HOW DOES THIS MAKERESILIENT?
Being a home owner of a house that lets us produce something gives us more options than just renting. We have more options and more opportunities by owning a home-we just have to find one that will allow the opportunities to happen and not hinder it. No HOAs, reasonable city regulations and some land.
This is a short update on 2 homes we bid on and both lost. Both properties had at least .25 acres and we lost both of them to cash buyers.
Checklist from the previous post:
Our approach is more of a suburban homestead solution. We’ll live in a suburb in the Dallas area, I can commute to work and grow some of our own food. So far, I have whittled down my requirements to the following:
- good solar orientation for growing food
- good solar orientation for cold weather
- freedom within local laws to have some livestock
- space in the yard to grow food (preferrably in the backyard)
- space in the yard to grow something for market/sale
- fireplace for heating
- brick exterior preferred
- parking for 2 cars to protect us from hail (which we are still dealing with in one vehicle)
- distance from any facility/farm that can cause health concerns or dangers
- not if a flood zone
This house was perfect from both mine and my wife’s reqts except that it did not have a garage. Best condition of all homes we saw built around that time. Any updates to it were done with great care and with good quality work. The yard was perfect, the layout was perfect. We even met the owner on the day we left after seeing it and totally connected with them.
We saw this house on a listing on a Friday, drove the neighborhood on Saturday and luckily was able to see the house later that same day. It was seriously outdated on the interiors and needed lots of cosmetic work. However the structure seemed solid. There was a comprehensive list of previous repairs and maintenance done on the house, contained in 2 binders we saw during the visit. The backyard was tiny, but if fenced off for privacy I can do some things there.
We bid on house no. 4 and 5 last week. House no.4 was ideal, no.5 I could make it work based on some ideas we came up with for House no.3-the one in Sachse. Monday afternoon we lost both bids. We were informed that both homes picked cash buyers. We were put up as back up buyers on House no.4 but that was as close as we got.
On both homes we were outbid by cash buyers. I can imagine a few reasons for this:
- Investors are buying up the best deals
- These may be from families who are being relocated for work in TX by their companies
- Homeowners who are using delayed financing, paying from their other assets initially
If investors are purchasing like crazy in this market, I hope I do not continue to be a renter for the next few years. I can only imagine how expensive the rents would be then, and in these neighborhoods, as years go by. It is tough to be competing with these investors in this market, but then it will be tougher if I remain as a renter in the next few years to come.
On families getting moved by their corporate companies, it just shows how much economic growth is coming to Texas. I am not an economic expert, but there has been a lot of coverage on the news about how companies are relocating to Texas that I do not need to be an economic expert to know this anyway. I have met some people who were moved here and I heard how sweet the deals were for them when it came to their companies helping them purchase a home.
We have lost a few bids on houses. I did not immediately realize the emotional toll this has on my family. I have encouraged my wife to not get too emotionally attached to a dream home until we win and move into it. Still, despite the ridiculous competition, I have strengthened resolve that we need to get into a home sooner than later. If we stay as renters, it will only be tougher to purchase a home later on. It will also be more expensive to remain as a renter.
MakeResilient aims to help build a more resilient lifestyle and family. I believe that we need to be ready for big changes coming to our current way of life (more info at the Concerns page). I am intentionally leading my family so that we can adapt slowly over time for the changing future. I’m no expert on all things, but I am acquiring the knowledge and skills of new things that I need.