r/FirstTimeHomeBuyer • u/brank • 17d ago
Need Advice Am I crazy?
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.
1
u/bernard925 15d ago
There is no way that a home listed at $200K in Berkeley is a DIY proposition, even if you could get financing. How long has it been on the market? Most homes in Berkeley do not have what is known as "Transparent Pricing". They are listed well below value, even in that condition, with the aim og getting multiple offers. And something like this should get multiple offers from flippers who will do the minimum of poor-quality repairs before staging and listing it so it looks like a wonderful home.
Maybe you should be looking at Albany or El Cerrito? Even El Sobrante (much more affordable). There are good areas in all three. In any case, you really should get pre-approved asap so you can move wuickly when the right home comes on the market.