Not ready to buy, but ready to learn. First time home buyer, with a preference to flip a house? (PA) (VA)

Hi all! I'm 26 and not quite ready to buy a house for another 2 or 3 years. However, I am somewhat of a planner so I wanted to see if any of you had some helpful resources I could read through to learn about home buying. We're hoping to find a home in Pennsylvania (where his family lives) or in Virginia, closer to where we live now.

My partner is potentially going to be a full time musician, so I want to be able to afford the home on one income. I've been preparing by investing an extra % of my income into my 401k, so I will potentially have at minimum 8k to put down on a down payment. I think ideally, we'd look for a property in the 100k – 190k range but we can hopefully get approved for at least 300k loan (based on my research! nothing solid)

Ideally, I would like to buy a house that needs work so we could add our own touch to it. I know there are loans that include home renovations. What do these usually cover?

The reason I think a renovation on a cheap house would be worth it is because realistically we don't have the cash to make a cheap house comfortable. Including a reno would add value to the home right at the beginning, so if life gets in the way and we want to move a few years later, we'd have a better chance at resale.

Would a home renovation be something you recommend for a first time home buyer? Are there loan-related things I should be aware of? Any advice would help!

More real estate tips at Program Realty Wix site


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s