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we had a reasonable offer on a decent house, but when the seller balked at dealing with repairs because he thought we were already lowering the price too much (for the record, we were only 7900 under his asking price, and it had been on the market far longer than most comparable things), he found a renter and the instant we presented our request for $$ to fix some of the needed repairs, he used that to get out of the contract and lease the house out instead.
So now we're onto plan B, another house we liked a lot but has some shortcomings and we're wondering if we can overcome them or if we should stay away.
The house is on a kinda busy corner-- it has a stoplight on it. The yard is smallish, but could at least be more private if we replaced the chain-link fence with a privacy fence I suppose. We'd have to re-do the heating system (it's an old wall-heater). And they say the siding is aspestos (sp?) and would be an issue if a future buyer was doing an FHA loan.
Meanwhile, it's a sturdy and cute house, has decent storage, and could be made even cuter (refinish the floors, etc.). All windows are new, and the location is desirable for college students. Also the town's biggest park is 1 block away.
So, are the negatives bad enough that we'd have trouble re-selling the place in 5 years or so (when it gets too small for our family) or would it be a good investment to buy and fix up and then sell or at least rent out when our kids are bigger and we want to move on to a bigger place?
How does one weigh these options? Any advice is appreciated. I'm new to real estate but finding I kinda enjoy the "game."
I think you sort of answered your own question. To be honest, I think you should make your decision with the input of your agent who is more familiar with what will/won't be a good resale in your area. Maybe someone here is familiar with your area, where is it?
I'm asking because it's easy for one to get skewed by their own emotions taking over and I'd like an outside perspective on weighing the pros and cons instead of listening to my own rationalizing because I'm ready to get into a house.
Here is the first thing I always do with my buyers, especially the first time buyers. What is your goal, a long term home or 3-5 year home? Is your situation stable and this a long term home? Could you be moving in the next few years either for job or up-sizing?
If it's a short term stop get a good sellable home and worry more if you're getting the right price. If it's long term look for the right home, even if you have to pay a premium to get it. I don't know how common the asbestos siding is there, so go back and talk to your agent and tell them you have concerns about the resale of the home down the road. What's your goal? If you hired a good agent, they should be able to help meet your goals.
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