I'm a 25-year-old who recently faced the daunting task of buying my first home due to an unexpected pregnancy. After living in my mom's house in Alabama for years, she gave me an ultimatum about keeping the baby and made me move out when I chose to do so. I found a house that seemed like a decent option, but it turned out to be a huge mistake. I bought it for $170k (taking out an FHA loan for $164k), but it has some serious issues: no foundation, uneven floors, and potential termite damage. I've consulted a few real estate agents, and they advised that I might not break even without repairs. One suggested renting it out instead. Given my situation, what would you all do?
4 Answers
What are you really hoping to do here? Do you want to sell the house, rent somewhere else, or buy a new home? Uneven floors aren't ideal, but they can be fixed over time. It’s really important to know if there are serious issues you can't live with. Did you have an inspection before you bought it?
Have you thought about connecting with local charities or organizations? They might be able to help you with reduced-cost repairs or advice. It's worth looking into while you're figuring everything out!
First off, major props to you for handling such a tough situation at your age! If it were me, I'd definitely consider renting out the house for as much as possible. Use that cash to start saving for the repairs you need. It sucks that you're dealing with this, but I believe you have what it takes to pull through. You've already accomplished so much, so keep pushing forward!
Thanks for the encouragement! I really wish I had some proper guidance during all this. Now with another baby on the way, it's tough to stay strong all the time.
I'd suggest living in the house while you slowly fix it up. There are tons of DIY videos on YouTube that can help you tackle improvements. Since you've already invested money, it might be the best way to make the most out of it. Plus, you're building a home for your kids!
Unfortunately, I skipped the inspection because my realtor said it was 'newly renovated.' Lesson learned for sure!