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I wasn't really looking to buy a house, but one has caught my eye. It's a 1920's craftsman bungalow that was listed as a three bedroom/two bath. When I called the listing agent, she said that the third bedroom would actually be better as an office because it is in the basement, the ceilings are kind of low, and it doesn't have an acceptable (for FHA and HUD, I think) egress window. All of this is fine because it's just me and my husband and we wanted a smaller home.
The problem is that I think it is more of a two bedroom/two bath home with a finished basement, but priced as a 3/2. The kitchen needs to be updated and there is other work that needs to be done as well, but the home has a lot of craftsman charm and potential. I cannot tell, from the pictures, whether the second bath is in basement. Based on the ceiling height, it looks to be on the first floor.
I'm going to see the house today and, assuming I'm understanding this correctly, do you think that it should be priced as a three bedroom or close to it? If not, what is the value of a finished room in the basement? Even though we would be fine with the home, this is a concern for us because we are thinking of its eventual resale value and the realtor has already told us that the younger couples who have looked at it have passed because it doesn't have the modern upgrades that people want, but I think the reason is the supposed "third bedroom" location.
One other thing...the seller bought it for less than half of the listing price, as a flip, and the price has dropped a little. According to the realtor, he is not a normal flipper, but really puts a lot of work into the homes he buys and does the appropriate amount of work for this type of home.
One other question: Given that this is nearly one hundred years old, we don't want to hire a regular home inspection professional should we decide to go forward on it. I was thinking that we should hire a structural engineer or some other professional that would really dig deep into what possible issues the house might have. Thoughts on that?
I wasn't really looking to buy a house, but one has caught my eye. It's a 1920's craftsman bungalow that was listed as a three bedroom/two bath. When I called the listing agent, she said that the third bedroom would actually be better as an office because it is in the basement, the ceilings are kind of low, and it doesn't have an acceptable (for FHA and HUD, I think) egress window. All of this is fine because it's just me and my husband and we wanted a smaller home.
The problem is that I think it is more of a two bedroom/two bath home with a finished basement, but priced as a 3/2. The kitchen needs to be updated and there is other work that needs to be done as well, but the home has a lot of craftsman charm and potential. I cannot tell, from the pictures, whether the second bath is in basement. Based on the ceiling height, it looks to be on the first floor.
One other question: Given that this is nearly one hundred years old, we don't want to hire a regular home inspection professional should we decide to go forward on it. I was thinking that we should hire a structural engineer or some other professional that would really dig deep into what possible issues the house might have. Thoughts on that?
Thanks in advance.
Big question I have here: does the finished basement have a CO (Certificate of Occupancy)? Since the mortgage debacle, this issue has become quite important when getting a mortgage.
And if the ceiling height isn't up to code, it can't officially be a bedroom--so the value should reflect a 2-bedroom; at least that's the way it is in our area (don't know where you are).
Big question I have here: does the finished basement have a CO (Certificate of Occupancy)? Since the mortgage debacle, this issue has become quite important when getting a mortgage.
I have no idea, but I will definitely ask today.
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And if the ceiling height isn't up to code, it can't officially be a bedroom--so the value should reflect a 2-bedroom; at least that's the way it is in our area (don't know where you are).
I wasn't really looking to buy a house, but one has caught my eye. It's a 1920's craftsman bungalow that was listed as a three bedroom/two bath. When I called the listing agent, she said that the third bedroom would actually be better as an office because it is in the basement, the ceilings are kind of low, and it doesn't have an acceptable (for FHA and HUD, I think) egress window. All of this is fine because it's just me and my husband and we wanted a smaller home.
The problem is that I think it is more of a two bedroom/two bath home with a finished basement, but priced as a 3/2. The kitchen needs to be updated and there is other work that needs to be done as well, but the home has a lot of craftsman charm and potential. I cannot tell, from the pictures, whether the second bath is in basement. Based on the ceiling height, it looks to be on the first floor.
I'm going to see the house today and, assuming I'm understanding this correctly, do you think that it should be priced as a three bedroom or close to it? If not, what is the value of a finished room in the basement? Even though we would be fine with the home, this is a concern for us because we are thinking of its eventual resale value and the realtor has already told us that the younger couples who have looked at it have passed because it doesn't have the modern upgrades that people want, but I think the reason is the supposed "third bedroom" location.
One other thing...the seller bought it for less than half of the listing price, as a flip, and the price has dropped a little. According to the realtor, he is not a normal flipper, but really puts a lot of work into the homes he buys and does the appropriate amount of work for this type of home.
One other question: Given that this is nearly one hundred years old, we don't want to hire a regular home inspection professional should we decide to go forward on it. I was thinking that we should hire a structural engineer or some other professional that would really dig deep into what possible issues the house might have. Thoughts on that?
Thanks in advance.
For any room to be considered "habitable" it must have a minimum ceiling height of 7', it either must have a source of conditioned air or natural ventilation through an openable window that is at least 8% of the floor size in that room. As already pointed out if the room is being called a bedroom it must have an egress window of appropriate size and if located below ground level an egress method to reach and use it.
The value of the home if this is not a "Habitable" room and/or bedroom is best left to the appraisers but your Agent should be able to run comparables to give you some small idea.
As for the home inspection regardless of the age you should hire a Professional Inspector for a whole home inspection. If the structural aspect concerns you enough you can hire a Professional Engineer to inspect that part of the home.
For any room to be considered "habitable" it must have a minimum ceiling height of 7', it either must have a source of conditioned air or natural ventilation through an openable window that is at least 8% of the floor size in that room. As already pointed out if the room is being called a bedroom it must have an egress window of appropriate size and if located below ground level an egress method to reach and use it.
Is this a national standard or your local standard?
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for the home inspection regardless of the age you should hire a Professional Inspector for a whole home inspection. If the structural aspect concerns you enough you can hire a Professional Engineer to inspect that part of the home.
This is what we plan on doing, but I don't know much about it. Specifically, how to find an appropriately qualified engineer or what kind of costs I should expect to pay for such a service.
Is this a national standard or your local standard?
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Standards can vary from one municipality to the next. Looking at your posts, you appear to be in Nevada. Google your Town or City (Town/City of xxxx) and look for Building Codes on the site; you should find the information there.
> the seller bought it for less than half of the listing price, as a flip,
You don't care, or it doesn't matter. Now if he had done an exceptional job in renovating that might warrant a higher price.
I know it doesn't matter if he did a good job; I just added it because it's part of the whole picture. He did do some improvements. The listing realtor made mention that he had fixed some of the craftsman qualities of house and did something to floor that sounded like no small job. It could not have been completely rehabbed, though, because the exterior and landscaping is not improved, the kitchen is not updated, and there seriously ugly green paint going on.
If you are getting a loan, it will be appraised for what it legally is. If it is not a bedroom, but looks like a bed room, expect it to still not appraise for the value of a bedroom. Since you have concern about resale value, you should consider it not a bedroom.
Someone living there for a while, might consider using it as a bedroom and will pay for it as such, they may have to come in with extra money, more than if it was permitted as a 3 bedroom.
You might end up paying for an appraisal,inspection, engineer, and then might not be able to finance it under your terms. What does your lender say about not doing a home inspection.
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