excited for a few years now at the prospect of buying my first place. You've probably seen my eagerness to help friends or family with their own projects. With my ability to do most of our own renovations, I've been on the lookout for a property that can use a bit of work to build in some equity, all the while hitting all the marks on Erica's wish list (safety, proximity to trail, outdoor space).

Over the past few weeks we started out house hunt, focusing on the Philly neighborhoods of Art Museum, Southwest Center City, and Graduate Hospital. All three of these 'nabes have easy access to work in Center City, the trail along the Schuylkill River, and a good amount of restaurants and activities. With our pre-approval in hand, we set out and looked at about twenty different homes.

The current housing market in Philadelphia is starting to shift back from a few years of being a buyer's market, to being a seller's market. This is due in part to homeowners feeling that prices are at rock bottom and are unwilling to sell, rather intent to wait another few years before making a move. Additionally, with interest rates being at all time lows and credit institutions starting to lend again, This has created a tight market with historically low inventory. This has forced buyers to fight for what's on the market. Recognizing that, we were careful not to head into a bidding war over a home because of these reasons.

We identified a home that shows poorly, but the location and size are very favorable. So this weekend we made an offer that was accepted on a cozy townhouse in the Fairmount neighborhood in Philadelphia, PA.

• 800 Block of N. 27th St, Philadelphia, PA
• Listed at $275,000 ($199/SF)
• 1,380SF, Two story, with 3 beds and 1 bath
• MLS#: 6088063
• Brick exterior, built around 1920 (although it may be earlier)

There is quite a bit of work that needs to be done (read: full renovation) that I will be tackling over the next few months. This work includes:

• Full New Kitchen (Existing kitchen is in small room in the rear we will be converting into bath/laundry)
• Removing living room wall to open the floor plan
• Reposition basement stairs which have been moved to dining room.
• Upstairs bath remodel
• New hardwood floors (possibly salvage existing)
• All the remaining drywall, paint, trim, etc.

The inspection is scheduled for tomorrow so we'll get more detailed information about the condition of the property. More to follow in the coming days and weeks!