Buying my first house!!

[TollKeeper]

And I am completely over f**king whelmed...

Alright guys and gals.. I need some advice...

Just so you know, just in case the rest of this looks like babbling, I have never bought a house before, and this is a new expereince, so I am looking for help...

I am looking at a property in the Colorado market. Asking price is around 175k. I offered 145k due to the house needing some repairs that were not disclosed, or even known about by the bank (forclosure).

Anyways. its a 4000 SF house, with well water, septic system, 3 car garage, 2 out buildings (small sheds), on .051 acres, 3 conforming bedrooms, 2 non-conforming bedrooms, 3.5 baths (1 needs finishing), 1 great room/den, 1 living room, 1 dining room, 1 HUGE Rec Room, 1 walk in closet, 2 walk in storage areas, sunroom with jacuzzi, and a bunch of other things...

What it needs. Roof (about 20k), Sofets repaired/replaced in 3 sections, Kitchen refinished (foreclosure, Frig is gone, and marble back splasing gone), possible betonite damage in the basement, landscaping work to shed water away from the house (slight water intrusion in the basement, no foundation cracks), and A/C Condensor stolen..

What I have planned before purchase, assuming the offer is accepted, and before any contract signing..

Home Inspection
Well Certification
Septic Certification and clean out if passing all other inspections, with leech field check
Structural Engineer to check for possible betonite damage in the basement
I have not decided about a Radon Check. I dont beleive in it

Am I missing anything?

I have financing already lined up with roughly 30-80k available for a down payment, depending on what the banks needs/wants, and how much the general contracter is going to charge for some repairs. I am figureing 35k down, use the rest as sweat equity, and early prepayment for left over moneys.

Any other recomendations??

 

[tbuckalew14]

Can't hurt to have pest control look for termites too. I know for my house it was mandatory. Definitely a good idea not to use your entire wallet on the down payment. The money goes very quick the first year. Be sure to stop by usps for a moving kit(usually comes with 10% off coupon for lowes).

 

[Mark20]

Years ago when I bought my first house I found a book that explained lots. You may want to stop at a library or book store and take a look.

Both of the houses I've owned have had radon and radon systems. Doesn't hurt to check particularly if it is common in your area (it is in mine and particularly in my township) though one house to the next can have and not have it.

 

[bore_pig]

Well and septic inspections are required by the banks here. A home inspection is good because the inspector has no interest in the property and will not overlook some of the little things you might have.

20 grand for just the roof? What's wrong with it?

 

[Ghoster]

20 grand for just the roof? What's wrong with it?

$20 grand seems kind of high.... Are you intentionally overestimating it?

I know they say the home inspectors have no interest, blah blah blah. Get a book, read everything he is supposed to be checking, and then hover over him. Lots of them will cheat when they can.

 

[TollKeeper]

The rough estimates I have gotten are actually showing the new roof for about 21-29k depending on A-Structure damage. There definetly will need to be gutter replacement/repair, and the 3 sofets replaced.

 

[Badbart]

Personally, I would not buy a house now, unless it was an out and out steal! I say the market is not finished falling, at least not here. When I say an out and out steal, I mean cheap! A 3bdrm, 2 bth, 2800 sq ft on 12 acres here went for $88,000.00 last year. If you hold out you can pick up a deal. At the very least, if you must have this house, I would be leary of such a large down payment, in the event things go farther south with the economy. I'd be afraid of losing my equity, but you know your financial situation better than I do.

 

[mika]

Is it .051 acres or is it 51 acres? At .051 acres that price is alittle big time over priced. What's the house evaluated at by the city, The amout of repairs you have listed some are not good ones. How old is this house? Structual damage could be pricey, is the water of good drinking quality? Your leeching field up to city code? I would start the bid at city evaluation to start..

 

[Jkust]

Are you using a professional out there to assist? A realtor, lawyer, anybody?
Are you planning to live there and relocate or something else?
Colorado I believe is one of the few areas of the country doing well If I'm not mistaken. Is this in proximity to any ski resorts?
You said it is 5/100'th of an acre did you mean .50 acres meaning one half on an acre?
Why don't you post some pictures. I understand a 20k+ roof if is has a lot of damage that needs to be repaired. In my mind on my much larger house, I know how much my roof cost to have replaced a few years back but that was with zero rehab just removal and replacement. What I learned with my roof is that the contractor marks a roof up tremendously. It took some shopping to find someone not way off base then nobody was willing to get up there to do the work given its 46 foot height and steepness. It was a huge pain to finally get it done. There are several downsides to a large house.
Also what is betonite damage? The whole radon thing hasn't hit MN yet but is a huge deal in other states. Once you know you have it, you have to disclose it. I know I'd want to know before I committed as I understand radon mitigation systems are effective but not cheap.

 

[Hatchet]

i just bought my first house in June, and i know what you mean by over whelmed... get the house inspection and make sure he checks structure and foundation where visible. check out water and electrical (guy i had was great and went over everything with me rite there.) i bought my house for 130k 4bed 2 bath (which sold in 05 for 285k) with .31 acres (which is a good size for suburbs). it needed minor repairs and some updating. i'm in the process of remolding the 2nd floor, finished the 2 bedrooms and need to finish the bath.

dont put a ton down on down payment and get any inspections done you feel you need to have done before signing. its worth the money, hell the house inspection alone showed me alot.

and .051 acres us only 2,221.56 square feet

 

[fletch09]

how did the bentonite get in the basement? is it close to the water intrusion?
bentonite is used to seal earth and abandoned water wells.
once bentonite gets wet it expands to help form a seal.

if you have bentonite damage in the basement, the former owners may have seem more of a water
intrusion than you are seeing. (look closely for cracks in the foundation that may have been sealed on the inside.)
they may have tried to fix it w/ the bentonite.

bentonite can be used in 2 ways, that i know of, to try to seal a foundation.
1. dig the earth out around the foundation and apply a mixture of bentonite and water (consitancy of cement)
and apply that to the walls.
2. dig the earth out around the foundation, and mix bentonite w/ the soil (approx 1-2 lbs per sq. ft.)
refill the space, and as water works it way thru the soil, the bentonite expands to form a seal.
you said you need to do landscape work to help shed water away. the soil could have settled from the repair.

other thoughts about the water intrusion,
poorly installed drainage system around the foundation
leak from the water lines for the jacuzzi
leak in the supply line from your well to house

just my on what to look for with some of the problems you mentioned.
good luck

 

[jbones]

...I know they say the home inspectors have no interest, blah blah blah.

I agree, and was real glad I spent $300 to hire my own. The one the bank sent out didn't even go under the house, or in the attic. The $300 I spent would was far cry from the $5000 in addition repairs I would have been paying for. My place was only 10 years old and for the most well up to code.

So when was your house built?

 

[2001FZ1]

water intrusion can cause a lot of hidden damage: mold, fungus, mildew, ect....
It can be very expensive to repair and if it you live in a place with some of those problems, it can be a health concern.

 

[navigator]

I'm not sure your age/family/budget situation but buying a house can be a really stressful time on a family. I understand it has caused many divorces.

If you are a young guy with a wife/family etc, I would look at something that needs very little work and is well within budget.
If you are in an employment situation where you might have to change jobs or move in the next 3 years I would really make sure that if I bought a house it would be one that is easy to turn over.

If you are older and been married a long time and you and your wife are really on the same page and a fixer upper is well within your means and skill-set then it might make a great project that you save a lot of money on. As mentioned before there are a lot of costs that creep up in the first year of even a new house, with a foreclosure/fixer upper there can be many more. I'd likely take whatever you find in your initial inspections, take that estimate and double it to be on the safe side.

 

[TollKeeper]

I guess I should have proof read my first post LOL...

Its not on 0.051, at 2251 feet
It IS on 0.51 acres, at 22511 feet..

I am working with a real estate agent, ReMax to be exact. He is aware that I have no experience in buying a house, and with him being informed of this, he has to act not only as a buyers agent, but also as if he was buying it for himself to protect me (by law).

Me and the wife are both about 35 years old. Have both agreed that we do like this house. And that the repairs it needs are trivial in all honesty. As the house sits now, it is move in able, and liveable. The house appraised for 312k 6-7 years ago. We both are currently living in a mobile home, and we both want to start a family. And this house is not only to small for that, but in the wrong state. Neither one of us have family here, and I beleive family to be a big part in a growing childs life. Her family is spread across Arkansas, Georgia, Lousianna, New York, Wisonsin, and California. While my entire family is in Denver.

The roof would have to be repaired in the upcoming year. We think its the original from when the house was built in 1973. We know the square footage to the roof to be large, but are unsure of the exact demensions. We figure close to 48x96 feet. The upstairs has a underestimated sqaure footage of 1776 feet (my math tells me its closer to 3000 feet including the attached garage).

If my bid gets accepted by the bank, I do plan on hiring my own structural engineer to look at the basement, a house inspector to check every thing else, a well inspector, and a septic inspector.

We have roughly 110k saved up for down payment, and repair. So this is all within our budget.

We know the insulation is at least decent, while the snow had melted on the ground around the house. The snow was still 3-8 inchs deep on the roof.

Betonite is a very common problem thruout Colorado. One city, Thornton, is one to stay away from, as there seems to be betonite in the ground EVERYWHERE!

The landscaping needs to be done because it doesnt look like it has been done since the house was built, and it has settled. The old owners have put in trees, and bushes, but that hasnt stopped the dirt from settleing. Water is somewhat running to the house, but not in massive quanities. Looking at the basement window sills, the landscaping has settlled about 8 inchs.

Inbetween the roof, and landscaping, the water damage is easy to stop.

Some pics from the real estate auction..

Yes I know the bathroom in the basement needs finishing, and I am ok with that (man cave needs a man bathroom you know). Past that, the only real thing I dont like is the green bathroom.

 

[Jkust]

Looking at those pictures I have to think that the value is in the land and what must be an ultra fantastic, to die for, super location. I am staggering in front of my PC as to how much updating that house is going to need. I'm being honest when I say, you will be busy from now until the next decade and need a lot more money to get it into shape. If you were my friend locally i'd gently smack you, so I will have to do it via the internet instead. Unless the location is so overwhelmingly good, how in the holy hell did this make it onto your radar? I bought and rehabbed my first house while in college full time and working full time at 20 years old. I am your age and there is just no way I would have one hundredth the energy I had back then and I am in really good shape much less the time it takes to do stuff well with a career and kids and sports and on and on. It was a complete rehab from soup to nuts plus I added a 256 sq ft addition, a new kitchen and everything you could possibly name to that house...literally. It looked like your pictures when I bought it but my circumstance were much different. You are not cash poor and so I am wondering why there aren't other options for you? I'm trying not to be harsh but I am shaking my head until I find out the logic here.

 

[jbones]

...at 22511 feet..

I hope that's not Elevation

 

[muddy tires]

$145K??!!

That doesn't even pay for the land for a driveway around here.

 

[tbuckalew14]

I would love a house like this for 145K. Just work on re doing 1 room at a time. I'm trying to find something in my area now that's live able and around 25-3000sq foot for under 300K. It's tough. Houses are either too expensive...or they are affordable and in bad shape. You can get lucky here and there(Like I did on our first home...pre-foreclosure on a house that was completely re done). I'd say go for it. Just don't spend all your savings at once. Don't want to end up being house broke.

 

[Filter]

That does not look like a 4,000 sq ft house. Where are the hiding the the rest of it?

 

[Busterbrown]

it is move in able, and liveable

Really??? Pictures tell a thousand words and I would have to disagree with the "livability" of the property as it stands. For around 150K, you might just have on your hands a bottomless pit of repairs and upgrades. The housing market may not come around for years and you'll never see a return on your investment even in the long haul.

The house appraised for 312k 6-7 years ago.

Remember though, that was before the housing market crash of 07-08. Heck, chicken-wire stucco homes in the suburbs of Phoenix were "ONCE" topping 300K. Now, if you're anywhere OVER 40% of those peak values, you have blinders on.

One city, Thornton, is one to stay away from, as there seems to be betonite in the ground EVERYWHERE!

Completely agree. I lived and worked in Thornton for 6 months and would never consider it a suitable neighborhood to buy a house, raise a family, or build equity in a property.

 

[Busterbrown]

I would love a house like this for 145K. Just work on re doing 1 room at a time. I'm trying to find something in my area now that's live able and around 25-3000sq foot for under 300K. It's tough. Houses are either too expensive...or they are affordable and in bad shape. You can get lucky here and there(Like I did on our first home...pre-foreclosure on a house that was completely re done). I'd say go for it. Just don't spend all your savings at once. Don't want to end up being house broke.

In my eyes, how the market influences the price-point of real estate is a condundrum. Is a listed $500K home in, let's say, Philly, DC, or Frisco...really worth $500K? How do these home stack up again the more cost-advantage properties of less popular areas? Take Detroit for example. Job market, auto market, housing market all busted big in the motor city over the last 5 years. Now, homes are selling for 55-60% less. There is an abundance of vacant, foreclosed homes with an even larger number of underwater properties. If a buyer has $200K in mind, a whole lot of house can be had. Fully bricked, modern homes with basement foundations; many of which the acreage is tallied in whole numbers, not fractions. Many of these homes are in the northern and western suburbs of Detroit, giving a nice seperation from the questionable element of the inner city. With these neighborhoods come some good public school systems that are worthy of teaching any scholarly or sports minded child. The millages that account for your annual property liabilities (taxes) are reasonable and within any middle-class home owner's budget. With that said, the market is still hungery for buyers who, incidently, are non-existant. I find it fascinating how jaded the market really is.

 

[TollKeeper]

pictures may say 1000 words, but you're missing a whole bunch in this house. the only damage to the first floor, the living area, is in the kitchen. it needs the counter top backsplashing, a refrigerator, and tile, and thats it. paint I'm not really worried about, as I have many years to get that done. I won't disagree that at least 1 bathroom needs a rehab. however that is the spare bathroom for the 1st floor. all 3 bedrooms are complete painted and carpeted, the master bathroom and master closet are complete painted, carpeted, and tiled. the 1 bedroom, painted pink, my wife has already spoken for.

I have specific requirements in looking for a house. it must have 3 garages, 3 bedrooms, and not have any covenants or HOA. It also had to be less than 40 miles from my work. This is 22 miles (requirement of employment), and has met all my other requirements, and then some.

I have looked at some 100 other houses, and not a single one of them match my requirements. I have shopped at least 1000 propertys online, and none met my requirements. They are out there I am sure, but none of them are in my budget.

I can buy a house closer to work, half the Square footage, only a 2 car garage, and have neighborhood covenants, and pay more than this house.. And guess what, every single one of those houses need some 20-30k of work as well.

 

[mika]

To me that looks pritty good, I am pritty handy my self and I woud definatly buy that, The interior damage that you can see is minimal, roof well contractor, but look for lots of quotes, I did notice somthing in one of the bathroom pic's, the toilet, you have hard water deposit in the bottom. That what it look like from the pic, a goog fix for that would be a water softening unit, it will all prlong the life of the washing machine and dish washer. Remember 1 good peace of advise.........

For every 10 people you talk to, 5 will disagree with you..

Nice house and good luck, hope you get it and start that family.

 

[navigator]

I once found a fixer upper at a pretty good discount. It had about 2 acres if I remember right.
All it really needed was carpet and paint.
When I walked through it I liked it a lot (especially for the price).
My wife on the other hand wasn't crazy about it.
I could envision the face lift.
She could not.

I finally asked her "If this house was in brand new condition would you like it?"
She said no, so we walked away.
We ended up finding a new house right after that for about $15k more that we were both much more satisfied with.
I expect we would have spent around $5k to get the other house in like new condition but it wasn't as large or nice as the one we bought.

it sounds like you have done some homework, it is within budget and you have some bank to do the work.
A lot of folks will find a fixer-upper with little cash on hand at the upper end of their budget....bad choice.
It also sounds like it is the house you and your wife want.
I know you have already made an offer but before you sign, make sure your wife is 100% on board.
At 35, it is likely you and your wife have been through a few things and know each other pretty well.
Make sure it is the house she wants too.
Make sure the kitchen and laundry area are what she needs.
Nothing worse than being in your "new" house for 3 months and the wife says "I hate this house".

If she is on board then go for it.

 

[walterc4553]

I think these things have all been said before but I want to call additional attention to them.

-I would do as little down as is required. There is more work here then you would imagine and the rest could be saved for a rainy day.

-ALL of your inspectors you need to get multiple, multiple references. Also get a bonded and certified one. I did not. Someone else said it and they will overlook and hide things. Electrical, plumbing and water damage are all easy to overlook.

-Check everything yourself: Test everything. Sinks, Drains, Heater, air, softener, sump pump, electrical, everything. Even things like calking can show how a building was cared for. If you want a full list PM me. The list can be really long. Inspectors are not required to check everything.

-Check the windows if they are wood. Is the wood damaged what condition does it need repaired. Wood windows need to be resealed every 5 – 10 years depending on humidity.

- Get a mold and termite inspection, Colorado is a heavy temp swing state, this leads to higher chance for Mold. This would be a requirement to me. Mold is no joke and can make you very sick.

-Get a radon inspection. Again it is cheap prevention. Betonite damage leads me to believe there is clay. Radon is most prevalent in clay. Radon can make you very sick with no hope of recovery. Again no joke.

-Ask for records of all work, Septic repair, well, appliances, etc. Ask for all manuals so that you don’t have to find them.

-Pull the city records for the house. Did the person pull permits to change things. Look at the house.

- Betonite Damage, Is it damage due to cracking and betonite product that was applied to the house as a sealant. Or is it Betonite damage as in heavy pushing ground. Either one is something to walk away from but the second is worse. Betonite damage in areas with heavy clay means that there was extreme ground expansion. If there is not damage now there probably will be. You can find out the soil composition from the city.

With Betonite damage from clay expansion the foundation cracks will start on the outside of the blocks and no appear on the inside walls until after it is too late. Additionally the grading along the foundation can hide the cracks. Finally

Hearing those words would make me walk away.

-Landscaping & Water Leak. I had the exact same situation. The seller said they once had a small water leak. There was NO water in the basement and everything looked great when we did walkthroughs and inspection. Then the day we moved in it rained pretty good and you would have thought that a faucet was on coming in the corner of the basement in the back closet. We walked outside and the water was running down the brick wall and then right into the wood framed corner of the house. The house had settled such that the ground was now over the siding. We pulled back the sheetrock and found a basketball sized hole in the corner of the house. No wood, No buffalo board, no insulation, just the sheetrock then the siding. The seller hid the whole thing. To fix the problem we rented a walk behind bobcat and moved a ton of soil, built a rock wall, Jacked up the sagging house Inserted a new corner support and then put the whole thing back together. Rough estimate was about $1500 but we did all the work using family (contractor uncle, electrician father in law, myself). There was black mold everywhere. That required lots of bleach, moldkill and finally paint treatment to stop spreading. My wife and I both kept getting sick the first three months until we got the problem sick.

-Pictures - Looking at the pictures I agree with jkust, there is too much work to bring it up to date. Look at the millwork(trim, casing, moldings), walls, appliances, cabinets, floors. All need updated most are 70’s style deco.

-20K seems like it could be high for a roof. My buddy just put a roof on his house that is 4200 Sq ft and mostly a ranch. He put on a 30 year roof and it was $7K. And that included some plywood repair.

-How are the trees and living landscape what stage of their lifecycle are they in. Pulling out dead or dying trees can be costly.

-my 2Cents. With all the issues I would walk away. Great price for land and size of house no matter where in the US. But I think the price is high for the amount of work

-You are probably in love with it right now and believe that all these changes are “easy”. Well write down everything that even might have to be done. Then put estimates for time and money. Then double your estimates and you will probably be close to the cost to repair everything. Then weight out the decision.

 

[Jkust]

$145K??!!

That doesn't even pay for the land for a driveway around here.

Hard to compare two totally different countries with economies based around different theories. $145k here in MN with the 6th highest cost of living isn't much of a house either but if you get out of the inner ring and first tier suburbs or are ok with a smaller house you can find plenty for 145k. It wasn't more that 4 years ago where one acre in my town was $1M and of course nobody would sell you that much anyway in just raw land since they could parcel it out into 4 lots and profit more. My yard is coincidently .51 acres and is a decent sized yard for the kids to play but most of the time they are in the cul de sac anyway.

I'm looking at it like this. I think we have a paradigm situation here. When I am living in a trailer home, my paradigm is aligned in a certain way and so when I view a house like this that I view as a good bargain and am willing to overlook the obvious warnings and alarms that should be going off, I can't see the forest through the trees. A simpler example, most people that live in normal homes come to our house and are overwhelmed by its size and features. As my house is now part of my hygene having lived there for so many years, I don't see these things any more but when I go to my kids' friends houses that put mine to shame, I think my house is severely lacking. Again a paradigm situation.


I guess I can't stress enough how unbelievably much you are underestimating what a money and time pit this house is going to be. If many of our choices are based on scarcity whether it be time or money or both, this house is going to challenge you soon after you move in. Posting that house with this comentary is almost cliche to me. Like watching a movie where the viewer knows what the main character is going to endure before the main character does and you are shouting at the screen not to go into the woods at night by himself.

 

[TollKeeper]

I just don't see the updates your referring to. I agree about the green bathroom needing an update, and kitchen. But thats all me and my wife see. I guess we like the older styling that you see. We dont see it.

So lets try this another way, what updates do you see, why do you see them, and what costs are you thinking for updating?

 

[Jkust]

I just don't see the updates your referring to.

See I think you are punking me with that statement but that is exactly what I meant by paradigm situation. The house looks to be a museum to the late 1960's, early 1970's. I'm betting there isn't 20% of the house that doesn't need updating/replacement or serious rehab work. Even the driveway looks to need replacement. I bet even the brick needs some tuckpointing. There is old/outdated but well maintained and then there is old/outdated and unmaintained then there is old/outdated/unmaintained and decrepid. I feel based on the pictures and description this one falls into the latter category of quickly made up categories.
How about this. Post a couple of the alternatives to this house and we may have a different response. I don't know the Colorado market and we may just eat our words like during the boom when you'd see what $1m buys you in silicon valley.
I'll tell you what the upside of a house that needs a lot of work is you end up with a nice collection of tools and the confidence and know-how to do the mostly minor things your next house may need. The other upside is you will see that nobody does as good a job as you on your own house. I hired a painter one time for some of the taller rooms in my house only to realize they cut corners and the results show that. Heck I even diagnosed and repaired my own furnace a couple months back with a multi meter and the wiring diagram and ordered new parts and installed them. I saved a ton of money where most would have likely replaced it. Confidence earned from my first house back in the day.

 

[walterc4553]

So lets try this another way, what updates do you see, why do you see them, and what costs are you thinking for updating?

I think you are correct for the most part the house is liveable, unless things like mold mildew (health issue) or structure damage (safety issue) shows up. Which based on my past experience and what you know so far I would have been afraid of and walked.

But generally the house is 60's, 70's and 80's deco and if you plan to flip or sell anytime in the future it needs to be taken to a more netural style and up to date.
Like you said you guys are OK with it. So if it is safe (health and safety) then I like it for you also.

One think I did think about is that if there is soffit issues often there is issues with the header boards under them. This could increase your soffit replacement cost.

But for me I would do the following.
1st Picture:
Driveway and Curb appeal cleanup, repair drive and cleanup landscape (remove trees close to house) take down 70's style fence, etc.
2nd Picture:
Tree Close to house could cause problems with plumbing and underground cables, I would remove. Patio door would/could need maintenance. Clean and Seal and tuck Brick and Mortar. Add Gutters.
3rd Picture:
Wood work Ledger molding, base molding and Crown molding are all mismatched. Windows appear to be replacement drop-ins. Looks like moldingand casing is missing. The Mantel for the fireplace is not matched to the fireplace it stands out. Outlet covers are mismatched. Tile is mismatched to the fireplace, and carpet replace. I would almost gut the room. Additionally there are not many outlets from that picture. I like lots of them, just think of how many things you have that are electric. I would hope to see two more in that picture with code requirements.
4th Picture:
Just Finish bathroom, but I would replace flooring it is already dated some.
5th Picture:
Mildew by Tub to clean, Replace/recondition tub, replace toilet, replace sink, replace countertop, replace wall tile, replace flooring, I can't see enough of the wood to identify if it needs updated/repaired.
6th Picture:
Tub, Flooring, countertop, tile, Again I can't see too much of the Millwork to make comments.
7th Picture.
Crown Molding and base molding mismatch, outlet cover mismatch for walls, no trim around windows. Casing around windows, lack of outlets. Flooring
8th Picture:
Replace cabinet and top, tile on wall, Tile on Floor.
9th Picture
Cabinets, replace stove hood with microwave, Electric Coil stove(annoying to clean), countertops, woodwork, etc.


With the pictures I can't do a whole assessment like I would walking through a home. This does not take into account other things I look for immediately, Other Appliances(are they full of mold, old, does the washer stink), lights, switches, doors, knobs, fixtures, Closet layout and setup. All of these I cannot comment on but seem easy to fix but can take lots of time and lots of money.

Other things to think about that gets to specifics. Do you like Gas or Electric heat, do you like to cook with gas or electric(flattop or coil), , do you like french door fridge or single door fridge. shutoff switches for outlet power (to shutoff lights more easily, seporate fan and light switches.

To emphasize again one of the complaints about old homes is the lack of outlets. This is not to be dismissed. Adding additional outlets is not the easiest thing to do. Your cutting into walls and rebuilding walls. Just add up all your electronic devices and placement of devices for each room and then imagine how you will get power to those.

So if it were mine I would have years and thousands into changes. But like I said if it is OK for Health and safety and you guys like it, then I like it for you.

 

[jbones]

Finding the time for regular repairs, light upgrades, and home preventive maintenance is hard enough when you work full time, have kids, and introduce other variables that need time allotment! I can’t imagine needing additional weekends for a home fixer upper undertaking. There would be no time left over for TB meets, fishing, and hunting, going to the movies, or, taking a nap in the Lazy Boy Sunday Afternoon’s…

I suppose if you want the custom dream house you plan on growing old and dying in, it’s worth it. For me it’s buy something more modern and ready (what I bought). The housing market shows no signs of recovery, and dumping big savings, blood sweat and tears into a home that’ll not recoup, or profit from when ready to sell is not worth it.

Older homes do come with lots of repair and maintenance skeletons that always pop out after one takes possession of the keys. Worse than owning a B.O.A.T (break out another thousand), or, ever see the move ‘The Money Pit”?

Just my opinions, and may not even fit your situation, or direction, just me rambling!

 

[Jkust]

Just my opinions, and may not even fit your situation, or direction, just me rambling!

Two thoughts, I have a relatively expensive boat bought nearly new and has been 95% trouble free. Old boats are the problem, newer boats, where the previously owner thought he'd have time to use it, spent thousands on gear only to sell the boat right away and give you the gear for free are a much more positive and different story. I'm seeing some parallels here.

My other thought is when I see those ads for adult colleges like University of Phoenix and I feel sorry for anybody who didn't get their education when they were young before kids and life set in and they have to now fit it in in their 30's. That is how I feel when I look at this house. It will be like raising another kid. Since it is a forclosure, maybe see if you can live in it for a couple days and see how you like it.

My follow up question is how is it you waited 17 years since you have been an adult to buy a house? You have obviously been saving up for a long time for this bad boy. Make it worth the wait.

 

[jbones]

Two thoughts, I have a relatively expensive boat bought nearly new and has been 95% trouble free. Old boats are the problem, newer boats, where the previously owner thought he'd have time to use it, spent thousands on gear only to sell the boat right away and give you the gear for free are a much more positive and different story. I'm seeing some parallels here.

My other thought is when I see those ads for adult colleges like University of Phoenix and I feel sorry for anybody who didn't get their education when they were young before kids and life set in and they have to now fit it in in their 30's. That is how I feel when I look at this house. It will be like raising another kid. Since it is a forclosure, maybe see if you can live in it for a couple days and see how you like it.

My follow up question is how is it you waited 17 years since you have been an adult to buy a house? You have obviously been saving up for a long time for this bad boy. Make it worth the wait.

You lost me!

Your quoted me, than followed up with the above. Was it for me, or the OP?

 

[TollKeeper]

Will have to re-examine the pics when I get to a computer. We are not planning to flip the house. Plan to live, have kids, retire. Its in a very good neighborhood, great school reviews and ratings, everything we need to live is within 6 miles. Mall about 8 miles. Fire house about 3/4 mile away. Their is equity to be had, and I am still shopping other houses. My wife and I like this one the best so far. We realize it will need some "sweat equity". But with plans to stay in it, we can make it ours, and not potentially some obe elses.

Will definitly look closer at the pics when I get access to a computer again. You brought up some valid points that I may have overlooked..

 

[navigator]

Sounds like you can fix the roof and landscaping issues and work on the dated rooms one at a time if you like.
I'd start with the kitchen first!

If you can, get the past couple years light bills from the power company if that is even possible.
We rented a house that was built in 1972 and our light bill ran about $200 or so in the summer which wasn't bad.
In the winter it ran close to $350 and that was 10 years ago here in NC where we have mild winters. It was something over 2000 sqft but I know some insulation upgrades and new windows would have helped that house a good bit.

 

[Jkust]

You lost me!

Your quoted me, than followed up with the above. Was it for me, or the OP?

It was more like an analagy wrapped in some life lessons and a little defense thrown in there about the b.o.a.t. saying. Old boat break out another thousand, old house break out another ten thousand. A little for everybody.

 

[Hatchet]

i'm learning the windows lesson good and hard rite now... check them for drafts... a few of mine you can feel the breeze from outside... and they are new plastic ones but they suck. gunna be a rough winter lol

 

[Jkust]

i'm learning the windows lesson good and hard rite now... check them for drafts... a few of mine you can feel the breeze from outside... and they are new plastic ones but they suck. gunna be a rough winter lol

Nearly half of all replacement windows sold replace windows 10 years old or less.

 

[navigator]

i'm learning the windows lesson good and hard rite now... check them for drafts... a few of mine you can feel the breeze from outside... and they are new plastic ones but they suck. gunna be a rough winter lol

this reminds me when I was a kid growing up we lived in a mobile home.
If I remember right those were single pane, single glass windows. No insulating qualities at all.
Every winter dad would staple clear plastic over the windows to help keep the heat in.

 

[Off Road Bella]

I was seeing the pictures, it really has character, sometimes the old is very unique and still looks good in todays tread,
most of all, its your home you make it what you want and decorate that best suits you and your family.
What I would do is all the inspections you possiblity need for your area. and also what the bank needs as well.
maybe you can ask for a lower price which never hurts, because of some of the repair costs, mostly for structural.

I am not sure what happens down there but in some provinces in Canada you can write off repair costs when it comes to tax season.
you have to see if there is a program like that in your state. Or sometimes there are grants you can use for repairing your house, either
through the state or even locally in your community. There are programs through colleges or trade schools, if you supply the materials,
they will supply the students or or even goverment programs that are putting people back to work.

I know here in British Columbia, when you are buying your first home there is a first time home buyers grant, which pays for the 1% tax that you have
to pay when buying a home up here, which really helps. If you get all the inspections done, and also get quotes for what the repairs will cost you, and
also ask for favors from your buddies, which then its just the cost of the materials, then you can make a decision what is best for you and your family, and
most of all for your budget, specially right now in this market which is very unstable right now.

I think it is exciting when buying your first home, and I see you have a 3 bay garage which one of them should be dedicated to your chevy.....lol... anyhow what ever your decision is enjoy having your first home, share it with your family and friends, congrats, is an amazing time of your life. and good for you for doing the next step..... there are others that are your age and they still don't get it... I know I am routing for ya.... take care.....