Get an inspection. That house is a fixer-upper; you’ll want to have a good idea of everything that needs fixed. Triage that stuff in terms of safety, severity, cost, inconvenience, etc.
Even casual friends will often help you move, paint, etc. in exchange for pizza and beer. (I’m in serious danger of having a day job by then, but ought to be able to find some time nonetheless).
There will always be stuff that needs improved, altered, newly furnished, etc. Pace yourself.
Mortgage: Accept only a fixed rate with no prepayment penalties. If your interest rate is above-market (because of credit history, documentation, etc.) you will likely want to refinance within a few years, and a prepayment penalty will make that painful.
If there’s something about this house and/or mortgage that seems like a big problem, be prepared to walk away. There are others.
Other advice:
Get an inspection. That house is a fixer-upper; you’ll want to have a good idea of everything that needs fixed. Triage that stuff in terms of safety, severity, cost, inconvenience, etc.
Even casual friends will often help you move, paint, etc. in exchange for pizza and beer. (I’m in serious danger of having a day job by then, but ought to be able to find some time nonetheless).
There will always be stuff that needs improved, altered, newly furnished, etc. Pace yourself.
Mortgage: Accept only a fixed rate with no prepayment penalties. If your interest rate is above-market (because of credit history, documentation, etc.) you will likely want to refinance within a few years, and a prepayment penalty will make that painful.
If there’s something about this house and/or mortgage that seems like a big problem, be prepared to walk away. There are others.