should I buy the house that is a handyman's special @160000 or go for the ready to move in @274 and 20,000 to
Answers:
I specifically look for handy man specials primarily because I'm in the business of repair/remodel, but a house sold at $160,000 is nothing "SPECIAL"
If you lack the skills, time, budget, to expect the REPAIRS to add up to less than that other house, I'd go for a decent mortgage on a house that has some level of a warantee.
You get what you pay for is an old saying that is usually quite accurate. What saddens me is how anyone living in a house they value that high, could allow it to become degraded.
When I think Handy Man Special,,, I'm looking in a range UNDER 100 K.
The other issue is finding the true value, not only of the SPECIAL, but local comparables. It could be that all your efforts, all your expense, will not create a house worth 225 K in the end. Granted the market is over inflated, both in pricing and units, but it will settle down at some point, though prices will never truly be LOW again.
FIXING has to be undertaken with a few things in mind.
Can you?
Do you have the level of skill to accomplish what may become a monster to FIX?
Most importantly, do you have the will to commit to a project that may become consuming?
Another thing I do, not only in repair/remodel,,,but life in general, for Myself, is break the task down into manageable parts,,,IE: ONE room, ONE problem at a time. Certainly the house has to be liveable, safe, secure in its construction, but if you develop a PASSION for a house, and the work it will take to make it what you want, then a FIXER is often less of a challenge than an eventual reward.
Rev. Steven
Other answers:
This depends on what needs to be done- is it cosmetic, or a whole list of things- it also depends on how much time and skill you have- if you can do the work, then the Handyman special is a deal - if you must hire it all done and it involves multiple trades- it may not be a deal.
This depends on what needs to be done- is it cosmetic, or a whole list of things- it also depends on how much time and skill you have- if you can do the work, then the Handyman special is a deal - if you must hire it all done and it involves multiple trades- it may not be a deal.
Depends on how handy your are
You do have a third choice - keep looking
It took me months to find our house, but I am so glad that I didn't settle.
We bought a handyman special 2 years ago and are still working on it. It was liveable, just needed a lot of cosmetic work. My husband and I wanted a fixer-upper and are having a blast. We are only working on it when we have the funds, no extra loans.
Problem with handyman special's are HOW MUCH work needs to be done. If it's little things that you can work on while you're living there and don't have a problem with, like the windows don't open, but, that's ok, because it's cold out...... AND how much money do you have to work with?????? Handyman special can end up being a "MONEY PIT".
Good luck!
Personally, I would go with the "handyman special".
If you have friendly neighbors, thats worth a lot more than ANY house!
Also, it will give you a chance to gather some tools, knowledge and experience... Not to mention your neighbors will probably give you a hand in the remodeling and you will get to know them pretty well.
Aint seen a neighbor yet, who is worth his salt, and doesnt want to give you a hand in something, when it comes to building :)
Great neighborhood? Friendly neighbors, it would be the ideal place for me...LOL!!
Now, thats IF you have the time, want to learn how to use tools, want to learn how to be a "handyman", (wives like that part, because they can depend on you to find out and know how to fix it! Plus the kids will look up to you because you can show them how to do things and let them "help"...(then when they arent looking, fix it right ;).
Makes you a hero in thier eyes, a "Man's man" in your wifes eyes, and your neighbors will be impressed at what you can do, (even when they help you in doing it).
Plus, you have a lot of DIY places on the net now, that you can do just about anything and everything...
Just my imput...
Jesse
Have a certified home inspector check out whichever one you plan to buy. Usually costs $200 - $300 for inspection. Some handymen do good jobs but others take shortcuts and do shabby work. Make sure the house is according codes, otherwise seller may be responsible for repairs or will knock of $$$$ off price.