(Closed) Chance for a $20,000 house… what would you do?

posted 5 years ago in Home
Post # 3
Member
529 posts
Busy bee
  • Wedding: April 2013

For my own reasons (need of space etc) I would do it! I think it would be great starter home and possibly even future dream home- either with repairs and exansion or building a whole new house

But, I LOVE home repair. HGTV is my favorite channels and I don’t even have cable haha

Post # 4
Member
1199 posts
Bumble bee
  • Wedding: October 2013

It reminds me of the movie The Money Pit, with Tom Hanks. lol First thing I thought of. 

Post # 5
Member
600 posts
Busy bee
  • Wedding: June 2012

FIrst of all, do you have the money to fix up a house that bad?  As much as I love DIY, that’s too much for me.

Are you prepared to look at it as paying $20k for the lot, $xx to knock the house down, and another $$$ to build a whole new house?

Do you even like the location?

Post # 6
Member
156 posts
Blushing bee
  • Wedding: October 2012

Be careful!! The house we are renting now is super small and has a bad foundation. Our landlord has offered to sell it to us for $16K. But my FI is in constuction and we’ve had a couple estimates and everyone says to just knock it down. So maybe you could tought it out until your ready to knock it down? We also looked at knocking this one down but that was really pricey!

Post # 8
Member
154 posts
Blushing bee
  • Wedding: February 2012

I would possibly invest in a home inspection so that you can see all of the issues that the home has before making a decision.

Post # 9
Member
5671 posts
Bee Keeper
  • Wedding: August 2010

$20,000 for land sounds great to me! You can always get a construction loan on the property and build a house you will love for a lot less than it would cost to buy. Can you stay living with your parents until the house is built? I personally wouldn’t live in the house that you described, but it sounds like a great deal for the land. 

Post # 10
Member
1855 posts
Buzzing bee
  • Wedding: December 2013

I’d get an inspection on it. Find out exactly what’s wrong. From there I’d get an estimate on the labor costs involved with fixing the major issues. Thankfully your SO is handy, so you may only have to pay for materials in certain instances.

 

Post # 11
Member
621 posts
Busy bee
  • Wedding: January 2015

$20,000 for land sounds like a bargain to me. If your husband is able to fix the house and/or build another, you’ll be saving a ton of money. Honestly living as a newlywed couple in a house that’s badly in need of repair sounds much better than the parents’ basement and I would take it.

Post # 12
Member
1460 posts
Bumble bee
  • Wedding: October 2012

If the house is in very bad shape just make sure you can secure a loan and insurance for it before you agree?  Also, do you have any idea of how much the property taxes might be?  You don’t want to take this on if other expenses associated with it will sink you.  Just a few things to consider beforehand. 

I hope everything works out and you’re able to do this successfully.  🙂

Post # 14
Member
2144 posts
Buzzing bee
  • Wedding: October 2015

If it’s in a location you’d like to live in, I’d do it, even if just for the land. how often will you get an opportunity like this?

Post # 15
Member
3982 posts
Honey bee
  • Wedding: July 2011

If you guys have the money upfront to fix it up, do it! But keep in mine, fixing a foundation is something that should be done by a professional with their fancy and expansive tools to ensure it is done right and wont cause future problems. A friend of mine tried to fix their own foundation and ended up with a $10,000 problem a couple years down the line. Also, find out why he is selling for so intensly cheap. Get an inspection!!!! Family or not, there could be stuff he isn’t telling you or doesn’t know about. If you can afford the upfront cost (our home, not needing too much work, has already racked up a 6K bill upfront and we aren’t done yet.) then I say go for it! You can take this house, fix it up, and then maybe even turn around and sell for a profit if you decide it is too small for you in the future!

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