This story is the first in the BDN’s Home Buying series sharing stories of Mainers who became homeowners despite the state’s volatile real estate market. Want to share your experience buying a home in Maine? Email kobrien@bangordailynews.com
Darcy Cooke never believed people when they told her she’d simply know the right home to buy when she saw it.
But that’s exactly what happened when the 46-year-old walked through the door of her new three-bedroom, one-bathroom house on Allen Street in Bangor, which she bought the day before Thanksgiving.
“It was just a feeling,” Cooke said. “When I walked in the door, I knew I loved it and it was perfect. There’s lots of light and it has simple, clean lines.”
YOUR VOICE, YOUR STORY
She bought the two-story home for $197,000, slightly less than its initial asking price, which allowed her to stay within her $200,000 budget. It also happens to be on the same street as her first apartment in Bangor. Cooke and her dog, Chuck, moved into the home late last year, ending a more than three-year search, during which she toured at least 30 properties.
During that time Cooke put offers in on three houses, two of which were declined. One offer was accepted, but an inspection revealed that property’s sewer line was damaged and would likely cost at least $15,000 to repair in addition to other work the home needed. Cooke rescinded her offer after price negotiation failed.
“I had so many things in my favor — a flexible and well-paying job, support from family, a great realtor — and it still took over three years to buy a house,” Cooke said. “It was a long, hard and frustrating process.”
In addition to being the right size and price, the home offers a small yard for Cooke’s dog, a one-car garage, a finished basement, charming built-in cabinets and enough bedrooms to have both a guest room and a studio space.
Cooke started wanting a place of her own after she turned 40. Up until that point, she had moved around frequently and always lived with someone or rented a room in a house or apartment with friends.
“I’ve moved, on average, about every two years throughout my adult life,” Cooke said. “For a long time I loved going to new places and meeting new people, but I hit a wall in my late 30s and early 40s.”
That desire for a place of her own grew after she broke up with her ex-boyfriend and moved out of his house in Ellsworth.
“I got so sick of communal living situations and never having a place to myself,” Cooke said. “I wanted my own space.”
When Cooke began her housing search, she realized she lacked the savings needed for a down payment, so she moved in with her mother in order to save some money.
Most financial guidance recommends buyers pay 20% of a home’s total cost up-front to secure the mortgage. Then the rest of the cost is paid, plus interest, over the life of a mortgage, which usually lasts 30 years.
“I make enough money monthly to afford mortgage and insurance payments, but I didn’t have that big lump sum of savings that you need to have to buy a house,” Cooke said.
Additionally, most houses in her price range that had the features she was looking for were fixer-uppers, and some would need immediate or significant work before she could secure a loan for it or move-in.
“So many homes I looked at were owned by banks and they were sitting there, rotting away, and getting worse over time because nothing was being fixed or used,” Cooke said. “They’re also becoming more difficult for people in my price range to buy.”
While Cooke’s new house fits all her requirements, it does need some work, most of which is cosmetic. She plans to start with small projects, like putting door sweeps on the bottoms of doors to keep out drafts, making small drywall repairs, painting and fixing loose doorknobs.
Regardless, Cooke said she’s thrilled to finally have a place to call her own where she has complete control and privacy.
“It’s very peaceful, quiet and I love knowing where everything is when I wake up,” Cooke said. “It’s mine.”