House Under Contract!

I have finally started my next big step in reaching my $2 million net worth goal. I have reached an agreement with a seller to buy a small 3 bedroom home!

I am very excited at the prospect of finally purchasing my next property in Raleigh, NC. I have been actively searching for over 5 months and this was the 4th home I made an offer on. It was a very challenging environment for me to operate in, reading a great deal in the news about the real estate slowdown, but observing the opposite at least here in the Raleigh area. Properties I was interested in would often go under contract within 24-48 hrs.

You may be asking yourself what the heck I am doing buying a home while in the process of going away for a temporary assignment for the rest of the year? I am not sure I have a great answer, but I have been searching for many months looking for just the right home for me. I weighed my carry costs for the next six months to the costs to continue renting my place in Raleigh (since I am maintaining my tax home and residence in Raleigh) and the need to still buy a place when I return.

While financially it will cost me a couple hundred dollars a month in net carrying costs, I think it could be well worth it given the length of time it took me to find this house and the need to still find a house when my temporary assignment is over.

Over the next couple of weeks I will be juggling a bunch of stuff including finding a place to live in NY, trying to actually purchase this house (I'll give it 50/50 until we can resolve any issues that might come up from the inspection), and preparing everything for my assignment. Stay tuned...