Is this a good deal for a property?

[ChalupaCabras]

The wife and I are looking to buy our first property. We have a very small budget and we both want to live in the country.

We have come across a property out in the country with a 2 story house and 3.5 acres of woods for what seems like an absurdly low price; essentially, we are getting the house for a few thousand if you factor in the fair market value of the land.

The catch? The house. While the interior is newly renovated and pretty nice, the exterior is poorly done; i will be spending a good deal of time correcting poorly executed "improvements" to the exterior, which were performed haphazardly during the renovation. The house will need:
* shingles torn up to replace some of the decking
* new siding on the back side of the house
* new trim around most of the windows
* some rewiring due to improper materials used in the power hookup (dads and electrician)

Its a fair bit of work... but we would only be paying what amounts to less than 20K for the house, so what should I expect right?

Relatives and friends still seem to think this is a steal, but It never hurts to have more opinions. What do you all think?

 

[shibumiseeker]

You need to provide a lot more information. Location, in town limit, or outside, other improvements to the property (well/septic, utility water/sewer), driveway type, land type, asking price...

Cost for rural land in the 5 acre range runs from $5k-50k depending on where you are, so without knowing that any other estimate is useless.

 

[kcw12]

Exterior is a lot easier for me to do then the inside. If you can do stuff yourself or can buy beer, for your friends. Shingles, can be done in a weekend. aint sure on price. Im doing metal and its gonna cost me about 1500.
the rest im not sure of.

Just make sure the house is of good structure still and go with it. Sounds like a great price.

 

[Scarnucci]

I was in your boat a few months ago. My wife and I bought a foreclosed house on just over 13 acres for a little over 90k. The catch, of course, is the condition of the house.

Your story sounds like the interior is livable and it just needs cosmetic work.

Ours had (has) interior and exterior issues that we are working on.

We knew we could never afford a place like this in a different market, so we knew what we were getting ourselves into with the rehab. My wife said "Give me a working bath, kitchen and bedroom and I'll deal with the rest."

So, that is what she has and we are plugging away at the rest as time and finances allow.

It took us about a year of searching before we pulled the trigger on this one. Dont be afraid to keep looking. In this economy and market there are more and more places like this becoming available.

I'll tell you what makes it worthwhile...When I wake up and head out in the quiet mornings to feed the chickens, and the frost is covering everything and there is a mist over the property...the birds are singing and I dont see a neighbor or hear a siren...I think to myself..."Man, this is OURS"

Its only 13 acres, Im not a land baron, but I love it and Im lucky my wife was willing to go along for the ride.

 

[Fletch]

If you like the house, you like the property, you like the location, the repairs and upgrades are within your capabilities, and you like the price... what are you waiting for? Grab it.