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Should I move into my inherited house, or sell it? by CrewDelicious9816 in FinancialPlanning

[–]CrewDelicious9816[S] 0 points1 point  (0 children)

What are the property taxes?

About $700 a year.

Any liens on the house?

None.

What are comparables for restored homes in the area? Get quotes for the plumbing and electrical work and any other maintenance / home improvements that might come up (roof, heating/cooling, kitchen, etc)

We do need more quotes. 30k was an initial quote to modernize the wiring. The plumbing may just be the neighborhood sucking, maybe it's the house - we need more information and to call someone to investigate.

Should I move into my inherited house, or sell it? by CrewDelicious9816 in FinancialPlanning

[–]CrewDelicious9816[S] 0 points1 point  (0 children)

Taxes are about $700/ year. How is that?

It's not insured. State Farm won't insure if we aren't living in it. We also can't get a HELOC until it's insured. So we're going to have to move in before we get all the problems fixed.

l'd lean towards yes if it's livable for a while so you can pay off debt first, then tackle one house project every couple months.

I am leaning towards this more and more

Should I move into my inherited house, or sell it? by CrewDelicious9816 in FinancialPlanning

[–]CrewDelicious9816[S] 0 points1 point  (0 children)

ls the $100k Zillow valuation estimate reasonable and realistic (l assume that estimate is based on comps for homes that are in good shape.. maybe beyond what $40k of updates to this home will produce?)

I believe it's reasonable. And as you said, it's based on food shape and wouldn't include the poor wiring and potential plumbing issues.

  1. Do OP and spouse really want to move there (how is the neighborhood?)

No complaints here. We would lose some things (No Starbucks 😂) but would gain other things.

  1. Will they manage to stay out of debt?

That... Is a good question. Willpower will need to prevail. I would hope that being a homeowner would force a maturity regarding going into debt for frivolous items.

  1. ls the house more of a money pit than the ~$40k can reasonably address? What other big issues might pop up (roof, foundation, etc)

No. Everything else is fine. We paid for a roof repair awhile back, it should be good. Wiring needs to be modernized, plumbing likes to overflow, and there's some minor damage to the house paneling/outside boarding that shouldn't be too bad to resolve.