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Old 10-26-2017, 07:26 AM
 
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Is it a good idea to buy a 92 year old house now (no problems, passed inspection) and planning to sell in 30 years or later? Thanks in advance.

Last edited by deancare; 10-26-2017 at 07:47 AM..
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Old 10-26-2017, 07:33 AM
 
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No idea, OP.

Are you familiar with older houses? Is the house structurally sound? Are the systems in good working order? Are there any issues with water infiltration or mold? Is it in a good area? Has it been updated to accommodate modern heating and cooling? Is the roof in need of repair? Does it have a pest problem? Is it big enough for your needs? Does it have good curb appeal?

I buy exclusively older homes as they are generally more well-built than modern mass produced homes. But that is a big "generally"-- older houses can also suffer from a myriad of problems. I have experience with the repair and maintenance of old houses but many do not and do not want to bother. This could be a fantastic decision or the worst decision you ever made. It really depends on what you are looking for and how the house fits that profile.
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Old 10-26-2017, 07:39 AM
 
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Originally Posted by emotiioo View Post
No idea, OP.

Are you familiar with older houses? Is the house structurally sound? Are the systems in good working order? Are there any issues with water infiltration or mold? Is it in a good area? Has it been updated to accommodate modern heating and cooling? Is the roof in need of repair? Does it have a pest problem? Is it big enough for your needs? Does it have good curb appeal?

I buy exclusively older homes as they are generally more well-built than modern mass produced homes. But that is a big "generally"-- older houses can also suffer from a myriad of problems. I have experience with the repair and maintenance of old houses but many do not and do not want to bother. This could be a fantastic decision or the worst decision you ever made. It really depends on what you are looking for and how the house fits that profile.

Quoted the whole thing since it should be read again (I'm not sure I could have said it better!).

My current "old house" (built in 1930, not really That old), I bought out of Foreclosure and spent 8 months working on before moving into it. I haven't kept track, but I'm pretty sure I've spent more on repairs than I did to purchase the property and I'm not quite finished yet, 3 years later. Thankfully it still has a market value, according to some RE friends of mine that work 2 blocks over, that's above what I *think* I have into the property in total.

Right decision for some, vastly the wrong decision for others.
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Old 10-26-2017, 07:40 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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Depends very much on where it is, and the demand for housing. Homes 100 or more years old are still selling with multiple offers over asking in the $600k and up range in Seattle, with or without inspections. In some cases they get that much and then tear it down to build new.
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Old 10-26-2017, 07:42 AM
 
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Originally Posted by emotiioo View Post
No idea, OP.

Are you familiar with older houses? Is the house structurally sound? Are the systems in good working order? Are there any issues with water infiltration or mold? Is it in a good area? Has it been updated to accommodate modern heating and cooling? Is the roof in need of repair? Does it have a pest problem? Is it big enough for your needs? Does it have good curb appeal?
Not as much as I’d like... House has no problem, no issues, structurally sound, and no repairs for now. The area is an older area with homes that are the same age or older. Corner lot and has average appeal.
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Old 10-26-2017, 07:45 AM
 
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Originally Posted by deancare View Post
Not as much as I like. House has no problem, no issues, structurally sound, and no repairs for now. The area is an older area with homes that are the sane age or older. Cornor lot and has average appeal.
All houses have problems

I am a big fan of "older established neighborhoods." Are you? Is that what you want in a house?

Some people dream of having a great big Victorian with towers and gingerbread. Others want a brand new, built for them house. What are you looking for?

My only advice is go in with eyes open. Put aside a few thousand dollars "just in case." ALL houses need repairs. If you want something that is maintenance free, you will probably need to look at a condo.
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Old 10-26-2017, 07:50 AM
 
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Originally Posted by emotiioo View Post
All houses have problems

I am a big fan of "older established neighborhoods." Are you? Is that what you want in a house?

Some people dream of having a great big Victorian with towers and gingerbread. Others want a brand new, built for them house. What are you looking for?

My only advice is go in with eyes open. Put aside a few thousand dollars "just in case." ALL houses need repairs. If you want something that is maintenance free, you will probably need to look at a condo.
All or most of the problems have been fixed.

Older neighborhoods are sometimes not as well kept as a lot of the newer neighborhoods...
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Old 10-26-2017, 08:00 AM
 
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Originally Posted by deancare View Post
All or most of the problems have been fixed.

Older neighborhoods are sometimes not as well kept as a lot of the newer neighborhoods...
Again, problems have a way of cropping up.

I bought a house a few years ago that had "new" heating, cooling, water heater, etc. etc. The house was 120 years old. I was assured that everything was great. The inspection was great.

Started renovating a bit and found issues that would not have necessarily showed up in an inspection. Plumbing sounds. Drainage issues during heavy rain. Then the water heater got recalled. I had a home warranty so it wasn't a huge deal, but you can never been 100% sure what you are getting. Its always a good idea to have a budget for "just in case" and a better idea to purchase a home warranty.

Older homes need more repairs than new ones. Period. I am not familiar with the "old neighborhoods are bad"-- many of the houses I own/have owned are in historic areas which require a certain level of maintenance. This can be more restrictive than an HOA, so its worth looking into.

I like the way old houses look. When compared with 90% of new construction, I find that I appreciate their character and aesthetic much more. That is the appeal for me on a gut level. If you can go either way you might be better off with a new house.

Last edited by emotiioo; 10-26-2017 at 08:12 AM..
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Old 10-26-2017, 11:13 AM
 
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I've lived in three homes in the past four years. One was built in 1925, one in 1976, and one in 1993. The home built in 1925 was by far the sturdiest; the 1993 home was the worst. You could have a conversation through the walls between rooms in the 1993 home. The home built in 1925 was solid; the lathe and plaster walls were amazing except that they gave me some issues trying to get wifi to spread through the house.

The home built in the 70's was a mix; not really a good layout but seems to have decent bones.

Long story short, I wouldn't hesitate to buy a 90 year old home. The one we bought had already had the major upgrades- copper plumbing, newer electrical, retrofit AC, and new roof, so that helped.
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Old 10-26-2017, 11:42 AM
 
2,165 posts, read 4,504,273 times
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Originally Posted by deancare View Post
Is it a good idea to buy a 92 year old house now (no problems, passed inspection) and planning to sell in 30 years or later? Thanks in advance.
A definite maybe. I have owned two houses of roughly that age. There are advantages (often very solid construction, interesting architecture) and disadvantages (maintenance, improvements, energy efficiency).

For me the persuader was the fact that all the houses within walking distance of work were old.
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