1849 Victorian fondation...

[tonyp]

Ive been kicking around the Idea of buying a 1849 victorian. 4500 sq ft. This home has more than a few issues. I was stopped cold when I discovered dirt in the cellar. This might not sound like a big deal but the floor is pored cement. The realtor said its coming form the rain. On closer inspection I found the need for point tucking also and this is scary a few bricks were basically powder. The up stairs master bedroom inside wall is solid cement no 2X4 and plaster just painted cement... Not seen this before.

[nezwick]

I can't really opine on the masonry/basement issues but I wanted to say that, that is a very cool looking house! No doubt that it needs to be resurrected by someone who cares.

The electrical service entry is really unsightly - I wonder why they did it like that.

As far as the "solid cement" walls go - as I understand it, it's not TOO uncommon to just have the plaster applied directly to the brick exterior walls instead of framing in the room "inside" the room with lumber. Of course there is no way to insluate, but otherwise I don't believe it is a problem.

[tonyp]

It freaked me out because Id never seen that. What makes this house most special is that out side of the additions of electricity, central air and inside bathrooms its all original When I say original I mean its still 1849 in this house. Pretty amazing. 3 hand carved fireplaces with very ornate tile work. The staircase is very cool too. I would buy it if the roof was in a little better shape. I Know that sounds like Im picking but the with set funds I have. I need to watch for things like that. Im guessing this roof would cost $15,000 to roof. Why is it all old homes never seem to get the roofs replaced? Seems newer homes get the roofs replaced any time the wind picks up..

[tonyp]

Also If I did buy the place could I just get homeowners insurance for for market value? Insurance company's will want to insure it for $750k +. Its in a historical district too..

[nezwick]

Wow, that looks awesome inside (with the exception of that icky carpet of course)! More photos!!

Re: your insurance question - I suppose that would be at the discretion of the individual insurance companies. When I bought my house (not in a historic district and technically not historically significant in ANY way) I was given the option by several companies to insure at market value instead of total replacement. The premium was obviously significantly cheaper, but I was not willing to take that risk.

Could you ask for a concession from the seller for all or part of the roof replacement cost? Does it currently leak or have problems? A good roof is definitely important, but mine for example was done in 1989 and shows no signs of failure so I wasn't immediately concerned with replacing it. Believe it or not though, a certain homeowners insurance co. refused to insure the house unless I replaced the 22 year old roof within 45 days of closing. They required roofs 15+ years old to be replaced.

[SignPainter]

It's got lots of potential!! I like it.

[KelsieG]

My insurance company allowed me to insure my home for its market value rather than replacement value. I used a Farm Bureau insurance company that's used to insuring stuff that way. It's called "indemnity" insurance. I would call around and ask if there are any insurers who offer that kind of home insurance.

The reason I did it was because my house would cost significantly more to rebuild than it did to purchase it (all this woodwork wouldn't come cheaply!). I would NEVER, EVER rebuild a home in this neighborhood were my house to burn down or be blown away, so that's why I went with indemnity.

As for the house you're looking at...

BUY IT. See if the real estate company will give you a partial credit for the roof repair OR see if you can get some historic preservation grants. Kentucky (where I live) has them, and some of my friends just got a grant to do some foundation work on a historic home they just bought. It's worth looking into!

[lakee911]

I think the reason that they did the electric service in the manner was because the site of the meter did not change, but upon upgrade they couldn't bring the new lines in so close to that window. I don't remember the actual codes, but they need to stay away from windows.

[brian89gp]

In response to your insurance question, I have a stated value policy. I state how much I want it insured for and they tell me how much to pay. Ask around, not all insurance companies will do it and some have strange clauses in case of complete loss (eg, you only get a percentage or something). The difference between how much I paid for the house and replacement value was $700k, I did not want to pay insurance on the replacement value... So I pay insurance for $50k more then my mortgage, nice and simple and cheap that way.

As far as your solid masonry walls, that is pretty normal. Mine is 18" thick brick with plaster direct on brick on the inside. Yes, the wall gets warm in the summer and cool in the winter but it isn't as bad as you might think. A lot of heat gain/loss in a house is through air infiltration which those solid masonry walls pretty much eliminate except around windows, followed by the roof/attic for heat loss and windows for heat gain. Insulate the attic for the winter and have blinds to reflect the summer heat and it helps a great deal with utilities.