buying someone else’s headache usually apply to used cars? Does this apply to homes as well?
There’s a house for sale nearby. It’s 1bd/1ba tiny 600sqft home with 3,600 sqft lot in Los angeles which was built back in 1919. It’s in very bad shape & it seems the walls are made of card board boxes. The bank is asking $170,000 for it. What do you think? Am i buying someone’s headache if I submit an offer? I am asking cause this house is the only one in my price range. Others around this price range are 1bd/1ba condos with no yard & someone living above or below.
It sounds like they are selling it at the lot value. Unless you can pay cash you can’t buy it, you can only mortgage inhabital homes.
3 Responses
Leave a Comment
|
June 28th, 2010 at 8:48 pm
You’re talking about deferred maintenance. This is a question of how much you are willing to spend and what level of patience you have.
Twenty years ago, Hubby and I painstakingly restored antique cars. Now, no thanks.
Only you can answer this for yourself.
References :
EDIT: One other factor that may help you decide: it sounds like it’s a good location. That is often priceless, so think closely about it. Look carefully at the trend and the nearby property values.
June 28th, 2010 at 9:17 pm
It sounds like they are selling it at the lot value. Unless you can pay cash you can’t buy it, you can only mortgage inhabital homes.
References :
June 28th, 2010 at 9:30 pm
The other answer provided thus far are correct. Without knowing anything else about you, it sounds like you may be better served to rent for another year or two, save up some more money, and buy a house or condo that you will actually enjoy living in. There’s no reason to rush into buying a home – that’s a lesson we have learned the hard way over the past few years.
References :