CoolChange
Full time employment: Posting here.
- Joined
- Apr 11, 2006
- Messages
- 969
Some of the recent threads on small homes and condos have prompted me to tap the collective wisdom here regarding something I have been considering for some time.
In another post, I mentioned my mother's declining health. There is a small house (1Kish sq. ft, 1/3 acre lot, 2BR/1bath) for sale about two blocks from her which I could likely purchase for $25K or less, around 1% of my net worth.
The house is in the general neighborhood where I was raised on the edge of a small town, backing up to forested parkland where I could see myself spending considerable time.
My initial thoughts:
I realize that I have not given a great deal of information here; but, any thoughts, suggestions, questions, etc. are welcome as I start thinking through this.
To start, assuming that I would proceed, given the relatively small initial investment required, how much due diligence is warranted?
Thank you.
In another post, I mentioned my mother's declining health. There is a small house (1Kish sq. ft, 1/3 acre lot, 2BR/1bath) for sale about two blocks from her which I could likely purchase for $25K or less, around 1% of my net worth.
The house is in the general neighborhood where I was raised on the edge of a small town, backing up to forested parkland where I could see myself spending considerable time.
My initial thoughts:
- Being in this close proximity to my mother might allow her to stay in her home a few more years.
- Even if this investment goes to $0, it would not be that much of a hit to my portfolio.
- The location is not ideal but is good for me in many ways.
- I have never actually owned real estate; so, I am a babe in the woods.
- Is my potential liability in fact larger than my purchase price if something were to go sideways?
- My general apprehension about any largish purchase.
- This would move me about 1.5 hours from long-term girlfriend. (I know others who have made this work; but, I know of a few failures as well.)
I realize that I have not given a great deal of information here; but, any thoughts, suggestions, questions, etc. are welcome as I start thinking through this.
To start, assuming that I would proceed, given the relatively small initial investment required, how much due diligence is warranted?
- Buyer's agent
- Lawyer
- Inspections, what kinds?
- Contingencies in offer letter?
- Title insurance (assuming so, online estimate is <$300)
- Not planning to bother with a mortgage, mistake?
Thank you.