Queens Couple Turns Dreams Into Reality with Historic Fixer Upper Purchase
A couple from Queens, New York has defied the challenges of a complicated housing market by purchasing a historic fixer-upper home in Forest Hills. Larisa and Michael Courtien, both in their late 30s, recently found themselves with newfound financial stability but were apprehensive about the hefty price tag of nearly $1 million for their dream home.
Larisa, who works as a director of marketing at a reproduction tech start-up, earns an annual salary of approximately $185,000. Meanwhile, Michael, a director of systems and sports financing at a sports and entertainment venue, brings in around $150,000 per year. With their combined income, they were ready to take the plunge into homeownership.
The couple, who had been residing in a rental home in Forest Hills, felt the need for more space as their family grew. Larisa explains, We were outgrowing our space. After having our second child, we needed more room. My two-year-old had a significantly smaller bedroom, and the house only had one full bath, which made it hard to host my visiting family.
Despite the skyrocketing prices in the area, Larisa and Michael decided to explore the possibility of homeownership after seeing their peers successfully buy homes in the neighborhood. Larisa’s mindset also shifted after reading books on manifestation and the law of attraction, which encouraged her to be more open to the idea of owning a home.
The Courtiens diligently searched for potential homes, looking into online listings for three months. Finally, they found a property that caught their attention. After touring the home and undergoing inspection, they discovered that it needed more work than they initially anticipated due to the presence of brown mold. However, undeterred by the challenges, they put in an offer and it was accepted.
When it came to financing their home purchase, Larisa reveals that they were fortunate to have financial support from Michael’s family, who contributed 50% of the down payment as an inheritance and cash gift. They also used funds from their retirement accounts and savings for the remaining 50%. Larisa acknowledges the privilege they have in their situation, recognizing that family often plays a significant role in helping individuals achieve homeownership.
Although the Courtiens acknowledge that the house needs extensive updates, they view it as an opportunity to stay in their beloved community and make the house their own. The property, originally listed at $930,000, allowed them to negotiate and save nearly $30,000 off the asking price. Despite the compromises, the couple is thrilled to have a basement and two full bathrooms, fulfilling some of their essential requirements.
For Larisa and Michael, owning a home goes beyond personal satisfaction. It represents an opportunity to build equity and generational wealth for their children. As the child of immigrants, Larisa understands the importance of leaving a financial legacy and wants to ensure stability for future generations.
They are fully aware that their mortgage is now their biggest monthly expense. To prepare for emergencies, they are diligently saving and adopting frugal habits. Larisa has committed to a buy-nothing craze, opting for cheaper alternatives wherever possible. Their financial goals also include saving for future repairs and home improvements, such as updating the kitchen, bathrooms, and potentially adding an outdoor deck and pool, finishing the basement, and renovating the attic. Despite having big dreams, they approach these goals with a one-step-at-a-time mentality.
The Courtiens’ story is a testament to the challenges many face in today’s housing market, as well as the role that family support can play in making homeownership a reality. With determination, financial planning, and a willingness to compromise, they have secured their dream home in Forest Hills, embracing the opportunity to create a comfortable and prosperous future for their family.
