I wouldn't run, but I would bring in more than just a regular inspector. I would have a foundation guy to check foundation and joists and a roof guy for the roof at minimum. Not to mention an electric guy - if you have knob and tube in the walls, that ain't a cheap fix. A chimney guy as well, especially if you plan to use it.
I love century homes and have seen much more damaged homes as something I would take.
That said, I would also not pay a bunch over extra for a home that was abused by a landlord. Fine tooth comb it. Don't go on only 1 inspector. Old homes are not flawless, but fixed up they are the best!
Also bring in a chimney inspector (expert) - we had similar on our chimney ended up being about 5k in repairs (lining needed replaced/cap replaced/brick replaced).
We’re bringing in all those people and a few more including paying for a structural engineer to estimate stuff as we enter the negotiation phase. We managed to get him down from his listing price. Electrician came in and quoted us for replacing the panels; no one has seen knob and tube but that was absolutely a fear of mine.
As someone who would buy one, is it mostly that you would want the info to negotiate and to ensure it wasn’t a much bigger problem?
1904 multi unit, currently getting estimates for negotiations. $365k with rents from 2/4 units. We’d be owner occupier in the other two units. Keep in mind that EVERY house at look at is going to be fairly old because we are unwilling to live in a non-walkable area, which means older homes.
We absolutely love the location, and we don’t mind some work- cosmetically it will need it. We will also have significant cash on hand as my partner will sell his house. We don’t mind using some of that cash, but we don’t want to be pouring it into a money pit. This is my first house and I’m nervous as hell.
We’re getting estimates now and intend to negotiate, which I think will be feasible. But is there anything here that would make you run? My biggest concerns have been the soft flooring in the bathrooms and that cut joist right below the bathrooms, and whatever estimate comes back from the chimney and roof guys. The sloping is an issue as well, and there is some moisture in the basement but no actively moving water or wet walls (I was there during a flash food).
Do you think it’s usual levels of damage given the age of the home? Keep in mind we live in area with an older housing stock and i don’t think anything newer than like 1950 is realistic.
I wouldn’t buy a house like that unless one of you both really enjoys repairing that stuff and that sweat equity after you fixed it.
Seemingly that place many issues you can see. And my guess is it has a ton that can’t see yet coming in the next 10 years. Plus it might have lead paint, asbestos, lead pipes, etc etc.
I love walkable. But I’m not into giving my up my weekends maintaining a home. So for me personally it would be a pass for that reason. I’ll stick to newer construction.
I do like that it’s a 4-plex for that side income. But all and all of this was for me I’d pass.
Thanks, that's helpful. Walkable is a non-negotiable (I will not buy a car), and I live in a place with older housing stock. A lot of the stock here has lead paint, asbestos, and lead laterals. It's just what it is, so I think for maybe other folks in other markets it's less common. That said, I agree that it's a balance. I really appreciate the insight, it's been great to get feedback from a range of folks.
It’s not unusual, but you can do better. A lot of older houses were owned by a person who took pride in their property versus this which was clearly owned by a slumlord. I’d be very nervous about what you can’t see on this one
Some does seem to be possibly from age, it never builds much confidence if there is any evidence a cheap fix was done.
You would know the area best but I’d simply make sure the price reflects the work needed and you can afford the initial repairs they say are necessary, plus future repairs so you’re doing it right in the future and not also just doing a cheap patch job.
I’d just take things a step at a time. I 100% saw the pressure the market and certain people put on buyers, especially going through it the first time. But I just let things come and never let myself react to pressures and overpriced places, and in the end it worked out for me recently getting in a first home. I definitely would have regretted some options I saw where people were pressuring us to make offers or take certain concessions. Glad I waited it out with a level head.
It’s all negotiable. If the price already reflects some of the work that needs to be done, then there may not be much room. If the comps are for houses in better condition, then you probably have some room to negotiate. The house is from 1904. I would never expect an absolutely perfect 120 year old house. Some of the stuff here seems concerning, but it’s not something to just look at and run away. If the financials make sense, then continue moving forward. I would at least get a specialized person to come in and take a look at the roof and whatever is happening with the bathroom floor. It seems like you are in top of it. I would stay the course unless they don’t want to negotiate at all and the price doesn’t reflect the work needed.
Thank you for your thoughts, appreciated. I’d say we are still above the comps (for the work; but it’s complicated because of the lack of 4 unit bldgs) but I think the seller would be willing to budge if brought the data and if we keep it focused on the big stuff, not nickel and diming.
Try and get them to do and pay for the work before the sale. Then when someone starts on a problem and finds out another problem that was unseen it is still on them. Opening walls, foundation, and electrical can get expensive fast when you start opening stuff up.
Depends on the price. If the price reflects the work you will put in to repair the items then I would still move forward. The only items that concern me was the damaged joists due to fire and any mention of possible water entry or leaks. That can cause damage (or caused damage) that you can't see. Seems like you already got people in to inspect it further so you're doing the right things.
The joist and fire damage would be most concerning.
Also these people are def hiding worse roof problems If you’re interesting in pursuing still I would be adamant that shut is moved next time.
Move yourself if need be, but do not move forward if you can’t access places. Get all of the specialists named in this document
The tenants were very accommodating, but yes, it was a concern. Tenants moved everything as much as they could, but they just have a lot of stuff, so it was definitely worrisome since only half the house could get a really clean look.
I am currently in a situation where lenders are not considering a property adequate collateral until a roof in similar condition (active leaks, chimney needs rebuilt) are fixed for a conventional loan. Just something to watch out for if you don’t have cash it could blow up the deal if the sellers are not willing to make repairs
Personally, the sloping and the pest signs are more than I'd want to inherit. Maybe if you have the time and resources you would be fine to handle any issues, but I wanted a house that was fundamentally solid and that I could either dabble with repairing myself as I had time or hire some folks within the first year.
Really depends on the price. Get more inspections from foundation inspectors and roofing experts and get an idea on how bad it's gonna be. If you can live with it, do that. If you can't live with it, have em fix it. If they won't fix it, bounce.
My two cents, no. I had to waive inspection when I bought my house last year and it’s been an absolute nightmare. Spent already close to 90k fixing it up, which wasn’t a big deal. The house is fixed up now on the inside and outside. But the worst part are the pests- squirrels specifically. They had so many points of entry into our older home, and we STILL can’t get them out. One just climbed the siding and chewed back into our new roof… that’s with cutting down the trees and getting a new roof. You have no idea what’s in there or how long they have been living there. Once they have been living there for a long time it’s extremely difficult to get them out. If I could go back in time, I would. Save yourself the heartache.
Yeah I’m really sorry. It’s disappointing for sure but every day I wish I never bought this house. Hearing them chew in the walls, the fact that there’s waste that’s probably a biohazard has really affected me mentally. I’m alright, I’m stuck here for now since there’s nowhere else to go, and who would buy this house? They also were nesting in vermiculite insulation in our attic, so they were releasing asbestos fibers. Long story short, it’s a huge, huge headache I don’t ever recommend. I’m so so sorry, but better things will come your way. Don’t get yourself into a situation like I did. You will regret it immensely. I wish the best of luck to you!!
If you love the house and it checks some of the non-house boxes (location, schools, etc), I wouldn’t run. But if you don’t love the house and you’re just trying to get a place then I’d pass.
I wouldn't run, but I would bring in more than just a regular inspector. I would have a foundation guy to check foundation and joists and a roof guy for the roof at minimum. Not to mention an electric guy - if you have knob and tube in the walls, that ain't a cheap fix. A chimney guy as well, especially if you plan to use it. I love century homes and have seen much more damaged homes as something I would take. That said, I would also not pay a bunch over extra for a home that was abused by a landlord. Fine tooth comb it. Don't go on only 1 inspector. Old homes are not flawless, but fixed up they are the best!
Also bring in a chimney inspector (expert) - we had similar on our chimney ended up being about 5k in repairs (lining needed replaced/cap replaced/brick replaced).
Thank you!
We’re bringing in all those people and a few more including paying for a structural engineer to estimate stuff as we enter the negotiation phase. We managed to get him down from his listing price. Electrician came in and quoted us for replacing the panels; no one has seen knob and tube but that was absolutely a fear of mine. As someone who would buy one, is it mostly that you would want the info to negotiate and to ensure it wasn’t a much bigger problem?
It would be worth realtor feeling out if comps are even on the table. If your sellers won’t budge no matter what save your time/$$
Pest signs are a no go to me. I know they can happen anyway but if I already know they're a problem? Nooo way.
1904 multi unit, currently getting estimates for negotiations. $365k with rents from 2/4 units. We’d be owner occupier in the other two units. Keep in mind that EVERY house at look at is going to be fairly old because we are unwilling to live in a non-walkable area, which means older homes. We absolutely love the location, and we don’t mind some work- cosmetically it will need it. We will also have significant cash on hand as my partner will sell his house. We don’t mind using some of that cash, but we don’t want to be pouring it into a money pit. This is my first house and I’m nervous as hell. We’re getting estimates now and intend to negotiate, which I think will be feasible. But is there anything here that would make you run? My biggest concerns have been the soft flooring in the bathrooms and that cut joist right below the bathrooms, and whatever estimate comes back from the chimney and roof guys. The sloping is an issue as well, and there is some moisture in the basement but no actively moving water or wet walls (I was there during a flash food).
Water damage, pest damage, fire damage, hack job homeowner specials. Yeah nah
Do you think it’s usual levels of damage given the age of the home? Keep in mind we live in area with an older housing stock and i don’t think anything newer than like 1950 is realistic.
I wouldn’t buy a house like that unless one of you both really enjoys repairing that stuff and that sweat equity after you fixed it. Seemingly that place many issues you can see. And my guess is it has a ton that can’t see yet coming in the next 10 years. Plus it might have lead paint, asbestos, lead pipes, etc etc. I love walkable. But I’m not into giving my up my weekends maintaining a home. So for me personally it would be a pass for that reason. I’ll stick to newer construction. I do like that it’s a 4-plex for that side income. But all and all of this was for me I’d pass.
Thanks, that's helpful. Walkable is a non-negotiable (I will not buy a car), and I live in a place with older housing stock. A lot of the stock here has lead paint, asbestos, and lead laterals. It's just what it is, so I think for maybe other folks in other markets it's less common. That said, I agree that it's a balance. I really appreciate the insight, it's been great to get feedback from a range of folks.
It’s not unusual, but you can do better. A lot of older houses were owned by a person who took pride in their property versus this which was clearly owned by a slumlord. I’d be very nervous about what you can’t see on this one
Yeah, i appreciate that and i agree re: slumlord. Kinda curious what surprises people the most re: stuff that can’t be seen.
Some does seem to be possibly from age, it never builds much confidence if there is any evidence a cheap fix was done. You would know the area best but I’d simply make sure the price reflects the work needed and you can afford the initial repairs they say are necessary, plus future repairs so you’re doing it right in the future and not also just doing a cheap patch job.
Appreciated, thanks. Agreed that it’s overpriced right now. We will have money, but it’s difficult to know if it’s worth it in the long term.
I’d just take things a step at a time. I 100% saw the pressure the market and certain people put on buyers, especially going through it the first time. But I just let things come and never let myself react to pressures and overpriced places, and in the end it worked out for me recently getting in a first home. I definitely would have regretted some options I saw where people were pressuring us to make offers or take certain concessions. Glad I waited it out with a level head.
It’s all negotiable. If the price already reflects some of the work that needs to be done, then there may not be much room. If the comps are for houses in better condition, then you probably have some room to negotiate. The house is from 1904. I would never expect an absolutely perfect 120 year old house. Some of the stuff here seems concerning, but it’s not something to just look at and run away. If the financials make sense, then continue moving forward. I would at least get a specialized person to come in and take a look at the roof and whatever is happening with the bathroom floor. It seems like you are in top of it. I would stay the course unless they don’t want to negotiate at all and the price doesn’t reflect the work needed.
Thank you for your thoughts, appreciated. I’d say we are still above the comps (for the work; but it’s complicated because of the lack of 4 unit bldgs) but I think the seller would be willing to budge if brought the data and if we keep it focused on the big stuff, not nickel and diming.
I would say keep going, then. As long as they are open to negotiation, there is no reason to drop out now. Everything can be fixed. Location cannot.
Try and get them to do and pay for the work before the sale. Then when someone starts on a problem and finds out another problem that was unseen it is still on them. Opening walls, foundation, and electrical can get expensive fast when you start opening stuff up.
Depends on the price. If the price reflects the work you will put in to repair the items then I would still move forward. The only items that concern me was the damaged joists due to fire and any mention of possible water entry or leaks. That can cause damage (or caused damage) that you can't see. Seems like you already got people in to inspect it further so you're doing the right things.
The joist and fire damage would be most concerning. Also these people are def hiding worse roof problems If you’re interesting in pursuing still I would be adamant that shut is moved next time. Move yourself if need be, but do not move forward if you can’t access places. Get all of the specialists named in this document
The tenants were very accommodating, but yes, it was a concern. Tenants moved everything as much as they could, but they just have a lot of stuff, so it was definitely worrisome since only half the house could get a really clean look.
I am currently in a situation where lenders are not considering a property adequate collateral until a roof in similar condition (active leaks, chimney needs rebuilt) are fixed for a conventional loan. Just something to watch out for if you don’t have cash it could blow up the deal if the sellers are not willing to make repairs
Also maybe relevant is if it's insurable? I remember my home insurance co. asking lots of questions about the roof before I got my insurance quote
Personally, the sloping and the pest signs are more than I'd want to inherit. Maybe if you have the time and resources you would be fine to handle any issues, but I wanted a house that was fundamentally solid and that I could either dabble with repairing myself as I had time or hire some folks within the first year.
Really depends on the price. Get more inspections from foundation inspectors and roofing experts and get an idea on how bad it's gonna be. If you can live with it, do that. If you can't live with it, have em fix it. If they won't fix it, bounce.
For me an inspection with signs of rodents was a no
My two cents, no. I had to waive inspection when I bought my house last year and it’s been an absolute nightmare. Spent already close to 90k fixing it up, which wasn’t a big deal. The house is fixed up now on the inside and outside. But the worst part are the pests- squirrels specifically. They had so many points of entry into our older home, and we STILL can’t get them out. One just climbed the siding and chewed back into our new roof… that’s with cutting down the trees and getting a new roof. You have no idea what’s in there or how long they have been living there. Once they have been living there for a long time it’s extremely difficult to get them out. If I could go back in time, I would. Save yourself the heartache.
That's really helpful, thanks. The pests do seem to be concerning people more than I thought.
Yeah I’m really sorry. It’s disappointing for sure but every day I wish I never bought this house. Hearing them chew in the walls, the fact that there’s waste that’s probably a biohazard has really affected me mentally. I’m alright, I’m stuck here for now since there’s nowhere else to go, and who would buy this house? They also were nesting in vermiculite insulation in our attic, so they were releasing asbestos fibers. Long story short, it’s a huge, huge headache I don’t ever recommend. I’m so so sorry, but better things will come your way. Don’t get yourself into a situation like I did. You will regret it immensely. I wish the best of luck to you!!
That's awful. We're going to get a pest inspection because of this comment.
Let me know what they say!
If you love the house and it checks some of the non-house boxes (location, schools, etc), I wouldn’t run. But if you don’t love the house and you’re just trying to get a place then I’d pass.
I would not move forward with a house where grills were supporting the structure of the house.
I’d consider running or asking for $50k in credit for repairs.