To Buy Or Not To Buy?
I am currently renting for just a little below market. We have lived here for 2 years and have put a lot of work into the property, at first glance it' s a cute place. The owner had it appraised last year and it apprasied for $45,000. Oh yeah, I'm currently living in Wyoming that should explain the price. Anyway, we're going through a huge boom in my city and houses are selling like hot cakes; we've expierenced an 18% increase in the last 4 months. The owner of the house has decided to sell - Duh! and he has put the house on the market for $75,000. Oh by the way, the realtor showing the house says that we have increased it's value by $15k we the improvements we have done. The owner may work a deal with us since we are already living here but the market is good and he may get his asking price. The house has major problems: foundation crack, settle cracks, needs new roof and siding, needs new carpet and windows, no insulation, heaters and electric is subpar, garage should be bull dozed to ground. So you would think that it would be an easy choice right? Well the house next door was built the same year and is in a very similar condition and it is renting as apartements for a total of $850 a month. This house is also 2 apartments: I have an upstairs and down with 2 kitchens. There is a house just down the street also in less than great condition being offered as an investor's special for $104k about the same size also 2 apt.'s . What do guys think I should do? Make a really low offer and see what happens or look for another place?
Comments(0)