My mom bought a tear-down for less than $100k in a small Southern city last year. It really needs a shit ton of work and we’ll probably sink another $200k into it over the next 10 years. We are basically going to replace the entire house, in stages as we can afford it. But the point is that 1) she can live in it during this time, and 2) she’s building equity in it.
Still, I’d rather rent in California than own in the South. Good for her though.
My mom bought a tear-down for less than $100k in a small Southern city last year. It really needs a shit ton of work and we’ll probably sink another $200k into it over the next 10 years. We are basically going to replace the entire house, in stages as we can afford it. But the point is that 1) she can live in it during this time, and 2) she’s building equity in it.
Still, I’d rather rent in California than own in the South. Good for her though.