BlueTaelon Posted January 16, 2014 Share Posted January 16, 2014 I found a house/property thats in our price range and I can pay it off in 7 years without to much trouble and pay less then were paying now in rent. The age makes me nervous because I currently live in a house built in 1905 and I know how cold these places can get but I live in a big old drafty as heck house that hasn't been maintained and is rotting so I don't know if thats something to go by. The details: Official property, sales, and tax information from county (public) records as of 12/2012: Single Family Residential 1,120 sqft Stories: 1 story Foundation: Concrete Block County: 2 Bedrooms Lot Size: 10,367 sqft Heating: Gravity (huh?) Fireplace Tax Rate Code Area: 1 Bathroom Built In 1925 Roof: Steel Subdivision: Says Great 2 bedrooms one bathrooms home w/ renovated roof and vinyl siding! On another listing it says it currently has no heat source but I can see a chimney. This is not a big deal to me as I plan to build a rocket mass heater for our home heat anyway which is legal in the area:) The asking price is $16.5k LESS then what its assessed at so I'm guessing its got something wrong but what? I have never bought a home before so I am a bit clueless. Looks like its been empty for a while based on landscaping. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted January 16, 2014 Share Posted January 16, 2014 I would ask about the heating system and the electrical. Is it selling as-is? If so, I think I would skip it. On the other hand, if it is being sold in a normal manner? Some states allow you to add a certain amount on to your loan for necessary repairs (as determined by an inspection). Those funds are held in escrow to be used for specific repairs. That is something that might be worth pursuing? Quote Link to comment Share on other sites More sharing options...
Liz CA Posted January 16, 2014 Share Posted January 16, 2014 Definitely have plumbing and electrical system checked by professionals. What could "Gravity" mean for heating? I hope they don't mean to imply that warm air rises and cool air sinks... Have furnace/heating system inspected. Depending on where you are, I'd have a thorough termite inspection done as well. I may think of more later. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted January 16, 2014 Share Posted January 16, 2014 http://www.wisegeek.com/what-is-a-gravity-furnace.htm Quote Link to comment Share on other sites More sharing options...
itsheresomewhere Posted January 16, 2014 Share Posted January 16, 2014 Get a chimney inspection. The reason for the no heat may be that the chimney which is the flue for the heat source needs to be rebuilt. The sellers then remove the heat to get around that. That can be a pretty penny. Always get a home inspection no matter what. Quote Link to comment Share on other sites More sharing options...
Annie G Posted January 16, 2014 Share Posted January 16, 2014 We once had a rental house with a gravity system. It had a boiler but no fan to move the heat- it depended on gravity to get the heat from the boiler through the vents. It actually worked ok for that size house, which was about the size of the one you mentioned. Quote Link to comment Share on other sites More sharing options...
4everHis Posted January 16, 2014 Share Posted January 16, 2014 It says subdivision. Are there HOA fees? Quote Link to comment Share on other sites More sharing options...
MBM Posted January 16, 2014 Share Posted January 16, 2014 Other potentially big problems -- lead paint or varnish or lead pipes -- asbestos which was put in quite a few things -- electrical could be iffy if it was not replaced -- cement block could be leaky Don't just ask about those problems; have them tested professionally. They can cost a lot to fix. Quote Link to comment Share on other sites More sharing options...
zoobie Posted January 16, 2014 Share Posted January 16, 2014 I'd bet the electrical and plumbing aren't updated. Age of roof? Windows? Date of last kitchen (and bath) update(s)? Was the work permitted? Fires or other structural damage? I'd definitely get a GOOD inspector and walk through with a reputable contractor. If the electrical is original, I would get a written estimate from a good electrician and factor the price of the upgrade into the cost of the home. Check insurance rates with original vs upgraded wiring. I wouldn't feel safe with original wiring. (Assuming local laws will allow you to close with original wiring.) With plumbing, lead pipes inside can be an issue as well as the pipes leaving the house. Clay crumbles and cast iron rusts. I would get an inspection of the sewer line (they use a camera to check pipes). Sewer or septic? Age of septic, last service, etc. I'd ask the contractor what kind of cash emergency fund s/he would recommend for the house. Termites? Cost of termite bond? Many of these questions would be answered by the seller's disclosure forms. You could request that first then follow up with more questions and inspections. If you'll be doing an FHA loan, check the requirements. Usually they won't allow closing with "major" repairs outstanding. (Needing to upgrade electrical, etc. could count against you.) Quote Link to comment Share on other sites More sharing options...
Twinmom Posted January 16, 2014 Share Posted January 16, 2014 Ask if there is knob and tube wiring still in use. If there is, plan on big bucks for rewiring! Old iron pipes can rust and break and can cause much damage...is there a crawlspace? Can you easily get to the pipes to inspect or replace? Original windows? If so, do they have storm windows? If not...brrrr. Definitely a termite inspection and check for other pests as well. When we moved into our house, we found bats and mice, but not too bad and easily removed. Plaster walls? How are they holding up? They are AWESOME for insulating your home and soundproofing, but when they are damaged they are difficult to repair and you may need to go with drywall. Has any insulation been updated? Leaky basement? Would you need a sump pump or a dehumidifier? Check any large trees close to the house for carpenter ants or damage that could bring down the tree. When we bought our house, we ended up with a 100 year old tree in our upstairs game room after a big storm...those pesky little ants brought it down on us! There's my stream of consciousness questions based on living in a house built in the 30s. I love my house and wouldn't trade it for the world! Good luck! Quote Link to comment Share on other sites More sharing options...
Twinmom Posted January 16, 2014 Share Posted January 16, 2014 Definitely ask if any update work was permitted! Great idea! We had to undo a few things here... Quote Link to comment Share on other sites More sharing options...
Miss Marple Posted January 16, 2014 Share Posted January 16, 2014 I would ask if they updated the windows when they were doing the siding. Also is the block foundation insulated in any way? What was the previous siding and was it removed or was the vinyl placed over it - was it insulated before putting up the vinyl? Definitely ask about termites (has it been inspected, is there a termite protection program on it, etc.) Then, if it is something you really like and are seriously considering purchasing it, get a professional inspection. For an older home it is definitely worth the price. Quote Link to comment Share on other sites More sharing options...
Forget-Me-Not Posted January 16, 2014 Share Posted January 16, 2014 Knob and tube wiring Lead pipes and paint Asbestos Insulation--is it sawdust or newspaper? Honestly, very little could induce me to buy a house that old. Problems are a given, and once you open a floor or a wall to repair something, you'll almost certainly find more. Quote Link to comment Share on other sites More sharing options...
BlueTaelon Posted January 16, 2014 Author Share Posted January 16, 2014 It says subdivision. Are there HOA fees? nah, it just listed the neighborhood which I deleted. Its a poorer area out in the county. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted January 16, 2014 Share Posted January 16, 2014 Problems are a given, and once you open a floor or a wall to repair something, you'll almost certainly find more. OP, watch a few episodes of this show to see what LemonPie means: http://www.hgtv.com/love-it-or-list-it/show/index.html I swear, every stinking show seems to involve some horrible knob and tube wiring, insulation, unpermitted add-ons, etc nightmare debacle of some kind. Quote Link to comment Share on other sites More sharing options...
BlueTaelon Posted January 16, 2014 Author Share Posted January 16, 2014 Holy cow there is a lot to check into! I never would have thought of a lot of these things. Quote Link to comment Share on other sites More sharing options...
Kim in Appalachia Posted January 16, 2014 Share Posted January 16, 2014 I don't know if this will be an issue, but around here old style (not the new ones) steel roofs are hard/expensive to insure. It's an old place. There will be lead paint, so it just depends on what kind of shape it's in. Check the plumbing and make sure there is no leaking or water issues around the foundation. Places on concrete block seem to have more issues (it's common where I live). Electrical will probably need to be updated. You may want to get an estimate for that. If you can find someone reliable, get it inspected. I know where I live, there is no one, so it's not always an option. Quote Link to comment Share on other sites More sharing options...
Annie G Posted January 16, 2014 Share Posted January 16, 2014 We've lived in our 1880 built home for 20 years. No major issues that we couldn't handle. Yes, there is lead paint but it's covered with paint that's not peeling so it's been fine. There was some knob and tube which we changed out when we got around to it. We replaced the fuse box with updated circuit breaker boxes. We redid the roof. Just put in new heaters. But we've been here 20 years. Anyone living in ANY house can expect to pay for this level of repairs. There WILL be asbestos and lead but that's not in an of itself alarming. Dh's workplace has both of those and as long as they're not exposed or damaged, it's not a problem. We monitored our kids' lead levels when they were little. It's do-able and I hope all these potential issues don't scare you away. They're all things to be aware of but not terrified of. Quote Link to comment Share on other sites More sharing options...
elegantlion Posted January 16, 2014 Share Posted January 16, 2014 Your big expenses would be plumbing, electrical, and HVAC. We had gravity heating in one house, it was a pain. The ceiling would be about 1000 degrees and the floor cold. Ceiling fans would be a must if you couldn't upgrade. Paint, unless it hasn't been painted in the last decade or three consider lead based paint issues. Windows - do they all work Exterior - Vinyl siding should be good. Roof - get an inspector. Even a newer roof can have damage from hail or wind. Outlets - are outlets three pronged? My house was built in the 1920s, we still have one or two two pronged outlets. basement - drainage issue - check the walls for cracks, moisture, mildew, or mold. Use your sense of smell even if you don't see anything. Security - exterior doors should have deadbolts. you can add them, but it's another expense. Breaker box - has it been updated, you want breakers not knob and tube Stove - We like an electric stove, make sure it has a 220 outlet Water pressure - run the shower, you can increase it some depending on the fixtures and plumbing, but not by much most of the time. Low water pressure bites. Appliances - do appliances stay? We had an issue getting our fridge into our kitchen. Dh had to remove trim temporarily (original trim) to get the fridge through the kitchen door. 1920s kitchen door was not made to accommodate modern fridge. Ceilings - check for cracks in ceilings and walls. Old houses settle. Not a huge deal sometimes (we have a slope in our floor), but large cracks could indicate foundation issues. I love my old house even with its quirks. We looked at a lot of duds before this one however. Quote Link to comment Share on other sites More sharing options...
catz Posted January 16, 2014 Share Posted January 16, 2014 elegantlion covered the basics really well. We have a house built in 1915. I'd definitely pop for a professional inspection if you put an offer on the house, and make sure your offer is contingent upon you being ok with everything found/discussed at the inspection. We also looked at many, many older homes (we're urban, most homes are older here) before we found our keeper. We actually had our 1915 kitchen re-run for gas because we didn't like the electric stove. :) Personal taste! ETA - I went back through and read everything and I wanted to add we completely re-did the wiring in our house after we moved in. Looking at the electric is very important. We could not update our bathrooms until we updated the electric. We had an old fuse box in the basement. Pretty much every outlet/light was rewired. Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted January 16, 2014 Share Posted January 16, 2014 elegantlion covered the basics really well. We have a house built in 1915. I'd definitely pop for a professional inspection if you put an offer on the house, and make sure your offer is contingent upon you being ok with everything found/discussed at the inspection. We also looked at many, many older homes (we're urban, most homes are older here) before we found our keeper. I agree, but keep in mind what I said about the improvements loan you can sometimes get with your mortgage. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou Quote Link to comment Share on other sites More sharing options...
BlueTaelon Posted January 16, 2014 Author Share Posted January 16, 2014 elegantlion covered the basics really well. We have a house built in 1915. I'd definitely pop for a professional inspection if you put an offer on the house, and make sure your offer is contingent upon you being ok with everything found/discussed at the inspection. We also looked at many, many older homes (we're urban, most homes are older here) before we found our keeper. We actually had our 1915 kitchen re-run for gas because we didn't like the electric stove. :) Personal taste! ETA - I went back through and read everything and I wanted to add we completely re-did the wiring in our house after we moved in. Looking at the electric is very important. We could not update our bathrooms until we updated the electric. We had an old fuse box in the basement. Pretty much every outlet/light was rewired. I HATE electric stoves with a passion, I found another house that we all like but it was build in 1915 (most of the area houses are old), looked like bottom floor has been gutted and renovated, top floor with 2 bedrooms hasn't been touched. Its $10k more, smaller lot but I love the pics. Its got a gas stove:) lol:) We have an electric one right now for the 1st time and ugh, you can not cook a decent meal on this thing and I'm always melting stuff on it. Its got a smooth top and unless you look at the control panel you can't tell its hot by looking at it and its takes forever to cool down and I'm always sitting something plastic on the stove... I'm down to 1 burner, keep forgetting to pick up a razor blade. I don't care if I have to drill a hole in the wall and attach it to a 10gallon propane tank, my own home will have a gas stove! Anyway, this other house has amazing stone detail work inside and out, I just don't like its being on .14acres and you can't have chickens or any live stock for that matter. At least its in town where its not a 30 min drive to the grocery store like now. I agree, but keep in mind what I said about the improvements loan you can sometimes get with your mortgage. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou I will be looking for creative financing options and honestly the idea of getting a loan from a bank just creates a visceral reaction in me. Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted January 16, 2014 Share Posted January 16, 2014 what's the electrical like? any rot? any leaks? (and not just in the roof) any structural updating? mice? termites? carpenter ants? they can cause hidden structural damage. Quote Link to comment Share on other sites More sharing options...
KatieJ Posted January 16, 2014 Share Posted January 16, 2014 I haven't read all the replies, but I own several old houses. Ask about the drain/sewer lines. Old houses in old neighborhoods with old trees, equals roots in the drain system and that means roto rooter on a regular basis. Not an issue if it has been done regularly/yearly. But I would check on it. Quote Link to comment Share on other sites More sharing options...
skimomma Posted January 16, 2014 Share Posted January 16, 2014 I own a house much older than the ones you are looking into. I agree with many of the things people say to keep an eye out for. But I want to reiterate what another poster said about any house having similar costs. Even newer houses require a good deal of cost to maintain. We have owned both a very old house (our current) and a very new house and both cost about the same in maintenance/repair. The newer house was of much less robust construction and as a result required more work to maintain than our old house. The old house costs more in replacing aging systems. In the end they were about even. The big difference is that we were nickel and dimed on the new house. Lots of stuff going wrong but none of it very costly. On the older house, what started as a simple project sometimes turned into a domino effect, racking up costs. But it happened less often. We have redone the plumbing and electrical in our house since we bought it. In both cases, the cost was nowhere near what I feared it would be. Those things CAN be expensive. But because our house did not originally have either, it was pretty easy to access both when replaced. Smaller, simply constructed houses can much easier and less expensive to update on the electricity and plumbing front. Because our house is small and was retrofitted with these things, all of the plumbing is limited to a single wall in the house. It cost less that $1000 to replace all of our plumbing with copper. Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted January 16, 2014 Share Posted January 16, 2014 A good foundation inspection. We looked at an awesome old house this summer. It needed a TON of work, but we were interested in doing it... until dh (not a foundation expert) went to the basement. It would have needed a whole new foundation. Way too much time and money for us. Quote Link to comment Share on other sites More sharing options...
Kim in Appalachia Posted January 16, 2014 Share Posted January 16, 2014 2 other issues, one is that it can be hard to get a mortgage for less expensive homes. Some lenders will not lend under a certain amount. The second issue is that you need to realize that the house could be difficult to resell. I live in an area with a lot of old homes priced under $60,000. The houses are not the best kept. Electricity is really the biggest issue, as is water problems. The houses are expensive to heat and there is an endless amount of small repairs. That is something to keep in mind if you are going this alone and are not capable of handling house repairs. Good luck with your decision. Quote Link to comment Share on other sites More sharing options...
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