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New House Choices
Posted September 26, 2003 at 01:38:36 PM by Bean

In my search for a new house in southern Indiana, I have been able to come up with three basic directions I can head.  Please read them and then offer me some advice by leaving a comment.

  1. Buy a nice house.  I consider the house I am in right now nice, and I have looked quite a bit for one in New Albany with a similar layout.  The only problem is that houses are quite a bit more expensive down there.  A house like mine, with approximately the same square footage (1800) and atleast 2 floors (some have basements) run about $160,000+.  Note also that they are on slightly larger lots and have more brick in them than my current abode. 
  2. Buy a small house.  For about what I paid for my house here in indy (sub $120,000), I could buy a 1-story ranch on a slab or crawlspace with about 1300 square feet.  It may or may not have brick, and would have about the same size lot I have now (<.25 acres).  There is one house in particular that I think I may be able to get for $110,000, fix up over the course of 1-2 years, and sell for $140,000+ (it's going into forclosure).
  3. Live in a barn.  This was a shocking idea at first, but as I talked it over with my parents, friends, and Stef, it's seems very feasable.  I could buy 2-3 acres from my grandpa (on the cheap) and draw up plans for a nice house and a large (1200 sqft) pole barn.  Once approved, I could put up the barn first (before the end of 03) and finish off about half of the inside of the it as an apartment for us to live in while we build the house.  I think this would be an exciting project, and I could be moved into the apartment by 2004 with a total cost less than $30,000.  Come next spring, I could take out a building mortgage and break ground on my house.  The major fallback of this plan is that the land is 10-15 miles outside of New Albany.

So there you have it: Expensive big house, cheaper little ranch, or a barn.  What do you think?



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