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Ummmm... Go to pawn shops, garage sales, and Craigslist to buy used tools? When I was young and broke and I needed a tool, that's what I did.
There seems to be a new philosophy of helplessness in this country that says if you don't already have all the skills and tools to do a particular task, it is practically impossible to gain them. I have seen this with statements like "Oh, I can't paint my house" - why not? Are you crippled or extremely elderly? If not, you can paint your house - or "All I need to do about a real estate contract is to get the right lawyer, right? Then I won't have to read what I'm signing, or even think about it, right?"
I expect that a couple of early-20s buying a house like this are going to have to scuffle some. If they have a commitment to living frugally, staying together despite difficulties, and doing every single thing possible by themselves, they are likely to come out ten years from now with a nice little property, some money put by, and a lifetime's worth of skills and self-reliance they can use.
That is why I put the (abbreviated) story of my parents above. There are a lot of ways this story could go wrong but there are also a lot of ways it could go right. I guarantee the OP's relatives' oldish compact car is way better for transportation than the old 1940 Plymouth my parents used for transportation when they were first married. And I suspect a 20 something apprentice pipefitter can stand the gaff better than a disabled veteran with a heart condition.
My wife's kid, I have no doubt that he can do renovations. He put his dick where he shouldn't have and made a kid. It happens. ****ed up his life for sure, but he is doing what he can to take care of his kid. Pissed off his mother but now she is in full "Oma" mode and loves our granddaughter as do I. They are just over extending themselves and the pertinent parents (not me as step and 3rd grandpa) are not giving good advice except "good for you". There are two biological grandfathers and one biological grandmother (her biological mother is not involved....the one who threw the coffee pot at my daughter inlaw at Dunkin). 3 months after closing, or come fall when they have to fill the oil tank and pay for a burner service and realize they can't afford the bill, then what? Don't get me wrong, I'm in the midst of looking for my next career, but As long as "Oma" keeps the gas tank full, I'm driving an hour every day to paint and do whatever...... as long as the materials are there.
Oma went to see her kid and the grandchild yesterday....grandchild said "where grandpa?" then Oma came home with a bag of clothing for the girl from TJ Maxx.....
Whew, read the whole thread.
I think the two sides - pro and con- are really based on how one perceives the risk being taken and the potential rewards if it all works out, vs the downside if they run into a series of problems that cause undue stress, leading to a deteriorating financial and personal situation.
The property itself isn't all that bad, for the RIGHT buyers. But are they those people?
I personally would be very wary about putting such a small down payment, carrying PMI, extending the commuting time and costs to work, owning only one car, while having virtually NO wiggle room to handle the inevitable or unexpected costs of maintaining a home.
In fact, I wouldn't buy anything that tapped out my cash, much less something that put me into significant debt unless I had a six month emergency fund.
But I guess that is what credit cards are for, right?
OP, you need to stop conflating your concerns over how they want to live their adult lives with your practical concerns.
The one-car is the biggest concern of any.
Quote:
Originally Posted by Silverfall
This is my list too. The well is the biggest issue. Out here we do 4-hour flow tests that are done by well companies, not the regular home inspector. Lenders require 5 gpm so if it isn't flowing at that, the house won't qualify for a loan without a storage tank installed. At least out here they don't.
The staircase is really unfixable and will just be a trip hazard.
We have lots of mold out here especially in 80's and 90's homes. They started tightening up homes in that era and failed to properly vent. Hence lots of mold in that era of home out here. Sellers repair the cause, treat and encapsulate it. Done.
Maybe they want to escape to the woods to get away from family?
They didn't care in NC. Mine makes under 1/4 gallon a minute. But, I know what it will cost to drill it another 200 feet, and was comfortable with it moving in. Wife and I will certainly do so when we start having kids. The other thought is the depth of the well. A well that has 100 feet of water in a 6 inch casement will have 147 gallons in it. A 200 foot casement has almost 300 gallons in it. That's plenty. Shower heads produce 2 gallons/minute, a dishwasher uses 4-6 gallons per cycle, a washing maching (modern ones) 25 gallons.
Regarding the septic: My neighbor's, most of them, have had their tanks for 50 years without replacing them and without problems. You need to have it inspected, but if it works, it works.
OMG..... The seller has agreed to possibly address some of the major issues I mentioned. They are getting quotes from contractors. As of today, there are no quotes in yet to my knowledge, the seller still has to agree to the pricing, the work has to get done, THEN, and only then, the closing can be scheduled. Then the closing has to HAPPEN.
Tell them not to make too many purchases on credit this close to loan approval. They'll have their credit pulled one more time before it's over! They should talk to their lender if they're not sure what's OK and what isn't right now.
Still to many variables still to make a purchase such as this, and much more urgent things they will need after closing, washer/dryer, paint, yard tools. They already have a couch. And I bet closing is still a month out.
Oh, and his mother isn't happy about the purchase either. Now is not the time to buy things foolishly.
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They should talk to their lender if they're not sure what's OK and what isn't right now. 
