What would you say if someone offered you a free house – and yes, people do give away houses – all you would have to do is move it. Would you take it, or pass? (oh, it’s so hard to resist free things, isn’t it?) I know several people who have either given a house, or considered an offer of a house. It can be a tough decision to wrestle through!
We would probably all initially jump at the chance to have a free house -to resell, or give to a friend, or maybe to make our very own cabin. But… it wouldn’t take long to realize that even a free house is not free at all.
To get this free house, one would have to pay for a whole list of things:
- Moving the building (think in thousands for that price tag)
- buy land on which to place it (you need 20% down for that)
- prepare the land – basement / foundation, driveway
- water / electricity hook-ups – well, septic, hydro, natural gas…
That’s to say nothing of the renovations that will probably be needed. (think tens of thousands for that price tag).
A free house could easily cost $50,000 without renovations or upgrades. (and I’m being extremely conservative – you’d have to already have land to make this price tag)
If you can make that price tag though, $50,000 is about the cheapest house you could hope for in this area.
What would you do? Would you take it, or pass?