My family needs a place to live, we have rented for quite some time now, but we're sure that we're ready to own, as it would cost us far less in the long run and we would have something to show for our hard work. Our problem is, what do we buy? The market is FLOODED with affordable homes that need little to no work to be livable, but where do we draw the line with those that should be repaired/restored and made energy-efficient to those that are so far gone they really need to be demolished?
Any one of these houses we have been looking at could be repaired/restored AND made energy-efficient for approximately $5000. On that note, the majority of these homes COST(or have asking prices)at or around that amount. $10000 for a house is a steal, and we plan to do just that.
The banks feel that if they can make ANY profit off of these properties, then they have succeeded. I feel as though these properties are not only a threat to healthy citizens as they rot and grow deadly black mold, that it should be up to the communities to decide whether the house stays or goes, or whether they want it to be restored so they can further expand their community/neighborhood. That's sadly not how it works in the Louisville Metro system.
I have found so many properties that are in decent condition, but just need minor repairs, but the common problem I have found is the ROOF. Why can't anyone put a roof on a house properly/efficiently? (Gripe)
Well I guess we're left to compete with the investors on this one, and to hopefully win our bidding war with the greedy banks real estate auction wars. We will own our home, no matter how hard the system tries to set us up to fail.
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