My daughter Kathryn and her husband Ron just last Friday closed on their new 100+ year old home in Washington, DC. We’ve been monitoring the progress on this deal for quite some time, particularly after they found out (after going under contract) that the seller had neglected to mention that he was going through bankruptcy. This complicated things considerably. Still, the kids had faith and persevered through the process that took longer than it might have otherwise. One concern was that it had to close by June 30 in order to qualify for the first time homebuyer tax incentive, so that’s no longer an issue.
Their house, as I understand it, has good bones, but needs some refurbishment. They got a loan that will provide some funds for that, but a little sweat equity will always improve your investment. Kathryn and Ron got right into it, and sent a photo of Kathryn in demolition mode. As a parent, I’m really impressed to see her working so hard, assuming she didn’t just pose for the picture and then hand Ron the crowbar and gloves. I’m sure she’s at it full-bore. It’s just like when I was a kid, I never liked the idea of working in the family garden, but when I had my own, it was a whole ‘nother deal. The fruit is sweeter when it is your own, and so it is with houses.