So where to begin? I guess the the most logical place would be the beginning.
This spring, paying off some debt, I was divided on what my next finacial move should be.
I played around with several options, but finally came to the conclussion that buying a house could be a good way to save up some capital, build my net worth, ect, ect.
I talked to my bank, and got aproved for a mortgage, then started the house hunt. I look at many properties, and and quickly found that properties in my price range (100K – 60K) and the occasional good property would pop up. But ussually was sold within 2-3 days.
So with this reallisation I settled in for the summer stalking home-buying web sites, and playing the waiting game. And continued to save for inevitable expenses.
A couple of months and several close misses later, I found my friendship with house hunting fade. And for the most part properties that fell in my price range were usually too far in disrepair to get financing on them.
Discouraged, I happened to list houses on one web site lowest to highest. And happened that fell into the range of my savings (when you dont have a lot of hobbies, and a small social life, saving adds up fast)
Sitting in a little mill village, the little place was built in 1910. It’s a cozy 900 sqft with toom for a detatched 20×30 garage on the back.
At first I emedietly dismissed the idea, but I kept on coming back to it. So after mulling it over for a while, I contacted the owners to see the property.
This braught me to the crux of the issue. Every property requires maintenence, and if neglected, every house will reach a point where it is un economicly feasible to bring it back from the bring. So this is the question: is this property redeemable? And the answere i’ve come back to so far is “I dont know”.
So here is the adventure i’ve set myself upon: doing the delicate dance between restoration and economic retardesness.
So hang around if you want to see how this project goes.
Paul bought a house, and it may have been a good idea.
Final House price with taxes ect: $11,522
Spent so far in tools ect: $130