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What are the issues I will face if I buy a "fixer upper" and don't want to fix it up?
In theory could I live in a house that is decrepit?
Why? Why not?
What are jobs that I will HAVE to fix if they come up? Roof that leaks?
I DO NOT WANT TO FINANCE! I don't want a mortgage? Some of you are aware with which the ballpark of lump sum of money I will have in the not-too-distant future.
Why is this a terrible idea? Why is it potentially a doable/workable situation?
If the house is that bad, the city or utility companies can condemn the place. Like if the gas company comes out and sees an old unit that isn't safe, it gets red-tagged and you can't have gas until it's resolved.
If it is too bad, code enforcement will come by and fine you. The city can condemn the house and make you knock it down.
If you don't keep the maintanence up, the building will rot away.
You will have enough cash to buy a decent small house in a low cost of living state. You don't have any reason that prevents you from moving to another area.
What are the issues I will face if I buy a "fixer upper" and don't want to fix it up?
In theory could I live in a house that is decrepit?
Why is this a terrible idea? Why is it potentially a doable/workable situation?
1. It depends on how much of a fixer-upper it is. My cousin bought a fantastic house via foreclosure and it needs updating and finishing touches, but it’s in no danger of being condemned or of harming them.
2. In theory, would you want to own a house that is decrepit? Would you want to take most of, if not all, your liquid assets and throw them away on something you aren’t going to care for? Why would you do that? I just bought my first house and my dude, I pick up every single crumb the second I see it. When it’s yours, you want to love it and care for it, not watch it fall apart.
3. It is workable for a time. You’ve seen Hoarders, people live in houses that should be condemned for years - sometimes decades. They also get sick often and when the house gets flagged by a friend or relative or neighbor or city official, they leave with absolutely nothing. Seems like an enormously unnecessary risk especially given the sometimes-adversarial relationship you have with your siblings.
I don’t really care if you do or don’t take out a mortgage, but you understand if you DID have one then the lender would carry the majority of the risk of the property depreciating, right? Meaning if you financed a fixer-upper and let it fall to pieces, you wouldn’t have spent all your cash living there — for however long. Could be a few months, could be a few decades. Impossible to say.
If your title description "flophouse" is accurate, there is likely another issue beyond maintenance that will keep you busy and frustrated. How many of your 'guests' do you think will pay their rent promptly on time? (This problem will likely be inversely proportional to the age and condition of the property. AKA: just how "floppy" is it?)
Will you be in charge of collections and evictions ... or do you plan to hire someone else to do that.
Houses that are in the $120K range versus the $70-80K range.
Are you more likely to get a "lemon" in the $120K range? Versus a "fixer upper" - at least you know you're working with a turd and issues might not be covered up?
Houses that are in the $120K range versus the $70-80K range.
Are you more likely to get a "lemon" in the $120K range? Versus a "fixer upper" - at least you know you're working with a turd and issues might not be covered up?
1. Your prices are specific to your area and housing type, we have no way of comparing what that price difference means in your market.
2. My instinct is simply no. You’re not likely to get “a lemon” (what does that mean in the context of a house? I thought it referred specifically to a machine with faulty elements?) at any price if you know what to look for. Do you have a friend or neighbor or hired contractor (I dunno) who will come out with you and give professional expertise? What are you worried about finding that you couldn’t address with a metric crapton of inspections? How would you handle it in an 80K house versus a 120K house?
Any house will have surprises. We paid for a very expensive sewer inspection and learned we *should* have another ten years in ours, but we know there are no guarantees and are saving up for the inevitable hoping it doesn’t happen sooner. You’re never going to have every answer you want about a property before you have to decide if you’re going to buy it or not.
If the house is that bad, the city or utility companies can condemn the place. Like if the gas company comes out and sees an old unit that isn't safe, it gets red-tagged and you can't have gas until it's resolved.
You may not be able to insure it either. Including for personal liability. Bad things can happen to neighbors of a decrepit property and they may not be content to just suck it up and stay silent about it.
What are the issues I will face if I buy a "fixer upper" and don't want to fix it up?
In theory could I live in a house that is decrepit?
Why? Why not?
What are jobs that I will HAVE to fix if they come up? Roof that leaks?
I DO NOT WANT TO FINANCE! I don't want a mortgage? Some of you are aware with which the ballpark of lump sum of money I will have in the not-too-distant future.
Why is this a terrible idea? Why is it potentially a doable/workable situation?
What do you want the house for? Yourself and how many others? Specific area?
If you mean a little bit outdated, sure, but truly decrepit? I think the reasons you don't want that should be self-explanatory.
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