Be financially ready to put house on market
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  1. #1
    Registered User Suprise's Avatar
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    Default Be financially ready to put house on market

    Hi guys we finally decided to go ahead and put the house on the market within the next 6-12 months, but in order to do that we need to make sure our finances are in order which means I need to pay off my Visa (10 436.32) and my master card (2 124.64). Then we'll start saving for a down payment for our next house (10 000).

    Our plan is to make a payment of 1000-1500$ per month on Visa until it's completely paid off. Then we attack our Master card if there is still a balance on it. Then of course we will be using the 1000-1500 to save up that down payment. Wish me luck!

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    We are also preparing to sell and relocate within that time frame, but have slightly different targets. The main one is to have $17000 to cover moving cost and rent when we are between houses. Hope to reach that before new year.
    Total 2019: $ 43 900
    Goal 2019: $50 000
    To do 2019: $6 100

    Total paid/saved: $114 300
    Total goal: $272 900
    To do: $158 600

  3. #3
    Registered User Suprise's Avatar
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    Quote Originally Posted by gaja View Post
    We are also preparing to sell and relocate within that time frame, but have slightly different targets. The main one is to have $17000 to cover moving cost and rent when we are between houses. Hope to reach that before new year.
    Wow that's a big goal, but I'm sure you can do it. Do you have any plans as to how you're going to reach it? Hope to keep seeing you here so that we could encourage each other.

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  5. #4
    Registered User Suprise's Avatar
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    We're doing good so far. We've been following our budget very well and being creative to save money. We called our phone and internet provider and they found us a much better deal which will save us about 40$ per month. I've also been decluttering and selling items that we no longer need.

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    Registered User josantoro's Avatar
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    you probably don't want to do what we did, get rid of everything except what we could fit into a van, and rent a furnished condo after we sold the house. Didn't need any special financial preparations, we let the buyers do all that!!

  7. #6
    Registered User Suprise's Avatar
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    Quote Originally Posted by josantoro View Post
    Didn't need any special financial preparations, we let the buyers do all that!!
    What do you mean by that?

    I am getting rid of a lot of stuff that are gathering dust and I feel that when we get our new house I'll want to buy new things to fill it up with.

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    Registered User josantoro's Avatar
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    you said you are making financial preparations to sell your house, but I think you meant, to buy your new house. No one cares what your credit score is when all you are doing is SELLING a house.

    Most people don't do what we did.

    ETA - when we were going to the lawyers office to pass papers, we were supposed to be there at 2PM. Lawyer called that morning, and said, better make it 3PM, the buyers have about 100 pages of documents to sign, no need for you to sit around while that happens. Ah, I remember it well.....

    PS - I LOVE your avatar - truer words were never spoken! Nurses too!

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    Quote Originally Posted by Suprise View Post
    Wow that's a big goal, but I'm sure you can do it. Do you have any plans as to how you're going to reach it? Hope to keep seeing you here so that we could encourage each other.
    What is the saying - it's a shovel to hole ratio? We have a big hole, and a rather large shovel. But then you can't really compare Norwegian and US sums of money. The cost of living here is a lot higher, and therefore the pay checks are also higher. When gas is $10/gallon and milk is about the same, a salary of $100 000 doesn't take you far.

    The plan is as follows:
    -The tax return was unexpectedly good, $3400 was a nice kickstart
    -We have built up an snowball of rent, disablement pay for DH, benefits for disabled children, and payments from microstock photography. In total it averages $2000/month that used to go towards the student loans. No all that goes to the relocation fund.
    -I will be working as much as possible. I do not normally get overtime pay, but if I travel a lot I get a payout for the travel hours. The first six months of the year that was almost $2000. The autumn looks similarly buzy.
    -The last $1600 will be nickel-and-diming. The grocery budget will take a cut, we do not need to buy any more clothes, etc.

    The big challenge is that we also need to cashflow some work on the house. Nothing major, just a lot of paint and finishings. But it all adds up. Today half our monthly budget goes to paying down debt (regular down payments plus the snowball). Do I need to say I look forward to becoming debt free?

    Cheering eachother on towards the similar goal is a good plan!
    Total 2019: $ 43 900
    Goal 2019: $50 000
    To do 2019: $6 100

    Total paid/saved: $114 300
    Total goal: $272 900
    To do: $158 600

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    The realtor just left. We got a long list of projects we have to finish before putting the house on the market, but not as long as we had feared. He really loved the kitchen, and liked the location and space in the house. We should be able to get 200 000 more than we paid for the house seven years ago, maybe more.

    To do list (prices are based on DIY, except for the garden):

    Ground floor
    -Sand and finishing the parquet flooring in the living room, new mouldings ($500)
    -Paint the hallway, get new lighting and install doors for the fitted wardrobe ($1000)
    -Update the bathroom; paint walls, new cabinets and shower stall. No structural work. ($2000)
    -New linoleum on the floors in the kids rooms

    1. floor
    -Paint the ceiling and walls, new lamps, new linoleum flooring in some rooms ($1000)

    Basement ($500)
    -New carpet in stair
    -Some paint here and there

    Garden
    -New wooden deck and lawn, painting steps and old deck ($1500)
    Total 2019: $ 43 900
    Goal 2019: $50 000
    To do 2019: $6 100

    Total paid/saved: $114 300
    Total goal: $272 900
    To do: $158 600

  11. #10
    Registered User Suprise's Avatar
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    Quote Originally Posted by josantoro View Post
    you said you are making financial preparations to sell your house, but I think you meant, to buy your new house. No one cares what your credit score is when all you are doing is SELLING a house.
    You're right, but in case we sell our house quickly I do need to be ready to buy the next one.

  12. #11
    Registered User Suprise's Avatar
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    Quote Originally Posted by gaja View Post
    The realtor just left. We got a long list of projects we have to finish before putting the house on the market, but not as long as we had feared. He really loved the kitchen, and liked the location and space in the house. We should be able to get 200 000 more than we paid for the house seven years ago, maybe more.

    To do list (prices are based on DIY, except for the garden):

    Ground floor
    -Sand and finishing the parquet flooring in the living room, new mouldings ($500)
    -Paint the hallway, get new lighting and install doors for the fitted wardrobe ($1000)
    -Update the bathroom; paint walls, new cabinets and shower stall. No structural work. ($2000)
    -New linoleum on the floors in the kids rooms

    1. floor
    -Paint the ceiling and walls, new lamps, new linoleum flooring in some rooms ($1000)

    Basement ($500)
    -New carpet in stair
    -Some paint here and there

    Garden
    -New wooden deck and lawn, painting steps and old deck ($1500)
    Well that's good news. We should probably get ourselves a realtor too so that he can tell us what we really need to get done.

    The first thing we need to get done is install some flooring in the basement which will cost us about 600$

  13. #12
    Registered User josantoro's Avatar
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    we thought about using a realtor, and talked to one, but decided against it. We did list it for the price the realtor suggested. It sold very quickly. When I let the realtor know it was sold, her response was, "Oh, I could have got you more money for it..." - Yeah, and it would have all gone to her commission. Not too bright on her part. They usually pick a high number, then once they have gotten you signed up, pressure you to lower the price for a quick sale.

    Second house we have sold without a realtor.

    I am of the school of thought that says, sell it as is. Keep the price low and let the buyers make any improvements they want. I have seen too many houses (when looking to buy) where I was told, "Look, all new carpeting.." and I was like, "yeah, wrong colors...." (to myself!)

    Anyway, good luck with the sale and with your new home!!

  14. #13
    Registered User Suprise's Avatar
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    We're not planning on making much improvements ourselves, we need to do the flooring since it's on cement. We also want to repaint the walls to freshen them up. We have a few small things that we can do for cheap. I don't want to spend much money on improvements since we already know we're not going to make much money on the house. We will be going with a realtor since we need to sell the house and it would be way to much work to do it ourselves.

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    Registered User qsaver704's Avatar
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    We want to move in 6-12 months also. Our goals are to save $5000 by the end of this year. Once we save it we need to start making repairs to the current house. I know we need at least:
    1-new air conditioning unit-hoping less than $4000
    2-new floors in the kitchen/dining room -$500
    3-new carpet in two bedrooms-$300
    4-minor repairs-new blinds, paint kitchen, clean walls, etc.

    Right now I am working part time and saving as much as possible. I am selling what I can, but so much was given to us over our married life that by the time we have had it for years and had two kids exposed to it, most of the items are ready for trash or are worth so little it isn't worth wasting gas to meet someone (I don't meet for less than $5).
    I did list 321 items at a consignment sale this week. It should be at least $150.

  16. #15
    Registered User Suprise's Avatar
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    Made my first large payment on my visa since starting our new budget plan. I'm feeling awesome! I also have been taking on more shifts at work, and made more then expect on this payday therefore I will be able to buy my kids school clothes on Sunday. So far I'm very happy with our new budget plan, a little strict on our food budget but it's manageable.

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