Quote:
Originally posted by Diesel Power
Lebenz, dilapidated houses can be a deal if the price is right, and you are willing to do much of the work yourself.
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While not afraid of sweat equity, in the end, the place I referenced above would have literally been more work than it’s worth. Plus, by the use of my and my SO’s labor, it would have taken years of weekend work to make enjoyable. While I was willing, able, and even signed the buy/sell papers, late in the process I found that the roof leaked in several places. The owner first denied it, and then, when presented with irrefutable evidence, refused to come down on the price, nor would he fix the roof. Ug. At that point I backed out.
As fate had it, about a week after backing out, we saw a really nice place for sale about 3 blocks distant from the first choice. Since I did my home work and knew the add-on costs of the never-maintained place, it was an easy decision to buy the newbie place. The rest is happy history.
The point being there are many opportunities in house buying. While I could justify the time spent fixing the place up over about 2-3 years, there was simply a better solution a few blocks away. It gets down to what one can or is willing afford, and weather one finds utility in adding sweat equity. Again, just like a car but more $$ involved.