No inventory in the MLS for us, what properties are available are getting multiple offers and driving the cost up. This gave us the idea of looking for a fixer. We found even those weren't in the neighborhood where we wanted to live or were just too small for our family.
Thus the dilemma, what do we do? Here are our choice.
1) pay too much for a house at bidding auction... NOT interested
2) Buy a home in an adjacent neighborhood but the schools aren't as good... NOT an option
3) We did find one very small house in the area we want to live in but it is just too small. BINGO!!! This might be the best option. Using the FHA 203k loan program we can add on to the home and thereby increase the size to fit our needs.
Advantages are that you get a partially new home, updating the rest as may be necessary. You can update the existing home if needed, build the room addition that might be an additional bathroom and several bedrooms. Possibly repairing the fencing, adding a new gate, and pretty much anything else you may want to do to make this "your home". Frankly I like to see new carpeting in every new home as you can never tell what may have gone on on that carpet prior to your purchase.
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