The search for a new home with the Pachecos
Last week, we met Fernando, Sarah, and Lola Pacheco, who are looking to buy their first home. It’s an interesting time to be looking for a home, with inventory at record lows in Oahu’s market.
I recently ran into them after they saw a condo in Salt Lake, which they immediately turned down.
“It was definitely not someplace we would live,” Fernando laughs. “But at least we knew from there that we have standards!”
They did find a two-bedroom, one-bath, 661-square-foot unit in Piikoi Villa that they liked. It came with an extra 300 square feet of outdoor space, which could be used as a play area or garden. (Click here for details.)
“It’s located close to where we currently live, so our routines wouldn't change if we bought there,” Sarah says. “We also liked the enclosed outdoor area which would be great for our two-year-old. Plus, the parking stall was right in front of unit and there were guest parking stalls, too.
“There’s no washer/dryer in the unit, which has been a deal breaker previously,” Sarah adds. “But that outdoor area overrode our preference!”
The unit is listed for $280,000, which is what the Pachecos offered. However, the seller accepted an offer that was over asking price (we aren’t sure how much) from a buyer that had more money for a down payment.
“We learned that having a larger down payment gives you more buying power,” Sarah says (which is something I didn’t know, either). “So, while we are still on the search, we'll continue to save.”
If you have any tips or leads for the Pachecos, leave them here in the comments!
Posted on Wednesday, December 5, 2012 in Permalink