Not the simplest, calm inducing, money saving thing I have ever done...
but after months of back and forth, pay off the mortgage or move on to a home we want to be in permanently...DH and I have taken the plunge! We were the "winning" bidder on a bank owned home and I like to think we got a great deal. The second highest offer, a couple thousand below ours, was a teardown offer (so, they were interested in the land only, plus they would incur the cost to remove the house). I like to think we saved the house. It was built by an engineer and home builder back in the day and is a wonderful quality home, quirky, but gorgeous features...I am probably dreaming but I hope it had a semi-famous architect, but I will have to dig into that. The original owner (age 93) had a reverse mortgage and went into a nursing home recently...that is how it ended up owned by the bank. The loan officer thinks the house will appraise at our final cost after renovations right now...which brings us to the issue...lots of work, money, and elbow grease needed to get things livable and comfortable.
I guess I am ditching the Mortgage Burning Party blog, but I'd like to blog about the restoration/renovation journey and I am coming up with a loss for names. The house was built in 1961, mid century modern style. Everything is original, kind of a time capsule house. We're going to update some things (wiring, kitchen, etc) but try to be true to the style. The back of the house is all glass so my friend has taken to calling it "the solarium" - I was trying to do something with that, and couldn't come up with anything.
Any ideas? Some folks here are much more creative than I am!