Should I Buy This House?
The house is located in a neighborhood that I really like. It’s a single family home, English tudor, 1931, beautiful lot, but questionable electric work, filthy 1970s kitchen, 2 1/2 baths, but only one that is usable, possible water damage in ceiling, leaky basement – likely just from neglect and rainwater.
Pluses: Hardwood floors, pretty archways, no sagging, fireplace, solid windows that just need stripping and painting
The house is listed at 225K. Other properties in area sell for over 300K – some as high as 700K.
What do you think?
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January 18, 2010 @ 9:02 am
FIRST THINGS FIRST. I will assume you are a smart buyer and have done your homework, correct? If you plan to make an offer, make it contigent upon a whole house inspection. If not, buyer beware! That way if something serious is wrong with either structure, or something that may cost a lot of money to repair, you’ll have the option of backing out.
Consider this, if the previous homeowner couldn’t keep up the payments, then what other mechanicals items might they have ignored?
I don’t care about the numbers, unless they work in the buyers favor and the house is sound and habitable.
January 18, 2010 @ 2:27 pm
You could “sleep on it” for 24 hours, just to make sure that you don’t rush into anything that you’ll regret later. Do you have finances readily available to redecorate the property with? Will they be a requirement in the near future? Can you resell the house,or land, profitably?
January 18, 2010 @ 9:22 pm
Uh….I think you need to get a contractor to give you an estimate on the things you have listed before you make an offer.
My current house had a leaky basement….you know how much it costs to get it not only dried out but fixed to where it wouldn’t leak anymore? About $15,000.
There are also such a thing as “wet basements” where water ALWAYS flows in and there is a drainage system designed to assist.
Rewiring a house is more expensive than wiring a brand new home….why? Because you have obstacles to work around that you didn’t have before
This can cost you between $3,000 and $7,000, depending on how extensive.
The kitchen, for that priced house can set you back another $30K minimum IF the subfloor is intact.
I hope you have some serious cash…..this house is not a cosmetic fixer upper.
January 18, 2010 @ 10:51 pm
if you know someone who is a bit of a handy man or you’r prepared to learn and spend a little money grab it with both hands
January 19, 2010 @ 1:20 am
For a quarter of a million dollars? I wouldn’t. It sounds to me like this house is a nightmare. The water damage and leaky basement would scare me off.
Did you ever see the movie: The Money Pit? By the time you are finished fixing this one, you will probably have spent well over the $300,000 the other homes in that area sell for. Good luck getting it to $700,000.
January 19, 2010 @ 3:22 am
no…if a deal sound too good to be true, it is…6 mos from now you will lose another 50 grand…sideline your plans!
January 19, 2010 @ 9:48 am
if you want to know your answer as per indian vastu send me map , or location deatails east west north south, whats there.. and inside house map also,i will suggest you the best.
January 19, 2010 @ 2:49 pm
Sounds like a money pit.
1931 electrical is not “Questionable”, it is outdated, probably rotting and corroded, dangerous, and needs to be rewired, by a licensed electrician.
The electrical box is probably not rated to handle 200 amps needed for appliances in most modern homes. I recently had a house built and had to put in a 400 amp box just to handle all the appliances.
January 19, 2010 @ 5:21 pm
They always say it’s a great value to buy the cheapest house in the best neighborhood. I say if you’re not in a hurry to have to live in the house, go for it. Get it inspected first and also an estimate on the renovations. If the adjusted value is still less or reasonable in that area I say go for it. If you are a 1st time homebuyer, there are many programs out that to assist you in situations like these. They may be able to also assist you with your renovations. Example – SONYMA in New York has a program called remodel NY for exactly this sort of situation.
You’ll be able to fix it up over time to your specifications.
January 19, 2010 @ 11:36 pm
It sounds like it needs a *huge* amount of money to bring it up to comparable with the rest of the houses in the neighborhood.
Living in a house while renovations are going on is *highly* stressful.
But if you’re confident of your ability to pay for the renovations and won’t get too discouraged at the time and effort involved, then go for it — you may not get another chance at a house like this.