Old updated house. Is it worth it???

Questions, answers and advice for people who own or work on houses built during the 20th century.

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amandamyouker
Posts: 3
Joined: Sun May 05, 2013 2:24 pm

Old updated house. Is it worth it???

Post by amandamyouker »

My fiance and I are on the fence about purchasing our 1st home. Here are the details

100 year old house. Youngest child is selling to settle estate of two parents who recently passed away.
3 bed 1 bath
on 1/2 acre, yard slopes down to trout stream.
Out of town

6 years ago the house was updated through HUD. Updates are as follows...

New electrical wiring through out entire home
New roof/decking in attic
Blown in insulation
New septic/leech field etc.
hot water heater/water pump
Heat is forced air/oil
New siding (blech)
Most plumbing is new as well
New vinyl windows


The house is outside of town but with neighbors who are good people. It is in dire need of TLC on the inside. Cosmetically it is hurting. Bathroom needs to be redone (it actually has cedar shake in the shower)! Lathe and plaster through out but not all walls will need to be redone but most ceilings and walls will need to be replaced or patch.

We have looked at it 3 times, last time with a contractor who said the main foundation/sills are in good condition but the back foundation, where the kitchen and storage are has some rot on one side due to poor drainage of neighbors raised driveway... Old dug well may need replacing someday but is fine for now. The house is also full of CRAP!

they are asking 40,000. Realtor says they are willing to go in the 30's. I say offer 25!

Question is, what are we missing? Is this a great deal? It seems all major updates are taken care of. We do not have experienced family to go to for advice... Talk this out with me please! haha

JRC
Posts: 285
Joined: Sun Mar 06, 2011 3:15 pm
Location: Youngstown, Ohio

Re: Old updated house. Is it worth it???

Post by JRC »

By "crap" do you mean that literally, or do you mean just a lot of old junk? That could make a big difference in what kind of work is needed. :)

Has the poor drainage problem been fixed?

IMO, if you can take it or leave it, then sure, offer $25k. If they accept, then you're starting out ahead of the game.

amandamyouker
Posts: 3
Joined: Sun May 05, 2013 2:24 pm

Re: Old updated house. Is it worth it???

Post by amandamyouker »

By crap I mean all the previous owner's things. It is all REALLY old stuff. The family is putting off cleaning it because they don't want to deal with it. Some of it actually may be worth money because of how old it is. We may include removal of it in our offer simply because of the antique quality of some items but maybe not.

Drainage issue is not fixed but contractor gave us a few suggestions on how to divert water, pretty simple. But if we ever wanted to redo the floors in kitchen or any work really, we would probably have to jack it up and replace sills/floor boards(joists?) but he said it has probably been like that for years and still has years left.

vintagevic
Posts: 1
Joined: Sun May 05, 2013 6:34 pm

Re: Old updated house. Is it worth it???

Post by vintagevic »

Please make sure if you go through everything you give any papers or family information to the local historical society if the family doesn't want them!!

amandamyouker
Posts: 3
Joined: Sun May 05, 2013 2:24 pm

Re: Old updated house. Is it worth it???

Post by amandamyouker »

vintagevic wrote:Please make sure if you go through everything you give any papers or family information to the local historical society if the family doesn't want them!!


What do you mean? Like newspapers and such?

JRC
Posts: 285
Joined: Sun Mar 06, 2011 3:15 pm
Location: Youngstown, Ohio

Re: Old updated house. Is it worth it???

Post by JRC »

If the contractor wasn't too worried about the sills, I wouldn't be either. Just be sure to fix the drainage problem. If the damage was so extensive that you'd have to replace joists and/or floorboards, I doubt the contractor would be OK with it.

PowerMuffin
Posts: 1497
Joined: Tue Nov 07, 2006 11:42 am

Re: Old updated house. Is it worth it???

Post by PowerMuffin »

Hmmm. If I were considering this house, I would hire a structural engineer to give me a real opinion of the condition of the foundation and what is necessary to fix it. We did this and were very happy with the expert opinion and his detailed explanation/recommendation of what to do.
Diane

MNfarmhouse
Posts: 1
Joined: Thu May 09, 2013 5:08 pm

Re: Old updated house. Is it worth it???

Post by MNfarmhouse »

For what it is worth:

Some things to consider. From your post I can only assume a few things. So - do you have any kids? Or do you plan on having any in the near future (while living in this house)

Somethings to consider when purchasing an older home (which I've learned from experience) is... How kid friendly is it?

Our early 1900's built house was inexpensive and a fixer-upper - no problem here, we can do all kinds of fixing.

But then came our baby (a blessing of a surprise) and now this old house just seems a bit impractical. Small bedrooms/steep stair cases, no open floor plan and poor storage for all the stuff ...

Something to think about.

Don M
Posts: 6965
Joined: Mon Dec 08, 2003 11:35 am
Location: Boiling Springs, PA

Re: Old updated house. Is it worth it???

Post by Don M »

All good suggestions; if the sills need replacing that may not be too big a job but I would get some estimates so you know where you stand. The suggestion about donating papers to the historical society relates to any historical information relating to the house; past owners etc.
1840 Limestone Farmhouse
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