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Old 08-09-2012, 06:23 PM   #1
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Opinions on potential first home project


Can anyone else see any potential in this house? Very basic home.
Pretty ugly currently but I think I may grab it and see what I can do with it.

Id like to add a two car garage for sure.

Thanks for any input you can give
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Old 08-09-2012, 07:22 PM   #2
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What are you looking to do with it? Is it going to be your primary residence? Do you just need a hobby? Are you looking to flip it?

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Old 08-09-2012, 07:28 PM   #3
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This would be my first house. I would like to stay in it for a few years until I'm ready to move onto something bigger. I would guess that I would live in it for around 5-7 years. I'd rather invest time and money working on a fixer upper than waste on paying rent.
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Old 08-09-2012, 07:35 PM   #4
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I could see that being a very cute little house.
Be sure not to overspend.

Is a 2 car garage going to get your money back, in your area? Here it would not.

Make sure the house is structurally sound.
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Old 08-09-2012, 08:04 PM   #5
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Rent isnt a waste of money. I can assure you that I have wasted far more money on a house than I ever did on rent. Rent can be a very cost effective way to live. I would suggest only buying a house if you really like it and want to live there.

That said, it looks like it could be a nice little place. Just remember to account for all sorts of maintenance expenses with a house that you dont have with rent.

If you are a skilled DIY'er, the garage wont be a huge issue. However, if that is your first DIY project, I would not suggest taking that on.

I also agree with Mae, in that you should make sure that the structure is in good shape. Make sure you get a building inspection from someone reputable.
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Old 08-09-2012, 08:16 PM   #6
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You might check out this thread, if you haven't already read it.

How to avoid surprises when buying a house
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Old 08-09-2012, 08:35 PM   #7
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Yeah thanks for giving me some things to think about.

The garage would be strictly for me, not so much added value, but like you said, I would not want to take a loss on it when it is time to sell.

I have a lot of building experience so I would be able to do everything very easily. I actually recently got certified as a home inspector as well.

You have given me some things to consider and I appreciate the help.
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Old 08-09-2012, 09:34 PM   #8
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- Looks like it needs a new roof
- Looks like slab on grade; so be sure to check the floors for flatness, heaved areas, cracks or water intrusion, any soggy or soft floor coverings would be suspicious
- Pay to have a camera run through the sewer because of the tree right in front of the house
- Check age of mechanicals, i.e. electrical, water service, plumbing and heating; if heat ducts are in the ground think long and hard
- Check the attic area for pests, water leaks and insulation
- Hire a good home inspector, not so guy who says he'll be done in an hour and hand you a pre-printed report
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Old 08-10-2012, 12:47 AM   #9
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I don't buy into the 'rent is a better option' ideology. Yes, if your not smart and buy when over priced....you have invested wrong...no different than the stock market in that case....

But, for the most part....if you buy at a reasonable price....when it comes time to sell....in 'most' cases, the selling price is the buying price + the apx amount of money you paid in mgt payments...'usually'.....and when you factor in the money saved on taxes on your income.....your coming out ahead....

But, when you rent...what ever you pay in rent....it's money gone....and there is no tax deduction...

Ok....getting back on topic.....

Don't get carried away with making a bunch of mods the 1st year....move in...live in it...figure out what you really need/want. A garage is a want & want. Us guys need a garage....just like a woman needs a kitchen.....just take into consideration the look of the house when you build the garage.

It's a cute house....doing a little bit of landscaping will improve the 'curb appeal' quite a bit....(even though there is no curb)
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Old 08-11-2012, 09:01 AM   #10
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that could be a very nice house. just make sure it has good bones. and get rid of that tree.
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Old 08-11-2012, 10:45 AM   #11
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Quote:
Originally Posted by ddawg16
But, for the most part....if you buy at a reasonable price....when it comes time to sell....in 'most' cases, the selling price is the buying price + the apx amount of money you paid in mgt payments...'usually'.....and when you factor in the money saved on taxes on your income.....your coming out ahead....

But, when you rent...what ever you pay in rent....it's money gone....and there is no tax deduction...
I just had to clear something up. Buying and renting both have their pros and cons and it's a personal choice. That being said you should never base a decision on a possible tax deduction. Especially this one!

To even get it, you have to itemize. Based on the little info of this poster, I would say he doesn't / can't itemize. Second of all, it only reduces the amount of taxes you pay by a small percentage of what you actually spent on the house. Third, economists are recognizing this deduction just promotes over spending and large debt loads so I can assure you it won't be around forever.

It makes more sense to take out the smallest loan you can, preferably none, and pay it off as quickly as possible. It is better to have the interest money stay in your own pocket than the government give you a tiny percentage back on your taxes.
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Old 08-11-2012, 09:20 PM   #12
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Quote:
Originally Posted by matt_g View Post
Can anyone else see any potential in this house? Very basic home.
Pretty ugly currently but I think I may grab it and see what I can do with it.

Id like to add a two car garage for sure.

Thanks for any input you can give
I can't see any potential there, but the house is not my style.
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Old 08-12-2012, 01:37 AM   #13
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1 picture says nothing.
Price, land, interior, exterior, shape, utilities, LOCATION has a lot to say about this house.
So what was the real question? You have all the experience and are certified.
I just don't know what you want. From the picture I would say the tree is falling into the house that is very neglected.
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Old 08-12-2012, 02:03 PM   #14
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Looks to me like it has potential. One thing I look for is natural light inside. That looks like it may be kinda dark inside with the deep porch and small windows.
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Old 08-12-2012, 03:04 PM   #15
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Quote:
Originally Posted by ddawg16 View Post
I don't buy into the 'rent is a better option' ideology. Yes, if your not smart and buy when over priced....you have invested wrong...no different than the stock market in that case....

But, for the most part....if you buy at a reasonable price....when it comes time to sell....in 'most' cases, the selling price is the buying price + the apx amount of money you paid in mgt payments...'usually'.....and when you factor in the money saved on taxes on your income.....your coming out ahead....

But, when you rent...what ever you pay in rent....it's money gone....and there is no tax deduction...

Ok....getting back on topic.....

Don't get carried away with making a bunch of mods the 1st year....move in...live in it...figure out what you really need/want. A garage is a want & want. Us guys need a garage....just like a woman needs a kitchen.....just take into consideration the look of the house when you build the garage.

It's a cute house....doing a little bit of landscaping will improve the 'curb appeal' quite a bit....(even though there is no curb)
I agree with these points, especially the part about living with it for a while to get a better idea of the changes you'd llike.

In my area a garage is a must have. Not only in value but for saleability.

To me buying makes way more sense then renting. Besides getting your equity returned, hopefully the property value has increased.

To clarify for me being a non American...and correct me if I'm wrong... interest paid on mortgage payments is tax exempt, but rent is not. Or is that property tax ?? confused ? Up here, occupancy costs, either way is an allowable income tax claim.

One way to help ensure you are making a sound investment is too check comparables in the neighbourhood. Its always best to buy one of the least expensive on the street. The most expensive has no where to go, except with the flow of economy.

I also think it looks like a little cutie with a ton of potential, but the curb appeal is a little lacking

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