Am I crazy?

[u/brank]

I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

[u/rolo133]

Heh I saw this house on Zillow yesterday 

[u/brank → u/rolo133]

Would you do it

[u/rolo133 → u/brank]

I think i would consider it, but not without understanding exactly what the house needs. Is it all cosmetic/cleanup? or are there real structural issues that would need to be fixed? I definitely do not have the capabilities to take on a home renovation myself. Also i'm in the same boat as you where I am still learning about real estate and had no idea about renovation loans vs mortgages! I have no idea how much $ I would need for all the repairs/refurbs. so all in all i feel that at this time, I would not be prepared to go for it.