(September 9, 2017 at 3:17 pm)Brian37 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 most of your investment and sometimes turn a tax free profit.
No, my mom left me savings I will have no problem fixing it, I do not have to borrow money, the only rub is shortening the time it gets me to my social security. I really have no interest in leaving or profiting off the house, just making it functional.
When I die, I will be willing the property to my sister, what she decides to do with it is up to her. The prob with buying a new location and hauling off this unit is I would still be stuck with property taxes on both, not to mention the mortgage on the new one. I am leaning to simply fixing this one up since I intend on staying in it.
I could literally go out tomorrow and buy another property with cash, I simply don't want that depleting the savings my mom left me with. Economically it seems fixing it up is my best and cheapest option.
(September 9, 2017 at 2:09 pm)chimp3 Wrote: 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.
My goal is to spend the minimum amount possible on repairs, stay in the house. I don't have to borrow. The bathroom is a disaster. That is looking to be 8 k by itself high end. 5 k for the septic tank. 10 k for new interior sheetrock and flooring. My budget I am comfortable with with all the repairs is about 40k. 50k in a pinch. I feel more comfortable doing it this way than buying new property or replacing this one since I have no intent on leaving. I am thinking that I am highballing all of this regardless.
My neighbors said they spent 30k inside and outside, on their house and while mine might cost slightly more, I am thinking it should cost less since I am not redoing the roof or exterior. The bathroom and replacing the septic tank are my biggest concern. With the floor rot, I think instead of replacing every sector, I can simply replace that particular spot outside the bathroom, which is way gone.
Well, $40,000 over 20 years is less than $190 a month. Pretty good for living quarters.
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