Posted by ss55 on January 14, 2013 at 11:36:17 from (173.31.19.80):
In Reply to: I bought a house!!!! posted by Fullers Farmalls on January 13, 2013 at 20:02:55:
Congratulations! First houses are a source of pride, fun, troubles and they are a real education. Post some pictures when you can.
As others have said - give it a good inspection and evaluate what you have before you stick any money into it. You didn't say what area of the country you live in or if the house is rural or in town. Sixteen inches of water in the basement during a severe drought would signal a major ground water problem around here. Take a good look at the foundation, the basement floor, drainage around the house, the well and the septic system as repairs to these can cost a lot more than a new roof.
Renting could be a mixed bag. Rent for a home on a gravel road can be pretty low and they are also harder to resell. Some states have a "homestead deduction" for owners who live in a house. If you rent it out you loose the deduction until you have lived in the house for a full year again.
The people I know that make any real money renting out houses buy them cheap, they don't make any repairs until the law says they have to, and they are pretty ruthless with their tenants.
Take good stock of what you have. You have a very short amount of time that you can still back-out and cut your losses if you need to go that way.
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