Updated almost 2 years ago on . Most recent reply
To buy my own house or not?
I have an opportunity to view a potentially offer on a cute 3/2 house in the most desirable community in my area for a house for myself. I anticipate the purchase price would be about $260,000.
If I move out of my existing side of my 3/3 duplex and rent it the new rent would cover any associated mortgage cost for the new house.
The only cost I would be out would be out approximately $60,000 for deposit and closing costs, probably $50,000 in renovations plus some sweat equity.
I have an investment I am cashing in that would cover those costs.
I expect in another 5 or so years once the grounds have been recovered and the renovations have been done this property will easily be worth $650-700,000.
Does anyone see any down side to this purchase?