Real Life Stuff
Ok. I usually don't like to update livejournal with personal life stuff. That wasn't the purpose but anything big(like pnemonia, etc..) I like to share.
A couple weeks ago I was looking on the huff.com website so the fun of it. Usually I like to see what cheap real estate is in Covington...never serious on buying anything. Well, I saw something. $60,000! Not only cheap but less than a block from my house. I like my neighborhood and my neighbors quite a bit. First instinct: this is too good to be true. What is wrong with the property to be selling this cheaply.
I set up my first appointment to see the place and soon found out what was wrong. You walk into the 100 year old home and get to the back rooms and feel dizzy. Rooms slanted at an angle and the floor leans downward to the left! Hmmm... I think this must be what is scaring everyone off(and the fact the house is ugly). After looking at more of the place, I noticed more cosmetic problems---nothing more than any other house owned by an old lady. The realtor and I joked about the house and he told me they were a motivated seller and would probably sell at $50,000.
Thinking over whether this would be worth it I learned a lot about buying a house in the process.
Do I care about having an ugly house?
No.
How much will it cost to fix the foundation(and any other structural issues)?
Big Unknown; $10,000-$50,000?
Do I want to fix any of the cosmetic issues?
Maybe but not make it a lifelong project.
Will it be cheaper than my rent?
Yes, but it depends on structural costs.
Everything came down to how much it would cost for the foundation to be repaired. This would make the house a "good" or "bad" deal. The realtor was very close to telling me not to get the house but it all depended on what the structural engineer said. Finally today he called and said, "If you have doubt, you probably shouldn't do it." He gave various good reason why not to buy the place. I was not wedded to the idea of owning the house but am always looking for investment opportunities so I was happy with either decision.
Conclusion:
I am not going to buy the house. Buying a house is a huge thing. It will change your life. With the right choice you can get something great(sometimes at a good price). Don't plan on doing much until you actually get the house because it requires a lot of things to do. Also right now is a real good time to buy a house with the loan interest rates at an average of 5%.
A couple weeks ago I was looking on the huff.com website so the fun of it. Usually I like to see what cheap real estate is in Covington...never serious on buying anything. Well, I saw something. $60,000! Not only cheap but less than a block from my house. I like my neighborhood and my neighbors quite a bit. First instinct: this is too good to be true. What is wrong with the property to be selling this cheaply.
I set up my first appointment to see the place and soon found out what was wrong. You walk into the 100 year old home and get to the back rooms and feel dizzy. Rooms slanted at an angle and the floor leans downward to the left! Hmmm... I think this must be what is scaring everyone off(and the fact the house is ugly). After looking at more of the place, I noticed more cosmetic problems---nothing more than any other house owned by an old lady. The realtor and I joked about the house and he told me they were a motivated seller and would probably sell at $50,000.
Thinking over whether this would be worth it I learned a lot about buying a house in the process.
Do I care about having an ugly house?
No.
How much will it cost to fix the foundation(and any other structural issues)?
Big Unknown; $10,000-$50,000?
Do I want to fix any of the cosmetic issues?
Maybe but not make it a lifelong project.
Will it be cheaper than my rent?
Yes, but it depends on structural costs.
Everything came down to how much it would cost for the foundation to be repaired. This would make the house a "good" or "bad" deal. The realtor was very close to telling me not to get the house but it all depended on what the structural engineer said. Finally today he called and said, "If you have doubt, you probably shouldn't do it." He gave various good reason why not to buy the place. I was not wedded to the idea of owning the house but am always looking for investment opportunities so I was happy with either decision.
Conclusion:
I am not going to buy the house. Buying a house is a huge thing. It will change your life. With the right choice you can get something great(sometimes at a good price). Don't plan on doing much until you actually get the house because it requires a lot of things to do. Also right now is a real good time to buy a house with the loan interest rates at an average of 5%.