Asked by katharinecmurphy, 02460 • Fri Aug 31, 2012
My husband and I are considering purchasing his late grandfather's 2-family home with his sister. All three of us are first-time homebuyers, and we have about $60-70k saved up. The home is a 2-family already (first floor for tenants, and 2nd/3rd floor was where their grandfather lived), and if we rebuilt it we would build it as a side-by-side 2 family. It was built in 1880, has a leaky/moldy stone foundation, asbestos siding, lead paint and hasn't been updated since the 70s. Oh and the 2nd/3rd floor plumbing doesn't work so we couldn't even really live on those levels.
My question is about financing -- we want to purchase it (probably for around $550k). We then want to tear it down ($30k) and rebuild (at least $650k if not more). How do we finance this? We only have 10% down for the initial purchase, and then we would need a loan to cover all of the construction. And we would want to start construction pretty immediately after purchase.
Any advice or similar situations? Help please!
Real Estate in Newtonville
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