I will be $73,000 in the hole Just signed my "offical" loan application for the house I want to buy, so if all goes as planned I will be a "proud" new Home "owner" (or as I like to say, Leasee of Government Property, because after all the government really owns everything, they are just nice enough to let you use it for a Nominal Fee charged every 6mos :yes: )
73k.... not too bad... you can buy a shack around here for under a 100. You can get a 2 bd condo for 160's ...but single family home is gonna be 250 plus. Im currently trying to find a townhouse or villa for around 200k... wish me luck. Congrats on your purchase.
well the average home price in indy is $150K, the comps in the area I am buting in is about 110K, but this is a Bank Repo so I am getting a good deal, I just have to fix a few things (new carpet, paint etc) all small cosmetics though, Just had the home inspection done Monday and everything turn out as I expected, so now we are just getting the Bank Apprasial Done and Seting a Closing date Should be aroud the 1st of April Thank god indy is a Low Priced housing market, I would never be able to afford 200K or more.. Hell I could not even afford rent in some of those places.
Buying a house with cosmetic issues is a great way to start. If you have the time and patience, even more serious issues can be even more rewarding... of course, you have to suffer with living with them as you fix them... not as painful of an issue if it is merely cosmetic. I'm a fan of the cosmetic fixer-upper particularly, because I love to take advantage of people who are stupid... ...if the 20 people who looked at this house before me were so shallow and shortsighted that they couldn't see potential because of nasty wallpaper or an ugly paint color - good for me then. :B I bought my house for well under $100K in a very nice neighborhood of $120K+ homes. Built in 1950, bought from the original homeowner (or rather, the minister handling her estate). Cosmetic issues included some odd wallpaper ideas, old paint, and a bathroom with fuzzy wallpaper, pink and black plastic tile, and a bath/shower wall that needed drywall replacing. Upstairs was the best, though. It wasn't ever finished. Entire second story of the house - just a 2x4 handrail around the stairwell opening, funky linolium tiles on the floor, and actually rather nicely finished tongue-in-groove wooden walls. Looked like a big rec room rather than a second story. A few years later, we have a ginormous bedroom upstairs, with a master bath with marble floors, a 2 person 5 foot long shower, a 2 person whirlpool tub, and the usual other bathroom fixtures for us... replaced the shower wall in the downstairs bathroom, and ceramic tiled everything pretty conservatively... ...and we knocked down the old garage, built a new big garage, with a 600 sq.ft. addition over it, so there is a hall that continues from the top of the stairs now, with two big bedrooms, and a third full bathroom up there. Our "Fixer upper" my wife now wants to sell, because we just about doubled the value of the home... taking it from the cheapest/smallest/worst house on the street, to the biggest/nicest house on the street. Now she wants a funky '60's style ranch house. Mmmm.... giant basement... Don't be afraid of vinyl siding either... don't pay anyone to do it, it is easy. My wife and I sided our entire house ourselves, we just paid someone to do the window and door trimming for us. Very easy. Congratulations! Sounds like yours won't be anywhere near as much work as ours was.
yeah... the market is out of hand down here... there are some 2/2 villas we looked at 45 days ago for 165... now they are selling for 215k. You can find a small single family home in the getto for about 200k, other than that homes are gonna be starting in the 300's. And if we decieded to rent... that would cost 1000 a month for something decent and livable. I hope to find something in the next couple of weeks, but the market is crazy... most of the townhomes and villas get sold in days after going up. I think i saw some stats that 60 percent of all condo/townhomes in palm beach county are sold w/i 30 days.
The market is pretty good here as well. We (my parents) sold our house for 294k (canadian), and they sold it for 309k like 2 months later. It's possible we could have sold it for more though... 294 was the asking price and we got an offer the first day. Congratulations on the house though mike.
Can we say "Home Theatre"??? with the basements in Ranch houses you can do some sweet stuff... deaden the walls... make a dias for the seating... get some actuall theatre seats on the top of the dias and a really comfortable couch on the floor... <!--QuoteBegin-MMats4life@Mar 20 2005, 05:48 PM yeah... the market is out of hand down here... there are some 2/2 villas we looked at 45 days ago for 165... now they are selling for 215k. You can find a small single family home in the getto for about 200k, other than that homes are gonna be starting in the 300's. And if we decieded to rent... that would cost 1000 a month for something decent and livable. [post=24238]Quoted post[/post][/quote] Sounds like southern Cali to me....
