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07-29-2011, 04:26 PM
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1 posts, read 2,469 times
Reputation: 10
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Hi,
We are looking to purchase an old home, 90 yrs old.
Inspection showed that they had a Furnace that was not working, Electrical Systems that were pretty old, Pop Corn Asbestos Ceiling on 3 rooms and a pest report that showed issues.
Per the inspection and pest report, all put together, the approximate cost of fixing this was found to be $25,000.
How much will it really cost if i want to make the cost minimum.
Thanks.
Last edited by aanto; 07-29-2011 at 05:12 PM..
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07-29-2011, 04:43 PM
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Location: Johns Creek, GA
16,837 posts, read 62,126,155 times
Reputation: 22133
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Not knowing where it is, and the maintenance/upkeep over the last 50yrs- no one can answer.
Plus, you didn't say what the asking price is, or what the comp's are.
You're basically spittin' in the wind!
Remember, everything is negotiable. It just a matter of who you're negotiating with.
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07-29-2011, 04:45 PM
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Location: NW. MO.
1,817 posts, read 6,664,701 times
Reputation: 1373
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Maybe if the old house issues are such an issue, you might find something newer?
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07-30-2011, 12:22 AM
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Location: Out there somewhere...a traveling man.
43,228 posts, read 58,435,965 times
Reputation: 123041
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Old houses can end up with a lot of surprises, one being a 'money pit'. Did inspector tell you that you'll need to remove the asbestos. Federal law mandates it if your remodeling or refurbishing the home and you'll have to get the needed permits.
10 to 1 you'll end up with $75,000 cost for the items you list.
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07-30-2011, 04:46 AM
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Location: Pennsylvania
27,444 posts, read 14,632,177 times
Reputation: 40963
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get a contractor to give you some estimates and take it from there.
Old houses can be great but when maintained but usually come with too many $urpri$e$ for most people to afford.
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07-30-2011, 08:58 AM
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24,841 posts, read 36,193,631 times
Reputation: 11524
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My home is a remodeled 100 years+ farm house.
I could have built two houses for the same cost.
Would I do it again??? YES!!!!
It is a little like childbirth.
During the process the pain is BAD.
Then you see the finished product and you are in love.
I have to laugh when people ask, "wasn't there an old house back here"?  |
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07-30-2011, 09:14 AM
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Location: San Antonio, Texas
3,497 posts, read 19,286,270 times
Reputation: 2744
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I bought an old house. Most of my friends who saw it thought I was crazy. It had not been cared for properly to say the least. They kept asking me why I would buy such a mess and live in it. Five years later and lots of money out the door, the comments are about how nice and beautiful the house is. I have to remind them about thier comments years ago.
It's terrifying and expensive. Lots of surprises when things were removed to redo. I would do it again in a minute. The rewards are amazing
Even with an inspection, you will not find all the flaws. The inspector only sees the surface. Be prepared to find a surprise with each redo project. If you expect unknown problems, it will be a happy day if you start a project and find no surprises. It will be rare but it can happen.
You need to decide if you can and will put up with it for a few years until it is complete. The rewards are awesome.
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07-30-2011, 09:22 AM
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24,841 posts, read 36,193,631 times
Reputation: 11524
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Quote:
Originally Posted by ShaneSA
I bought an old house. Most of my friends who saw it thought I was crazy. It had not been cared for properly to say the least. They kept asking me why I would buy such a mess and live in it. Five years later and lots of money out the door, the comments are about how nice and beautiful the house is. I have to remind them about thier comments years ago.
It's terrifying and expensive. Lots of surprises when things were removed to redo. I would do it again in a minute. The rewards are amazing
Even with an inspection, you will not find all the flaws. The inspector only sees the surface. Be prepared to find a surprise with each redo project. If you expect unknown problems, it will be a happy day if you start a project and find no surprises. It will be rare but it can happen.
You need to decide if you can and will put up with it for a few years until it is complete. The rewards are awesome.
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You are brave.....
We did not live in our house during the remodel.
We lived in our travel trailer. |
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07-30-2011, 09:33 AM
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Location: NW. MO.
1,817 posts, read 6,664,701 times
Reputation: 1373
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Quote:
Originally Posted by Driller1
My home is a remodeled 100 years+ farm house.
I could have built two houses for the same cost.
Would I do it again??? YES!!!!
It is a little like childbirth.
During the process the pain is BAD.
Then you see the finished product and you are in love.
I have to laugh when people ask, "wasn't there an old house back here"? |
Not a take an old house to make it look like a new house remodel was it? |
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07-30-2011, 10:34 AM
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Location: Sinking in the Great Salt Lake
13,144 posts, read 21,973,227 times
Reputation: 14099
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That depends.. what are the pros? Is it a falling-down old farmhouse that was never anything special or is it a gem in the rough?
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