Just finished showing homes in Apple Valley, Rosemount and Farmington – the deals out there are so amazing. Beautiful six bedroom split with all new carpet and fresh paint, cute house on corner lot with brand new stove, nice flooring and fenced yard, awesome multi-level with fireplace and character….all list priced between $145-$170K.
Last week I spoke to a nice young guy, he was looking for a townhouse and during our conversation he said, “I really want to keep my total payments around $650 per month.” My initial thought was, that might be tough to do since we will need to include the payment on the mortgage, the property taxes and the association monthly fee into just $650. However he was looking in an area that I haven’t shown homes in for awhile, so I decided to check out the inventory before saying anything.
We found just the place on Monday and by Friday we had a negotiated and secured purchase agreement on a two bedroom townhouse with two car garage, courtyard, deck, decent kitchen appliances, newer furnace, all new carpet, some hardwood floor, a washer and dryer, full basement and freshly painted walls. All for the house payment he wanted…that’s less than he would pay just to rent the place.
Investors buying property and renting it out are positioning themselves so well for future financial gain. If you have young adult children who are not ready to purchase a home yet, consider buying a property, rent it out to them and ask them to maintain it or improve it over the time they live there in exchange for a percentage of the profit when it sells.
I was surprised to learn just how many parents are helping their adult children buy a home. In an article I read on CNN Money, it said as many as 20 percent of baby boomers have helped their kids buy a house. The article is great and points out many aspects of this, both pros and cons.
I’m going out this afternoon to show brand new homes in Farmington, I’ll let you know if the deals are just as good in that market segment.
Let me know what you would like to spend on a total monthly housing payment, I’ll do the research and let you know if it’s possible to buy a property South of the River for your desired monthly payment.