Hello, so my boyfriend and I visited a house yesterday slightly on a whim, and I need the wise MMMers to help me see straight.
A little about our financial/real estate situation:
I have 22% shares in a rental condo with a friend, although the condo is for sale currently as we both want to get back our liquid funds for other purchases (she wants a quadruplex, I want a house).
My boyfriend has 50% shares in his condo that he bought with his father fresh out of school, and this is the one we live in (I pay a portion of the mortgage interest and maintenance costs - pro rata to our salaries - and he covers all the capital and taxes since it is in his name).
We've been exploring home real estate in the area for over a year (and by exploring I mean doing online research only), because we're both outdoor people and not having a yard is hard on us (city living isn't relaxing for us after work). We've never actually visited a home simply because we are in no rush (no kids, condo is in excellent condition and low cost). We found a house on a lake close by, shown for 55,000$ below it's appraisal value, and couldn't understand why, so we decided to visit. The house is a converted summer cottage, so aesthetically it is stuck in 1986. There would be a few worries as to making sure the foundation is still up to scratch (and being a converted cottage, there is no drainage system around the house - although being on a lake there is the obligatory sump pump). However, just the land is apparaised at 200,000$ (current equivalent land on the same lake is selling for 350,000$), and they are selling for 289,000$. The house has been on the market for 10 months, down from 360,000$ (full appraisal is 345,000$). Realistically we could have the cash to pay a 60% downpayment if we wanted to, but are we just psyching ourselves out with the thought of being on a lake? Does anyone have experience with converted cottages? Are there any particular things to look for during an inspection? Does anyone have experience with adding a draining system?
Let me know if you need more information about the situation to add your in put, I guess I'm thinking out loud and tired of answering myself :)