Should I buy the house?
Question:Okay, Im looking into buying a house. Its an old victorian style house. 3bedroom, 2 baths, 2783SQ Feet, huge wrap around porch, garage, nice size front and back yard. The price is 35k.
It does need some work though, It needs foundation repair (replacing old wood piers and beams and leveled), Got it apraised at aprox. 7k. But since its such an old house, it can make the wood crack, brake pipes and other misc. things. So it could get pricey.
Is it still worth the price? What would you do?
Answers:
I guess it all depends on where the house is located. A house like that in a major city like Boston, I would buy, fix, and sell for probably more than half a million. If it is located in Wright, Wyoming, population 1300, I would pass. How large is the lot?
My 1/5 acre lot in Florida has a land value of more than $35000, so if the land is worth it, it would be a good buy. And that makes it easier to swallow if issues start to creep up. At least you would still have land value, and somewhere to build if the repairs cant be done.
I think you should look at the location, and land value, and make sure that the land value is a good percentage of that 35000.
The house's condition is reflected in the price of it, 37K is very resonable. Starter homes are usually fixer-uppers, and if you and your spouse are not handy at doing the work yourself it can get very pricey.
If you are prepared for the work and the costs, and you absolutely love the house, I say go for it! If you are not 100% sure about it, keep looking.
Best of luck!
well...hard one. perhaps make a list of what 'could' go wrong. and estimate the worst case scenario pricing on what it would take to fix everything. it sounds absolutely beautiful so if location, size etc is what you're looking for than go for it! i know that some historical societies actually award some homes when the owner gets done fixing something/preserving the historical beauty of the home.
also talk to your bank/morgage lender about what they think of the appraisal/asking price kinda thing. we actually just bought a house that was a forclosure and when it appraised for 5,000 less than the asking, they came to US saying they'd give it to us for the appraised price because they knew our bank wouldnt give us a loan for more than what the home was appraised for. yahoo!
good luck to ya!
This might sound crazy but I read each word you wrote and I could smell lots of mold... LOL
If the foundation is in need of repair, that will be very costly. Electric and plumbing repairs will also be very costly to bring it up to code. If you have a lot of extra income to make your house payments plus the necessary repairs, at a moments notice, then go for it. If I was in your place, I would not buy the home.
well if you really like the house and are willing to do the work to get it to modern times then do it. my mom sells house so i can say what i said
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