(September 9, 2017 at 8:26 pm)chimp3 Wrote:(September 9, 2017 at 3:17 pm)Brian37 Wrote: 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.
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.
But why put a mortgage on yourself when you have the flat out money to replace or remodel? I am no fan of credit as it is currently sold as cheap and quick and indentured slavery is the way to foster trust. I am not against lending, I just don't like the current exploitation market marketing.
