Author Topic: I wonder who here has purchased the cheapest home...  (Read 1129 times)

EconDiva

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I wonder who here has purchased the cheapest home...
« on: February 17, 2017, 08:02:37 AM »
Just a random thing I was wondering about today.

For those that are okay with sharing, how much did you pay for your home?  (A place you bought for the purposes of being your primary residence.) 

What year did you buy?

What year was the property built?

What kind of dwelling was/is it (single family home, condo, duplex, etc.)?

What was the price the home was sold to you for? (It doesn't matter as much to me what you put down on the property or if/when you paid it off as I'm more interested in what you bought it for, but you can feel free to share those details as well.)



boarder42

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Re: I wonder who here has purchased the cheapest home...
« Reply #1 on: February 17, 2017, 08:27:53 AM »
i dont have time to dig but i know there was a guy with a crazy cheap home i think sub 10k - has a whole thread about it.
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wenchsenior

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Re: I wonder who here has purchased the cheapest home...
« Reply #2 on: February 17, 2017, 08:43:54 AM »
Well, we didn't buy it for OUR primary residence but a parent. We easily could have lived in it. 2/1/1/ single family home ~1100 sq ft on a large lot for 62K. 

Oops ETA. It was built in the 40s, and we bought in 2009-10? I think. Real estate appreciates slowly here, so it's likely still worth less than 70K.

That wouldn't be a surprise in a small town, but this is a city of 300,000+.

I'm sure this won't be close to the cheapest, but it was definitely a good deal.
« Last Edit: February 17, 2017, 08:47:03 AM by wenchsenior »

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #3 on: February 17, 2017, 08:56:19 AM »
i dont have time to dig but i know there was a guy with a crazy cheap home i think sub 10k - has a whole thread about it.

Was it a mobile home?  I want to see this thread. 

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #4 on: February 17, 2017, 08:58:00 AM »
Well, we didn't buy it for OUR primary residence but a parent. We easily could have lived in it. 2/1/1/ single family home ~1100 sq ft on a large lot for 62K. 

Oops ETA. It was built in the 40s, and we bought in 2009-10? I think. Real estate appreciates slowly here, so it's likely still worth less than 70K.

That wouldn't be a surprise in a small town, but this is a city of 300,000+.

I'm sure this won't be close to the cheapest, but it was definitely a good deal.

Ok, we've got a 2/1/1 here for $62K.

Hmmm....I do agree with you I'm sure others will have you beat.  Let's see what else comes through. 

In the meantime, what region was this purchased in?

Fishindude

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Re: I wonder who here has purchased the cheapest home...
« Reply #5 on: February 17, 2017, 09:10:47 AM »
Our first home purchased about 1985 was $25,000
Nice little two bedroom home in the country on a two acre lot with an old barn.   

KMMK

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Re: I wonder who here has purchased the cheapest home...
« Reply #6 on: February 17, 2017, 09:12:54 AM »
My first house was $26,500. Bought in 2003. Built 1904. 660 sq ft.
Sold it in 2007 for $39,900.

Enough

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Re: I wonder who here has purchased the cheapest home...
« Reply #7 on: February 17, 2017, 09:18:39 AM »
Bought a foreclosure in a working class neighborhood in the midwest for $19.5k in 2013.  after ~$20k in reno, it is worth ~$55k. About to move out and either rent or sell it.

LindseyC

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Re: I wonder who here has purchased the cheapest home...
« Reply #8 on: February 17, 2017, 09:23:14 AM »
My house was pretty cheap, a foreclosure purchased in 2007 for 120k. (Canadian) It was built in 1920 and is a single family home, 2.5 bedrooms, two storeys.

I'm in the Greater Toronto Area and prices have skyrocketed, especially in my location, specifically in the city I live in. It would sell for about 340k as is, in about a day. :) I have spent about 25k on it for improvements, another 30k and it would be perfect for me and also sell for about 10k more. 

I don't really plan on selling it anytime soon, but definitely if I am still here when I retire I will sell and move to a smaller house or apartment in a smaller/cheaper community.


AlexK

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Re: I wonder who here has purchased the cheapest home...
« Reply #9 on: February 17, 2017, 09:44:33 AM »
I paid $47.5k for my manufactured home in Sparks, NV in 2009. 1250 ft^2 2bd 2 car garage on 0.1 acre in a nice blue collar neighborhood with HOA. I attribute my massive savings rate (80%) during accumulating years to this one good decision. My wife and I still live in it and it's been great. The only down side is the neighborhood is not bike commute friendly because it is only accessible by I-80.

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #10 on: February 17, 2017, 09:50:10 AM »
Bought a foreclosure in a working class neighborhood in the midwest for $19.5k in 2013.  after ~$20k in reno, it is worth ~$55k. About to move out and either rent or sell it.

Here's a Post 2000 home bought for $19.5K...you're the winner so far :)

How many bedrooms/baths?

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #11 on: February 17, 2017, 09:50:54 AM »
Our first home purchased about 1985 was $25,000
Nice little two bedroom home in the country on a two acre lot with an old barn.

Super cheap...but it was purchased in the 80s.  How long did you live there?

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #12 on: February 17, 2017, 09:51:29 AM »
My first house was $26,500. Bought in 2003. Built 1904. 660 sq ft.
Sold it in 2007 for $39,900.

This was in Canada?

boarder42

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Re: I wonder who here has purchased the cheapest home...
« Reply #13 on: February 17, 2017, 09:57:26 AM »
Econ Diva

you should just have everyone translate it to today dollars

https://data.bls.gov/cgi-bin/cpicalc.pl

1985 house is 56k in today dollars
2003 house is 35k in today dollars
2013 house is 20.3k in today dollars.

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icemodeled

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Re: I wonder who here has purchased the cheapest home...
« Reply #14 on: February 17, 2017, 10:02:08 AM »
We have purchased 10 total properties so far, 2 we have lived in and others were rentals. If this is strictly any house you bought, the cheapest was $10000 and it was remodeled inside and out 1 bedroom single family built in the 1940s. Already rented out $550 a month. Best deal we ever got. Was in a small country town that was hit hard during the recession. Lots of low income and rentals but crime wasn't excessive and finding tenants was easy. Below is our personal home we bought.

What year did you buy?
2010

What year was the property built?
1961

What kind of dwelling was/is it (single family home, condo, duplex, etc.)?
Single family

What was the price the home was sold to you for? (It doesn't matter as much to me what you put down on the property or if/when you paid it off as I'm more interested in what you bought it for, but you can feel free to share those details as well.) paid 73,500 for it. New carpet and paint but otherwise dated. Nice size bi-level with .25 acre yard. It was a great first home. The area was heading into the country and was a quiet street. 

EconDiva

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Re: I wonder who here has purchased the cheapest home...
« Reply #15 on: February 17, 2017, 10:03:32 AM »
All these post 2000 homes under 50K are really inspiring me...

On another note I'm seeing several 2 bed/2 bath homes...are these actually houses?  I thought 2/2's were rare (unless a condo/townhome/duplex).  If anything I only see 3/1's (older homes) and 3/2's or 4/2's (newer builds) as the popular setups where I live.

KMMK

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Re: I wonder who here has purchased the cheapest home...
« Reply #16 on: February 17, 2017, 10:10:21 AM »
My first house was $26,500. Bought in 2003. Built 1904. 660 sq ft.
Sold it in 2007 for $39,900.

This was in Canada?

Yes, in Winnipeg.

wenchsenior

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Re: I wonder who here has purchased the cheapest home...
« Reply #17 on: February 17, 2017, 10:55:27 AM »
Well, we didn't buy it for OUR primary residence but a parent. We easily could have lived in it. 2/1/1/ single family home ~1100 sq ft on a large lot for 62K. 

Oops ETA. It was built in the 40s, and we bought in 2009-10? I think. Real estate appreciates slowly here, so it's likely still worth less than 70K.

That wouldn't be a surprise in a small town, but this is a city of 300,000+.

I'm sure this won't be close to the cheapest, but it was definitely a good deal.

Ok, we've got a 2/1/1 here for $62K.

Hmmm....I do agree with you I'm sure others will have you beat.  Let's see what else comes through. 

In the meantime, what region was this purchased in?

Converted to today's dollars this would be ~70k in value. We live in TX.

horsepoor

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Re: I wonder who here has purchased the cheapest home...
« Reply #18 on: February 17, 2017, 11:10:53 AM »
Around 1990, we were living in a crappy rental (detached home on a foundation though) and I remember that my dad said the landlord was trying to sell it to him for $15,000, which would be $27,869 in today's dollars.  I think he could have purchased it for more like $12K though.

Instead, he bought an old farmhouse in the same town for $20K  because it was within days of being foreclosed on.  That would be $37,159.

Around the same time my mom bought a $32K house ($59 in today's dollars) in a different town, where my aunt had bought a falling down old Victorian for $25K.

KCM5

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Re: I wonder who here has purchased the cheapest home...
« Reply #19 on: February 17, 2017, 11:31:14 AM »
All these post 2000 homes under 50K are really inspiring me...

On another note I'm seeing several 2 bed/2 bath homes...are these actually houses?  I thought 2/2's were rare (unless a condo/townhome/duplex).  If anything I only see 3/1's (older homes) and 3/2's or 4/2's (newer builds) as the popular setups where I live.

It's not hard to find 2 bed 2 (or 1) bath homes in my city - most were built in the 1920s-1940s. Its a generic midwestern small city. In fact, there are quite a few 1 bedroom homes. And of course many 3-4 bedroom homes too.

Our 2 bed 1 bath is about 1000 sq feet, built in the 20s, purchased for $8x,000 in 2013. Would sell for about $125,000 now. Not the cheapest on this thread by any means, but we like it and are keeping it!

mbl

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Re: I wonder who here has purchased the cheapest home...
« Reply #20 on: February 17, 2017, 11:32:07 AM »
At then end of 1989 we built our 1200 sq ft ranch house for $67k.

Itchyfeet

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Re: I wonder who here has purchased the cheapest home...
« Reply #21 on: February 17, 2017, 11:40:53 AM »
Well, I can't match these LCOL area homes, but my  first place in the uber high cost of living metropolis of Sydney cost "just" $75,000 USD in 1995. It is hard to believe that a 3 bed townhouse in a Sydney suburb cost this little just 20 years ago. My parents paid $10,000 USD for our 3 bed family home in 1973.

But after starting cheaply, Stupidity quickly set in for me.... serious lifestyle inflation....

 - 2nd home. $180K USD - 1999
 - 3rd home $330K USD - 2001
 - 4th home $620K USD - 2004
 - 5th home $1.2M USD - 2010

Around 2013 I woke up from my madness under a mountain of a mortgage, and started dreaming of a better way of leading my life.... finally I found my way here to MMM.

I now cringe looking at all the transaction fees and stamp duties paid over all those buys and sells.

We will sell up and move to a LCOL area for FIRE.

Hopefully only one last set of transaction fees




 
 

ketchup

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Re: I wonder who here has purchased the cheapest home...
« Reply #22 on: February 17, 2017, 12:06:48 PM »
Bought a small (1bed) house for $18,500 at the bottom of the market in 2012.  Used seller financing with about 25% down and will have it paid off next month.  Probably worth $25-30k now.  Lived there with roommates the first year, then rented it out ever since, generally breaking even or coming out slightly ahead cashflow-wise including repairs/vacancy/stupidness.

If I'd known then what I know now, I would have doubled down.  I was only 20 and working part time making 12.50/hr and barely five figures in the bank, but I could have done even better...

dreaming

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Re: I wonder who here has purchased the cheapest home...
« Reply #23 on: February 17, 2017, 04:47:54 PM »
My house is not the cheapest, but I'll give you the details anyway:

Brand new home built in 2000 for $179,000 in a suburb of Minneapolis MN.  It's a single family split level with 4 bedrooms and 2 baths (the basement was unfinished at the time we purchased it so the sale price was for 3 bedrooms, 2 baths and about 1200 sq ft finished).  About 2000 sq ft now that we finished the basement.  I don't really like it, but I like my neighbors and it's going to be paid of this June!  It's value now is around $270,000

snacky

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Re: I wonder who here has purchased the cheapest home...
« Reply #24 on: February 17, 2017, 04:55:31 PM »
In 2002 I bought a 4 bedroom house for $30k. Sold it in 2006 for $45k. When we bought it, it had just been used as a drug den. When we sold it, it became a grow op.
(I started having babies and didn't want to raise them in that disaster of a house)
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Anagnorisis

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Re: I wonder who here has purchased the cheapest home...
« Reply #25 on: February 17, 2017, 05:05:24 PM »
I paid about 18K.  I bought a 'Good Neighbor Next Door' House (Half price HUD houses for teachers, police, EMT, firefighters).  I love my house, and I'm quite sure that it's been the best financial decision I've ever made.

Paid 24K, and received another 6K back, from a different federal program.  Built in 1949, 1200 sq ft, 3 bedroom/1 bath.  80K worth of remodels via an FHA 203K.  Wanted to DIY all the remodel work, but the FHA HUD inspector would only approve me to do half of it.

Refinanced @ 3.5% without PMI.  Worth ~250K today. 

I rent the other two bedrooms out at $500/mo, each.

Editing to add that it's a single family, detached ranch.
« Last Edit: February 17, 2017, 05:07:50 PM by Anagnorisis »

Enough

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Re: I wonder who here has purchased the cheapest home...
« Reply #26 on: February 20, 2017, 10:28:29 AM »
Bought a foreclosure in a working class neighborhood in the midwest for $19.5k in 2013.  after ~$20k in reno, it is worth ~$55k. About to move out and either rent or sell it.

Here's a Post 2000 home bought for $19.5K...you're the winner so far :)

How many bedrooms/baths?

2br/1ba 1100sqft.

Mezzie

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Re: I wonder who here has purchased the cheapest home...
« Reply #27 on: February 20, 2017, 10:47:38 AM »
I will certainly not win on the cheapest price in my HCOL area, but if we start talking about cheap quality...


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Fishindude

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Re: I wonder who here has purchased the cheapest home...
« Reply #28 on: February 21, 2017, 07:27:01 AM »
Our first home purchased about 1985 was $25,000
Nice little two bedroom home in the country on a two acre lot with an old barn.

Super cheap...but it was purchased in the 80s.  How long did you live there?

Five years.  Put a little sweat equity remodeling into it, and built a room addition & deck.
Sold it for $41,000

ringer707

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Re: I wonder who here has purchased the cheapest home...
« Reply #29 on: February 21, 2017, 07:37:15 AM »
While my neighbor paid FMV for the 21 acres he has, he got a log home kit for $11k. It's a nice house too, one of the types that have the loft area with the big windows going all the way up to the second story in the living room (ok, maybe not the most mustachian thing but still beautiful). He said he found the kit listed on Craigslist where the company repossessed it after someone didn't pay. I think they wanted what was left on the note (about 18k) plus the storage fees (11k). He went up there and looked at it and because there were a couple minor things damaged or missing, he told them he wasn't willing to pay more than the storage fees. They said fine, they were tired of holding onto it as it was costing them a lot in storage, so he got it for 11k.

brian313313

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Re: I wonder who here has purchased the cheapest home...
« Reply #30 on: February 21, 2017, 09:12:00 AM »
I bought a studio in 1997 for $5000 with another $4500 in parts. All labor was done myself. Lived there for 3 years and loved it. This was my first home paid for with all cash. Built 1955. This was 11th floor high-rise in downtown Detroit with an excellent view of the Detroit River. Very solid build but at the time was mostly retirees & converting over to the younger generation (my age at the time).

A freestanding home on 1/2 acre for $38,000 in 2005. It was a 3/1 but I converted to a 3/2 while remodeling it. About $40k in parts though. Again, all labor myself. Built in the 50s.

A 2/2 condo in a higher COL area in 2012 for $38,000. About 35,000 in renovations which was way high. I married and my wife had more expensive tastes. It would have been livable with about $5,000 worth of renovations. Built in the mid-80s.
« Last Edit: February 21, 2017, 09:17:04 AM by brian313313 »