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!
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