I'm either about to do something great or something stupid.
There is a condo for sale near me for 40k. This would be my personal home for my family. Traditionally, these condos go for 80k-100k. I know there is work to be done on it, but I don't know how much until we can see it. In my head, since it's a condo, a lot of the typical major problems won't be present (no septic/roof problems) Maybe I'm wrong about that, though. It was built in 1986 and the condo company financials are solid. It got put on the market today and I will be the first person to see it. The realtor hasn't seen it yet.
What should I be looking for when doing the walkthrough? Which questions should I be asking the realtor? Should I absolutely get a home inspector? What are some red flags to look for?
I don't mind cosmetic damage and don't mind spending 10-15k into getting it livable, but don't want to end up spending 25k, when I could have just gotten a similar condo all finished for the same price.
Sorry if these questions seem vague or my details are unhelpful. I don't really know what I'm doing, but I need a place to live and I can afford this one.
I welcome any feedback and will answer any questions I can if that's needed.
Thanks for your help. I really appreciate it. Any advice you could give would be helping out a young family that could really use a win right now.
