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Brother in law has found a home in Saint Paul that he loves. Only problem is it's a hair over 100 years old. Minnesota is a tough environment. Is it worth while to take out a 30 year mortgage on a 100 plus year old structure? It's 5 minutes from his work so he's really pumped up over it. It seems solid now, but 100 years is a long time..
There are houses here in SoMD which are over 200 years old. A few are past 250. Ours is 100. Oldest daughter's and oldest son's are the same (hers has a 1905 build date).
We lived in one in PA that was 130 years old when were there. It's still standing and occupied 30+ years later.
I will tell you that working on an older house usually entails finding "surprises". The owner has to be patient, insurance agents and appraisers have to be knowledgeable, as do any carpenters or other tradesmen who may do work on it.
The appraiser who does the pre-buy appraisal/inspection has to be thorough and know old houses.
Homes over about 30 years old become problematic as the remaining economic life of the home must be equal to or greater than the length of the mortgage, in most instances.
There are various references that might help. For example, Marshall and Swift have both 60 and 70 year deterioration calculation tables. This helps appraisers calculate and estimate remaining economic life. Most use the 60 year charts. Also, appraiser judgement is applied to upgrades and updates that have occurred.
I considered buying a home in the northeast that was built in 1768. The only problem it had was that some of the chinking had been replaced with some mysterious polymer that I could not identify (and some design issues like a narrow twisty staircase). But they had some wonderful lumber in those days, and if the site for the house was appropriate for good drainage, it could last a good long time.
Some of the homes built in the 80's and 90's might not survive as long.
Antique homes do have lots of quirks, small rooms, no closets, tight steep stairs, crooked floors and doors, odd construction techniques, odd materials, we have some around here that have bits from old shipwrecks built into them but they also have tons of charm. At least that is what we call it.
Antiques are not for everyone because you not only own the house but you become its caretaker.
The trouble with any house is when water is allowed to get in. Water or moisture causes so many problems.
I wouldn't worry about a 100 year old house or even one that has seen 2 centuries as long as it has been taken care of and has a decent foundation.
What I do worry about are more modern houses that were built during booms, those may have suffered from shoddy workmanship and materials to get them up fast.
I live in a 122 year old house. The trick is having a lot of money or a lot of skill, plus a lot of patience. My house looks good but has mechanical and structural problems that would be deal killers for anyone wanting new-house functionality.
I had no problem getting a mortgage.
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