Looking to buy a old old house. What to look out for? How much to offer?

[Drftpretty]

The GF and I have spotted a house that is perfect for our needs. it was built in 1890, 6 bedroom, 3 bath, 4 acres, barn/ garages/ wine cellar.

Story is that it was owned by a eldery man who died suddenly 2 years ago. New Roof/windows/ central air before he died. The house went up for auction after his death and the min. Bid was not reached. $250k. So the house has sat for a year empty with a tiny wal-mart for sale sign. Obviously the next of kin arent actively trying to sell it. We want to go take a look at the house but were wondering what to look for that maybe spell disaster in these old houses. Obviously, cracked foundation, bowed floors/ joists. But what else?

How much below the asking price is an acceptable offer for a house that has sat empty for 2 years? $190,000?

Thanks guys.

[Roadkilled75]

Yeah. Irrelevant. You said the roof is good.

Good luck, though, that's exactly where we'd like to end up in a few years. With more room for horses of course.

[ITSTOCK]

It sounds like a white elephant.

As much as I like the architectural aspect of older homes, after working on them for years, you couldn't PAY me to live in one.

I don't know how much to offer since a house like that in my area would go for an easy $1,000,000, not $190k, nor $250k, but look at the major infrastructure to the home; as you stated, the foundation, and then the electrical (knob and tube usually spells out a good reason for home owners to not cover you with the sale of a home, it would be about a $30,000 project to replace the knob and tube with romex in the size home that you are talking about, in the very least you can expect to update the electrical system by adding an up to date service (probably 200amp service at a cost of roughly $2000), as well as grounding all outlets and bring the electric up to code, i.e. GFCI's, don't forget all of the old crappy switches that aren't working properly)), plumbing (be aware of lead pipes), etc.

Also know that insulation is horrible in older homes which equates to ridiculous heating/cooling costs. Lath and plaster is always cracking which means lots of costly repairs on the visual end. Asbestos removal? Lots of plumbing pipes are wrapped in this, which become costly to remove. Lead paint? You betcha! That's another laborious task, as well as costly to remove it all (especially under the recent passing of an EPA bill which will take effect in another year). You can 100% expect radon testing and radon evac system to be installed at your cost. Next up, which is kind of a plumbing issue, yet an entirely different skill set, it's probably not public water, so you better get the well checked out! Might as well pony up to get a full inspection of the septic system too.

As beautiful as they are, there are lots of good reasons to pass.

[lownslow95]

Originally Posted by ITSTOCK

plumbing (be aware of lead pipes), etc.

You are going to want to watch out for that. Not only are the pipes going to be lead, but the solder is going to be lead based as well. Its going to cost a lot of money to have to redo all the copper tubing in the house.

[Drftpretty]

Grrrr, I guess Ill call around and see about an inspetor. Thanks guys!

[TROLL]

6 bedrooms? Sounds really excessive, and really expensive to heat and cool with the older insulation mentioned above. I love older homes too but just do your homework before jumping in so you dont get in over your head. Definitely get a home inspector in there before making an offer. A $250k house that needs $250k in repairs/updating isnt so cheap any more... and also consider that maybe they just flat out wont sell unless they get a good offer, so maybe they'd take 10-12% under the min bid price, or maybe its firm.

[BlkWhtTSI]

look out for termite damage as well sometimes it can be over looked also do a radon test (tests for radiation and other harmful gas coming through the basement floor. if there is a positive radon test you'll need to install a radon system which is $.

also make sure it wasnt built on any old indian burial grounds...i think we all know what happens if it was and then you live there....They're hheerrrrree i'm just messin

[Drftpretty]

Originally Posted by TROLL

6 bedrooms? Sounds really excessive, and really expensive to heat and cool with the older insulation mentioned above. I love older homes too but just do your homework before jumping in so you dont get in over your head. Definitely get a home inspector in there before making an offer. A $250k house that needs $250k in repairs/updating isnt so cheap any more... and also consider that maybe they just flat out wont sell unless they get a good offer, so maybe they'd take 10-12% under the min bid price, or maybe its firm.

I figured the same thing. I left a message at the number and did some more poking around the house.

It looks from the outside at least that all the electrical has been updated. All of the outside outlets are current spec as well as the wiring for the TWO central air units. The surrounding buildings on the property also appear to have been renovated with new doors and such. I also lined up a contractor buddy of mine just to look at the outside of the building to tell me what sticks out as needing attention. I do also plan on a home inspector.

It's a pretty big house, Im working on roomates to help off set the expenses and take up the extra room in the house. Its just hard fining people that can handle living with kids. Im just pumped about the possibility of owning my own "Compound".

Originally Posted by BlkWhtTSI

look out for termite damage as well sometimes it can be over looked also do a radon test (tests for radiation and other harmful gas coming through the basement floor. if there is a positive radon test you'll need to install a radon system which is $.

also make sure it wasnt built on any old indian burial grounds...i think we all know what happens if it was and then you live there....They're hheerrrrree i'm just messin

I dont really know how technical it is to walk around the porch stomping and using a Ball peen hammer to tap on the walls to make sure they're solid but they appear to be from the outside lol.

[KingKong8247]

You will rarely find termites on the exterior of the house. They are very sensitive to sunlight so they are mostly found in the basement. Termite damage is a concern but mostly powder post beetle damage in these old houses. The wood used to assemble the houses usually came straight from the mill without any type of treatment and the beetle larvae would still be inside. The beetles will turn the wood to powder and weaken it greatly.

Definitely get a wood destroying insect inspection done. Usually the seller would be responsible for treatment and/or repairs caused by this. Most mortgage companies won't give the money out unless a clear wood destroying insect report is given and this inspection report is needed for closing, at least in NJ. I used to do these inspections.

Anyhow my uncle is an expert at home inspections with over 20 years experience. He lives in an old farm house from the 19th century. He's the owner of the inspection company and if you are looking for an inspector PM me and Ill send you his information.

[Drftpretty]

^In PA? or NJ? The house is off of 78 about an 45 minutes from Jersey.

[TROLL]

cool, it sounds like it would be really sweet, if things all line up. and roommates paying rent really changes the playing field, thats exactly what i'd do if i had extra room... of course finding good ones is easier said than done.

[Drftpretty]

^Looking for a place? Your own private room/ bath with balcony and heated garage.

[TROLL]

Ha I'm looking to be the live-in landlord . If the place checks out but you decide not to go for it then let me know, haha.

[Drftpretty]

^Roger that.

[KingKong8247]

Originally Posted by Drftpretty

^In PA? or NJ? The house is off of 78 about an 45 minutes from Jersey.

I know he does work in PA. He drives a lot for work so distance is not a problem. But if you get serious and at the point of needing an inspector let me know and Ill talk to him to find out.

[igo4bmx]

look at the recent transactions ****er

[Drftpretty]

lol huh?

[gary]

1. Home inspections are complete bull****.
2. Asbestos and lead paint are nothing and removal if needed is no big deal if the EPA doesn't know about them. Don't let the kid chew on the walls. =)
3. Radon isn't a big deal especially in old homes. If you have lived in Eastern PA you have been subjected to Radon, everyone has.

The roof, electric and pluming are the main 3 things you need to look at. These are the most expensive things to replace and are needed to live. Then you want to look at the structure such as floor joists and cracks in the walls. There will be cracks in the walls and splits in the joists since they are over 100 years old. You just have to determine how bad they are. Then I would look at the doors, windows, and lack of insulation. This can be expensive to repair and replace if needed but not insane.

As far as price, 200K is a steal. Hell 250K is a steal but you will want to speak to the owner(s) and find out how much they are asking first before determining how much you are going to pay. Don't get a price in your head first before looking inside the house. Since it has been empty for years, it may have more problems then it is worth such as a rodent infestation or mold. These are two things that scare me the most.

[driftingrx5.7]

hey man give me a call i can go and help you out i have learned a lot sine i moved into my new house! i can hep you look if you want

[Drftpretty]

^Ill keep you guys posted. I was going to go look at her today again but I was sucked into working on the Rx7 for a few hours. The hardest part of the entire build is lining up the damn motor mount bolts!