The Hunt
A First-Time Buyer at 66, She Tested her $220,000 Budget in Illinois. Which House Did She Buy?
After years of living in employer-provided housing, a retired pastor decided to put down roots in Peoria, Ill. Could she afford the single-story, three-bedroom house she wanted?
Pam Hoffman spent her career as a United Methodist pastor and journalist moving from city to city, sometimes living in employer-provided housing and never staying anyplace long enough to buy a home. After she retired in 2017 and returned to her hometown, Peoria, Ill., she hoped that might change.
Last summer, after deciding she wanted to live in Peoria long-term, she started shopping.
Ms. Hoffman, now 66, was decades older than a typical first-time homebuyer. But like many renters looking to put down roots, she longed for a place she could make her own, where she could paint the walls or spruce up the landscaping without asking permission. She also had age-specific concerns: She hoped to find a home she could remain in if her mobility ever became limited (unlike the spacious, upper-floor apartment where she had recently been living).
“Owning a house has been a longstanding dream of mine,” Ms. Hoffman said. “And circumstances just finally worked out to enable that to happen.”
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With a budget of $220,000, she wanted to find a ranch house, preferably with three bedrooms. A dedicated reader, she hoped it would have space for a library, as well as an area to play guitar and do artwork, and a laundry room on the main floor. Although she was open to making some improvements, she didn’t want a fixer-upper. And she preferred to stay in the suburban-feeling northwest part of Peoria, a riverside city of roughly 111,000 residents midway between Chicago and St. Louis.
Ms. Hoffman contacted Marilyn Kohn, a longtime real estate agent in Peoria, who told her there were homes in her price range that met her needs, but they were selling quickly and sometimes going to cash buyers.
“She was at a prime price point,” said Ms. Kohn, of RE/MAX Traders Unlimited. “When we would look at a house, there would be a showing every 15 to 30 minutes. And we had to make a quick decision.”
A few options she considered:
No. 1
Three-Bedroom Ranch With Deck
This three-bedroom, two-and-a-half-bathroom 1990 ranch sat on a corner lot in the area where Ms. Hoffman hoped to buy. With 1,725 square feet, it had enough space to fit the furniture from her large apartment. There were interesting details, including a sunken living room with a tile floor, a vaulted ceiling and imposing columns, as well as an open kitchen. A composite deck in the backyard offered an outdoor refuge. But some windows needed to be replaced, and the main bathroom was dated, with bright pink finishes. The asking price was $220,000, with annual taxes of nearly $5,200.
No. 2
Brick Home on Quiet Block
This two-bedroom, two-bathroom brick ranch house from 1957 was in the same part of the city as the first option. It had ample green space and bordered an empty lot at the end of a residential block. The kitchen had some modern finishes, as well as a sunroom that opened to a fenced backyard with a patio and firepit. But the house was a bit small, at 1,485 square feet, and Ms. Hoffman wasn’t sure her armoire would fit in the main bedroom. There were laundry hookups, but they were in the basement and garage. Still, with an asking price of $189,900 and annual taxes of around $3,400, there would be money left over for updates.
No. 3
Duplex in 55-Plus Community
This two-family 2001 house was near a busy shopping district in a development for residents 55 and older. The home for sale was 1,600 square feet, with two bedrooms, two bathrooms, an open living-and-dining area, a laundry room and a den with a sliding door to a sunroom that had a nice view. The two-car garage was spacious, but the kitchen was dated and some of the flooring needed to be replaced. The homeowners’ association provided services and some maintenance for a monthly fee of $125. The seller was asking $216,500, and annual taxes were about $4,500.
Find out what happened next by answering these two questions:
Which Would You Choose?
Three-Bedroom Ranch With Deck
Brick Home on Quiet Block
Duplex in 55-Plus Community
Which Did She Buy?
Three-Bedroom Ranch With Deck
Brick Home on Quiet Block
Duplex in 55-Plus Community