- Those are all good questions, thank you for your reply. Asking price for the property is around 150,000. Next, I'm being prequalified to see how much I can afford to borrow and out of that how much I can afford to put towards renovations. Lastly, I'm not purchasing this to flip but to live there, as this is a nice, quiet area. How much it will be worth when finished is a question I'm not prepared to guess on right now.
Rosie, our answer is going to be predicated on the future value of the property, because - if you can buy this property for $150K and put $75K into it, but the property when finished is only worth $200K . . . we'd advise you to take the $225K and find a place better suited to your needs.
How much trouble can you get into? Well, mostly, only financial trouble! Since the property isn't currently habitable, any loan you get will require that it becomes habitable, and there will be a timeline to adhere to. You won't be able to "get to things" as you find the time.... more