Buying a small fixer upper house. Good idea? Input needed.

[BigSweezey]

So I've been browsing a bunch of different sites looking for a rental, when I leave iraq...more or less to get an idea on price range, I couldn't find anything I liked at a reasonable price. And up until recently I didn't really care to actually buy a house, being single I don't see the need to drop 150K on something for just myself, and my kids will only be staying every other weekend. And it seems 3brs are standard on anything newer.
Well, I started looking at cheap houses. Nothing special by a long shot, 2 bd 1-2bth. And found a few that I could pay cash for outright. Mostly repo's and such. I'm sure they'd need some work, they are mostly older homes. Honestly they are slightly below my personal pride standards, but if I end up where I want to, I can deal. I just won't have any guest over haha. On the up side it would be mine which gotta count for something I guess, and obviously I wouldn't have rent or a house payment. Which would be nice considering the current economy.
The plan would be to live in this house for a year or so, until I can get setup with a job, put some more money up. At that point I'd be trying to buy something better. Either selling the house or renting it out. Worse case, I swallow what's left of my pride, and I'm stuck in it longer. I could probably get into something better, on the next level of "niceness", but it would more or less wipe my savings out. Which I'm not so keen on doing.

In theory it sounds good in my head, but I've never bought a house before. Maybe in reality it sounds like a really bad idea. Input? Anyone done anything like this?

 

[Common]

I'm driving to PA tommorow to check something out, it is almost too good to be true so I am not going to get that excited about it yet.

Whatever you do, get a home inspector to check it out for you and go from there. It is always a plus if you're a handy guy and can do some basic stuff yourself.

 

[BDF8]

I'm driving to PA tommorow to check something out, it is almost too good to be true so I am not going to get that excited about it yet.

Whatever you do, get a home inspector to check it out for you and go from there. It is always a plus if you're a handy guy and can do some basic stuff yourself.

Great advice Mike.

 

[Common]

Great advice Mike.

Thanks.

Also for the OP!

Check if the house was vacant and how long?
If so, check if it was winterized, unless its in a warm region than dont worry. If it's in a cold region dont turn on the utilities until you know, because if the pipes cracked sometimes in the winter before, water will go everywhere and from there you will have a new set of issues, such as mold down the line potentially.

 

[BigSweezey]

Check if the house was vacant and how long?
If so, check if it was winterized, unless its in a warm region than dont worry. If it's in a cold region dont turn on the utilities until you know, because if the pipes cracked sometimes in the winter before, water will go everywhere and from there you will have a new set of issues, such as mold down the line potentially.

Good looking out...never even thought about anything like that.

 

[Common]

Good looking out...never even thought about anything like that.

Usually its the small leaks that cause the big damage down the road because you wont notice them instantly as they slowly moisturize anything they reach!

Also, if it's bank owner, foreclosed, etc etc, that everything is squared away with property taxes and that previous owner doesnt owe any. That could be a big pita as well.

 

[x NOODLES x]

As a man in construction, it is ALWAYS more financially beneficial to buy a "fixxer upper".

IF, and I emphasize IF you AND your family can handle the work and the stress.

Plus you get to do the house how YOU would want it.

:beer:

 

[PonyFever]

Follow Common's advise. An inspection is priceless so at least you know what you're up against for upgrades, repairs and livability enhancements. Good luck and thanks for your service.