Help Should we buy this house or not??
Question:My husband and I have 3 children under 4 years old and currently live in a 2 bed 1 bath 750 sq 80 year old bungalow. It is in fantastic shape but in a neighborhood and location that isn't the nicest or safest. We just looked at a really great farmstyle 4 bed 2 bath 1850 sq foot house that I absolutely love the neighborhood and location. but the foundation has issues and it is not in as good of shape as our house now and is even older. But soooo much more room , but it would require a lot of redoing. Any thoughts?
Answers:
Unless you have a time constraint I would wait and keep looking. The foundation of a house is critical, the rest of the house will not matter at all if the building collapses. Maybe if you and hubby happen to have the skills, knowledge and finances to tackle foundation repairs AND if the price is right you could consider it. Keep in mind that if you purchase the house and later decide to sell and move up again that the foundation issues could come back to haunt you.
Just like are we done yet. ITs your choice. It sounds good but if its really banged up wait till your kids or 7 or 8. Or if you really need to move move to a place with better foundation and a better community. 50/50 for me, if i were you. Good luck
do you haveany construction experince??is the price right??/
I would keep looking, I don't think the foundation is something you want to be bad in any home. I think it is going to cost a lot of money with the problems it could cause. Don't rush it. We rushed and have had water problems, electrical problems, etc. We were so excited to get the house we overlooked somethings we should of checked. Buyer beware!
Be very, very, careful here! I have been a mtg underwriter for 10 years, and, by the way, own an 80+yr old bungalow with foundation issues. Most home owners insurance does not cover structural issues. To date, I have put close to $20,000 into foundation issues that mitigate the problem, but cannot cure it. Literally 20k in the ground!! I know you're beyond cramped, but I urge you, be CERTAIN that the contract calls for a full structural inspection. Any repairs needed in excess of $500.00 should be covered by the seller. This will allow each party to get out of the contract if need be. If the damage is only a $1000.00, you can renegotiate. Make sure you require a termite inspection and whole house inspection. Surprises are bad.
The foundation is the base of the house. If the foundation fails then the house fails. Since you have young children you may not have the extra $$$$$$$ to spend on home repairs. I would suggest that you keep looking. As they say ... there's more than one house on the market!
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