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Old 07-19-2008, 12:15 PM
 
254 posts, read 775,378 times
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Hi,

I am considering putting an offer in on a 103yr old stucco twin. It has lots of potential. It has 200 amp service and hardwoods underneath the rugs. Its on over a 1/4 of an acre. It needs paint, carpet ripped up etc. I am most concerned about the mud floor in basement. I am not Donald Trump, as my realtor seems to think. She's like, "Oh all you have to do is get a poured concrete basement with drains" and "refinish all the hardwoods" before you move in. The house is listed at 185K and is in my price range. I don't want to fall into a money pit!! It also needs new gutters in the front. They had a new pump put in 06. Any thoughts? I don't even want to go as far as putting in an offer if it's not worth it. Any advice would be greatly appreciated.

Thank-you!
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Old 07-19-2008, 12:32 PM
 
Location: Where we enjoy all four seasons
20,797 posts, read 9,366,698 times
Reputation: 15925
Get a good house inspection...Find out what flaws it has...if it going to cost a fortune then no it is not worth it.

My house is 108 years old, well built but maintained properly. I love it because it has character.
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Old 07-19-2008, 12:32 PM
 
616 posts, read 1,048,914 times
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Obviously you need to have a thorough home inspection to make any decision.

But in my opinion I would much rather buy a well built older home with issues, than a new chipboard and vinyl suburban shack.
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Old 07-19-2008, 12:35 PM
 
254 posts, read 775,378 times
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Thanks guys. One more question? Can I get an inspectioin before I put an offer in? What do you think about the mud basement? Ooop that was 2 ?'s
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Old 07-19-2008, 12:36 PM
 
24,841 posts, read 35,881,117 times
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If there is a well, have a driller check it.
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Old 07-19-2008, 12:37 PM
 
254 posts, read 775,378 times
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Yes, there is a well.
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Old 07-19-2008, 12:38 PM
 
Location: Where I want to be!
6,196 posts, read 5,289,001 times
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Get the inspections, get a contractor who specialtized in restoration. Look at the numbers then decide. If this is something you want, it is better to spend this up front than to have a pit and nothing to show for it. You maybe able to work with the seller on the costs. I have restored many homes and absolutely love it. Depending on the condition of this one are you ready to live in a construction site and for how long? Can't say if you would ever get your money back out, it depends on alot of different things. Really dont have enough info to give opinions here. But spend the bucks now before leaping in with both feet. Remember too that what you see is not what you get in 100+ old homes. Looks are decieving.....
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Old 07-19-2008, 12:43 PM
 
616 posts, read 1,048,914 times
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Quote:
Originally Posted by kimbey View Post
Thanks guys. One more question? Can I get an inspectioin before I put an offer in? What do you think about the mud basement? Ooop that was 2 ?'s
There are pre-offer inspections, but you can also state that the written offer is contingent on a home inspection.
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Old 07-19-2008, 12:53 PM
 
Location: Marion, IN
8,189 posts, read 30,251,047 times
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I am guessing that in 103 years if the mud basement had been a problem some previous homeowner would likely have addressed it by now. Wood floors can be refinished at your convenience, and if you do it yourself the cost is manageable. Gutters are not very expensive if you buy them at Lowe's or Home Depot and are not difficult to install if you don't mind being on a ladder.

I am going to be looking at houses next week and 14 of the 16 of them are over 100 years old. Like Kevin, I wouldn't touch new construction. I love the older houses, they have so much more character. Not to mention that the quality of craftsmanship is worlds above anything being done today.

Where I live you place your offer contingent on a favorable inspection and you can include a dollar amount of repairs that is acceptable. If the inspection finds more than your limit you then ask the seller to remedy the items or you are free to walk away with your earnest money returned.
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Old 07-19-2008, 01:21 PM
 
5,715 posts, read 14,583,435 times
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I love old houses.

Get the inspection and some estimates on what needs done prior to putting in the offer so you can use those amounts as bargaining power. That is wise. Especially in this economy.

IMHO, home inspections are just a "formality" many times... and a waste of money.
Be sure to find your own inspectors and don't use anyone that your Realtor suggests. Ask around for "who the toughest is"... find out who is most knowledgable about older houses.

You might want to ask a restoration company if they can refer you to someone like that...

Gutters can mean more problems than just gutters.
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