In December, my husband and I bought our first house. Our house cost $500,000 on paper, and in real life we spent exactly $91,068.31—money that used to be in our bank accounts, but is now somewhere else. A lot of our money went to the bank, and a bunch of other people and places got some money too. Here’s where it all went:
Inspection: $450 Before we put an offer on our house, we paid an inspector to come over and tell us everything that was wrong with the house. He said it needed a new roof, a new boiler and more attic insulation. We said, “Thank you! Here is a credit card!”
Deposit, with the offer: $15,000 Our real estate agent suggested we provide a deposit of $15,000 with our offer to make us seem as serious as possible.
We made the decision to buy the house quickly and didn’t have thousands of dollars in accessible bank accounts (free online banking is the best, except when you need a certified check for thousands of dollars and you need it right now). My dad offered to go to his real bank and get a certified check for us.
My husband met my dad at his office to pick up the check. My dad gave him a tour of the office and a bottle of apple juice from the office fridge.
We paid my dad back three days later.