I have posted before about buying a house.
I have also posted about the various benefits of renting.
I pay 650$ for a two bedroom apartment, all inclusive. It has a tiny bit of character as it is in an older home. There is a huge outbuilding for storage. The landlords are an amazing, low key couple that I really never see except in the winter when he comes to plow the driveway.
Buying may make sense IF you do not end up being house poor. If you can find a place that you can actually afford then maybe buying makes sense for you.
Does the place you are looking at buying represent good value? Will it appreciate? Most property does but certainly not always and only if you are doing the upgrades/maintenance that is needed, is it in a high demand area, etc.
I see both sides of it. Renting works for some people and makes sense. Buying may work for some people depending on a number of factors.
So please take a look at the following property.
It is 2 minutes outside town limits. Property taxes are 750.00$ per year.
It needs a roof, appliances and various other upgrades.
It is 1.45 acres which backs down onto the Lahave River.
The property currently sits empty and has been on the market for at least 700 days!
It was originally listed for 124000.00$ and the price has been lowered numerous times and now is at 69,900$.
I would offer much less and see what happens. I feel that this property represents good value, could be updated, upgraded, maybe with some off grid systems for power and hot water, lived in for a few years and then sold or even rented out.
Anyway I want the blogosphere to vote on whether I should consider this investment.
I am going to make an appointment to go and at least look at it and try to find out more about it. My mother’s best friend lives directly next door and I am hoping that maybe she can give me some insight into what is going on with the property.
Please vote and please share this on Facebook, Twitter, Reddit.