My partner and I (both 29 and employed full-time) are trying to buy our first house. There are two houses we’re currently looking at that we really like and are similar prices, but the houses themselves are totally different. We’re having a hard time deciding which one is more worth it.
• House 1 is $233k, 1400 sq ft, 3 beds, oversized garage. Would need multiple major updates - replace most windows, install dishwasher, replace back deck, new insulation, install automatic garage door opener, new fridge, replace basement stairs. We would really be able to make it our own though, and it has a ton of fun historical character and features. I’d also be able to offer below listing price due to all the needed updates, and use an FHA loan.
• House 2 is $236k, 918 sq ft, 2 beds, has two separate driveways but no covered parking, and has a dishwasher. It’s completely move-in ready and the only big-ish thing we’d have to do is get a mini HVAC for the sunroom, and be planning for a new water heater in the near future. It has some historical character but not nearly as much as H1. A bit cookie cutter, imo. Not a lot of opportunity to personalize beyond decor. I’d probably have to offer $250k, using a conventional loan.
TLDR; I’m looking at two completely different houses at similar price points- one which would require a lot of work and updates, and one move-in ready but will go for at least $15-20k over asking.
Which would you say is more worth it for a young couple on a tight(er) budget? Just looking for opinions and maybe insight from others who’ve been in a similar situation!