mortgage and real estate- lacking value to me

[turbopoweredturtle]

I find it tough to purchase anything decent quality at a reasonable price.. I'm qual. For 140k at 3.7 % 30 yrs..

Looking in the greater portland maine area.. hopin for an acre, wi..th a decent quality home in a decent neighborhood.. mostly bank owned that people destroyed before vacating.. Or manufactured homes etc. That I can't stand to make an offer their asking 100k and up. Complete junk.

Where is the true value in this sea of failing homes due to deferred maintenance/or poor planning?..what is the true cost after 30 yrs of interest and taxes and maintenance that people pay a premium price v. value. I'm seriously considering buying land, taking a small loan; then building small and efficiently.

All in the name of saving dough, getting what I want, and let these penny stock homes fall out the bottom..

[ValveCoverGasket]

sounds like your best bet is just saving longer so you can pull off a larger loan?

[dunhamjr]

$140k doesnt sound like at gonna get you anywhere near what you want to own.
sounds like small home, small land and fixer condition to me.

the true cost to own is much higher then the purchase price.

you will spend(waste) ten's of thousands on interest, yearly taxes, repair and maintenance... probably to the point of 3 times the purchase price over the course of 30 years.

the interest on a 30yr loan at 3.7% is 92k if you don't accelerate repayment

[Egilbe]

I find it tough to purchase anything decent quality at a reasonable price.. I'm qual. For 140k at 3.7 % 30 yrs..

Looking in the greater portland maine area.. hopin for an acre, wi..th a decent quality home in a decent neighborhood.. mostly bank owned that people destroyed before vacating.. Or manufactured homes etc. That I can't stand to make an offer their asking 100k and up. Complete junk.

Where is the true value in this sea of failing homes due to deferred maintenance/or poor planning?..what is the true cost after 30 yrs of interest and taxes and maintenance that people pay a premium price v. value. I'm seriously considering buying land, taking a small loan; then building small and efficiently. There was 10 acres near me for $35k not too long ago.

All in the name of saving dough, getting what I want, and let these penny stock homes fall out the bottom..

Try Gray/New Gloucester area, Limington, Hollis, Standish. It takes as long to drive from Lewiston/Auburn to Portland as it does from Gorham to Portland. Normally, the farther North you drive, the cheaper the real estate is.