Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-29-2016, 10:26 PM
 
12 posts, read 12,883 times
Reputation: 11

Advertisements

Hi guys,

i'm a first time home buyer under contract on a 1920s house. It was a foreclosure purchased by an investor in 2011.

Can you please my home inspection report and let me know if this is a money pit?

How much do you think it will cost me to get these repairs done? I'm a frugal single guy. Could do some of the remodeling myself. Don't need super high end appliances.

https://www.scribd.com/document/3225...pection-report

Thanks in advance

Last edited by atlwy; 08-29-2016 at 10:35 PM..
Reply With Quote Quick reply to this message

 
Old 08-30-2016, 05:52 AM
 
Location: Beautiful Rhode Island
9,283 posts, read 14,888,050 times
Reputation: 10339
It's only a money pit if the repairs are a lot more than than the value of the house when it is fixed up. I assume you're getting it cheap as a foreclosure and I'm assuming it's in a god neighborhood. Have you had a contractor and/or structural engineer take a look at it? especially any foundation issues?
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 05:57 AM
 
Location: Nashville
569 posts, read 1,424,562 times
Reputation: 752
Hello

I could only see one page of the inspection. That being said.....I'll just throw a few things out.

My partner and I bought a large house built in 1918, 8 years ago that needed ALOT of work.
1. Is the house in a nice area that's going to appreciate in value quickly? Ours has gone up tremendously in the 8 yrs we've owned it. Might not be with it if it won't.
2. Are you in it for the long haul....because...yes...old homes ARE money pits. I've said many times that we could have built a brand new house cheaper than what we've spent...(even so far and we are nowhere near done).
3. How well have the previous owners maintained it? Ours was horribly maintained and the upstairs was turned into an apartment. Are you going to have to touch every surface?
4. I love old homes and prefer them to new homes...BUT...everything you have to do costs more....because they don't do it that way anymore. Takes longer, costs more, only so many contractors deal with old homes.

These are just a few things that stand out to me....but let me know if you have specific questions.
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 05:59 AM
 
Location: Philippines
1,215 posts, read 1,069,525 times
Reputation: 893
Plan on > $75k - $125k to fix all of this. Lots of water damage, bad electrical etc won't be cheap.
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 06:30 AM
 
Location: Franklin, TN
3,760 posts, read 7,086,063 times
Reputation: 2366
Is the house in Nashville?
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 07:01 AM
 
Location: Raleigh NC
25,118 posts, read 16,195,970 times
Reputation: 14408
What did the inspector tell you? What did your experienced professional agent tell you?
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 07:42 AM
 
16,715 posts, read 19,398,612 times
Reputation: 41487
I wouldn't touch this with a ten-foot pole. Every single itemization on that report says it needs repair. The bars on the windows say it's not in a good section of town. It's not only a money pit, it's a sinkhole that will bury you. IMHO, of course.
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 07:52 AM
 
Location: Aiken, South Carolina, US of A
1,794 posts, read 4,910,151 times
Reputation: 3671
The roof needs replacing big time. BAD news. He could see sunlight through the roof in the attic
when he was up there. BAD news. Water has been leaking into the home.
No, I wouldn't buy it.
Sorry.
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 08:20 AM
 
3,607 posts, read 7,914,229 times
Reputation: 9180
I have owned 1920s houses. While I haven't read the whole report there seem to be a fair number of issues that have caused water penetration and that are caused by deferred maintenance. It's really impossible to estimate repair costs when there may be damage behind walls, etc. Some of the issues warrant immediate attention.

The two reasons to buy a 20's house are location and charm. Does the house deliver? Is the price really good for the area? Do you have cash reserves to deal with the immediate needs, given the uncertainties? These are things you need to think about.

> Every single itemization on that report says it needs repair.

Well, umm, of course. The inspector is not going to spend a lot of time describing things that are OK. Having said that- I see many uncertainties that lead me to be concerned.
Reply With Quote Quick reply to this message
 
Old 08-30-2016, 08:20 AM
 
233 posts, read 317,909 times
Reputation: 384
Its hard to say if this is a money pit or not. We have no idea what the purchase price is, the potential value of the area and your budget to fix this up. With that said, there is a bit of work to do- but I feel allot of this is standard maintenance that wasn't handled.


The issues that jump out to me are the water/moisture issues in a few places. The lack of gutters could play a part in this. Maybe the installation of gutters will solve any future water issues.


Electrical panel, furnace damage would be something I would fix quickly. Anything that could cause a fire! I don't think that would break the bank.


Tree removal. The house already shows signs of foundation cracks. They could be just settlement cracks- no huge deal, the tree roots could be causing this - which could also tear into your plumbing. I'd remove that tree asap.


Windows don't sound like they are in good shape- and replacements can be costly but can be done later.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6. The time now is 11:04 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top