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Please forgive the long post, but I’m trying to make a rational decision. It may be a case of no clear-cut answers.
I have an opportunity to buy a house from a family member. My present country property is lovely, but I soon will no longer be able to physically cope with the upkeep it needs. The "opportunity" house is in a very desirable area and is livable. I could get it at an attractive price, but over the years I’ve become familiar with a lot of its drawbacks.
Pros:
Location is prime; it’s in an area with about ½ similar houses; the other half are larger and more attractive.
Price is very competitive.
Size is good (about 1700 sq ft) for me, since I would be downsizing. It’s single story too.
The kitchen and baths were redone about 15 years ago; I don’t love them, but I could live with them for a while.
Original hardwood floors in most rooms.
Large lot means more privacy and room for the dogs.
A few expensive things (like double-paned windows and the roof) have been updated.
Cons:
The house is over 60 years old. As such, it doesn’t have insulation in most of the exterior walls and the electrical needs to be upgraded to grounded and have more outlets put in. There are also a number of unknowns: I’m worried the plumbing (especially the waste lines – the next door neighbor just had his replaced) may be shot, and in a house this age lead paint and asbestos are suspect. I also don’t know the age or condition of the HVAC.
There is a giant antenna (that I mentioned in a previous thread) outside one of the bedroom windows. There is also an ugly overhead power line that crosses the back yard; I would like to eventually have it put underground.
Most of the large windows face west and it gets blistering hot on summer afternoons. I’d have to install a ramada along the entire west side to shade it.
It only has a one-car garage that needs some love and the driveway needs repair. I’d like to improve the garage and add a carport.
The landscaping needs to be completely redone, including (especially) the irrigation system. There are some very large trees in the yard that shed copious quantities of leaves in the fall.
The house was built as a small (about 1100 sq ft), pedestrian tract house that has had about 600 sq ft added over the years. The additions provide welcome added space but the layout is pretty chopped up. Moving one of the walls (don’t know whether it’s load-bearing) could help, but short of tearing the place down and starting over, the fundamental problem can’t be fixed.
The exterior is kind of dowdy. Not an immediate need, but I’d like to restucco it to spruce it up a bit.
My relative is willing to sell it to me for a very attractive price (about $50K below similar homes in the neighborhood) and avoid agent commissions. A contractor friend of mine has given me a ballpark estimate of about $45K to fix the garage and driveway, install a carport and get rid of the big antenna. At that rate I figure it will probably cost me at least another $100K to tear out the water-wasting landscaping, put in the ramada, improve the electrical system, insulate the west-facing walls, and rearrange the interior (if possible). If I did put $150K into it, it would probably be one of the top three houses on the block. At that rate, I calculate I could buy a better-built, slightly newer (late 1960s – 1980s) house in the same area that would need only non-urgent cosmetic fixes and come out about even with less aggravation. There is always the possibility that I would be trading problems I know about for those I don’t, though. And I sure do love that big yard.
When did grounded, 200 amp service become standard in CA anyway? What is the life span of cast iron waste pipe? I’ve read that asbestos was commonly used in residential construction until 1978.
Please weigh in if you have faced making a decision with similar tradeoffs!
You mentioned trading problems you know about for potential ones you don't - since you haven't gotten behind the walls of the opportunity house, there could also be unknown issues there.
To be honest, it doesn't sound as if you love the house and some things, like the western exposure, cannot be changed no matter what.
If this weren't being sold at a lower price by a relative, would you even be considering buying it on the open market compared to what you could get in the same area for the same (after making the desired changes) price?
If this weren't being sold at a lower price by a relative, would you even be considering buying it on the open market compared to what you could get in the same area for the same (after making the desired changes) price?
Ah, now you've gone to the heart of the matter. Thank you. I'm thinking the answer is probably "no."
If this weren't being sold at a lower price by a relative, would you even be considering buying it on the open market compared to what you could get in the same area for the same (after making the desired changes) price?
Quote:
Originally Posted by semispherical
Ah, now you've gone to the heart of the matter. Thank you. I'm thinking the answer is probably "no."
Well, I can make some technical comments, while of course whether you like the place is totally up to you.
1) Insulation in exterior walls can be blown in. If the exterior is siding, they usually just pull a couple of strips off and reinstall them afterwards; if not, they will cut a strip at the top of the drywall, blow in the insulation, put new drywall, tape and bed and repaint and you're good. Alternately, consider just storm windows which take care of the single biggest heat loss/gain issue.
2) No real need to rewire unless you just want to or there is a clear problem. Lots of houses on the 2 wire system. The neutral is connected to ground, you know, just not at the outlet.
3) Don't eat the lead based paint and it won't be a problem.
4) Don't chop up the asbestos based materials and breathe them and they won't be a problem.
5) If the giant antenna is on the property, take it down and throw it away. If it's a neighbor's about all you can do is try to plant things to hide it.
6) Large west facing windows: awnings.
7) Cast iron sewer pipe will outlive all of us. You need to be concerned if it's got the clay tile or - worse - composite fiber stuff. Cast iron and PVC: you're good to go.
What is the climate like there? Is the insulation really a priority or are you in the part of California that's fairly consistent year round?
Rewiring could be done way down the line if you wanted to hold off a bit.
I am thinking you're not in love with the house or what you can make it so I'd say no. But if you think you could love it then I would bring in several contractors to get quotes on all of the work you'd want to do (electrical, insulation, etc) and add up the numbers. If they work, great, do it. If not, walk away.
I have an opportunity to buy a house from a family member!
That right there is the biggest red flag which you mentioned. Throw in the fact that the house is an old dog that needs a lot of TLC and I can see heartache aplenty for your retirement years.
"At that rate, I calculate I could buy a better-built, slightly newer (late 1960s – 1980s) house in the same area that would need only non-urgent cosmetic fixes and come out about even with less aggravation."
Walk away. You just gave your own rational answer. Also, power lines rarely go anywhere unless they only serve your house and you have the money, or you have clout with both zoning and the power company.
2) No real need to rewire unless you just want to or there is a clear problem. Lots of houses on the 2 wire system. The neutral is connected to ground, you know, just not at the outlet.
It's not just the lack of ground, it's that 60 years ago people didn't have all the electronics we do now. The place is full of power strips.
Quote:
Originally Posted by turf3
3) Don't eat the lead based paint and it won't be a problem.
4) Don't chop up the asbestos based materials and breathe them and they won't be a problem.
I'm not worried about it personally; more about what it might take to sell it if needed.
Quote:
Originally Posted by turf3
7) Cast iron sewer pipe will outlive all of us. You need to be concerned if it's got the clay tile or - worse - composite fiber stuff. Cast iron and PVC: you're good to go.
Thanks! Like I said, the neighbors just had their waste lines replaced. Not sure what was the problem, am assuming they had the same as this house does.
What is the climate like there? Is the insulation really a priority or are you in the part of California that's fairly consistent year round?
It's in the Central Valley. Brutally, brutally hot in the summer in the afternoon. I could shade the windows, but it wouldn't make up for the lack of insulation in the walls.
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