What it really came down to were these things:
1. The house was priced the same as similar homes in similar condition that did NOT have the addition. They were just the original cape cods. So we were getting a lot of extra square footage for the same price.
2. We were keeping the cash we would have spent on closing so that meant we were able to use that cash to get started on repairs.
3. The house has A LOT of great potential. Josh and David (our Realtor) actually went and saw a house down the street with the exact same floor plan and addition that had been completely renovated, and it was gorgeous. That really showed Josh how much we can do to make it look really nice.
4. With our budget (we were extremely conservative - wanted the absolute lowest mortgage payment possible) there were not a whole lot of other options out there that were any better than this one. Near the end of this all, there were actually not ANY other options.
Josh and my dad went over to the house today and spent hours ripping up the carpet and padding and digging out nails. We are having a dumpster delivered on Tuesday so we can start demo'ing what we need to, and also because the old owner's left a bunch of their stuff there. We are having a roofer come out early next week to give us a quote and hopefully get started on that repair ASAP. Then we are going to do the electrical and the plumbing. Those are the big items. Once those are done we will have a better idea of where we stand financially and we will be able to decide what our next step will be.
I took pictures but I'm not going to share them because they are sooo bad! The house is a mess really. But we have so many friends and family already offering their help that I know we'll have it looking good in no time. Thank you all for your support and for offering to help. We WILL take you up on those offers!
Wow. That's a really wordy post. Did you make it this far? If so, you deserve something. Here's some Audrey for you, enjoying a lemon.
|Crazy morning bedhead|