(September 9, 2017 at 2:05 pm)Cthulhu Dreaming Wrote:(September 9, 2017 at 1:55 pm)chimp3 Wrote: Are you going to have to borrow a lot of money to fix this place. I think money is better spent on standard homes that appreciate over time. You can always recoup your most of your investment and sometimes turn a tax free profit.
^^^
Though the financials may make that non-viable.
It's always going to be a depreciating asset so should be evaluated in terms of utility value for the money, over the lifetime of the asset. It might be that buying a new unit makes the most financial sense, it might not, but without reasonably accurate estimates it's guesswork.
Right. That is why I asked about borrowing. How much over time would you actually pay for the repairs. If you had cash and the repairs will get you 20 years of housing affordably then it may be worth it. I have a truck with nearly 300,000 miles. I have been spending about $1500 a year with repairs and maintenance the last 5 years. So, $125 a month is better than a $400 a month payment for a new one.
God thinks it's fun to confuse primates. Larsen's God!
