Advice for First Time Home Buyer (Hampton: mortgage, credit, movies)

[ronaldemail1]

Hello everybody,

I moved to HR a year ago, I have some little money saved and
I would like to buy small house with a price between 30 to 50
thousand.

I have already seen 3 properties that comply with my requirements,
they are usually built on the 60s or 50s. Six months ago there
was a property in my price range built in the late 80s but I did not
move fast enough. My credit is very good. I have savings and
I like certain kind of properties because they look like houses
that I liked when I saw them in american movies.

My questions are: what kind of hassles can I expect if the
property was built on the 50s or 60s ? Will I have difficulty
to find a mortgage with a selling of 50k or less? Is there any
due diligence that I need to follow as a first time buyer?

Thank you in advance for your feedback

Ronald.

[Coconut1]

The question is not what kind of hassles to expect in a house built in the 50's or 60's, but rather a house priced at only $50K or $60K here in Hampton Roads. That's extremely low.

[citydweller]

Agreed that price point is VERY low. Expect to throw some big bucks in there to renovate a house if you are getting it for this type of price. There are many considerations in an older house such as the electrical, roof, windows, energy efficiency (windows, doors, AC/heat, insulation) and plenty more. I would suggest you have plenty of guidance so you know what to expect would need to be done. Good luck.

[Boxter01]

Obviously you will want to have a home inspection done. Ask neighbors, if possible, about the area as well.