Is it worth buying a 30,000 dollar house and put 30,000 more in it?

Question

Or just buy a house that doesn’t need fixed up and miss the opportunity of the house that needs fixed up? We found a house we LOVE but it literally needs work done, we don’t want to go in over our heads and it comes with everything we wanted. 3 bed, 2 bath, big back yard, a garage, and a big kitchen. We are so lost right now. We love this house but don’t know if it’s worth putting money into it. We would be paying around the same monthly payment if we get a house that isn’t a fixer upper and not get everything we wanted. This is so hard.

Accepted Answer

Spend $100 to hire a home inspector first to decide if your 30k will turn into 100k because of problems

Answer

For 30k hell yes. Inside stuff can be fixed.. the amount of land, neighborhood, etc cannot.

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It’s deffo haunted by a million ghosts if its only 30,000. Probs bodies hid in the walls aswell

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I would but be cautious cause you may only think it needs $30,000 extra to fix it but could be deeper issues which would bump up the cost way more !

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I second hiring someone to inspect it. My husband just bought me a lake house for summers- literally in my dream spot, adorable layout. We knew it needed work and we were willing to fix it up... so we closed on it last Friday. We had someone go tear out the basement walls and there are literally thousands of dead mice in the walls. The foundation is not safe so we have to lift the house- $50,000 to raise the house and redo the foundation... plus another $100,000 to do what we wanted to do to it in the first place. It isn’t a huge deal to us, we can afford it, but it isn’t an expense we planned on so in our minds the house wasn’t really as good of a deal as we thought it was. 🤦🏻‍♀️ However, I am still excited!

Answer

I'm assuming that it's old, I personally love old houses, so I'd go with the old house with the big yard. Things can be fixed just prioritize the things that need fixed now vs what can wait.

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Alright guys, thanks for all the comments! We decided that we were gonna pass on this house sadly 😭 but on Sunday we are looking at a similar house 3 bed 1.5 bath has a porch and a yard and some land for sale right beside it, we are hoping we like this one and could put in offer in for the house and land all together ( sold by the same realtor and even the same lady who is selling the house ) needs some work done ( which is what we wanted ) so hopefully we can get this house!! I’ll keep y’all updated!!! ❤️❤️

Answer

I’d say if you see 30k worth of work who’s to say you won’t find 30K+ more of work from the initial stages of your Reno? Are you experienced at doing the work yourself? Dealing with town code? Prepared to wait to get into your house longer if things come up? If not then I’d say keep looking for something more move-in-ready , unless you have unlimited income... I’ve heard too many horror stories about the scenario your proposing and then them regretting it later when they are stuck with a money pit

Answer

Get an inspection first. A mobile home in my area is worth $30,000. And crap homes are still worth $100,000 in my area. Definitely do an inspection to see what damage you will definitely need to fix. Because you can always paint or upgrade a kitchen or bathroom after all the immediate fixing needs to be done.

Answer

Mmm, I personally wouldn't buy a $30,000 house because I'm a paranoid freak lol! That low would indicate to me that there's a lot wrong with it, and a money pit house terrifies me.. we just bought a house that was over $225,000 and we are STILL finding things that need work.  Also, if you get a lot of work done you'd have to pay more up front.

Is it worth buying a 30,000 dollar house and put 30,000 more in it?

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