Advice need on a house.

Discussion in 'Countryside Families' started by WhiteChristmas, Dec 23, 2006.

  1. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    Okay found just down from me this house it's a rent to own. I've looked at it from the outside. Would you go for it. my trailor is newer. but on rented land with heavy rules. my trailor with rent for it and lot is $375. a month. includes sewer and water. only a two bedroom. can't have pets or anything. {no lawn furntuire} no playsets. or sheds. no vistors after 6pm.

    http://www.usamls.net/era-advantage...is_id=24899&do_display=True&query_id=48096462

    or this and alittle freedom. and alot of work.


    Help advice please. PS. it's rual chickens and whatever allowed.


    White so confused.
     
  2. renee o'neill

    renee o'neill Well-Known Member

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    I would say go for it! around here "yes I live in a super high land value are"you could not touch that house for less the 100,000. No lie!an acre bare land can bring over 100,000. nowWe bought a few years before the prices went high,we could never never afford our house now,the last apprasil was about 1/2 million.We did even pay 1/4 of that.
     

  3. Wildwood Flower

    Wildwood Flower Halfway, OR & Wagoner, OK

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    The price is sure right!

    I'd say rent to own is better than rent only.

    I wouldn't like being right on the road like that. How far back does the property go?

    Do you have a family? The space is small.

    Are you handy?

    I would make a list: PROs & CONs

    This might be your chance to actually OWN your own place, even though small. I'd be inclined to go for it!
     
  4. vulcan

    vulcan Well-Known Member

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    You should get it, If you can afford it. even when you are not handy, if you go to places like LOWE they teach you how to do things around the house.
    Also in if you are willing to relocate, in Pennsylvania in the coal region the housing are very affordable, is possible to get a three bedroom one restroom
    for $20,000!!! Or LESS!!! some of them even have a back yard!! Just a suggestion....
     
  5. Mid Tn Mama

    Mid Tn Mama Well-Known Member Supporter

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    It is always a better investment to have a house rather than a trailer--in terms of resale. but that house looks very old. I'd check that roof and the heating/plumbing very carefully. Of course, over time, you may be able to build behind it.

    With that amount of land, you could have a large garden some chickens and even a goat or two..

    I envision white picket fence in front of the home and a cottage garden.

    How busy is the road. Any chance they will widen it and you will lose your home. People often put their homes for sale when they hear the road will be widened.
     
  6. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Have you looked IN the house? Under the house? In the attic?

    What shape is the sewer system in? How bad is the wiring and plumbing?

    Lotsa questions!!
     
  7. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    I've two girls one 4 and one 12. right now sharing a 8 by 10 bedroom. trust me we know small. LOL..... big probelm I see right now it's a high flood area. small stream towards the back area that floods every spring and pretty high too. but not as high as the house.


    vulcan I would but the jobs? right now husband's got a job at Bob Evan's and I'm waitressing and doing any other work that comes along. barn care/building roofs/shoveling and mine work a few times. he's making take home $230.? sometimes less a week. and I'm making sometimes #125. a week sometimes more. if I can get the hours and the tables.
     
  8. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    they go pretty fast. I walk on that road alot. cross the street is the PO. and they do speed alot in the eveings. not likely they'll widen that road. it's not a major one and leads to the dead coal mine/musuem. this area is pretty dying. Bluefield the town over is picking up and becoming pretty modern but Falls Mills is pretty much a ghost town. and my understanding from the locals that house has been on the market for 5 years. I can handle work. husband thu he's a city fella. no cable/no internet/no everquest he's dead in the water. LOL


    White








     
  9. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    just we really love this area. and without a car for now. we can walk into town from here or take the mini bus.


    How far is Abingdom? or Marion? never been to either place.


    White
     
  10. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Sounds like very little usable land with the house due to flooding. I'd pass. If it's been on the market five years, there's a problem...or many problems.

    You'd be buying something you can't sell after you find out it's a black hole for money.
     
  11. MarleneS

    MarleneS Well-Known Member

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    First off, do the math and know what you will be spending for this property over the term of the loan/rent. Is that amount in line with what you would pay for a similar home, in a similar location with a more conventional loan?

    Okay, after you get over the shock of that, and you're still thinking it's still better then just renting. Read the fine print of the rent to own agreement, and see if you will not be totally responsible for all the up keep and repairs on the rent to own property. If the answer is yes, get an estimate on how much is it going to cost out of pocket to do the necessary repairs for roof, foundation, and anything else you are going to have to pay in a relatively short period. Keeping in mind that the longer you put off the repairs the more it is going to cost you down th road because the deteriation is going to continue at an ever increasing rate the longer it is not repaired.

    Now, be very honest with yourself. Would you be better off staying where you are, where you are not responsible for repairs and maintenance, and putting what you would have had to with the rent to own in upkeep and saving for a down payment on a nicer home in a better location, at a better interest rate?

    Owner financing, and rent to owns are for extremely difficult to sale properties. The sellers might look like they are doing you a favor by making the offer, when it's more like they are desperate to get that money drainer off their own hands, or in the very least have someone else take over the expenses :)

    Sorry, if this puts a damper on your dreams, but keep in mind it could be your dream of today is likely to turn into your nightmare tomorrow.

    Hugs
    Marlene
     
  12. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    No bathroom. they had an outhouse. which now is not allowed. no shower. no bath. they've dropped the buy it price to $10000. the property includes a running stream which trust me does flood. as it is. alot of work and maybe heart ache. we're going to think about it. I mean it's been fosale/rent to own for 5 plus years. and the old man who died that us to own it. didn't do anything with it. and was well my understanding from neighbors plain crazy. I'd have to build on to it. and the county has no restrictins on buiding or livestock. LOL


    anyway alot to think about.
     
  13. bostonlesley

    bostonlesley Guest

    The ONLY thing which would stop me from buying that particular place would be the flooding situation.

    Everyone has his own idea of what he wants as far as a "home". Right now, in my own life, I'd be thrilled to tears and get down on both knees and praise God just to have ANY place, in ANY condition whatsoever which I could call my own. It's called "beggars can't be choosers." If the roof leaked, I'd smile and get a bucket..two buckets, three, four..whatever it took.

    But flooding means that the place more than likely is in a "flood zone"..and when you own a piece of property in a flood zone, you WILL pay through the nose for homeowner's insurance on it. It matters not that in the entire history of the world, flood waters have never even gotten near that dwelling. If it's designated as being "in" a flood zone, that's it. Some folks don't have a problem with flood insurance..those are the ones who pay cash for a property. If you need a mortgage though, you are REQUIRED to purchase flood insurance on property which is in a flood zone. So say that you bought this, fixed it up really NICE, and then perhaps someday NEEDED or wanted to sell it. Good luck to you if it's in a flood zone. You'd have to find a buyer who could either pay cash, or had a ton of money coming in and didn't care of they spent it on inflated flood insurance premiums.

    That would be the very first thing that I'd look into. Is it in a designated flood plain? If so, I'd forget all about any interest in it at all.
     
  14. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    very year this area floods out to the point people have to get picked up by boat by the local firerescue/police/sheriff. the house thu is on the higher end of it. where the house won't get touch but the whole backyard does.


    I've not gone in the house yet. but from what I see in the house. it's bare. needs new flooring. {vinyal's all ripped up and loooks like somethign pooped in there.}
    and seen the kitchen it's not huge and the outlets look pretty modern.

    anyway, might be a mute point. as I'm not sure but don't think the owners want a family in there.

    White
     
  15. MaineFarmMom

    MaineFarmMom Columnist, Feature Writer

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    I'd pass. The house is too close to the road and the traffic is dangerous. The land floods, there isn't a full bathroom, there aren't any appliances and no hot water heater. With both of you working there isn't a lot of time to make improvements. I'd keep looking. Something will come up that you won't later regret.
     
  16. donsgal

    donsgal Nohoa Homestead

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    It depends on the terms of the rent to own contract. A lot of them are written so that only a very small amount of the rent is applied to the purchase amount and you could never pay it off in your lifetime. Also, beware of a "contract for deed" or "Land Contract" because if you are late on one payment, they can foreclose on you and kick you out and you have lost ALL THE MONEY you have paid into it. Also, be careful of any "balloon" payment which means you have to pay off the FULL amount after a couple of years and if you cannot get financing elsewhere you can lose the house.

    If you are smart you will consult an attorney and have him look over the paperwork before signing anything (or paying any money), it is the best $250 you will ever spend in your life because you could lose thousands if you are not careful - AND end up homeless with nothing to show for it.

    Also consider the condition of the house. How is the roof. Those things are expensive to replace and if it's shot, then that is going to make a huge difference. Same with septic, plumbing and electrical. I you have to sink thousands of dollars into the house to maintain it, it's no bargain.

    If after careful examination it seems like a good move, I'd go for it. It makes a world of difference not to have to live with a lot of "rules" in your day to day life. Freedom is priceless.

    Donsgal
     
  17. WhiteChristmas

    WhiteChristmas Super Mom and College Kid

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    so far. I've not heard anything other than hope you can rebuild on that. and I think for the price I'd be better off with a blank slate. like land. in something other than flood area
     
  18. jen74145

    jen74145 Well-Known Member Supporter

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    Whatever you do, have a home inspection done! Cannot stress enough!
    And also, buy a home warranty. Different from insurance, will cover any of the major systems of the house for one year, then you may be able to renew.
     
  19. ericjeeper

    ericjeeper Well-Known Member

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    Not even a car to haul materials with?Let alone a pickup truck. If no outhouse is allowed. You will probably never get an occupancy permit.
    Best leave that place sit empty for another soul with deeper pockets and more ambition
     
  20. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    If there's no septic system, you are looking at THOUSANDS for installation. Run, do not walk, away from this one.