Would you buy a home that needed a ton of easy work if it meant really cheap payment?
We found a home that is owner finance $400 down $250 a month for 3 years. It needs all carpet ripped out (we can do hardwoods under), boxing needs replaced, needs a couple of sheets of drywall, a kitchen sink, and every room painted. It is a 4 bedroom 2 bath house with a great foundation, good wiring, good plumbing, and is almost 2000sqft. I'm trying to get objective opinions. We are capable of doing all the work in a one month to two month time period. Opinions?
If the foundation and everything checks out when you get an inspection, that sounds like a helluva deal and I would jump on it in a heart beat.
I say go for it! Our first house was a foreclosure that had been stripped clean. All the light fixtures had been taken, the oven/stove was gone, even the gate on the fence had been taken. It had been empty for about 6-9 months, and there were piles of pecan shells in every room, which had been left by squirrels that apparently were having a party there every night. The AC and heat had been removed. But, it was a large, attractive old house with a big yard and huge oak trees. It was in a terrific neighborhood that we could not otherwise afford, but we got the house for a song.
We moved in and used a gas grill and microwave for cooking while we shopped for a stove. We rolled the AC and heat purchase/installation into the mortgage. We fixed it up ourselves to a liveable point and lived with it that way for a few years, and ultimately hired a contractor to redo the kitchen and the wood floors, and a few other larger things that we just didn't have the time or the skills for. We didn't have kids yet, so I'm sure that made it easier on us to deal with the work the house needed. For about a week while the upstairs floors were being redone, we had just about all our furniture, clothes and possessions crammed into the living room, (including the refrigerator, as the kitchen was being redone at the same time), and we slept there on our mattress on the floor, and had to go outside, climb a ladder and go in through a bathroom window to take a shower. LOL!
That home ended up being a great house and we made lots of great memories there -- one of those memories being climbing a ladder to take a shower. We ended up living there for 11 or 12 years. In fact, we would still live there, but decided to move to a better school district once our kids started school. The work we did ourselves and also having the home remodeled was exciting, but quite stressful, but also totally worth it. We ended up with a great place to live that was very affordable. When we sold it, we got four times what we paid for it.
You guys have been through so much. You might not have the energy or simply might not want to deal with a house that needs so much work. On the other hand, a house that needs work might be a piece of cake compared to everything you've already conquered.
I haven't actually seen the home, so it's hard to say for sure, but to me it sounds like an awesome deal. If you buy it but find you can't handle the work, it sounds like you could easily sell it for more than you paid.
Two key words jump out at me in a most positive statement: "easy" and "cheap."
As you describe the situation and the basic needs required to transform this house into your family home..........my opinion? Peeples, trust this.....I'd already be hauling my things and MOVING IN!
Do not pass up this fabulous opportunity!.......Good Luck!
Sounds like a great deal. Get proper inspection done and also inquire around with the neighbors about any past history (since the owners are giving away the house at such a cheap rate), that is only if you care about such things. If everything looks fine after verification, definitely sounds like something you can go for.
We are having an inspection done today at 2:30. As long as the foundation and Electrical come out as we were told I think we are going to try to go through with it.
That's great. Good luck.. hope everything goes well
Sounds like a great opportunity. Would be best to involve a lawyer before you sign anything though, just to make sure you are actually getting the deal you expect. I will happily make a small donation to help you get started.
Is there asbestos in the house? You would need to address that issue before moving in.
It does sound great if everything checks out. I finally broke down and did the gofundme thing everyone keeps talking about, probably a waste of time, but time to let go of my ego! Inspector will check for asbestos this afternoon! nervous and excited!
I'm sure there are many people like me who not familiar with the 'gofund me thing', peeples. Maybe you could write a hub about it that includes your reasons for setting one up. Who knows, might help you get your kids into a new home.
It's not hub worthy, in my opinion it is awful compared to paypal. I just did it because several people told me it's where younger people are going for that now. Maybe I could get into it enough to write about it. Don't know yet.
Well let's hope for a good result from it.
All the post I've read are very great suggestion. Go for it! Check on neighborhood search the sex offenders site and go to police department to check on crime stats for the area. Best to be safe. I'm sure you don't want to run into someone like the current landlord, until their sitting at your kitchen table having coffee/tea.
Also what may help with repairs. Check to see if Habitat of Humanity has a 'Restore' there or close. They sell items from contractors and others that they need. i.e. the kitchen sink, sometimes drywall too. Look online for closest one to you. It could save you a lot more cash. And great blessings on your new home. My grandparents always told me a man/woman feels more like a man/woman when they walk on floors that below to them (yes statement was in 'A Raisin in the Sun). But was a true saying when I was growing up.
Let us know when the house warming will be! We'll be there in thoughtful spirit.
From the info you provided that sounds like a great deal. No other downsides?
Sounds like a great deal to me. Getting the inspection done is a must. As long as the wiring, gas lines, roof, and foundation are good I'd say you got a great deal. LongTimeMother makes a good suggestion. Even if you don't get a lawyer, I'd have some kind of contract written up that if you find any major structural damages (unseen by the inspector) while doing the other repairs, you can get some of your money back. An inspector may not see some structural damage you could find when you go to replace the dry wall and stuff.
Thanks all, the inspection was awful! Serious termite damage, several of the beams under the house were going to need replacing. He said there were tarps in the attic that were catching water that was leaking in through the roof. The list went on and on. I knew something would end up too good to be true. Very disappointed. Guess I want be moving anytime too soon! Thanks for the replies.
Not to that house sadly, but maybe another one. Are there places you can put 'wanted to buy' ads for a 'vendor-financed home requiring minimal improvements to become safe haven for family with children.' ? Someone must have some good ideas.
Well, bummer. I'm sorry it didn't work out. Keep looking and spreading the word that you're looking, and maybe something else affordable will come into the picture.
At least you didn't get into it before you knew the extent of all of the needed repairs. Keep looking though because you may still find a great deal on a house that's in great shape.
I'd do it in a heartbeat. Living in Hawaii, the average rent is $1600 and the sky's the limit. $250 a month is pennies. Especially if you're doing the work yourself? No question I'd do it.
Is sounds like you found a gold mine, Peeples. I'd jump on it! Especially since you won't have to hire contractors to do the work for you. Sounds like the perfect opportunity to get out of your current living situation.
Peeples, you can fix the roof, to do it yourself shouldn't run more than $4,000 or $5,000, but termites and rotted floor joists are expensive to fix, and sometimes they need equipment and professional knowledge that the average homeowner doesn't possess. Those could run anywhere from $5,000 to $25,000 up. Before I gave up, I would get a realistic estimate from a contractor because it still might be a doable project moneywise.
Mr. B and I have remodeled two old houses. One was in pretty good shape but had to have a couple of rotted out floor joists replaced, which we did ourselves. It cost us the price of materials, which was about $200.
The other was an old duplex that had to be completely rehabbed, including the electrical. We spent about $30,000 on that project because we had to have some professional help. Most of the cost was in materials, though, like insulation, siding, etc. Mr. B, an electrical engineer, rewired the house to code and got a licensed electrician to inspect his work and sign off on it. So we were lucky there. However, had the duplex needed a new roof, we would have had to bypass buying it.
That is why I advise you to get a realistic estimate to see if it might be in your budget before your give up. You might get what is called a contractor's loan which would consolidate the house payment and the rehabilitation into one. That is what we did with the duplex. In all we have about $85,000 to $90,000 in it.
With those and the other repairs you listed below it still may be worth it. I would get estimates from different contractors for the roof and one for the termite problem and the rotted floors. Maybe with the tarp in the attic, it protected some of the flooring. A four bedroom house with two baths in my area goes for $100 k. It still seems like a bargain.
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