We have been very actively looking for homes recently. In such a small town, there are very limited choices. But here is what we are considering right now.
House A: Listed at $80k, we would hope to get it for $72k
This is a three bedroom ranch with a small one car attached garage and it sets on almost 2 lots. It is in the ideal spot in town where we would want to live. The downfall is that it does not have a basement and is fairly small. We could easily build a detached double car garage on the property. It has an office space in addition to the bedrooms. The bathroom is fairly nice and has been updated and it has an additional 1/2 bathroom. The laundry room is in a porch area in the garage. The lack of basement and overall less living space (particularly dining area and family room area) are the major downfalls of this home. We would probably either add on an put a basement under the addition or live here for a while and then use it as a rental property when we decide to move elsewhere.
Update: House A has been removed from our list. I have decided I can't deal with something that small where we wouldn't have much of a dining room or a whole lot of living area. I am okay with small bedrooms but we need our living space.
House B: Listed at $145k + $20k for 2 additional lots, we would hope to get all for $150k
This is a three bedroom split level on the outer edge of town with a big kitchen and two living areas. It has a 2 car garage and a large yard. This house would not require much work or updating. The biggest downfalls are that the location isn't as central as we would like and that we were wanting to decrease our monthly expenses by having a smaller mortgage payment.
House C: Listed at $40k, we would hope to get it for $35k or less
We have not seen the inside of this house yet but it is definitely a fixer-upper. It has been rented out for a while so is probably not in very good shape. The outside definitely needs some TLC but it is in a great part of town and sets on 2 lots. It does not have a garage. It has two bedrooms upstairs and one bedroom downstairs. The bathroom and laundry is on the main level. It has an outside entrance basement. We are considering either fixing this up to live in and build a detached garage or buying the property and at some point tearing down the house to rebuild. If we did end up building, we would probably initially rent the house out or fix it up enough to live in it.
Update: House C does not seem to be a possibility. It was smaller inside than I expected and has some problems I don't think we want to deal with. It would be a tear down and build thing and I just don't want to spend that much right now. I think we should buy something reasonable and live in it for 15 years until it's paid off and then build.
Brett and I are in major disagreement on what we want to do. I choose House B and we would live there probably until we need a house without stairs. Brett would rather live in a more central area of town and have a lower monthly payment. He wants to either remodel or build to create a house that works for us and is in the right location. We had discussed buying Houses A and C where we would live in A and rent C until we could build, then turn around and rent A. But saving up enough money to build while maintaining these two homes seems too expensive. His choice (assuming House C isn't bad structurally) is probably to buy House C and just fix it up so that it is a nice home. This way we have a low mortgage payment and we can use our savings to do some remodeling.
I guess we will wait and look at House C next weekend to see if that is even a possibility. All these decisions are stressing me out!
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