Now that the money part has been settled, the lawyers have drafted up the contract, and are putting the final touches on it as we speak. I will be renting the apartment from my mother so I will be responsible for the mortgage, taxes, utilities, and maintenance fee. When you add everything up, it still comes in under what I would pay for a 2 bedroom rental. My mom isn’t looking for a profit right now so I’m only paying what her actual costs are. The utilities are the same as they would be in any apartment so I’ve already budgeted for them, and the maintenance fee isn’t too high so I’m able to handle it. Since my mom is my mom, she’s decided not to have a formal lease with me: I can stay for less than a year or 10 years if I want, as long as I give her ample time to find a new tenant. Some of you might think that wasn’t the right move for her, but we have a great relationship and an open dialog with each other. With that said, I am certain she will throw me out if I don’t keep up with the mortgage and the rest of the bills. My mother is no fool. Plus, she has perfect credit and the condo is in her name so I wouldn’t want to mess that up for her. The utilities will be in my name but everything else is legally under her umbrella. So I’ll just be giving her checks every month for the mortgage, taxes, and fees – just like rent to a landlord.
When the contract is signed, the next step for us will be renovating and moving in. I have total decorative control when it comes to how I want the condo to look. I’m picking the color of the floors, cabinets, tile, paint, light fixtures, everything. We’re even replacing the sink and bathtub in the bathroom so I’m picking those too! After four months of looking, negotiating, and tedious paperwork, I finally get to have some fun decorating my first apartment. That in itself will be a whole new journey to embark on, but I am so ready for the challenge. If this experience has taught me anything, it’s that anything worth having requires patience. Now, let the fun begin!