I just bought my first house at age 22, 20,000 on a land contract at 300 a month, the owner owns the local lumber company so hes like anything you want to fix it up it will be covered. 2 Bedroom 1 Bath, Full basement, Im remodeling the basement into a bar. And a room will be dedicated to my ever growing macintosh collection. And of course my bedroom will be all goth and dark as I am an odd one.
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Getting into real estate at a young age is a good thing! No sense in throwing your money away for rent when you can invest it in where you live. I bought my house about three years ago at age 22. $28k for a two bdrm 1 bath that had been listed for over $42k the year before it got foreclosed on. I bought it as an FHA repo.
It sounds like a cheap house, and it is, but around here < $200k will get you a 4 bdrm 3 1/2 bath in a great neighborhood. (My in-laws did that)
Geez... I thought I got a good deal by getting my house for $85K... but then again, it's sittin on 1.25 acres, which is as big as the entire apartment complexe we moved out of when we got it.
We got our house in 2001, but it was built in '74, which to me is a good thing. That means that it's survived 30 years of Texas weather, and if it can do that, then it'll be around a while longer.
Houses in Connecticut are outrageous compared to those prices. I'd say minimum cost of entry for a decent house (meaning, not one you have to invest a great deal in to be able to live there) is probably about 125k. And that's low-balling it. It's probably more like 145k.
You think that is bad?!?!? Try southern california: $500,000 for 2 bedrooms! EEEEK!
My parents live in CT and when they visited me in WA, they were amazed at the prices of homes. I told them that if they were to sell their house in CT, they could move to WA and live like kings and never have to worry about money again (I'm in eastern washington, NO ITS NOT NEAR Seattle! 300+ miles away. Much cheaper than Seattle).
I failed to mention that in the more expensive section of Lakewood (not the same area where my in-laws got their house, they're in Lakewood, but not on the ritzy blocks.) one of the original Netscape employees, of whom I am supposedly related to by marriage and a cousin or two, sold their home for a couple million or so. Ray Adams, owner of one of the largest auto-dealership groups in town lives about 3 doors from that house in a 5? mil mansion, on his own private penninsula of the lake... Lakewood ain't cheap, but my in-laws got in there on a really great deal.
Work is coming along on it lol, thank god the person im buying it owns the local lumber company so anything i need i get free. A lot of work thats for sure i'll post pics as soon as i can and a 4 bed 2.5 bath house around here goes for at most 110,000.
Man, I wish.
Although Denver's not SoCal, houses here start at $200k, if you're lucky!
We just got a steal on a house per Denver standards. The people who sold it to use were Russian immigrants going through a divorce. They seemed pretty eager to get out of the house, and we were all too happy to help them.
In the meantime, we're dumping too much money into making it a little nicer (tile floor in the kitchen, new Corian countertop, new French doors, new roofing, etc). It's all a bit overwhelming, actually. But we're learning SOO much about being do-it-yourselfers, it's crazy.
Peace,
Drew