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I've pretty much given up on renting anymore, I can't live comfortably or really afford of what most are asking for rent. Even with another job. Plus that fact that I have a pet makes it even more difficult.
So....buying seems like the only option
However
I don't have a lot of money for:
down payment
closing costs
inspections
Thought about doing a mobile home however the price plus the lot rent is really no different than the total price of renting?
I found a place for 45k its an older home built in the 1920's needs some TLC from the photos. Wondering if I could make it work.
It really does not sound like you can afford to buy a place. You should look into a first time home buyer FHA loan, and MAYBE that would work for you. A house that costs $45,000. would need a lot of work which costs $$, and no bank would lend for it unless it was thoroughly inspected and in sound condition.
Maybe a mobile home with owner financing would work for you. Sure, there are lot fees, but in a modest park they shouldn't be too expensive. If you go this route, don't spare the expense for a good lawyer to handle the transaction.
Nope. You are NOT able to buy in any sort of responsible way.
Share a larger place (rental) or stick with a smaller place (rental)... very near your #1 job and close to a good Transit Bus Line while you diligently save every penny you can get from work and OT and side jobs and second/seasonal jobs etc. so you can one day buy or at least have the choice to.
Either that or find some lonely guy who will take you in.
(but you still won't own anything)
"Gentlearts" yes from the photos it definitely needs some work done. The first thing I thought about was a mobile home but while the lot fees aren't that bad. When you add the payments of the mobile home plus the lot rent, it adds up quickly. Then I have to make sure they take pets.
"Mr. Rational" rentals are out for me. That's why buying seemed like the obvious choice.
Do not buy a mobile home. They are a waste of money and depreciate fast. You are also correct on it feeling like renting. Rent lots go up as well. Some parks give you a hard time when you want to sell. I would avoid that scene altogether.
Now depending on where you live. In some places 45k can be in a decent neighborhood. FHA has a program where all you need is 3.5% down. You are looking at 1575.00 down payment. Many sellers are paying closing costs. If the house needs a lot of work and you do not have a lot of money, then you may be setting yourself up for dire straits. The first step is to figure out what you can afford per month, then get pre qualified and go from there.
That older home that needs "TLC"... regardless of purchase price... is known as a "Money Pit".
If you have to worry about DP money then you don' have the money needed ($10,000 minimum) to replace and repair in an orderly manner let alone when it surprises you.
look into FHA and Homepath, both are offering 3% downs and Fannie Mae is offering up to 3.5% in closing cost assistance too right now...
and closing costs can also come from gifts...
theres the 203K loan which is specifcally for "fixers" through the FHA....
might be options for you...
i know wells fargo is offering 30yr conventionals for 5% down if your credit is good (least thats what i was told by wells fargo) and other companies are now also doing some lower downs for good credit
sometimes the seller can be talked into helping out with closing costs.
eitherway your biggest problems in both those situations will be closing costs and inspection fees... which will all vary by area, bank, size of home (for inspection costs) ect.
i knwo the boat your in though, i aboslutly agree, i think renting is right for some people...bot not for others...
for me renting is very offputting (and was forighn to me when i moved here lol, rentings not that common in the UK, or at least it wasnt 11 yrs ago) and right now i rent from my parents (yes i pay my parents actual rent...along wiht all my own utilities ect...) i need to "grow up" and move out and renting around here is impossible, so im moving out of state, and looking into renting in the kind of situation im lookng fro its actually cheaper for me to buy a hoepath or fha property than it would be for me to rent...
Get people to recommend a good realtor who works with first time buyers. Look at HUD homes on Bidselect.com and you will find realtors, too. Who knows, you might get a homepath property or a foreclosure. In my market there are some ok condos in not too scary places that you maybe could get into with luck. But you would really benefit by using a realtor who works in the kind of market you will be looking. I can't speak to the mobile home idea; I have no experience with them at all.....have always considered them bad investments.
If you cannot come up with the money for the minimal downpayment, closing costs, and inspections, then you probably should not be a buyer at this time. Save up some more $$ and continue on your search. The housing market is experiencing a glut of inventory and a "double dip". Highly affordable homes will be on the market for quite some time. Better save up sooner rather than later as interest rates will be rising again towards the latter part of the year.
You can look into 203K financing through HUD for homes that need TLC and qualify.
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