My partner and I are first time home buyers and have found a particular home we are quite fond of in my rural hometown community in Southwestern ON (4hrs from Toronto). Our budget is 300k. This home was listed at 289k at the height of the market, height of the season. It has sat all summer, very rural home. Last sold for 190k, meeting with our realtor (who actually sold the home to current sellers) tonight for second viewing. My father joined us on our first viewing for a critical eye. Concerns: 1 creaky spot in floor, appears to be no ventilation in foundation on addition, dirt road, water volume (home has a new well drilled by my uncle). My brother is concerned with not taking the traditional approach of buying a starter home and profiting from flips. Mother is in his boat, particularly that the interest over the life of the mortgage is ~70k. I've done the budget up down and sideways, and this mortgage is well in what we can afford. Pros: turnkey, new doors windows roof and siding, new well, natural gas, newly renovated interior, large quiet property.
To me it seems like a homerun. We can get it under listing price due to circumstances, on condition of financing (pre-approved 315k) and inspection. Am I not putting enough weight into my families concerns ? They have all expressed advice for me to walk away from my interest in this property.
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