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FIND YOUR DREAM HOME OR APARTMENT
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One thing that I think is worth considering. If you have, say, 50k and the option of buying a 200k house with all of it down and a 150k mortgage, or a 150k house with an 120k mortgage and put 30k down and 20k of renovations in to it, which do you think pays off more in the end? With the 150k house you have the chance to make some equity. Also you will be paying less mortgage interest in the long term while spending the same amount of money initially.
I have always purchased fixer-uppers. Why would I pay more for a renovated or remodeled home with nasty carpeting,ugly granite counter-tops (hate tombstones on my counters!) or other "updates" I don't like. I prefer personalizing my home to my taste. Our current home was bought "as is"-we replaced the roof, windows, siding, septic, water heater, kitchen applicances furnace, moved the water tank inside the house, landscaped, refurnshed or replaced wood floors and refurbished walls (or replaced), added insulation, completely gutted the bathroom and refurbished the kitchen cabinets. Of course, the initial purchase price reflected the need for renovation. I love my house!
So silly, watching homebuyers on HGTV and they think they will find a home to completely fill their wish list--especially when their wish list is a $400,000 house in their preferred neighborhood and their budget is $250,000!