Post # 1
I was reading the first time home buyer’s thread and feeling a little out of my league! Are there any bees out there shopping for or own a home valued under $100k?
I grew up in a small town outside a city of about 50k people, with good schools and decent infrastructure. Home prices vary from $35,000-$160,000, depending on age, size, land, and condition. Darling Husband and I are shopping on the extreme low end of this price range and looking at houses around 1800 sqft, which is about 200 sqft larger than the houses we were raised in. Our take home pay is about twice that of the home price. We are also looking at exclusively older homes, some over a century old. New construction is a rarity here, with only a handful built in the last 15 years.
Anyone else shopping modest or older homes?
Post # 2
You wouldn’t be able to buy a studio condo for under $100k where I live. Not trying to be rude, but the only thing you could buy under $100k in this market would be a trailer or a bit of land 🙁
Our 4-level split fixer upper with three bedrooms, three bathrooms cost us $420k and we have put in at least $65k in renovations with more to come.
Post # 3
Alyx19 : we bought a 150 year home that was last renovated in the 1970s and that is only a little larger than your target. In my market that still costs way more than $100k. This is why my husband doesn’t let me watch HGTV when he’s home anymore lol – I get so upset at how cheap the rest of the country is and yell at the TV!!
Post # 4
$400k gets you a fixer uppper in my area. You can’t even get a condo for $100k here.
Btw, I am from Fairfield County in Connecticut.
Post # 5
Our house came in at 54K, 3 bedroom/1 bath on a 7,500sq foot plot built in the 1950s. Granted it was a complete renovation almost as it had been totally tore up and trashed by the previous tenants. But luckily for me, my father did the renovations so it wasn’t as huge of a deal.
The plan is to use it as a rental property when we decide to move into something bigger. I estimate spending around $120k for the next house when we upgrade.
I live in Texas for reference.
Post # 6
Alyx19 : Houses under $100k do exist in my area, there are many, in fact. You might be able to get maybe 2 bed 2 bath around 1500 sqft at close to $100k. Less square footage for less money and there are many mobile homes for <$50k. I just took a look at zillow in that range and many of the houses are pretty nice and well cared for (many are owned by older retired folks). Dated and small, but not too shabby.
As far as the poll goes, we wanted more square footage than that and we bought in the $180ks.
Post # 7
In southern California where I live, I couldn’t get a trailer for that price. My house is ~20 years old, 1400 square feet and I bought it for $250K.
I don’t know where you are looking and what the market is like, but if you can find one for that price I say go for it! My only recommendation with a much older home is to look at the additional cost you may need for renovations. If you can find a 100 year old home for 100K in your area great, but you may need to consider heating and air systems, roofing, etc. that can potentially need upgrades now or cause you issues down the road.
But I also see your take home pay is twice the home price, so you definitely have room to increase in price if you wanted to. Although I am not sure your financial situation and I agree it is good to stay on the conservative side, but you can typically be approved for a home 3X your income.
Post # 8
- Wedding: June 2018 - The Garrison, NY
So, I’m an agent and the town I work in, the average list price is $1,099,000. That town is particularly expensive.
That being said, Fiance and I bought a 2nd house in the next town over in October for $350,000. Total nightmare of a house. We’re putting about $100k into it to renovate it and should sell for about $700k in the spring. In my market, that’s a fair price for a renovated 4 bed, 2.5 bath on .18 acres (a postage stamp). These are central/north NJ prices. Lets talk property taxes. Crazy high
Post # 9
My house is considered “newer” for the area being built in the 1980’s. I got priced out of the town I grew up in where it cost about 750k+ to get even a 1500sf fixer if you can beat out the contractors with their all cash offers who will then tear it down and rebuild a mccmansion and sell that for 1.2mil+. So I’m about an hour from the city (Boston) now in another top district where the average 4 bed/2.5 bath 80’s original non renovated home can be found for 5-600k.
I think there are a lot of big city east and west coast people here… and
Post # 10
Alyx19 : That is a rarity in my area (Metro area in Midwest) unless the house has been condemned by the city. For reference, our home is 1600 square feet, 3 bed 2 bath, finished basement, about 30 minutes outside the city, 0.6 acre lot, and it was listed at 250,000. I know friends who were struggling to find homes in the 150-175K range.
Now, if I were looking way up north in more rural areas, I could see there being a house in your range.
Post # 11
People sell parking spaces for $100k here in Boston.
Post # 12
I mean…..people shop in whatever their market is. Shopping for a “modest” home of $100k isn’t even an option for some. (Yes, I am jealous:)
Post # 13
A million dollars gets you a dumpy dated duplex in my area. I’m jealous.
Post # 14
NYC bee here. Just came for the real-estate envy (sobs).
Post # 15
It is still an option where I live! But most people wouldn’t want to live here seeing as how it’s super rural. But I love it! We will spend more than that though, because we are looking at 10+ acre parcels AND a house. We’d be happy with a tiny house and a ton of land…