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This was my FIL's home and neglected for the past 20 years. He passed away and now, the work begins.
We've had several quotes for a roof and selected a firm. Two of the roofing companies passed on the job stating that the home may have structural damage due to the chimney.
Personally, I would like the chimney gone.
The fireplace was never used and I wouldn't mind seeing that go either. The home was originally built in 1981 and that was a perk at the time.
The roofing company is going to re-look at the chimney situation.
Has anyone removed a chimney?
**After a lot of work is done, we will either rent (leaning in that direction) or sell this home**
***Note: If someone offers us a good price, we would definitely sell. Then, we would buy something closer to where we live currently**
I had 2 chimneys (on my 1930's house, both non-op coal burners) taken down below the roof-line. It was about $500 extra (on an $18k job, nasty mongrel of a roof) and took them less than 3 hours, including Saving the original chimney-pots that topped the chimneys.
Really, it was a non-issue. Simple as could be to take it below the roof line. Taking it ALL the way out though, probably not cheap.
A house "neglected" for 20yrs is probably a hopeless cause- unless you get it for free. Which, in your case is practically the same thing.
So, looking at it from a "business" standpoint how much will it cost to get in as good, or better shape, as the homes around it? Now, how much is the house worth right now? How much are comp's selling for right now?
Do the math!
For most people this is not a pursuit of a financial windfall- you're probably better off selling "as-is" and invest the monies "wisely". I understand there can be a lot of emotional attachment for some people- this is one of those situations where emotion has to be removed- your own emotional AND financial well being may depend on it.
We would get nothing for the home in its present state.
It is in a good rental area and would rent quickly.
The last time you started a thread on these questions nearly everyone advised you to sell it AS IS.
To get what you could AS IS and t move on. Link to that thread HERE
You insisted and persisted that it was salvageable and could be restored
to comparable homes at a low enough cost to make the effort worth the bother/expense...
and doing it all from your home several hours away on top.
Has that assessment changed now that you're actually into the work?
Are you discovering that more substantial work is required than you appreciated previously?
Maybe something related to the foundation that's showing up with the chimney where the statement above
("that the home may have structural damage due to the chimney") is just the tip of the iceberg?
---
As regards the chimney in particular, but the house as a whole really, have you hired any
professionals (architect, engineer, etc) for an objective overall condition analysis?
Or are you relying on what contractors tell you one piece of the puzzle at a time?
Last edited by MrRational; 05-15-2017 at 05:58 AM..
The people I bought my 1927 house from removed the chimney below the roof line when they re-roofed the house. The remainder of the chimney is still in the attic as well as the rest of the house; it never went to a fireplace, but serviced several "parlor" stoves in its' day. I don't think it cost a lot for them to have it taken down (they were pretty frugal, lol) and there's never been a problem with the attic remnant, even during the rare earthquake we had a few years ago.
This was my FIL's home and neglected for the past 20 years. He passed away and now, the work begins.
We've had several quotes for a roof and selected a firm. Two of the roofing companies passed on the job stating that the home may have structural damage due to the chimney.
Personally, I would like the chimney gone.
The fireplace was never used and I wouldn't mind seeing that go either. The home was originally built in 1981 and that was a perk at the time.
The roofing company is going to re-look at the chimney situation.
Has anyone removed a chimney?
**After a lot of work is done, we will either rent (leaning in that direction) or sell this home**
***Note: If someone offers us a good price, we would definitely sell. Then, we would buy something closer to where we live currently**
Sell as is to a investor. Yeah you're not getting top dollar but you're walking away and the whole thing is on their plate.
BUT
If you want top dollar start setting up a remodel plan. Get three bids from every trade you have coming in.
List everything that needs fixing. Probably everything as it's most likely a gut and redo after 20 years of neglect.
Note: We cannot actually sell the home right now as it has to go through probate, however, there are code violations and we have to start fixing the home up.
As it stands now, probably $150K as is but when it is fixed up (estimate is right around $70K), it will be worth around $280K.
There is an engineering report being done also.
If we rent it out, we can get about $2200 for rent and then subtract taxes and insurance of $400 monthly.
Let's be honest, if someone offered us $275K right now, we would take it but they will not. I'm a mortgage broker and just did a loan on a home that sold for $250K - my FIL's home looks like a palace compared to that one!
We cannot actually sell the home right now as it has to go through probate...
Who told you this? I can guarantee it wasn't an attorney who does estate work.
Quote:
...if someone offered us $275K right now, we would take it but they will not.
What about the $150,000 you just mentioned? (As it stands now, probably $150K...)
You acknowledge that at least $70,000 needs to be spent to have any hope of getting the hoped
for difference of $55,000 -as a maximum- but after the dust settles it could easily be less.
It's this point that the rest of us are focusing on: what is a maybe at $55,000 more.
If it all does show up ...it will come at a high price of time and aggravation.
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Rot around the chimney
