Congratulations.
I'm not familiar with the housing prices in that area (only what I've heard second hand), but I assume at $38,000 it's a reasonable price. At that price you should be able to pay that off in a couple years at the most (assuming you're not paying cash up front).
You'll most certainly want to do your due diligence up front when it comes to looking for issues. Even a house at that price can turn into a money pit if you don't have a solid grasp of all the issues it may have.
Is the house in an area that will pay off with some sweat equity? If, with a little work, you can get the value up to a more realistic $100K you'll be really set for your next home. We spent $3,600 on our first home, and after a lot of sweat equity sold it a few years later for $70,000. That made a tidy down payment on our next home, which we worked and paid off quickly so we could save and invest in our current "dream" home.
On a side note, I'd be reluctant put a link to your new address on a discussion forum. After the deed is recorded, anyone can look up your information on your assessor's website to find your name and some personal information. Most certainly not information you'd want to openly advertise on a discussion forum.
I'm not familiar with the housing prices in that area (only what I've heard second hand), but I assume at $38,000 it's a reasonable price. At that price you should be able to pay that off in a couple years at the most (assuming you're not paying cash up front).
You'll most certainly want to do your due diligence up front when it comes to looking for issues. Even a house at that price can turn into a money pit if you don't have a solid grasp of all the issues it may have.
Is the house in an area that will pay off with some sweat equity? If, with a little work, you can get the value up to a more realistic $100K you'll be really set for your next home. We spent $3,600 on our first home, and after a lot of sweat equity sold it a few years later for $70,000. That made a tidy down payment on our next home, which we worked and paid off quickly so we could save and invest in our current "dream" home.
On a side note, I'd be reluctant put a link to your new address on a discussion forum. After the deed is recorded, anyone can look up your information on your assessor's website to find your name and some personal information. Most certainly not information you'd want to openly advertise on a discussion forum.
