- 7 years ago
- Wedding: May 2006
My husband and I mulling over the idea of buying a foreclosure, and I’m wondering if any of you lovely ladies have advice. This is probably going to be ramble-y but thanks for reading!
We live in north central PA where houses are CHEAP. DH is in school here until May 2012 (and will have two more years of online schooling to get his bachelors after that). We don’t really intend to stay here much beyond 2012 or 2013, but we’ve been itching to own our own home for a while now.
Last month, we were driving around town looking at for-sale signs and found a fixer-upper that was $60,000. We thought, “Man, that’s cheap,” but were’nt ready to commit to anything so I forgot about it. Then last week, I got on Zillow and the bank has dropped the price to $45,000… Which is even more tempting. From looking in the windows, the house looks perfectly live-able, but needs a little TLC (paint, cosmetic upgrades, etc.). All the houses around it are in the 70-90,000 range and this house was tax assessed at $71,000.
I guess here’s my question:
Barring anything major being structurally wrong with the house (which we’re not sure about yet), would it be a decent investment to tie up our money in a house in this town where we know we don’t want to stay for very long?
As a little background–I have a really steady job and barring our economy totally collapsing, I won’t be losing it. DH works when he has time as a flight instructor and has been offered a job here for when he graduates. We have about $12,000 we could use as a downpayment and still have our 3-6 month emergency fund in savings.
Ideally, we would like to move to be near my family in MI or his family in CA after we leave PA. Our fear is that if we can’t sell our house here in PA, we won’t have enough for a downpayment where we really actually want to live…
We don’t NEED to buy a house right now, which I guess is a good place to be in. I’m just wondering if you all have any words of wisdom about buying homes that aren’t “forever homes.” There’s a pretty strong rental market here because there are two colleges nearby and there’s a lot of people coming to town for the natural gas drilling that’s going on, so there’d be a potential to rent it even if we couldn’t sell it right away.