(no subject)
Looking for some input from homeowners...
Looking at this house - http://bham.craigslist.org/reo/1828021140.html Yes, it does need a lot of work. I'm only really interested if the electricity and plumbing are both intact and functional - the other defects, I can live with and fix up over time. The cash price is $15,900 - which, obviously, I don't have. Since it's such a low price, I *might* be able to get a loan for that amount. If I can't get a loan, though - there's owner financing available. Obviously, like any poor credit offer, I'd end up paying through the nose. They want $375 for 15 years - which means I'd be paying far over what the house is selling at. I would see if they'd be willing to haggle - perhaps only $275 a month, or shorten the time to 10 years...but I don't know if that would be a go.
However...you guys, this house is huge, and could be gorgeous with a lot of work. It has a huge backyard, two kitchens, six bedrooms...and while it's in a shabby and poor neighborhood, it's not really an extremely dangerous neighborhood. I know what my parents, the voice of caution would say - don't do it. It's in bad shape, don't try to fix it up yourself, etc. However, they're my parents. Despite the fact that they built their own house, it's pretty much their job to encourage me to take the safe path - and to tell me as often as possible that I should leave my job for a higher paying one, even though I like where I am - and to tell me I shouldn't have to buy a worn out house, I should get rich and buy a nice one. I live in reality, and I like my job, and really, don't mind being "poor." (I have plenty of food, money for emergencies, money to spend on things I enjoy - I'd say I'm doing fine.)
...anyways. What do you guys think? I've actually always wanted to renovate an old house, and this one really could be gorgeous. Or am I just crazy?
Looking at this house - http://bham.craigslist.org/reo/1828021140.html Yes, it does need a lot of work. I'm only really interested if the electricity and plumbing are both intact and functional - the other defects, I can live with and fix up over time. The cash price is $15,900 - which, obviously, I don't have. Since it's such a low price, I *might* be able to get a loan for that amount. If I can't get a loan, though - there's owner financing available. Obviously, like any poor credit offer, I'd end up paying through the nose. They want $375 for 15 years - which means I'd be paying far over what the house is selling at. I would see if they'd be willing to haggle - perhaps only $275 a month, or shorten the time to 10 years...but I don't know if that would be a go.
However...you guys, this house is huge, and could be gorgeous with a lot of work. It has a huge backyard, two kitchens, six bedrooms...and while it's in a shabby and poor neighborhood, it's not really an extremely dangerous neighborhood. I know what my parents, the voice of caution would say - don't do it. It's in bad shape, don't try to fix it up yourself, etc. However, they're my parents. Despite the fact that they built their own house, it's pretty much their job to encourage me to take the safe path - and to tell me as often as possible that I should leave my job for a higher paying one, even though I like where I am - and to tell me I shouldn't have to buy a worn out house, I should get rich and buy a nice one. I live in reality, and I like my job, and really, don't mind being "poor." (I have plenty of food, money for emergencies, money to spend on things I enjoy - I'd say I'm doing fine.)
...anyways. What do you guys think? I've actually always wanted to renovate an old house, and this one really could be gorgeous. Or am I just crazy?