Oh, this is pretty tempting — buying a raffle ticket in hopes of winning a 4bedroom farmhouse on 3 acres. Thats a bit more room than we have now, maybe a bit more house, and it’s already had a lot of improvements made to it. Of course, $100 for nothing is a lot to drop, but maybe it’d be something worth having.
But I start wondering about some things — is the $100 really going to buy my a house? Will they be covering the sellers and buyers closing costs? If not, I’d need a lot more than $100, or even $1,000, to actually own the house. And of course, there are property taxes too. For someone that is pretty poor hoping to hit jackpot — thats probably something they aren’t considering. Paying a few thousand a year in property taxes may be harder to do than they realize. And there is the fact that no matter what updates or improvements have been one, an old house needs constant work.
Even with all that considered, I’d sure like a bigger old house — though that was is about 55-60 years younger than the one were in now. And, I must say that I don’t think this house is up to rental standards just yet. Plus, I doubt that we could get enough in rent to cover the mortgage, home insurance, and property taxes — much less the upkeep and repairs that would probably increase if someone was living here who didn’t feel the need to stay on top of problems as they arise.
I guess we could just sell our place, but it is highly unlikely that we would break even on the sale. The best bet would probably be to level the house and sell the two lots instead and thats just not something I think I could so. But still — even considering all of this stuff, maybe it’d be worth a ticket just the same.
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