If you like the house and the area and are ok with the repairs that need to be made…go for it. But I would not include the cost of repairs in the loan. Unless you are going to just pay someone else to do the work. If you do the work, it can be done on your time schedule (And cheaper). The banks usually put a time limit on repairs like they do on a new build.I currently rent a three bedroom house. I've been here for several years and I really like the house and the neighborhood. I don't want to move and I'd like to stay here if I could. Over the past few years the rental company told me that they won't sell the house to me. However earlier this year they indicated that it might be a possibility. The house needs a lot of work though. Rotten wood, sinking foundation in the back, kitchen needs to be redone, bathroom needs to be redone, needs a new septic system, and lots of smaller stuff. Since I moved in well before 2020 when the real estate market got crazy my rent is very cheap compared to the surrounding area. If I wanted to renew my lease again it would be $1,200 a month which is nothing for me. I have a very good income, a decent bit of savings, and excellent credit. I don't think I would have any trouble getting a mortgage if I wanted one. I don't want to throw money away on rent forever but I'm tempted to just sign another lease and see what the housing market looks like in another year.
What says the ODT experts, should I stay or should I go?