Hi everyone 
Okay, need some honest advice and opinions here!!
My fiance and I are planning on buying a home in the new year. I have had my eye on a cute little victorian house/cottage(it’s small) for over a year. It’s been for sale for 4 years! (I know, bad sign)
Anyway, I booked an appointment to see it with my Mom since I wanted her honest opinion. We went to see it and it’s cuter than I thought. I loved it! My Mom liked it, but thought it was too small. It has a kitchen, living room, 1 bathroom and 2 bedrooms. It is oil heated but has a gas fireplace in the living room (which the current owner uses as his main heat source) but I was told it would be easy to convert the entire system to gas since the gas line is already running through the house. It is over 80 years old which gives it a lot of character and for such an old home it is in pretty good condition (though I would never buy without getting it inspected) It has a new electrical system too. Okay, it has NO BASEMENT…the foundation is basically a concrete slab which is normal for most of the homes on that street. It’s in a small country town (perfect location where I want to live!) but my Mom thinks no basement is a bad idea..she thinks the re-sale will be very bad. I understand her feelings completely. The thing is, this home is very well priced, very affordable and because of the area, taxes are CHEAP and water is less than we thought it would be too. I mean, it needs fixing up like, new paint, carpet and floors. I don’t like the kitchen and would like to spend ,000 to replace it with a new one (cupboards, floors…)
The size is small but it’s just my fiance and I and we are only 21 and 23 so kids are not in the near future, lol. We want to live there for years and fix it up…maybe one day build onto it since the property line extends to the neighbours driveway so we could easily build onto the living room. The backyard is very private and a good size.
I don’t know what to do. It is very small but I feel that re-sale wise, it would appeal to a retired couple or a family for use as a cottage (since it’s in a cottage area) so I do think there would be a market for it eventually.
My plan is to get a whole new kitchen, keep the natural hardwood floors throughout, get new carpet all upstairs, new paint and add details like stonework behind the fireplace and one day down the road, veneer stone siding on the outside of the house.
Do you think such a small home (if I fix it up the way I plan to) would appeal to anyone?
Do you think for a young couple this property is a good starter home?
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{ 3 comments… read them below or add one }
My house is 775sf. It was built in 1928 and it has tons of charm. It’s 2 bedrooms/1 bath and has a good layout (not really any wasted space).
People who come over for gatherings, don’t leave because it’s so inviting. I’ve started planning things for weeknights because it it.
Remember, most of the things that bring the price down will still be there when you move creating a lower than market price then too. But it’s you are ok with that, go for it.
Also, be mindful the repairs always take longer than expected.
"The thing is, this home is very well priced, very affordable and because of the area, taxes are CHEAP and water is less than we thought it would be too."
Then why hasn’t it sold in 4 years? There has to be a serious reason for this.
go for it !!!!!!!!!!!! buying real estate can never be a bad thing.