A fixer upper that needs a COMPLETE renovation. I will be seeing this place tomorrow. Its priced very low for the area and says that renovation began and the guy just left it all. It says that the appliances are there but not put in at all. Would you buy this? Keep in mind, We have quite a few family members and friends who are apt in different types of construction..
Toots123
Posted:
Member since
Re: Would you buy?????????
Posted by PreshusSmurf
i really don't think i would purchase anything if i was planning on selling in two years. its just not a wise investment ... capital gains, real estate commissions, and the mortgage is only interest in the first few years (so you really are NOT gaining equity)
if you were planning on staying there 5 - 10 years, then i think it COULD be a good and worthwhile investment.
I totally agree with this. In two years, you would need the apartment to appreciate dramatically to make back your initial investment, plus closing costs(for two closings, one now and the second one when you sell in two years), plus real estate commission when you sell, plus interest on the mortgage, plus taxes, plus the dollar amount of the upgrades, all of your hard work, plus sweat equity and the annoyance of living on what amounts to a jobsite for a long time!
I say just continue to rent an affordable apartment for the next two years, save, save, save, and buy what you love and can commit to long term then.
HelenZ
Posted:
Member since
Re: Would you buy?????????
since we also bought a fixer/upper, I'd say go for it......BUT just make sure your engineer finds no major problems in the inspection, to make sure there's not some other reason this guy is not finishing the work he started and trying to unload the house now. just make sure your budget allows room for add in costs you don't anticipate, we've definitely spent more than I expected to!!!
GinaZ
Posted:
Member since
Re: Would you buy?????????
I think it would depend. If I had people capable of helping me and knew what they were doing it would make a huge difference. I'd also have to figure out the costs of renovating and see if its a big enough difference to do it.
