{"id":26507,"date":"2013-05-20T11:30:45","date_gmt":"2013-05-20T18:30:45","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=26507"},"modified":"2013-05-22T16:09:14","modified_gmt":"2013-05-22T23:09:14","slug":"knife-catcher-year-two-recap-of-tims-home-purchase","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2013\/05\/20\/knife-catcher-year-two-recap-of-tims-home-purchase\/","title":{"rendered":"Knife-Catcher: Year Two Recap of Tim\u2019s Home Purchase"},"content":{"rendered":"<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/05\/The-Tims-House-2-Year.jpg\" alt=\"The Tim's Home\" title=\"The Tim's Home\" width=\"600\" height=\"322\" class=\"alignnone size-full wp-image-26509\" srcset=\"https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/05\/The-Tims-House-2-Year.jpg 600w, https:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/05\/The-Tims-House-2-Year-500x268.jpg 500w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>With <a href=\"http:\/\/seattlebubble.com\/blog\/2011\/05\/27\/guess-what\/\" title=\"Guess What\">two full years of home ownership\/debtorship<\/a> now behind me as of today, it&#8217;s time to share some more highlights, stats, and thoughts from year two.<\/p>\n<p>First up, the financial highlights from the first two years:<\/p>\n<ul>\n<li><strong>Initial Loan Amount:<\/strong> $179,950<\/li>\n<li><strong>Current Loan Amount:<\/strong> $160,700<\/li>\n<li><strong>Total Spent in Year One:<\/strong> $24,294\n<ul>\n<li><strong>Principal Paid:<\/strong> $8,907<\/li>\n<li><strong>Interest Paid:<\/strong> $8,357<\/li>\n<li><strong>Insurance Paid:<\/strong> $596<\/li>\n<li><strong>Property Tax Paid:<\/strong> $3,022<\/li>\n<li><strong>Repairs:<\/strong> $308<\/li>\n<li><strong>Improvements:<\/strong> $636<\/li>\n<li><strong>Appliances:<\/strong> $2,468<\/li>\n<\/ul>\n<\/li>\n<li><strong>Total Spent in Year Two:<\/strong> $34,788\n<ul>\n<li><strong>Principal Paid:<\/strong> $10,343<\/li>\n<li><strong>Interest Paid:<\/strong> $4,333<\/li>\n<li><strong>Insurance Paid:<\/strong> $638<\/li>\n<li><strong>Property Tax Paid:<\/strong> $2,638<\/li>\n<li><strong>Repairs:<\/strong> $8,820<\/li>\n<li><strong>Improvements:<\/strong> $8,016<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Thanks to some major repair and improvement work, our monthly costs increased from $2,025 a month in year one to $2,899 in year two.  If you back out the $10,343 we paid down on the mortgage, the monthly &#8220;down the drain&#8221; expense drops to $2,037.<\/p>\n<p>You may notice that the balance between how much principal and interest was paid on our mortgage changed dramatically between year one and year two.  That&#8217;s thanks to a refinance we did last June at the prompting of a number of readers in the comments on the the <a href=\"http:\/\/seattlebubble.com\/blog\/2012\/05\/21\/knife-catcher-year-one-recap-of-tims-home-purchase\/\" title=\"Knife-Catcher: Year One Recap of Tim\u2019s Home Purchase\">year one recap post<\/a>.  We refinanced from a 30-year fixed at 4.75% to a 15-year fixed at 3.125%.  Our monthly PITI payment went from $1,253 to $1,478, but since we were paying $1,750 a month to put some extra toward principal every month, what we actually pay didn&#8217;t change.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2013\/05\/The-Tims-Sewer-2-Year.jpg\" alt=\"Getting a New Sewer Line\" title=\"Getting a New Sewer Line\" width=\"250\" height=\"461\" class=\"alignright size-full wp-image-26513\" \/>Back to that repair and improvement work.  Most of the repair expense was incurred replacing 38 feet of crumbling concrete sewer pipe with a new PVC sewer line.  Thankfully, it was an expense we had planned for ahead of time since the <a href=\"http:\/\/seattlebubble.com\/blog\/2012\/05\/28\/homebuying-tip-get-a-sewer-scope-inspection\/\" title=\"Homebuying Tip: Get a Sewer Scope Inspection\">sewer scope inspection<\/a> we had done when we bought the house brought the impending failure to our attention before we even closed on the home.<\/p>\n<p>On the improvements front, we spent about $2,000 to have a backflow prevention valve added when they replaced the sewer line (to prevent <a href=\"http:\/\/www.heraldnet.com\/article\/20111017\/NEWS01\/710179935\" title=\"Everett Herald: Variety of fixes aims to prevent a repeat of sewage- and stormwater-flooded basements in Everett\">this from happening<\/a> to us).  We also had a heat pump installed along with some duct work and a new <a href=\"http:\/\/nest.com\/\" title=\"Nest | The Learning Thermostat\">Nest thermostat<\/a>, on which we&#8217;ve paid $5,500 so far (we financed a few thousand dollars of that work, which we&#8217;ll pay over the next year).  Other improvements include some new exterior lighting and electronic locks.<\/p>\n<p>As I&#8217;ve mentioned numerous times before, we plan to <a href=\"http:\/\/seattlebubble.com\/blog\/2010\/06\/25\/does-anyone-pursue-actual-home-ownership-anymore\/\" title=\"Does anyone pursue actual home ownership anymore?\">pay off this home and keep it indefinitely<\/a>, so I still don&#8217;t care what it&#8217;s &#8220;worth&#8221; right now.  That said, if you&#8217;re keeping score at home, <a href=\"http:\/\/www.zillow.com\/homedetails\/3601-Wetmore-Ave-Everett-WA-98201\/38496693_zpid\/\" title=\"Zillow: 3601 Wetmore Ave., Everett, WA 98201\">Zillow&#8217;s current black-box computer-generated guess<\/a> of my home&#8217;s value is $225,122 &mdash; about three percent more than what they said a year ago and almost exactly what we paid in 2011.  On a related note, a home on our block was listed last month that is 35% smaller than ours and sits on a 20% smaller lot.  The asking price was the same price we paid for our home, and it went pending within two days of hitting the market and <a href=\"http:\/\/www.redfin.com\/WA\/Everett\/3630-Rockefeller-Ave-98201\/home\/2687063\" title=\"3630 Rockefeller Ave, Everett, WA 98201\">closed today at $229,400<\/a> ($5k over asking).  The current market is officially nuts.<\/p>\n<p>I still receive <a href=\"http:\/\/blog.redfin.com\/blog\/2012\/03\/dang_thats_fast.html\" title=\"Dang. That's Fast.\">instant Redfin listing alerts<\/a>, and I still haven&#8217;t seen any homes come on the market in our price range that I wish I could have bought instead.  At the rate that we&#8217;ve been paying down our 30-year mortgage, we&#8217;ll have it completely paid off by March 2024, a little less than 13 years after we purchased the home.<\/p>\n<p>Is there anything else you would like to know about our second year?  Let me know in the comments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With two full years of home ownership\/debtorship now behind me as of today, it&#8217;s time to share some more highlights, stats, and thoughts from year two. First up, the financial highlights from the first two years: Initial Loan Amount: $179,950 Current Loan Amount: $160,700 Total Spent in Year One: $24,294 Principal Paid: $8,907 Interest Paid:&#8230;<\/p>\n","protected":false},"author":2,"featured_media":14978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"On the blog: Knife-Catcher: Year Two Recap of Tim\u2019s Home Purchase http:\/\/wp.me\/pe2Bv-6Tx","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[761,780],"coauthors":[],"class_list":["post-26507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","tag-falling-knife","tag-first-hand-homebuying"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Knife-Catcher: Year Two Recap of Tim\u2019s Home Purchase \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2013\/05\/20\/knife-catcher-year-two-recap-of-tims-home-purchase\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Knife-Catcher: Year Two Recap of Tim\u2019s Home Purchase \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"With two full years of home ownership\/debtorship now behind me as of today, it&#8217;s time to share some more highlights, stats, and thoughts from year two. 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