Project Townhouse: 1st Time Buyers

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Some townhouses here are under $500k. But they are older, smaller, and are in neighborhoods that offer no amenities.

Single families are another story. We wanted to stay under $500k, get a decent yard, and stay in Howard County. The inventory right now is so low people are paying way over asking for houses that need major renovation work.

We looked for about 3 months and found one that checked nearly every box for us and it was $485k. Completely renovated, but no air conditioning. Told the seller to install it in our offer, he declined. Our counter offer asked for money back at closing and he agreed. Whatever he just didn't want to do anymore work.

Congratulations!  And good job on having equity able to roll over.  Sometimes that money spent renovating can dig a little into ultimate profit; but it will probably help sell your house quickly.  We spent about $70k into our Reston house renovating it; but it was listed Friday Morning and had a contract in hand that afternoon waiving all but the financing contingency and full asking.  No house in our neighborhood has still yet exceeded what we sold ours for two years ago.